Park National Bank Tops $110.4MM Net Income for 2018
JAN 31, 2019 - 7:00 am
Park National Bank reported increased net income and earnings per share among its financial results for the fourth quarter and full year of 2018. Q4 earnings for 2018 were $26.3 million, a 15% increase from $22.8 million for the fourth quarter of 2017.
Fourth quarter 2018 net income per diluted common share was $1.67, compared to $1.48 in the fourth quarter of 2017. Increased net interest income and increased non-interest income helped contribute to Park’s fourth quarter performance.
Park’s net income for the full year 2018 was $110.4 million, a 31% increase from $84.2 million for the same period in 2017. Net income per diluted common share was $7.07 for 2018, compared to $5.47 for 2017.
Park’s community-banking subsidiary, The Park National Bank, reported net income of $26.1 million for the fourth quarter of 2018, a 7% increase from $24.4 million reported for the fourth quarter of 2017. The bank’s net income was $109.5 million for the full year 2018, compared to $87.3 million for the same period in 2017.
“Our success in 2018 is the result of many factors, none more important than our bankers’ unwavering dedication and consistent hard work. From our most tenured bankers to our newest colleagues, each person played a critical role in producing excellent results,” said Park CEO David L. Trautman.
Charlotte-based NewDominion Bank joined Park on July 1. On September 13, Park announced a definitive agreement and plan of merger and reorganization with CAB Financial based in Spartanburg, SC. Park expects to close the transaction in the first half of 2019, subject to customary closing conditions.
Headquartered in Newark, OH, Park National Bank has $7.8 billion in total assets and consists of 11 community bank divisions, a non-bank subsidiary and two specialty finance companies.
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