Park National Corporation Reports Second Quarter 2010 Financial Results And Declares Quarterly Cash Dividend

NEWARK, Ohio, July 19, 2010 (GLOBE NEWSWIRE) -- Park National Corporation (Park) (NYSE Amex:PRK) today announced operating results for the three and six months ended June 30, 2010 (second quarter and first half of 2010). Park's Board of Directors also today declared a $0.94 per common share quarterly cash dividend, payable on September 10, 2010 to common shareholders of record as of August 25, 2010.

"We are pleased to report business loan growth in the second quarter of this year. Also, extraordinarily low residential mortgage rates continue to help generate significant consumer lending activity, including $244 million in mortgage loan originations for the first half of 2010," said Park Chairman C. Daniel DeLawder. "Our lenders are focused on supporting each community we serve through high-quality, reliable lending with consistent underwriting. As economic conditions slowly improve, we hope to further expand our loan balances and reduce problem credits."

Park's second quarter net income was $21.2 million, compared to $21.3 million for the same period in 2009. Net income was $41.9 million for first half of 2010, a 1.8 percent decline from the first half of 2009 net income of $42.7 million.

Net income for Park's Ohio-based operations was $56.2 million for the first half of 2010, a 5.4 percent increase from the $53.3 million reported in the first half of 2009. Net income for Park's Ohio-based operations was $27.9 million for the second quarter of 2010, the same as the $27.9 million reported in the second quarter of 2009.

While Park's net income modestly declined for the second quarter and first half of 2010 in comparison to the same periods in 2009, earnings per common share for those periods declined by a greater percentage as a result of the issuance of common shares over the last five quarters. Second quarter 2010 net income per diluted common share was $1.30, an 8.5 percent decline from the $1.42 in the second quarter of 2009. Net income per diluted common share for the first half of 2010 was $2.60, an 8.8 percent decline from the $2.85 in the first half of 2009.