Park National Corporation reports financial results for second quarter and first half of 2023
Park National Corporation (Park) (NYSE American: PRK) today reported financial results for the second quarter and first half of 2023. Park’s board of directors declared a quarterly cash dividend of $1.05 per common share, payable on September 8, 2023, to common shareholders of record as of August 18, 2023.
“Amidst a rapidly evolving economy, Park has demonstrated exceptional financial strength, supported by robust capital and liquidity,” said Park Chairman and Chief Executive Officer David L. Trautman. “Our strong capital position allows us to weather uncertainties and offers long-term stability for our stakeholders.”
Park’s net income for the second quarter of 2023 was $31.6 million, an 8.0 percent decrease from $34.3 million for the second quarter of 2022. Second quarter 2023 net income per diluted common share was $1.94, compared to $2.10 for the second quarter of 2022. Park’s net income for the first half of 2023 was $65.3 million, a 10.8 percent decrease from $73.2 million for the first half of 2022. Net income per diluted common share for the first half of 2023 was $4.01, compared to $4.48 for the first half of 2022.
Park’s total loans increased 1.6 percent (6.5 percent annualized) during the second quarter of 2023.
“Our loan growth is a testament to our disciplined approach and consistently conservative and predictable credit culture. It enables Park bankers to uphold our promise to deliver outstanding financial solutions to our customers regardless of the economic environment,” Trautman said.
Park’s community-banking subsidiary, The Park National Bank, reported net income of $35.5 million for the second quarter of 2023, a 1.6 percent increase compared to $34.9 million for the same period of 2022. The Park National Bank reported net income of $71.8 million for the first half of 2023, a 6.1 percent decrease compared to $76.4 million for the same period of 2022.
“We recognize our success is closely tied to the success of our customers and communities,” said Matthew R. Miller, Park President. “Our bankers are devoted to providing personal solutions, advice and experiences for customers and prospects, serving as a trusted financial partner, helping them navigate their financial journey.”
Headquartered in Newark, Ohio, Park National Corporation has $9.9 billion in total assets (as of June 30, 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 are available here.