Park National Q2 net income rises 22% on loan growth
PRK•Outlook
- Company expects First Citizens systems conversion to complete in third qtr
- Park National says systems conversion will support long-term growth strategy
Result drivers
- FIRST CITIZENS ACQUISITION - Loan and deposit growth in Q2 was mainly due to the acquisition of First Citizens Bancshares
- MERGER-RELATED EXPENSES - Q2 results included $4.1 mln in expenses related to the First Citizens merger
- HIGHER NET INTEREST INCOME - Net interest income rose 27% yr/yr, reflecting increased loan balances and yields
Quarterly results
- U.S. regional bank's Q2 net income rose 22% yr/yr, driven by loan and deposit growth
- Q2 diluted EPS climbed nearly 9% yr/yr to $3.23, including merger-related expenses
- Loan and deposit growth in Q2 mainly reflects First Citizens acquisition impact
