Park National Corporation reports financial results for second quarter and first half of 2024

Core Viewpoint - Park National Corporation reported strong financial results for the second quarter and first half of 2024, highlighting significant increases in net income and earnings per share, alongside a commitment to enhancing customer service through new banking tools [2][5]. Financial Performance - Net income for Q2 2024 was $39.4 million, a 24.6% increase from $31.6 million in Q2 2023. Earnings per diluted share rose to $2.42 from $1.94 year-over-year [2][5]. - For the first half of 2024, net income reached $74.6 million, up 14.2% from $65.3 million in the same period of 2023, with earnings per diluted share increasing to $4.60 from $4.01 [2][5]. Loan and Deposit Growth - Total loans increased by 2.5% (5.1% annualized) in the first half of 2024 and by 6.3% over the 12 months ending June 30, 2024. In Q2 2024, loans grew by 1.9% (7.4% annualized) [3]. - Total deposits rose by 3.4% (6.7% annualized) in the first half of 2024 but decreased by 0.6% over the 12 months ending June 30, 2024 [4]. Net Interest Margin - The net interest margin for Q2 2024 was 4.39%, compared to 4.28% in Q1 2024 and 4.07% in Q2 2023. For the first half of 2024, the net interest margin was 4.33%, up from 4.07% in the first half of 2023 [4][11]. Asset and Equity Position - As of June 30, 2024, Park National Corporation had total assets of $9.9 billion, with total shareholders' equity of $1.18 billion, reflecting a 1.8% increase from the previous quarter and an 8.7% increase year-over-year [5][12]. - The company reported a tangible book value per common share of $63.14, up 2.2% from the previous quarter and 10.4% year-over-year [11][12]. Dividend Declaration - The board of directors declared a quarterly cash dividend of $1.06 per common share, payable on September 10, 2024, to shareholders of record as of August 16, 2024 [1][16].