NEWARK — Park National Corporation (PRK) reports a 24.6% rise in net income in the second quarter, according to a press release issued on Tuesday.
The bank, which has more than 100 branch offices including a number of them in Richland, Ashland and Knox counties, also noted a 14.2% increase in the first half of 2024 compared to the same period in 2023.
“Our performance stems from our commitment to provide consistent financial support, to remain resilient in uncertain times, and to never stop searching for new ways to serve customers,” PRK Chairman and Chief Executive Officer David Trautman said in a statement.
“We’re eager to introduce new tools that will make our banking services more accessible than ever and allow more people to experience a wonderful blend of digital elegance and human empathy in banking with Park.”
According to the results of the study, the company’s net income in the second quarter of 2024 was $39.4 million, which was a significant increase from $31.6 million recorded in the same period in 2023.
The net income per diluted common share was $2.42 in the second quarter of 2024, compared to $1.94 in the second quarter of 2023.
For the first half of 2024, the company reported a net income of $74.6 million, an increase of 14.2% compared to the first half of 2023.
The net income per diluted common share was $4.60 in the first half of 2024, compared to $4.01 in the same period in 2023. The total number of loans increased by 2.5% during the first half of 2024 and by 6.3% when compared to the 12-month period ended in June 2024.
Park’s total deposits also increased by 3.4% during the first half of 2024 and by 0.6% when compared to the 12-month period ended in June 2024.
The combination of higher loan growth and steady deposits resulted in a net interest margin of 4.39% for the three months ended in June 2024, compared to 4.28% and 4.07% for the three months ended in March 2024 and June 2023, respectively.
As of Tuesday, June 30, 2024, Park has total assets of $9.9 billion. The company plans to cross $10 billion in assets in 2024.
“We continue to experience growth in net interest income, supported by year-to-date annualized commercial loan growth of 6.4% that reflects our consistent approach to lending regardless of economic fluctuations and the interest rate environment,” said Park President Matthew Miller.
“We’re also pleased to report growth in net income and earnings per share, demonstrating our bankers’ commitment to controlling expenses and leveraging technology as we prepare to cross $10 billion in assets.”