This Day On The Street
Continue to site
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

Park National Corporation Reports Fourth Quarter And Year-End 2013 Financial Results

NEWARK, Ohio, Jan. 27, 2014 (GLOBE NEWSWIRE) -- Park National Corporation (Park) (NYSE MKT:PRK) today reported financial results for the three-months (fourth quarter) and twelve-months (year) ended December 31, 2013. Park's board of directors declared a quarterly cash dividend of $0.94 per common share, payable on March 10, 2014 to common shareholders of record as of February 21, 2014. Park's quarterly and annual earnings per common share rose compared to 2012, and loan growth continued in both the retail and commercial categories.

Net income for the fourth quarter of 2013 was $17.5 million, compared to $16.3 million for the same period in 2012. Net income for the year 2013 was $77.2 million, an increase of $13.0 million, or 20.3 percent, above the 2012 results excluding the gain related to the sale of the Vision Bank business (on February 16, 2012).

Net income for the 2012 year was $78.6 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. Excluding the gain from the sale of the Vision Bank business in 2012, net income for the year 2012 would have been $64.2 million.

Net income per diluted common share for the fourth quarter of 2013 was $1.13, compared to $1.06 in the same period of 2012. Net income per diluted common share for the year 2013 was $5.01, an increase from 2012's net income per diluted common share of $4.88. Excluding the gain on sale of the Vision Bank business, net income per diluted common share would have been $3.95 for the 2012 year.

"Loan growth and new customer relationships in 2013 exceeded our expectations," said Park Chairman Dan DeLawder. "Individuals and businesses rely on our local lenders' experience and dedication to service. That caused our loan balances to increase more than market conditions suggest might be possible. The new relationships established during the year will continue to distinguish Park and our affiliates in the communities we serve."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.19 0.00%
FB $118.06 0.00%
GOOG $695.70 0.00%
TSLA $222.56 0.00%
YHOO $36.00 0.00%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.12 -12.25 -0.59%
NASDAQ 4,725.6390 -37.5850 -0.79%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs