Park National Corporation (PRK) has reported a 4.25 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $20 million, or $1.30 a share in the quarter, compared with $20.89 million, or $1.36 a share for the same period last year.
Revenue during the quarter grew 10 percent to $85.60 million from $77.82 million in the previous year period. Net interest income for the quarter rose 7.57 percent over the prior year period to $62.25 million. Non-interest income for the quarter rose 14.38 percent over the last year period to $22.07 million.
Park National Corp has made negative provision of $1.28 million for loan losses during the quarter, compared with a negative provision of $0.66 million in the same period last year.
Net interest margin improved 27 basis points to 3.68 percent in the quarter from 3.41 percent in the last year period. Efficiency ratio for the quarter deteriorated to 67.04 percent from 62.98 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
"We ended 2016 as we hoped, increasing loans, deposits, assets under management and net income over 2015," said Park Chief Executive Officer David L. Trautman. "We are grateful to our associates for another excellent year, and we look forward to finding new ways to serve our clients and communities in 2017."
Assets outpace liabilities growth
Total assets stood at $7,467.59 million as on Dec. 31, 2016, up 2.14 percent compared with $7,311.35 million on Dec. 31, 2015. On the other hand, total liabilities stood at $6,725.35 million as on Dec. 31, 2016, up 1.93 percent from $6,598 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $5,221.23 million as on Dec. 31, 2016, up 4.18 percent compared with $5,011.59 million on Dec. 31, 2015. Deposits stood at $5,521.96 million as on Dec. 31, 2016, up 3.26 percent compared with $5,347.64 million on Dec. 31, 2015.
Noninterest-bearing deposit liabilities were $1,523.42 million or 27.59 percent of total deposits on Dec. 31, 2016, compared with $1,404.03 million or 26.26 percent of total deposits on Dec. 31, 2015.
Investments stood at $1,579.78 million as on Dec. 31, 2016, down 3.90 percent or $64.10 million from year-ago. Shareholders equity stood at $742.24 million as on Dec. 31, 2016, up 4.05 percent or $28.88 million from year-ago.
Return on average assets moved down 6 basis points to 1.07 percent in the quarter from 1.13 percent in the last year period. At the same time, return on average equity decreased 94 basis points to 10.62 percent in the quarter from 11.56 percent in the last year period.
Nonperforming assets moved down 13.74 percent or $19.43 million to $122.01 million on Dec. 31, 2016 from $141.44 million on Dec. 31, 2015.
Average equity to average assets ratio was 10.11 percent for the quarter, up from 9.76 percent for the previous year quarter. Book value per share was $48.38 for the quarter, up 3.98 percent or $1.85 compared to $46.53 for the same period last year.
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