NEWARK – Park National Corporation (Park) (NYSE American: PRK) today reported financial results for the fourth quarter and full year of 2019 (three and twelve months ended December 31, 2019). Park’s board of directors authorized a special cash dividend of $0.20 per common share, and increased the quarterly cash dividend to $1.02 per common share. Both dividends are payable on March 10, 2020 to common shareholders of record as of February 21, 2020.
“Our performance in 2019 aligned well with our expectations,” said Park President Matthew Miller. “Corporate results reflect our investments into new areas, and the financial tables included in our public filing detail acquisition-related costs from the past two years. Our community banking operations generated steady results, increasing loans and deposits for local families and businesses.”
Park’s net income for the fourth quarter of 2019 was $23.9 million, an 8.9 percent decrease from $26.3 million for the fourth quarter of 2018. Fourth quarter 2019 net income per diluted common share was $1.45, compared to $1.67 in the fourth quarter of 2018. Park’s net income for full year of 2019 was $102.7 million, a 7.0 percent decrease from $110.4 million for the same period of 2018. Net income per diluted common share was $6.29 for 2019, compared to $7.07 for 2018.
Park’s community-banking subsidiary, The Park National Bank, reported net income of $113.6 million for the full year of 2019, a 3.7 percent increase compared to $109.5 million for the same period of 2018.
“Our growing team of community bankers continues to deliver an extraordinary experience for those they serve, and we could not be more grateful for their dedication and excellence” said Park Chairman and Chief Executive Officer David Trautman. “This year holds great promise as we focus on serving customers and prospects more, all together under our unified brand and stronger than ever.”
Headquartered in Newark, Ohio, Park National Corporation had $8.6 billion in total assets (as of December 31, 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.