Monday,Park National Corp.(PRK),reported a profit for the third quarter compared to a loss in the year-ago period, which included an an impairment charge.The company declared a $0.94 per common share quarterly cash dividend to its shareholders.
Park's net income available to common shareholders for the quarter was $17.75 million or $1.25 per share compared with a net loss of $38.41 million or $2.75 per share in the year-ago period.
Excluding an impairment charge amounting to $55 million, net income available to common shareholders for the year-ago period was $16.57 million or $1.19 per share.
Net interest income for the quarter increased to $68.46 million compared with $65.23 million in the same quarter last year.
Analysts polled by Thomson-Reuters expected the company to report earnings of $1.02 per share on revenue of $85.50 million for the quarter. Analysts' estimates typically exclude one-time items.
The U.S based company's net interest margin increased to 4.22% from 4.17% in the year-ago period.
Net interest income after provision for loan losses for the quarter increased to $53.50 million compared with $49.32 million in the same quarter last year, while provision for loan and lease losses decreased to $14.95 million from $15.90 million year-ago.
Vision Bank, subsidiary of the comapny had a third quarter loan loss provision of $10.0 million, compared to $11.5 million in the year-ago period. The Ohio-based operations had a loan loss provision of $5.0 million compared with $4.4 million in the same quarter last year.
Net charge-offs for the quarter declined to $9.72 million or an annualized 0.84% of average loans outstanding, compared with net loan charge-off of $12.75 million or an annualized 1.15% of average loans outstanding in the prior year period.
Loan loss allowance at the end of the third quarter was $110.0 million, an increase of 9.9% over the balance of $100.1 million at December 31, 2008. Non-performing loans at the end of the third quarter were $207.2 million.
Total interest expense for the quarter reported declined to $23.406 from $32.7 million in the year-ago period.
For the nine months ended September 30, net income available to common shareholders rose to $57.58 million from $2.76 million last year. On a per share basis income rose to $4.10 from $0.20 last year.
The company's board declared a $0.94 per common share quarterly cash dividend payable on December 10, 2009 to common shareholders of record as of November 25.
Park National ended Monday's session up 3.29% or $1.97 at $61.87 on the NYSE.
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