Park National Corporation reports 2017 financial results and declares quarterly cash dividend
January 22, 2018
NEWARK, Ohio – Park National Corporation (Park) (NYSE American: PRK) today reported deposit and loan growth as part of its financial results for the fourth quarter and the year ended 2017 (three and twelve months ended December 31, 2017). Park’s board of directors also declared a quarterly cash dividend of $0.94 per common share, payable on March 9, 2018 to common shareholders of record as of February 16, 2018.
“We planted many seeds in 2017 – new deposit accounts, enhanced mobile app features, extended hours for quick loan approvals, and a 24/7 customer care center. They are already bearing fruit, and we have great momentum for the new year,” said Park Chief Executive Officer David Trautman. “Our local bankers continue to listen, respond and serve their communities with excellence and dedication. We are ready to welcome new clients in 2018.”
Park’s net income for the fourth quarter of 2017 was $22.8 million, a 14.1 percent rise from $20.0 million for the fourth quarter of 2016. Fourth quarter 2017 net income per diluted common share was $1.48, compared to $1.30 in the fourth quarter of 2016.
Net income for the 2017 year was $84.2 million, a 2.2 percent decrease from $86.1 million for the same period in 2016. Net income per diluted common share for the 2017 year was $5.47, compared to $5.59 for the 2016 year. Financial results in 2016 were influenced by significant recoveries from loans related to Park’s Southeast Property Holdings subsidiary and an overall reduction of the allowance for loan losses.
Park’s community-banking subsidiary, The Park National Bank, reported net income of $24.4 million for the fourth quarter of 2017, compared to $16.1 million for the fourth quarter of 2016. The bank’s full-year net income for 2017 was $87.3 million, compared to $84.5 million for the same period in 2016. The bank’s total assets were $7.5 billion at December 31, 2017, rising from $7.4 billion at December 31, 2016.
The bank’s total loans were $5.34 billion at December 31, 2017, a $104.4 million (2.0 percent) increase over $5.23 billion at December 31, 2016. In 2017, the bank grew consumer loans by $118.0 million (10.5 percent increase) and commercial loans by $51.7 million (1.9 percent increase). The bank also reported increased deposits for personal and business clients in the 2017 year. Total deposit balances rose $266 million, a 4.73 percent increase in deposits compared to the 2016 year.
Headquartered in Newark, Ohio, Park National Corporation had $7.5 billion in total assets (as of December 31, 2017). The Park organization principally consists of 11 community bank divisions, a non-bank subsidiary and two specialty finance companies. Park’s Ohio-based banking operations are conducted through Park subsidiary The Park National Bank and its divisions, which include Fairfield National Bank Division, Richland Bank Division, Century National Bank Division, First-Knox National Bank Division, Farmers Bank Division, United Bank, N.A. Division, Second National Bank Division, Security National Bank Division, Unity National Bank Division, and The Park National Bank of Southwest Ohio & Northern Kentucky Division; and Scope Leasing, Inc. (d.b.a. Scope Aircraft Finance). The Park organization also includes Guardian Financial Services Company (d.b.a. Guardian Finance Company) and SE Property Holdings, LLC.
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Park National Corporation, 50 N. Third Street, Newark, Ohio 43055, www.parknationalcorp.com