Park National in Newark, Ohio, reported lower quarterly earnings due to higher operation expenses and credit costs.

The $7 billion-asset company's third-quarter profit fell 4% from a year earlier, to $18.3 million. Earnings per share of $1.19 were 10 cents below the average estimate of analysts polled by Bloomberg.

The dip is largely due to a $400,000 increase in employee expenses, a 45% increase in Park's loan-loss provision, and about $240,000 in equipment and furniture expenses. Overall, noninterest expenses rose nearly 5%, to $46.9 million.

Net interest income rose 3.2%, to $56 million. The net interest margin expanded by 3 basis points, to 3.55%.

Noninterest income rose 11.5%, to nearly $19.4 million.

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