Park National of Ohio Profit Up 9.2%

Though its Florida bank unit continued to struggle, Park National Corp. in Newark, Ohio, earned $19.9 million in the second quarter, a 9.2% increase from a year earlier.

Part of the boost came from selling $197 million of agency mortgage-backed securities in June, for a $7.3 million gain.

The $7 billion-asset Park, which reported its results after the market closed Monday, said that nonperforming loans jumped 95%, to $206.6 million, or 4.47% of total loans.

Its loan-loss provision rose 9%, to $15.9 million, For the first six months of the year the provision totaled $28.1 million, with 65% of that attributed to its Vision Bank subsidiary in Panama City, Fla.

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