This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Park National Corporation Reports First Quarter Financial Results And Continues $0.94 Cash Dividend

Stocks in this article: PRK

NEWARK, Ohio, April 19, 2013 (GLOBE NEWSWIRE) -- Park National Corporation (Park) (NYSE Amex:PRK) today reported financial results for the three-month (first quarter) period ended March 31, 2013. Also, Park's Board of Directors declared a $0.94 per common share quarterly cash dividend, payable on June 10, 2013 to common shareholders of record as of May 22, 2013.

Net income for the first quarter of 2013 was $20.7 million. Net income for the same period in 2012 was $31.5 million, which included a gain of $22.2 million ($14.4 million after-tax) from the sale of substantially all of the performing loans, operating assets and the liabilities of Vision Bank. That transaction closed on February 16, 2012.

Excluding the gain from the sale of the Vision Bank business in 2012, net income for the first quarter of 2012 would have been $17.1 million. Park's net income in the first quarter of 2013 of $20.7 million was an increase of approximately 21.1 percent above first quarter of 2012 results excluding the gain related to the Vision Bank sale.

Net income per diluted common share for the first quarter of 2013 was $1.34. Net income per diluted common share was $1.95 for the same period in 2012. Excluding the gain from the sale of the Vision Bank business in 2012, net income per diluted common share for the first quarter of 2012 would have been $1.01.

"Our lending activity continues at a strong pace. We pursue every opportunity to make residential, personal, and business loans within each community we serve," said Park Chairman C. Daniel DeLawder. "The local expertise and dedication of our bankers across Ohio, combined with substantial reduction of troubled assets retained from the Vision Bank business, were key drivers in our successful first quarter."

The Park National Bank Results

Park's community-banking subsidiary in Ohio, The Park National Bank, reported net income of $19.9 million for the first quarter of 2013, compared to net income of $21.6 million for the same period in 2012. The Park National Bank had total assets of $6.6 billion at both March 31, 2013 and 2012. This performance generated an annualized return on average assets of 1.23 percent and 1.34 percent for The Park National Bank through the first three months of 2013 and 2012, respectively.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs