Park National Corporation (Park) (NYSE American: PRK) has reported its financial results for the first quarter of 2024. The company's net income for the first quarter of 2024 was $35.2 million, representing a 4.4 percent increase from $33.7 million for the first quarter of 2023. This improvement in net income translated to a higher net income per diluted common share, which was reported at $2.17 for the first quarter of 2024 compared to $2.07 for the first quarter of 2023.
In terms of total loans, there was a 0.7 percent increase (2.6 percent annualized) during the first quarter of 2024, and a significant 6.1 percent increase for the 12-month period ending March 31, 2024. This growth reflects the company's emphasis on being readily available for customers and prospects, as highlighted by their loan growth over the most recent 12-month period.
Park National Corporation, headquartered in Newark, Ohio, has $9.9 billion in total assets as of March 31, 2024. The corporation's banking operations are conducted through its subsidiary, The Park National Bank, with other subsidiaries including Scope Leasing, Inc. (d.b.a. Scope Aircraft Finance), Guardian Financial Services Company (d.b.a. Guardian Finance Company), and SE Property Holdings, LLC.
In response to these results, Park's Chairman and Chief Executive Officer, David Trautman, emphasized the company's commitment to meeting customer needs and building long-lasting relationships. Park's President, Matthew Miller, highlighted the joy their bankers find in serving others and seeking opportunities to make a meaningful impact within their communities.
As a result of these announcements, the company's shares have moved 2.2% on the market, and are now trading at a price of $128.01. For the full picture, make sure to review Park National's 8-K report.
