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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.