NEWARK – Park National Corp. reported financial results for the third quarter and first nine months of 2018 (three and nine months ended Sept. 30).
Park’s board of directors also declared a quarterly cash dividend of $0.96 per common share, payable on December 10 to common shareholders of record as of Nov. 16.
Park’s net income for the third quarter of 2018 was $24.8 million, a 12 percent increase from $22.1 million for the third quarter of 2017. Third quarter 2018 net income per diluted common share was $1.56, compared to $1.44 in the third quarter of 2017. Increased net interest income, increased non-interest income and a decreased loan loss provision helped contribute to Park’s third quarter performance.
Park’s net income for the first nine months of 2018 was $84.1 million, a 37.0 percent increase from $61.4 million for the same period in 2017. Net income per diluted common share was $5.41 for the first nine months of 2018, compared to $3.99 for the same period in 2017.
Park’s community-banking subsidiary, The Park National Bank, reported net income of $27.9 million for the third quarter of 2018, a 31 percent increase from $21.3 million reported for the third quarter of 2017.The bank’s net income was $83.4 million for the nine months ended 2018, compared to $62.9 million for the same period in 2017.
“Our bankers are doing excellent work growing relationships with current and prospective clients, as well as with new colleagues,” Park Chief Executive Officer David L. Trautman said. “As we prepare to welcome Carolina Alliance Bank into our organization, it’s an exciting time in community banking. Our bankers are listening to our clients and communities, and we’re in a great position to respond with a blend of sophisticated resources and personalized service that clients have told us they want.”
Charlotte-based NewDominion Bank joined Park on July 1. On Sept. 13, Park announced a definitive agreement and plan of merger with CAB Financial Corp. based in Spartanburg, South Carolina. The transaction is expected to close in the first half of 2019.
Headquartered in Newark, Park National Corporation had $7.8 billion in total assets (as of Sept. 30). The Park organization 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.