Park National Corporation reports 2023 financial results
Park National Corporation (Park) (NYSE American: PRK) today reported financial results for the fourth quarter and the full year of 2023. Park’s board of directors declared a quarterly cash dividend of $1.06 per common share, payable on March 8, 2024, to common shareholders of record as of February 16, 2024.
“We are pleased to end the year with solid loan growth for the third consecutive quarter and enter 2024 with strong asset quality,” Park Chairman and Chief Executive Officer David Trautman said. “Park bankers remain committed to providing robust financial solutions in all market conditions.”
Park’s net income for the fourth quarter of 2023 was $24.5 million, a 25.9 percent decrease from $33.1 million for the fourth quarter of 2022. Fourth quarter 2023 net income per diluted common share was $1.51, compared to $2.02 for the fourth quarter of 2022. Park’s net income for the full year of 2023 was $126.7 million, a 14.6 percent decrease from $148.4 million for the full year of 2022. Net income per diluted common share was $7.80 for the full year of 2023, compared to $9.06 for the full year of 2022.
Net income for the fourth quarter of 2023 and 2022 and the full year 2023 and 2022 included several items of income and expense that impacted comparability of prior results. These items are detailed in the “Financial Reconciliation” section of this report. Considering these items impacting comparability of prior results, Park’s adjusted (non-gaap) net income for the fourth quarter of 2023 was $32.4 million, a 1.9 percent increase from adjusted (non-gaap) net income of $31.8 million for the fourth quarter of 2022. Park’s adjusted (non-gaap) net income for the full year of 2023 was $133.9 million, a 0.2 percent decrease from adjusted (non-gaap) net income of $134.2 million for the full year of 2022.
Park’s total loans increased 4.7 percent during 2023.
“The personal relationships our bankers build with customers and a substantial core deposit base are pivotal factors impacting our stable net interest margin and overall financial results,” said Park President Matthew Miller. “Our unwavering attention to these factors serves as a testament to our customers that we are a reliable and trustworthy financial partner.”
Headquartered in Newark, Ohio, Park National Corporation has $9.8 billion in total assets (as of December 31, 2023). Park’s banking operations are conducted through its subsidiary The Park National Bank. Other Park subsidiaries are Scope Leasing, Inc. (d.b.a. Scope Aircraft Finance), Guardian Financial Services Company (d.b.a. Guardian Finance Company) and SE Property Holdings, LLC.
Complete financial tables can be viewed here.