Park National (PRK) - 2024 Q4 - Annual Results

Financial Performance - Park National Corporation reported a net income of $38.6 million for Q4 2024, a 57.7% increase from $24.5 million in Q4 2023[2] - For the full year 2024, net income was $151.4 million, reflecting a 19.5% increase from $126.7 million in 2023[2] - The diluted earnings per common share for Q4 2024 was $2.37, compared to $1.51 for Q4 2023, marking a 57.0% increase[2] - Net income for the year ended December 31, 2024, was $151,420,000, reflecting a 19.5% increase from $126,734,000 in 2023[14] - Earnings per common share (basic) rose by 19.6% to $9.38 in 2024, compared to $7.84 in 2023[14] - Adjusted net income for the twelve months ended December 31, 2024, was $148,459 thousand, representing a 10.6% increase from $134,222 thousand in 2023[33] - Net income for the three months ended December 31, 2024, was $38.63 million, an increase from $24.5 million for the same period in 2023, representing a year-over-year growth of 57.5%[43] Asset and Loan Growth - Total loans increased by 4.6% during 2024, while total deposits rose by 1.3%, with off-balance sheet deposits increasing by 2.7%[3] - Net loans increased to $7,729,162, up from $7,392,476, reflecting a growth of about 4.6% year-over-year[19] - Total loans increased to $7,817,128,000 in 2024 from $7,476,221,000 in 2023, representing a growth of 4.6%[28] - Total assets reached $9.8 billion as of December 31, 2024[5] - Total assets decreased slightly to $9,805,350, down from $9,836,453, representing a decline of approximately 0.3% year-over-year[19] Income and Efficiency Metrics - The company reported a net interest income of $103.4 million for Q4 2024, an 8.8% increase from $95.1 million in Q4 2023[10] - Net interest income for the year ended December 31, 2024, increased by 6.7% to $398,019,000 compared to $373,113,000 in 2023[14] - The efficiency ratio improved to 61.60% in Q4 2024, down from 70.93% in Q4 2023, indicating better operational efficiency[10] - The efficiency ratio improved to 61.44% in 2024 from 65.87% in 2023, indicating better cost management[14] - The annualized net interest margin for the three months ended December 31, 2024, was 4.51%, compared to 4.17% for the same period in 2023[40] Dividends and Shareholder Equity - Park National Corporation declared a quarterly cash dividend of $1.07 per common share, payable on March 10, 2025[1] - Total shareholders' equity as of December 31, 2024, was $1,243,848 thousand, up from $1,145,293 thousand a year earlier[37] - Total shareholders' equity as a percentage of total assets increased to 12.69% as of December 31, 2024, from 12.52% in the previous quarter[12] Credit Losses and Nonperforming Loans - Provision for credit losses surged by 400.8% to $14,543,000 in 2024 from $2,904,000 in 2023[14] - Net loan charge-offs for the year increased by 109.8% to $10,322,000 from $4,921,000 in 2023[14] - Nonperforming loans at the end of 2024 are $69,932,000, up from $61,118,000 in 2023, which is a rise of 14.8%[28] - The percentage of nonperforming assets to period end total assets is 0.72% in 2024, compared to 0.63% in 2023, showing an increase of 14.3%[28] - The provision for credit losses for the three months ended December 31, 2024, was $3.94 million, compared to $1.81 million for the same period in 2023, reflecting a significant increase of 117.7%[43] Other Income - Other income rose by 32.3% to $122,588,000 in 2024, up from $92,634,000 in 2023[14] - Other income for Q4 2024 totaled $31,064, compared to $15,519 in Q4 2023, reflecting a growth of about 100.5%[26]