Park National Corporation reports financial results for second quarter and first half of 2024
Park National Corporation (Park) (NYSE American: PRK) today reported financial results for the second quarter and first half of 2024. Park’s board of directors declared a quarterly cash dividend of $1.06 per common share, payable on September 10, 2024, to common shareholders of record as of August 16, 2024.
“Our performance stems from our commitment to provide consistent financial support, to remain resilient in uncertain times, and to never stop searching for new ways to serve customers,” said Park Chairman and Chief Executive Officer David Trautman. “We’re eager to introduce new tools that will make our banking services more accessible than ever and allow more people to experience a wonderful blend of digital elegance and human empathy in banking with Park.”
Park’s net income for the second quarter of 2024 was $39.4 million, a 24.6 percent increase from $31.6 million for the second quarter of 2023. Second quarter 2024 net income per diluted common share was $2.42, compared to $1.94 for the second quarter of 2023. Park’s net income for the first half of 2024 was $74.6 million, a 14.2 percent increase from $65.3 million for the first half of 2023. Net income per diluted common share for the first half of 2024 was $4.60 compared to $4.01 for the first half of 2023.
Park’s total loans increased 2.5 percent (5.1 percent annualized) during the first half of 2024 and increased 6.3% for the 12-month period ended June 30, 2024. Park’s total loans increased 1.9 percent (7.4 percent annualized) during the three months ended June 30, 2024.
Park’s total deposits increased 3.4 percent (6.7 percent annualized) during the first half of 2024 and decreased 0.6 percent for the 12-month period ended June 30, 2024. The combination of strong loan growth and steady deposits resulted in a net interest margin of 4.39 percent for the three months ended June 30, 2024, compared to 4.28 percent for the three months ended March 31, 2024, and 4.07 percent for the three months ended June 30, 2023. For the first half of 2024 the net interest margin was 4.33 percent compared to 4.07 percent for the first half of 2023.
“We continue to experience growth in net interest income, supported by year-to-date annualized commercial loan growth of 6.4 percent that reflects our consistent approach to lending regardless of economic fluctuations and the interest rate environment,” said Park President Matthew Miller. “We’re also pleased to report growth in net income and earnings per share, demonstrating our bankers’ commitment to controlling expenses and leveraging technology as we prepare to cross $10 billion in assets.”
Headquartered in Newark, Ohio, Park National Corporation has $9.9 billion in total assets (as of June 30, 2024). 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.