Park National in Newark, Ohio, reporter lower quarterly profit that reflected declines in service charges and higher expenses.
The $7.4 billion-asset company said in a press release Monday that its second-quarter net income fell 5% from a year earlier, to $20 million, or $1.30 a share.
Noninterest income declined 2.4% to $18.7 million because of lower service charges on deposits and ATM fees. Noninterest expense rose 1.4% to $45.3 million, with increases across several categories including marketing, employee benefits and insurance.
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Park National Corp. in Newark, Ohio, said Tuesday that it had found a material weakness in its internal control over financial reporting, tied to its use of a third-party contractor.
October 12 -
Huntington Bancshares in Columbus, Ohio, reported a second-quarter profit of $175 million, off 11% from the same period in 2015. Part of the reason for the drop was a $21 million charge related to its pending acquisition of FirstMerit in Akron.
July 21 -
Civista Bancshares in Sandusky, Ohio, will record a gain of roughly $1.5 million in the second quarter after a nonperforming loan was fully repaid.
June 1
Net interest income rose by 1.7% to $57.4 million. Total loans rose 4.6% to $5 billion, while deposits increased 2% to $5.6 billion. The net interest margin widened by 3 basis points to 3.43%.
The loan-loss provision increased by 64% to $2.6 million. The company had $886,000 in net chargeoffs, which contrasted with $407,000 in net recoveries a year earlier.
