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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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.