Printer Friendly

PARK NATIONAL CORPORATION, NEWARK, OHIO, REPORTS THIRD QUARTER, 1993 EARNINGS

 NEWARK, Ohio, Oct. 8 /PRNewswire/ -- Park National Corporation (NASDAQ/NMS: PARK) today announced earnings for the third quarter ended
September 30, l993. Net income for the third quarter totaled $4.676 million or $l.32 per share up 5.1 percent from $4.449 million or $l.26 per share in l992. Net income for the first nine months of 1993 totaled $15.203 million or $4.29 per share compared to net income of $12.990 million or $3.67 per share for the first nine months of l992, an increase of 17.0 percent. Net income increased by $l.5 million or $ .42 per share as a result of the adoption of Statement of Financial Accounting Standards No. 109, Accounting for Income Taxes, in the first quarter of 1993. Net income, exclusive of the adoption of Statement of Financial Accounting Standards No. 109, increased 5.5 percent for the first nine months of l993 compared with the same period in l992.
 William T. McConnell, President and Chief Executive Officer of Park, said that the volume of new loans continues at a brisk pace with loan balances up nine percent over a year ago. Favorable trends are also evident in the reduction of non performing assets - non performing loans and foreclosed real estate. McConnell noted that despite improved asset quality at Park and in the banking sector in general, Park would continue the practice of maintaining conservative loan loss reserves.
 McConnell also noted that equity capital is approximately $l05 million and that Park's capital ratios have steadily increased since the acquisition of Mutual Federal Savings in August l990. He said the management of Park will continue to search out and make acquisitions which will grow earnings per share in order to leverage equity capital.
 Park National Corporation, is a $l.3 billion asset bank holding company with 37 full service offices located in Central Ohio.
 PARK NATIONAL CORPORATION
 Dollar amounts in thousands (except per share)
 THIRD QUARTER 1993 1992
 Net Income $4,676 $4,449
 Net Income per share 1.32 1.26
 ROA 1.49 pct. 1.46 pct.
 ROE 18.29 pct. 19.71 pct.
 Net interest income $l4,024 $13,917
 Noninterest income 2,985 2,630
 Security gain (loss) 0 (110)
 Noninterest expense 9,620 8,93l
 Loan loss provision 530 l,234
 Net charge-offs 70 419
 YTD 1993 1992
 Income before effect of a change
 in accounting principle $13,703 $12,990
 Net income 15,203 12,990
 Income per share before effect of
 a change in accounting principle 3.87 3.67
 Net Income per share 4.29 3.67
 ROA 1.64 pct. 1.45 pct.
 ROE 20.59 pct. 19.87 pct.
 Net interest income $42,281 $40,040
 Noninterest income 8,533 7,811
 Security gain (loss) (l5) (l29)
 Noninterest expense 28,358 27,166
 Loan loss provision 2,510 2,379
 Net charge-offs 21 1,177
 BALANCE SHEET 9/93 9/92
 Assets $1,267,446 $1,227,632
 Deposits 1,033,009 1,017,121
 Loans 848,793 781,798
 Equity 104,854 92,852
 Book value per share 29.60 26.21
 Reserve/loans 2.46 pct. 2.33 pct.
 Equity/assets 8.27 pct. 7.56 pct.
 -0- 10/8/93
 /CONTACT: Jerry Nethers, vice president, marketing, 6l4-349-37l0; or David C. Bowers, CFO, 6l4-349-3708, both of Park National Corporation./
 (PARK)


CO: Park National Corporation ST: Ohio IN: FIN SU: ERN

DA -- CL028 -- 0336 10/08/93 17:12 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 8, 1993
Words:583
Previous Article:RPM, INC. ELECTS NEW OFFICERS
Next Article:SALVATORI NAMES ARENA
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters