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

Core Insights - Park National Corporation reported a net income of $39,369 thousand for the three months ended June 30, 2024, representing an 11.8% increase compared to $31,584 thousand for the same period in 2023 [7][21] - The company’s net interest income for the same period was $97,837 thousand, up 6.8% from $91,572 thousand in the prior year [7][21] - Total assets increased to $9,919,783 thousand as of June 30, 2024, compared to $9,899,551 thousand a year earlier, reflecting a 0.2% growth [8][23] Financial Performance - For the six months ended June 30, 2024, net income was $74,573 thousand, a 14.2% increase from $65,317 thousand in 2023 [25] - The provision for credit losses for the first half of 2024 was $5,293 thousand, significantly higher than $2,675 thousand in the same period of 2023, indicating a 97.9% increase [25] - Earnings per common share (diluted) rose to $4.60 for the six months ended June 30, 2024, compared to $4.01 in 2023, marking a 14.7% increase [25] Balance Sheet Highlights - Average shareholders' equity increased to $1,183,257 thousand as of June 30, 2024, from $1,088,757 thousand a year prior, reflecting an 8.7% growth [8][23] - Total deposits reached $8,312,505 thousand, slightly up from $8,358,976 thousand in the previous year [8][23] - The company’s tangible equity was reported at $1,019,650 thousand, up from $923,842 thousand in the same period last year, indicating a 10.4% increase [23] Asset Quality - Total nonperforming loans increased to $72,745 thousand as of June 30, 2024, compared to $58,229 thousand a year earlier, reflecting a 24.9% rise [23] - The allowance for credit losses as a percentage of period-end loans was reported at 1.13%, unchanged from the previous quarter [23] - Net loan charge-offs for the first half of 2024 were $2,463 thousand, a 100.1% increase from $1,231 thousand in the same period of 2023 [25] Market Data - The market capitalization at the end of June 2024 was $2,298,723 thousand, up 4.5% from $1,652,818 thousand a year earlier [21] - The quarterly cash dividend declared per common share remained stable at $1.06, compared to $1.05 in the same period last year [21] - The book value per common share at period end was $73.27, reflecting a 1.8% increase from $67.40 a year prior [21]