Park National Corporation Announces Unaudited Consolidated Financial Results for the Fourth Quarter and the Year Ended December 31, 2016; Announces Net Loan Charge-Offs
January 23, 2017 at 09:15 pm
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Park National Corporation announced unaudited consolidated financial results for the fourth quarter and the year ended December 31, 2016. The company reported $20.0 million in net income for the fourth quarter of 2016, a 4.2% decrease from $20.9 million for the same period in 2015. Net income per diluted common share for the fourth quarter of 2016 was $1.30, compared to $1.36 in the fourth quarter of 2015. Total interest income was $71,697,000 against $67,165,000 for the same period of last year. Net interest income was $62,249,000 against $57,867,000 for the same period of last year. Income before income taxes was $28,540,000 against $29,023,000 for the same period of last year.
The company's net income for the 2016 year was $86.1 million, a 6.3% increase over $81.0 million for the 2015 year. Net income per diluted common share for the 2016 year was $5.59, compared to $5.26 for the 2015 year. Total interest income was $276,258,000 against $265,074,000 for the same period of last year. Net interest income was $238,086,000 against $227,632,000 for the same period of last year. Income before income taxes was $122,895,000 against $113,579,000 for the same period of last year.
For the quarter, the company announced net loan charge-offs of $1,656,000.
Park National Corporation is a financial holding company. The Company's banking operations are conducted through its subsidiary, Park National Bank, a national banking association. The Company's principal business consists of owning and supervising its subsidiaries. Park National Bank engages in the commercial banking and trust business, generally in small and medium population areas in Ohio, North Carolina and South Carolina communities, in addition to operations within the metropolitan areas of Columbus and Cincinnati, Ohio; Charlotte, North Carolina; and Louisville, Kentucky. Park National Bank operates financial service offices in Ohio, Kentucky, North Carolina and South Carolina. Park National Bank delivers financial products and services through its financial service offices and through a network of automated teller machines, as well as telephone and Internet-based banking through both personal computers and mobile devices, including ParkDirect, a mobile bank experience.
Park National Corporation Announces Unaudited Consolidated Financial Results for the Fourth Quarter and the Year Ended December 31, 2016; Announces Net Loan Charge-Offs