Park National 1Q profit falls |
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Mon, 16 Apr 2007 20:30
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NEWARK, Ohio (AP) - Bank holding company Park National Corp. on Monday said fiscal first-quarter profit fell 12 percent, hurt by a higher provision for loan and lease losses and increased expenses.Net income for the quarter ended March 31 totaled $21.1 million, or $1.49 per share, compared with $23.8 million, or $1.69 per share, during the same period a year ago.Net interest income, or income from loans and deposits, grew 3 percent to $54.9 million, from $53.4 million a year ago.Other income, or income from fees and charges, grew 5 percent to $16.2 million, from $15.4 million last year.The company had a provision to the allowance for loan and lease losses of $2.2 million in the quarter, compared with no loan loss provision expense in the year-ago quarter.Other expenses grew 12.3 percent to $39.3 million, from $35 million during the prior-year quarter.Park finished its acquisition of Vision Bancshares Inc. on March 9.The company also declared a regular quarterly dividend of 93 cents per share, payable on June 8 to shareholders of record as of May 22.Shares rose $1.11 to $94.97 during afternoon trading on the American Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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