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

NEWARK, Ohio, Oct. 18, 2010 (GLOBE NEWSWIRE) -- Park National Corporation (Park) (NYSE Amex:PRK) today announced financial results for the three month period (third quarter) and nine month period ended September 30, 2010. Park's Board of Directors also declared a $0.94 per common share quarterly cash dividend, payable on December 10, 2010 to common shareholders of record as of November 24, 2010.

For the three and nine month periods ended September 30, 2010, Park reported net income of $19.6 million and $61.5 million, respectively, compared to $19.2 million and $61.9 million for the same periods in 2009.

The issuance of common shares over the last six quarters resulted in a decline in net income per common share compared to last year. Net income per diluted common share for the third quarter of 2010 was $1.19, a 4.8 percent decline from $1.25 in the third quarter of 2009. Net income per diluted common share for the first nine months of 2010 was $3.79, a 7.6 percent decline from the $4.10 reported for the same period in 2009.

Net income for the third quarter of 2010 for Park's Ohio-based operations was $24.9 million, a 3.5 percent decrease from $25.8 million in the third quarter of 2009. Net income for Park's Ohio-based operations was $81.1 million for the first nine months of 2010, a 2.7 percent increase from the $79.0 million reported in the same period of 2009.

Loan portfolio information

Mortgage lending activity continues to be very strong as borrowers take advantage of historically low interest rates. Park originated $193 million in residential mortgages during the third quarter of 2010, a $7 million increase over the $186 million originated in the 2009 third quarter. Park's loan portfolio grew by $16.5 million during the first nine months of 2010, ending the quarter at $4.66 billion.