NEWARK – Park National Corp. reported financial results for the second quarter and first half of 2018 (three and six months ended June 30).
Park’s board of directors also declared a quarterly cash dividend of $0.96 per common share, payable on Sept. 10 to common shareholders of record as of Aug. 17.
Park’s net income for the second quarter of 2018 was $28.2 million, a 48.4 percent increase from $19.0 million for the second quarter of 2017. Second quarter 2018 net income per diluted common share was $1.83, compared to $1.24 in the second quarter of 2017. Park’s net income for the six months ended 2018 was $59.4 million, a 51.1 percent increase from $39.3 million for the six months ended 2017. Six months ended 2018 net income per diluted common share was $3.85, compared to $2.55 for the six months ended 2017. Increased net interest income, steady fee income, benefits from credit recoveries, decreased loan loss provision, federal tax changes and other factors all contributed to Park’s net income results in the second quarter.
“We continue to focus on long-term plans to fuel and sustain loan growth and strong overall performance,” Park Chief Executive Officer David L. Trautman said. “We celebrated NewDominion Bank officially joining our organization on July 1, and everyone is engaged in further fortifying that relationship and ensuring a smooth transition.”
Park’s community-banking subsidiary, The Park National Bank, reported net income of $28.8 million for the second quarter of 2018, compared to $20.2 million for the second quarter of 2017 and $55.5 million for the six months ended 2018, compared to $41.6 million for the six months ended 2017.
Headquartered in Newark, Park National Corporation had $7.5 billion in total assets (as of June 30). With the addition of NewDominion Bank effective July 1, the Park organization now consists of 11 community bank divisions, a non-bank subsidiary and two specialty finance companies. 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, and NewDominion Bank Division. The Park organization 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.