NEWARK - Park National Corporation (Park) (NYSE American: PRK), parent company of Richland Bank and First-Knox National Bank trumpeted its expansion Tuesday while reporting financial results for the third quarter and first nine months of 2019 (three and nine months ended September 30, 2019).
Park's board of directors also declared a quarterly cash dividend of $1.01 per common share, payable on Dec. 10, 2019 to common shareholders of record as of Nov. 15, 2019.
“We continue to benefit from welcoming our newest banking teams into our family,” said Park Chairman David Trautman.
In the past two years, Park has added NewDominion Bank Division (Charlotte, NC) and Carolina Alliance Bank Division (Spartanburg, SC), as well as a Park National Bank division team in Louisville, KY.
“Our colleagues remain unrelenting in their efforts to share resources and information, further uniting our divisions and serving customers and prospects more,” Troutman said.
Park’s net income for the third quarter of 2019 was $31.1 million, a 25.8 percent increase from $24.8 million for the third quarter of 2018. Third quarter 2019 net income per diluted common share was $1.89, compared to $1.56 in the third quarter of 2018.
Park's net income for first nine months of 2019 was $78.8 million, a 6.4 percent decrease from $84.1 million for first nine months of 2018. Net income per diluted common share was $4.84 for the first nine months of 2019, compared to $5.41 for the first nine months of 2018.
“Our financial performance and earnings per share include some effects of our recent partnerships with NewDominion Bank and Carolina Alliance Bank,” said Park President Matthew Miller. “Our investments into growth markets, among other activities, include some one-time revenue and expenses.
"Those influence comparisons between 2019 and 2018 results, as exhibited in the financial tables.”
Park's community-banking subsidiary, The Park National Bank, reported net income of $30.9 million for the third quarter of 2019, an 11.1 percent increase from $27.9 million reported for the third quarter of 2018. The bank reported net income of $87.0 million for the first nine months of 2019, compared to $83.4 million for the first nine months of 2018.
In the first nine months of 2019, the bank (not including loans from the Carolina Alliance Bank Division) grew installment loans by 13.2 percent annualized, real estate loans by 2.0 percent annualized and total deposits by 5.6 percent annualized.
Headquartered in Newark, Park National Corporation had $8.7 billion in total assets (as of Sept. 30, 2019).
Park's banking operations are conducted through Park subsidiary The Park National Bank and its divisions, which include Fairfield National Bank Division, Richland Bank Division, Century National Bank Division, First-Knox National Bank Division, United Bank, N.A. Division, Second National Bank Division, Security National Bank Division, Unity National Bank Division, The Park National Bank of Southwest Ohio & Northern Kentucky Division, NewDominion Bank Division and Carolina Alliance Bank Division. Park also includes Scope Leasing, Inc. (d.b.a. Scope Aircraft Finance), Guardian Financial Services Company (d.b.a. Guardian Finance Company) and SE Property Holdings, LLC.