Park National (PRK) - 2025 Q1 - Quarterly Results

Financial Performance - Park National Corporation reported a net income of $42.2 million for Q1 2025, a 19.8% increase from$ 35.2 million in Q1 2024[2] - The diluted earnings per common share for Q1 2025 was $2.60, compared to$ 2.17 in Q1 2024, reflecting a 19.8% increase[2] - Net income for the three months ended March 31, 2025, was $42,157, representing a 19.4% increase from$ 35,204 in the same period last year[13] - Net income for Q1 2025 reached $42,157,000, up from$ 38,630,000 in Q4 2024, representing an increase of 4.1%[20] - Net interest income after provision for credit losses was $103,621, up 10.9% from$ 93,443 in the prior year[13] - Net interest income adjusted for acquisitions was $103,183 thousand for the three months ended March 31, 2025, compared to$ 95,269 thousand for the same period in 2024, reflecting a year-over-year increase of 8.5%[29] - Total other income decreased to $25,746,000 in Q1 2025 from$ 31,064,000 in Q4 2024, a decline of 17.2%[22] - Other income adjusted was $26,886 thousand for Q1 2025, slightly up from$ 26,625 thousand in Q1 2024, showing stability in non-interest income sources[29] Asset and Loan Growth - Total loans increased by 0.9% (3.5% annualized) during Q1 2025, while reported period-end deposits rose by 0.7% (2.9% annualized)[2] - Total loans reached $7,883,735, a 0.9% increase from the previous quarter and a 4.8% increase year-over-year[10] - Total assets reached$ 9.9 billion as of March 31, 2025[3] - Total assets as of March 31, 2025, were $9,886,612 thousand, a slight increase from$ 9,881,077 thousand at the end of Q1 2024[34] - Total deposits rose to $8,201,695, reflecting a 0.7% increase from the previous quarter but a 1.3% decrease year-over-year[10] Credit Quality and Losses - The provision for credit losses decreased by 80.8% to$ 756, compared to $3.9 million in Q4 2024[8] - Provision for credit losses was$ 756,000 in Q1 2025, significantly lower than $3,935,000 in Q4 2024, indicating improved asset quality[20] - Net charge-offs for the current period were$ 592,000, a significant decrease from $10,322,000 in the previous year, representing a reduction of 94.25%[24] - Nonperforming loans decreased to$ 63,148, down 9.7% from the previous quarter and 12.0% year-over-year[10] - The percentage of nonperforming loans to period end loans was 0.80%, down from 0.89% in the previous year, reflecting an improvement of 10.11%[24] - The provision for credit losses was $756,000, a decrease from$ 14,543,000 in the previous year, representing a reduction of 94.79%[24] Efficiency and Capital - The efficiency ratio improved to 59.79% in Q1 2025, compared to 61.60% in Q4 2024[8] - Tangible equity increased to $1,116,284 thousand as of March 31, 2025, compared to$ 998,052 thousand in Q1 2024, indicating a stronger capital position[32] - Return on average assets for Q1 2025 was 1.70%, up from 1.54% in Q4 2024[8] - Annualized return on average assets was 1.70% for Q1 2025, up from 1.44% in Q1 2024, indicating improved asset efficiency[29] - Pre-tax, pre-provision net income for Q1 2025 was $51,959 thousand, up from$ 44,595 thousand in Q1 2024, highlighting robust operational performance[38] Dividends - The quarterly cash dividend declared per common share was $1.07, a 0.9% increase from$ 1.06 in the previous quarter[8] - The quarterly dividend declared was $1.07, compared to$ 1.06 in the same quarter last year[13]