Park National reports income down, loans up

• Park National’s net income was $40 million for the first half of the year,a 3.2 percent decrease.
• The bank’s loan portfolio grew during the second quarter, reaching $4.86 billion on June 30.
• Park National Bank reported net income of $40.5 million for the first half, a 2.9 percent decrease.

NEWARK – Park National Corp. reported income down 3 percent in the first half of the year, but growth in all loan categories.

The Newark-based corporation’s net income for the first six months of the year was $40.1 million, compared to $41.4 million in 2014, a decrease of $1.3 million, or 3.2 percent.

Park’s net income for the second quarter was $21 million, a decrease of 3.5 percent.

The corporation’s board of directors declared a quarterly cash dividend of $0.94 per common share, payable on Sept. 10, to common shareholders of record as of Aug. 21.

“We remain energized by business owners and individuals who value excellent service, which is what they receive from their Park affiliate bankers,” Park CEO David Trautman said. “Our local lenders stand ready to help anyone who wants practical and creative banking solutions.”

Park National Bank, Park’s community-banking subsidiary, reported net income of $40.5 million for the first half, compared to net income of $41.7 million for the same period of 2014, a decrease of 2.9 percent.

The bank’s loan portfolio expanded during the second quarter. Loans outstanding on June 30, were $4.86 billion, compared to $4.79 billion on March 31, an increase of $73 million, or an annualized 6.15 percent.

The bank reported growth in the second quarter across all loan categories: mortgage loan growth of $13 million (4.4 percent annualized), commercial loan growth of $23 million (3.8 percent annualized) and consumer loan growth of $37 million (16.4 percent annualized).

Net income per diluted common share for the second quarter was $1.37, compared to $1.42 in the same period of 2014.

Net income per diluted common share for the first half was $2.60, compared to $2.69 in 2014.

Park National Corp. had $7.3 billion in total assets as of June 30.

Park consists of 11 community bank divisions, a non-bank subsidiary and two specialty finance companies.