{"id":750095,"date":"2023-04-21T16:18:26","date_gmt":"2023-04-21T20:18:26","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/park-national-corporation-reports-financial-results-for-first-quarter-2023\/"},"modified":"2023-04-21T16:18:26","modified_gmt":"2023-04-21T20:18:26","slug":"park-national-corporation-reports-financial-results-for-first-quarter-2023","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/park-national-corporation-reports-financial-results-for-first-quarter-2023\/","title":{"rendered":"Park National Corporation reports financial results for first quarter 2023"},"content":{"rendered":"
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NEWARK, Ohio, April 21, 2023 (GLOBE NEWSWIRE) — Park National Corporation (Park) (NYSE American: PRK) today reported financial results for the first quarter of 2023. Park’s board of directors declared a quarterly cash dividend of $1.05 per common share, payable on June 9, 2023 to common shareholders of record as of May 19, 2023.<\/p>\n

\u201cOur associates serve customers when, where and how they prefer to be served. This produces solid financial results for our organization,\u201d said Park Chairman and Chief Executive Officer, David Trautman. \u201cOur colleagues\u2019 commitment transcends banking, and begins with improving our communities.\u201d<\/p>\n

Park\u2019s net income for the first quarter of 2023 was $33.7 million, a 13.2 percent decrease from $38.9 million for the first quarter of 2022. First quarter 2023 net income per diluted common share was $2.07, compared to $2.38 in the first quarter of 2022.<\/p>\n

Park’s community-banking subsidiary, The Park National Bank, reported net income of $36.3 million for the first quarter of 2023, a 12.5 percent decrease compared to $41.5 million for the same period of 2022.<\/p>\n

\u201cRecent events in the financial industry have created some uncertainty,\u201d Trautman said. \u201cAt Park, we govern our finances with discipline and a conservative spirit that ensures we safeguard the hard-earned money entrusted to us. Our capital position and liquidity remain strong. Our bankers are available and welcome conversations about the strength of our bank and the financial industry. We value the confidence our communities have in us.\u201d<\/p>\n

Headquartered in Newark, Ohio, Park National Corporation has $9.9 billion in total assets (as of March 31, 2023). Park’s banking operations are conducted through its subsidiary The Park National Bank. Other Park subsidiaries are Scope Leasing, Inc. (d.b.a. Scope Aircraft Finance), Guardian Financial Services Company (d.b.a. Guardian Finance Company) and SE Property Holdings, LLC.<\/p>\n

Complete financial tables are listed below.<\/p>\n

Category: Earnings<\/p>\n

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995<\/p>\n

Park cautions that any forward-looking statements contained in this news release or made by management of Park are provided to assist in the understanding of anticipated future financial performance. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance.\u00a0The forward-looking statements are based on management\u2019s expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements.<\/p>\n

Risks and uncertainties that could cause actual results to differ materially include, without limitation:<\/p>\n