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

Stocks in this article: PRK

NEWARK, Ohio, July 22, 2013 (GLOBE NEWSWIRE) -- Park National Corporation (Park) (NYSE MKT:PRK) today reported financial results for the three-month (second quarter) and six-month (first half) periods ended June 30, 2013. The report showed increased second quarter income compared to 2012 as well as notable loan growth. Also, Park's board of directors declared a $0.94 per common share quarterly cash dividend, payable on September 10, 2013 to common shareholders of record as of August 23, 2013.

The board of directors also today announced that effective January 1, 2014, Park President David L. Trautman will become chief executive officer of Park National Corporation and The Park National Bank. Trautman will then serve as president and chief executive officer, while C. Daniel DeLawder will continue in his role as chairman of both Park National Corporation and The Park National Bank.

Net income for the second quarter of 2013 was $20.0 million, compared to $18.9 million for the same period in 2012. Net income for the six months ended June 30, 2013 was $40.7 million. Net income for the same period in 2012 was $50.4 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 half of 2012 would have been $36.0 million. Park's net income in the first half of 2013 of $40.7 million was an increase of $4.7 million, or 13.1 percent, above first half of 2012 results excluding the gain related to this sale.

Net income per diluted common share for the second quarter of 2013 was $1.30, compared to $1.10 in the same period of 2012. Net income per diluted common share for the first half of 2013 was $2.64. Net income per diluted common share was $3.05 for the first half of 2012. Excluding the gain on sale of the Vision Bank business, net income per diluted common share would have been $2.11 for the six months ended June 30, 2012.

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