Park National Corporation Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2017
January 22, 2018 at 09:16 pm
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Park National Corporation reported consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total interest income of $73,969,000 against $71,697,000 a year ago. Net interest income was $63,478,000 against $62,249,000 a year ago. Income before income taxes was $33,460,000 against $28,540,000 a year ago. Net income was $22,831,000 or $1.48 per diluted share against $20,002,000 or $1.48 per diluted share a year ago. book value per common share at period ended December 31, 2017 was $49.46 against $48.38 a year ago. Return on average assets was 1.17% against 1.07% a year ago. Return on average shareholders' equity was 11.85% against 10.62% a year ago. Annualized return on average tangible assets was 1.18% against 1.08% a year ago. Annualized return on average tangible equity was 13.09% against 11.76% a year ago. Tangible book value per share was $44.73 against $43.67
For the year, the company reported total interest income of $286,424,000 against $276,258,000 a year ago. Net interest income was $243,759,000 against $238,086,000 a year ago. Income before income taxes was $118,469,000 against $122,895,000 a year ago. Net income was $84,242,000 or $5.47 per diluted share against $86,135,000 or $5.59 per diluted share a year ago. Return on average assets was 1.09% against 1.16% a year ago. Return on average shareholders' equity was 11.15% against 11.68% a year ago. Annualized return on average tangible assets was 1.10% against 1.17% a year ago. Annualized return on average tangible equity was 12.33% against 12.94% a year ago.
For the quarter, the company announced net loan charge-offs of $5,061,000 against $1,656,000 a year ago.
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 Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2017