Park National Corp.'s stock dove Tuesday, a day after the Newark, Ohio, company reported that its third-quarter earnings fell because of deteriorating credit quality.
The $6.5 billion-asset asset Park National said late Monday that earnings fell 10.5% from a year earlier, to $21.3 million. Its loan-loss provision jumped to $5.8 million, from $935,000, and its ratio of net chargeoffs rose 45 basis points, to 0.56% of total loans.
Park National attributed the increase in its chargeoffs and its loan-loss provision in large part to difficult real estate conditions in Ohio and Florida. In March the company bought the $691 million-asset Vision Bancshares Inc. in Panama City, Fla.
Its stock fell 5.7% Tuesday.
