Park National (PRK) has shared an update.
Park National Corporation reported a robust financial performance with net income rising by 24.6% to $39.4 million for Q2 2024, and a 14.2% increase to $74.6 million for the first half of the year. Pre-tax, pre-provision net income also surged by 26.4% and 18.9% for the respective periods. This growth is attributed to a significant rise in interest income from loans, due to an expanded loan portfolio and higher yields, despite a notable increase in interest expenses and a decrease in investment income. Additionally, other income streams improved, highlighted by a 19.1% jump in fiduciary activities and a substantial 66.6% rise in bank-owned life insurance income. While total expenses remained relatively flat, the company has declared a $1.06 per share quarterly cash dividend payable in September 2024.
For a thorough assessment of PRK stock, go to TipRanks’ Stock Analysis page.
