Park National Corp. (PRK) Tops Q1 EPS by 39c
Park National Corp. (NYSE: PRK) reported Q1 EPS of $2.02, $0.39 better than the analyst estimate of $1.63.
Net Income Results
Park’s net income for the first quarter of 2018 was $31.1 million, a 53.6 percent increase from $20.3 million for the first quarter of 2017. First quarter 2018 net income per diluted common share was $2.02, compared to $1.31 in the first quarter of 2017.
Park's community-banking subsidiary, The Park National Bank, reported net income of $26.7 million for the first quarter of 2018, compared to $21.5 million for the first quarter of 2017. The bank’s total assets were $7.5 billion at both March 31, 2018 and December 31, 2017.
According to Park Chief Financial Officer Brady T. Burt, federal tax reform, income related to asset recoveries at its SEPH subsidiary, and bank initiatives related to operating efficiency and balance sheet management all contributed to the rise in net income. “A long-term perspective has always been a part of our steady performance and success. This quarter reflects the results of plans we put into motion over the last few years,” Burt said.
For earnings history and earnings-related data on Park National Corp. (PRK) click here.