Park National Stock Price, News & Analysis

Park National Corporation (NYSE American: PRK) reported a 13.2% decrease in net income for Q1 2023, totaling $33.7 million, down from $38.9 million in Q1 2022. Diluted earnings per share were $2.07, compared to $2.38 in the same quarter last year. The Park National Bank, a subsidiary, also experienced a 12.5% decline in net income, recording $36.3 million versus $41.5 million in Q1 2022. Despite the challenges in the financial sector, the company maintains a strong capital position and liquidity. A quarterly dividend of $1.05 per share has been declared, payable on June 9, 2023. Park's total assets were $9.9 billion as of March 31, 2023.

Park National Bank has reached an agreement with the U.S. Department of Justice to enhance home lending efforts in Columbus, Ohio. This resolution follows a DOJ review of the bank's lending practices from 2015 to 2021. Park strongly disagrees with any allegations of intentional discrimination but is committed to ensuring equal access to credit. The bank has initiated various home lending programs, including down payment assistance and community development loans. Since 1991, Park has invested over $188 million in low-income housing tax credits and contributed more than $5.2 million to local organizations in 2022.

Park National Corporation (PRK) announced its financial results for Q4 and the full year of 2022. For Q4, net income was $33.1 million, down 9.5% from $36.5 million in Q4 2021, with earnings per diluted share at $2.02, compared to $2.23 the previous year. Full-year net income totaled $148.4 million, a decline of 3.6% from $153.9 million in 2021, with earnings per share of $9.06 versus $9.37. The board declared a quarterly cash dividend of $1.05 per share, payable on March 10, 2023. Park's total assets reached $9.9 billion as of December 31, 2022, reflecting the company’s commitment to serving its customers amidst economic uncertainty.

Park National Corporation (NYSE: PRK) reported Q3 2022 net income of $42.1 million, an 18.7% increase from Q3 2021, with diluted EPS rising to $2.57. For the first nine months, net income decreased 1.8% to $115.3 million, with diluted EPS at $7.05. The board declared a quarterly dividend of $1.04 per share and a special dividend of $0.50 per share, payable December 9, 2022. Notably, the company saw a 7.05% growth in installment loans and $17 million in asset recoveries.

Park National Corporation (NYSE American: PRK) reported a net income of $34.3 million for Q2 2022, a 12.3% decrease from $39.1 million in Q2 2021. The diluted EPS for Q2 was $2.10, down from $2.38. For the first half of 2022, net income was $73.2 million, a 10.7% decline from $82.0 million year-over-year. The Park National Bank, a subsidiary, reported a second-quarter net income of $34.9 million, a 14.6% decrease compared to the same period last year. A quarterly cash dividend of $1.04 will be paid on September 9, 2022.

Park National Corporation (NYSE: PRK) reported its first-quarter 2022 financial results, showing a net income of $38.9 million, down 9.2% from $42.8 million in Q1 2021. Earnings per diluted share fell to $2.38 from $2.61 year-over-year. The Park National Bank's net income also decreased by 8.1% to $41.5 million. In response to the ongoing pandemic, many employees returned to the office, with management expressing optimism about strengthening customer relationships and fostering growth in their commercial loan portfolio.

Park National Corporation (PRK) reported mixed financial results for the fourth quarter and full year of 2021. In Q4, net income fell by 19.1% to $36.5 million, translating to $2.23 per diluted share, down from $2.75 in Q4 2020. However, for the full year, net income increased by 20.3% to $153.9 million, with earnings per share rising to $9.37. The Park National Bank also saw Q4 net income rise by 8.2% to $37.0 million. A cash dividend of $1.04 per share was declared, payable on March 10, 2022.

Park National Corporation (NYSE American: PRK) has elected D. Byrd Miller III as a director, effective January 1, 2022. Miller, who has served on the advisory board for the Carolina Division, brings extensive banking experience, including a past role as senior vice president at Bank of America. He will also join the Audit Committee of Park's Board of Directors. With total assets of $10 billion as of September 30, 2021, Park National aims to leverage Miller's financial insight to enhance its operations and community service.

Park National Corporation (NYSE American: PRK) reported strong financial results for Q3 and the first nine months of 2021. Net income rose by 14.9% to $35.4 million in Q3, while year-to-date net income reached $117.4 million, a 41.9% increase from 2020. The board declared a quarterly dividend of $1.03 and a special dividend of $0.20, both payable on December 10, 2021. Additionally, the company will raise its minimum wage to $15 per hour and provide one-time bonuses of $1,000 and $750 for full-time and part-time associates, respectively.