Park National Corporation reports financial results for third quarter and first nine months of 2023
Park National Corporation (Park) (NYSE American: PRK) today reported financial results for the third quarter and the first nine months of 2023. Park’s board of directors declared a quarterly cash dividend of $1.05 per common share, payable on December 8, 2023, to common shareholders of record as of November 17, 2023.
“In uncertain times, customers and prospects tell us they value predictability, consistency and access to their banker… Park bankers provide all three,” Park Chairman and Chief Executive Officer David Trautman said. “We are pleased to report another quarter of impressive loan growth, which underscores our bankers’ dedication to provide financial solutions that meet the evolving needs of our customers.”
Park’s net income for the third quarter of 2023 was $36.9 million, a 12.2 percent decrease from $42.1 million for the third quarter of 2022. Third quarter 2023 net income per diluted common share was $2.28, compared to $2.57 for the third quarter of 2022. Park’s net income for the first nine months of 2023 was $102.2 million, a 11.3 percent decrease from $115.3 million for the first nine months of 2022. Net income per diluted common share for the first nine months of 2023 was $6.29, compared to $7.05 for the first nine months of 2022.
Park’s total loans increased 2.0 percent (7.8 percent annualized) during the third quarter of 2023.’
“Our disciplined approach to managing interest rate risk allowed us to maintain a strong net interest margin,” said Park President Matthew Miller. “These results reflect Park’s strong core deposit base and the ongoing efforts of our bankers to expand and develop lending relationships, protecting the interests of our customers and shareholders.”
Park’s community-banking subsidiary, The Park National Bank, reported net income of $40.8 million for the third quarter of 2023, a 29.4 percent increase compared to $31.5 million for the same period of 2022. The Park National Bank reported net income of $112.5 million for the first nine months of 2023, a 4.3 percent increase compared to $107.9 million for the same period of 2022.
Headquartered in Newark, Ohio, Park National Corporation has $10.0 billion in total assets (as of September 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.