Park National Corporation reports third quarter 2018 financial results
October 22, 2018
NEWARK, Ohio – Park National Corporation (Park) (NYSE American: PRK) today reported financial results for the third quarter and first nine months of 2018 (three and nine months ended September 30, 2018). Park’s board of directors also declared a quarterly cash dividend of $0.96 per common share, payable on December 10, 2018 to common shareholders of record as of November 16, 2018.
Park’s net income for the third quarter of 2018 was $24.8 million, a 12.0 percent increase from $22.1 million for the third quarter of 2017. Third quarter 2018 net income per diluted common share was $1.56, compared to $1.44 in the third quarter of 2017. Increased net interest income, increased non-interest income, and a decreased loan loss provision helped contribute to Park’s third quarter performance.
Park’s net income for the first nine months of 2018 was $84.1 million, a 37.0 percent increase from $61.4 million for the same period in 2017. Net income per diluted common share was $5.41 for the first nine months of 2018, compared to $3.99 for the same period in 2017.
Park’s community-banking subsidiary, The Park National Bank, reported net income of $27.9 million for the third quarter of 2018, a 31.0 percent increase from $21.3 million reported for the third quarter of 2017.The bank’s net income was $83.4 million for the nine months ended 2018, compared to $62.9 million for the same period in 2017.
“Our bankers are doing excellent work growing relationships with current and prospective clients, as well as with new colleagues,” said Park Chief Executive Officer David L. Trautman. “As we prepare to welcome Carolina Alliance Bank into our organization, it’s an exciting time in community banking. Our bankers are listening to our clients and communities, and we’re in a great position to respond with a blend of sophisticated resources and personalized service that clients have told us they want.”
Charlotte-based NewDominion Bank joined Park on July 1, 2018. On September 13, 2018 Park announced a definitive agreement and plan of merger with CAB Financial Corporation (OTCQX: CABF) based in Spartanburg, South Carolina. The transaction is expected to close in the first half of 2019.