Park National Corporation (PRK) has reported a 36.97 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $27.45 million, or $1.78 a share in the quarter, compared with $20.04 million, or $1.30 a share for the same period last year.
Revenue during the quarter grew 14.48 percent to $86.43 million from $75.50 million in the previous year period. Net interest income for the quarter rose 1.42 percent over the prior year period to $58.53 million. Non-interest income for the quarter rose 1.70 percent over the last year period to $20.54 million.
Park National Corporation has made negative provision of $7.37 million for loan losses during the quarter, compared with a positive provision of $2.40 million in the same period last year.
Net interest margin improved 5 basis points to 3.42 percent in the quarter from 3.37 percent in the last year period. Efficiency ratio for the quarter improved to 58.67 percent from 60.71 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
“Our results this year position us well as we look ahead and make plans for the future,” said Park president and chief executive officer David L. Trautman. “We lead our organization with long-run performance in mind. While any given quarter may contain one-time income items or expenses, it’s the consistency of our community banks that demonstrates our strength and steady success.”
Assets, liabilities remain almost stable
Total assets stood at $7,364.09 million as on Sep. 30, 2016, up 0.87 percent compared with $7,300.34 million on Sep. 30, 2015. On the other hand, total liabilities stood at $6,613.03 million as on Sep. 30, 2016, up 0.43 percent from $6,584.54 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $5,133.44 million as on Sep. 30, 2016, up 3.89 percent compared with $4,941.43 million on Sep. 30, 2015. Deposits stood at $5,519.66 million as on Sep. 30, 2016, up 1.19 percent compared with $5,454.98 million on Sep. 30, 2015.
Investments stood at $1,478.26 million as on Sep. 30, 2016, down 2.88 percent or $43.76 million from year-ago. Shareholders equity stood at $751.06 million as on Sep. 30, 2016, up 4.93 percent or $35.26 million from year-ago.
Return on average assets moved up 39 basis points to 1.46 percent in the quarter from 1.07 percent in the last year period. At the same time, return on average equity increased 347 basis points to 14.67 percent in the quarter from 11.20 percent in the last year period.
Nonperforming assets moved up 1.57 percent or $2.03 million to $131.80 million on Sep. 30, 2016 from $129.77 million on Sep. 30, 2015.
Average equity to average assets ratio was 9.97 percent for the quarter, up from 9.59 percent for the previous year quarter. Book value per share was $48.99 for the quarter, up 4.99 percent or $2.33 compared to $46.66 for the same period last year.
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