NEWARK – Park National Corporation on Monday reported lower revenue for the quarter and year, compared to the same periods in 2018. Park National Bank, meanwhile, reported increases in revenue.
Park’s net income for the second quarter was $ 22.2 million, down 21.5% from $ 28.2 million in the second quarter of 2018. Net income per diluted common share of the second quarter was $ 1.33, compared to $ 1.83 in the second quarter of 2018.
Park’s board of directors declared a quarterly cash dividend of $ 1.01 per common share, payable September 10, to common shareholders of record on August 16.
Park’s net income for the first half of the year was $ 47.6 million, a decrease of 19.8% from $ 59.4 million for the first half of 2018. Profit net per diluted common share was $ 2.94 for the first half of 2018, compared to $ 3.85 for the first half of 2018.
Park CEO David Trautman said: “Comparing the first half of 2019 to the first half of 2018 is a challenge. The first half of 2018 included unforeseen one-time revenues and the second quarter of 2019 included expenses related to the merger.
“Our banking organization continues to perform well, including increases in commercial and installment loans in the first half of this year.”
Park’s community bank subsidiary, Park National Bank, reported second quarter net income of $ 29.4 million, an increase of 2.1% from $ 28.8 million in the second quarter of 2018 .
The bank reported net profit of $ 56.1 million for the first half of 2018, compared to $ 55.5 million for the first half of 2018.
In the first half of the year, the bank increased its installment loans by 10.1% on an annualized basis and its commercial loans by 3.5% on an annualized basis, excluding loans from the Carolina Alliance Bank Division.
