NEWARK, Ohio (AP) _ Park National Corp. (PRK) on Monday reported first-quarter profit of $22.4 million.
The bank, based in Newark, Ohio, said it had earnings of $1.36 per share. Earnings, adjusted for non-recurring costs, came to $1.40 per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.28 per share.
The financial services holding company posted revenue of $111.4 million in the period. Its revenue net of interest expense was $98.8 million, which did not meet Street forecasts. Four analysts surveyed by Zacks expected $98.9 million.
Park National shares have declined 24% since the beginning of the year. In the final minutes of trading on Monday, shares hit $78.25, a decline of 19% in the last 12 months.