Park National Corp., the parent company of United Bank, announced a profit of $18.7 million for first quarter of 2016 compared with $19 million for the same period in 2015 — a decrease of 1.9 percent.
Net income per diluted common share for the first quarter of 2016 was $1.21, compared to $1.23 in the same period of 2015.
Financial results include continued consumer loan growth and a 13.5 percent increase in net income for its community banking subsidiary, The Park National Bank. The board of directors also declared a quarterly cash dividend of $0.94 per common share, payable on June 10, 2016 to common shareholders of record as of May 20, 2016.
“Our banks have begun the year with great momentum, continuing our focus on lending and service,” said Park Chief Executive Officer David L. Trautman. “We are responding quickly to our clients’ requests for vehicle, home and business loans of all kinds. Our investment professionals are increasing their assets under management. We’re all working together to control expenses, support our communities, and plan exciting enhancements for our clients in the future.”
In the first quarter, The Park National Bank reported consumer loan growth of $11.9 million (4.9 percent annualized). Total loans for the bank were $5.02 billion at March 31, 2016, up $236.7 million (4.95 percent) from $4.79 billion at March 31, 2015. The bank earned net income of $21.7 million for the first quarter of 2016 compared with net income of $19.2 million for the same period of 2015.
The bank had total assets of $7.3 billion as of March 31, rising from $7.2 billion at December 31, 2015. This performance generated an annualized return on average assets of 1.19 percent and 1.09 percent for the first quarter 2016 and first quarter of 2015, respectively.
Headquartered in Newark, United Bank is the largest bank in Crawford County with an office in Bucyrus, Galion and Crestline.
Reach Klein at 419-468-1117, ext. 2048 or on Twitter at @brandoneklein.