Park National Corp. announced a net profit of $20.9 million, or $1.36 per diluted common share, for the fourth quarter of 2015 compared with $24.3 million, or $1.58 per share, for the same period in 2014, a decrease of $3.4 million or 14 percent.
The Newark-based parent company of The Park National Bank, which has the largest bank in Crawford County, also reported profit of $81 million, or $5.26 per share, compared with $84 million, or $5.45 per share, for the same period in 2014.
United Bank, a division of The Park National Bank, has three offices in Crawford County.
The Park National Bank reported a net income of $84.3 million for 2015 compared with a net income of $82.9 million for 2014. The bank’s fourth quarter net income was $23.1 million, an increase over the $22 million in net income during the same period in 2014.
“We are energized by our loan and assets under management growth in 2015. As financial markets become more fragmented and uncertain, we find more customers value predictable, excellent service from bankers they know and trust,” said Park Chief Executive Officer David L. Trautman in a statement.
The Park National Bank had total assets of $7.2 billion in 2015 and $6.9 billion in 2014. This performance generated an annualized return on average assets of 1.17 percent and 1.22 percent for the bank for the year ended 2015 and 2014, respectively.
The Park National Bank grew loans in all categories in 2015. Loans outstanding in 2015 were $5.03 billion compared with $4.78 billion in 2014, an increase of $247 million or 5.2 percent. For 2015, the bank reported mortgage loan growth of $27 million (2.2 percent), commercial loan growth of $143 million (5.9 percent) and consumer loan growth of $77 million (6.9 percent).
The board also expressed appreciation for 19 years of service from Director Maureen Buchwald, owner of Glen Hill Orchards LLC. Buchwald’s membership on the board expires on April 25, 2016, and she is not seeking another term because she is reducing her professional commitments to enjoy more time with family and friends. She will remain an advisory board member for First-Knox National Bank, another division of The Park National Bank, a role she retained for 28 years.
“Maureen’s service to our board has been significant and greatly appreciated. Since joining Park in 1997, she helped foster our growth and continued success, offering her valuable perspective as a successful business person and as a director of one of our largest affiliate banks. We are pleased she wishes to continue serving our First-Knox division. We wish Maureen the very best,” said Park Chairman C. Daniel DeLawder in a statement.
The board of directors also declared a quarterly cash dividend of $0.94 per common share, payable on March 10, 2016, to common shareholders of record as of Feb. 19.
Reach Klein at 419-468-1117, ext. 2048 or on Twitter at @brandoneklein.