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

Stocks in this article: PRK

NEWARK, Ohio, Oct. 28, 2013 (GLOBE NEWSWIRE) -- Park National Corporation (Park) (NYSE MKT:PRK) today reported financial results for the three-month (third quarter) and nine-month periods ended September 30, 2013. Park's quarterly net income rose compared to 2012, and loan growth continued in both the retail and commercial categories. Also, Park's board of directors declared a $0.94 per common share quarterly cash dividend, payable on December 10, 2013 to common shareholders of record as of November 22, 2013.

Net income for the third quarter of 2013 was $19.0 million, compared to $12.0 million for the same period in 2012. Net income for the nine months ended September 30, 2013 was $59.8 million. Net income for the same period in 2012 was $62.3 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 nine months of 2012 would have been $47.9 million. Park's net income in the first nine months of 2013 of $59.8 million was an increase of $11.9 million, or 24.8 percent, above first nine months of 2012 results excluding the gain related to this sale.

Net income per diluted common share for the third quarter of 2013 was $1.23, compared to $0.78 in the same period of 2012. Net income per diluted common share for the first nine months of 2013 was $3.88. Net income per diluted common share was $3.82 for the first nine months of 2012. Excluding the gain on sale of the Vision Bank business, net income per diluted common share would have been $2.88 for the nine months ended September 30, 2012.

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