Monday, multi bank holding company Park National Corp. (PRK), reported a decline in earnings for the first quarter compared to the same period last year, hurt primarily by higher provision for loan losses.
The Newark, Ohio-based company's first quarter net income dropped 6.9% to $21.40 million from $23.00 million in the same quarter last year. Net income available to common shareholders for the quarter decreased 13.2% to $20.00 million from $23.00 million in the prior-year quarter. On a per-share basis, earnings for the quarter slid 13.3% to $1.43 per share from last year's $1.65 per share.
Net interest income for the quarter was $68.23 million, up 11% from $61.50 million in the prior-year quarter. Net interest margin for the quarter was 4.26%, compared to 4.19% last year.
Provision for loan losses for the quarter surged 66.2% to $12.30 million from $7.40 million in the year-ago quarter. Net charge-offs as a percent of loans for the quarter increased to 0.99% from 0.82% last year.
Total interest expense for the quarter declined to $25.13 million from $40.00 million in the year-ago quarter.
Total loans as at March 31, 2009 were $4.56 billion compared with $4.25 billion at March 31, 2008. Total deposits as at March 31, 2009 was $4.92 billion compared with $4.52 billion at March 31, 2008.
Park National declared a second quarter dividend of $0.94 per share payable on June 10 to stockholders of record on May 27, 2009.
PRK is currently trading at $57.24, down 43.17 or 5.25%, on the AMEX.
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