Park National Corporation reports financial results for third quarter and first nine months of 2024

Core Insights - Park National Corporation reported a net income of $38.2 million for Q3 2024, a 3.5% increase from$ 36.9 million in Q3 2023, with diluted earnings per share rising to $2.35 from$ 2.28 [2][11] - The company declared a quarterly cash dividend of $1.06 and a special one-time dividend of$ 0.50 per common share, both payable on December 10, 2024 [1] - Total loans increased by 3.4% (4.6% annualized) during the first nine months of 2024, and total deposits rose by 2.1% (2.9% annualized) in the same period [3][4] Financial Performance - Net income for the first nine months of 2024 was $112.8 million, a 10.3% increase from$ 102.2 million in the same period of 2023 [2][11] - Net interest income for Q3 2024 was $101.1 million, up 7.3% from$ 94.3 million in Q3 2023 [9][13] - The net interest margin improved to 4.45% in Q3 2024, compared to 4.12% in Q3 2023 [4][10] Asset and Liability Management - Total assets as of September 30, 2024, were $9.9 billion, with total deposits at$ 8.2 billion [5][15] - The allowance for credit losses increased to $87.2 million, reflecting a proactive approach to risk management [10][15] - Nonperforming loans decreased to 0.93% of total loans, down from 0.76% a year earlier [10][11] Market Data - The market capitalization of Park National Corporation reached approximately$ 2.71 billion as of September 30, 2024, reflecting an 18% increase from the previous quarter [9][10] - The book value per common share increased to $76.74, a 13.8% rise from$ 67.41 in Q3 2023 [9][10] - The market price per common share at the end of Q3 2024 was $167.98, up 77.7% from$ 94.52 a year earlier [9][10]