Park National (US:PRK) Globenewswireยท2025-01-27 21:15Core Insights - Park National Corporation reported a significant increase in net income for the fourth quarter of 2024, reaching $38.6 million, a 57.7% increase from $24.5 million in the same quarter of 2023 [2] - The company declared a quarterly cash dividend of $1.07 per common share, payable on March 10, 2025 [1] - For the full year of 2024, net income was $151.4 million, a 19.5% increase from $126.7 million in 2023 [2] Financial Performance - Net income per diluted common share for Q4 2024 was $2.37, compared to $1.51 for Q4 2023 [2] - 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] - The company's net interest income for Q4 2024 was $103.4 million, up from $95.1 million in Q4 2023, reflecting an 8.8% increase [9] Asset and Equity Metrics - As of December 31, 2024, Park National Corporation had total assets of $9.8 billion [4] - Total shareholders' equity increased to $1.24 billion, up from $1.15 billion in 2023 [12] - The book value per common share at the end of 2024 was $76.98, compared to $71.06 at the end of 2023, marking an 8.3% increase [9] Market Data - The market capitalization of Park National Corporation at the end of 2024 was approximately $2.77 billion, reflecting a 29.4% increase from the previous year [9] - The market price per common share at the end of 2024 was $171.43, up from $132.86 at the end of 2023, indicating a 29.0% increase [9] Operational Highlights - The company emphasized its commitment to customer relationships and community engagement as a key driver of growth [2][4] - Park National Corporation's banking operations are conducted through its subsidiary, The Park National Bank, along with other subsidiaries focused on leasing and financial services [4]