Park National Corporation reports 1st quarter 2015 financial results and declares dividend
Bank continues to focus on retail and commercial lending
NEWARK, Ohio − Park National Corporation (Park) (NYSE MKT: PRK) today announced financial results for the three months ended March 31, 2015. The board of directors also declared a quarterly cash dividend of $0.94 per common share, payable on June 10, 2015 to common shareholders of record as of May 22, 2015.
Park’s net income for the first quarter of 2015 was $19.0 million, compared to $19.6 million for the same period in 2014, a decrease of $0.6 million or 3.1 percent. Net income per diluted common share for the first quarter of 2015 was $1.23, compared to $1.27 in the same period of 2014.
Park’s community-banking subsidiary, The Park National Bank, reported net income of $19.2 million for the three months ended March 31, 2015, compared to net income of $19.6 million for the same period of 2014. The Park
National Bank had total assets of $7.2 billion at March 31, 2015 and $6.7 billion at March 31, 2014. This performance generated a return on average assets of 1.09 percent and 1.19 percent for the bank for the three-month periods ended March 31, 2015 and 2014, respectively.
The Park National Bank loan portfolio expanded during the first quarter of 2015 and the full year 2014. Loans outstanding at March 31, 2015 were $4.79 billion, compared to $4.78 billion at December 31, 2014 and $4.57 billion at March 31, 2014, increases of $5.1 million and $220 million, respectively over the last three and twelve months.
About Park National Corporation
Headquartered in Newark, Ohio, Park National Corporation had $7.3 billion in total assets (as of March 31, 2015). The Park organization principally consists of 11 community bank divisions, a non-bank subsidiary and two specialty finance companies. Park’s Ohio-based 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, Farmers Bank Division, United Bank, N.A. Division, Second National Bank Division, Security National Bank Division, Unity National Bank Division, and The Park National Bank of Southwest Ohio & Northern Kentucky Division; and Scope Leasing, Inc. (d.b.a. Scope Aircraft Finance). The Park organization also includes Guardian Financial Services Company (d.b.a. Guardian Finance Company) and SE Property Holdings, LLC.
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Park National Corporation
50 N. Third Street, Newark, Ohio 43055 www.parknationalcorp.com