Park National Corporation reports financial results for second quarter and first half of 2025

Core Insights - Park National Corporation reported a strong financial performance for the second quarter and first half of 2025, with significant increases in net income and earnings per share compared to the same periods in 2024 [2][15]. Financial Performance - Net income for Q2 2025 was $48.1 million, a 22.2% increase from $39.4 million in Q2 2024. Earnings per diluted common share rose to $2.97 from $2.42 in the same quarter last year [2][11]. - For the first half of 2025, net income reached $90.3 million, up 21.1% from $74.6 million in the first half of 2024, with earnings per diluted common share increasing to $5.56 from $4.60 [2][15]. Loan and Deposit Growth - Total loans increased by 1.9% (3.8% annualized) in the first half of 2025 and by 3.9% over the 12-month period ending June 30, 2025 [3]. - Reported period-end deposits rose by 1.2% (2.3% annualized) during the first half of 2025, although they decreased by 0.9% over the 12-month period [4]. Operational Efficiency - The company achieved a 21% increase in earnings per share through disciplined expense control and margin expansion [5]. - The net interest margin improved to 4.75% in Q2 2025, up from 4.39% in Q2 2024, reflecting effective management of interest income and expenses [12]. Asset Quality - Total nonperforming loans decreased by 9.9% year-over-year, indicating improved asset quality [13]. - The allowance for credit losses as a percentage of period-end loans was 1.13%, consistent with the previous year [14]. Market Data - The company declared a quarterly cash dividend of $1.07 per common share, payable on September 10, 2025 [1][19]. - As of June 30, 2025, Park National Corporation had total assets of $9.9 billion [5][21].