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."

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