Park National Corporation reports financial results for third quarter and first nine months of 2022
Board of directors declares special dividend
Park National Corporation (Park) (NYSE American: PRK) today reported financial results for the third quarter and first nine months of 2022. Park’s board of directors declared a quarterly cash dividend of $1.04 per common share and a special cash dividend of $0.50 per common share in respect of Park’s common shares, payable on December 9, 2022, to common shareholders of record as of November 18, 2022.
“Growth is a byproduct of service. When we grow assets and liabilities, it’s a result of taking care of customers in an exceptional way,” said Park Chairman and Chief Executive Officer, David Trautman. “Our associates’ hard work resulted in several highlights this quarter including 7.05 percent in installment loan growth and $17 million in recoveries of previously charged off assets.”
Park’s net income for the third quarter of 2022 was $42.1 million, an 18.7 percent increase from $35.4 million for the third quarter of 2021. Third quarter 2022 net income per diluted common share was $2.57, compared to $2.16 in the third quarter of 2021. Park’s net income for the first nine months of 2022 was $115.3 million, a 1.8 percent decrease from $117.4 million for the first nine months of 2021. Net income per diluted common share was $7.05 for the first nine months of 2022, compared to $7.14 for the first nine months of 2021.
Park’s community-banking subsidiary, The Park National Bank, reported net income of $31.5 million for the third quarter of 2022, a 13.5 percent decrease compared to $36.5 million for the same period of 2021. Park National Bank reported net income of $107.9 million for the first nine months of 2022, compared to $122.5 million for the first nine months of 2021.
Headquartered in Newark, Ohio, Park National Corporation has $9.9 billion in total assets (as of September 30, 2022). 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.
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