Park National H1 2022 net income down 10.7% to $73.2M; mortgage originations plunge 44%

PARK NATIONAL CORP /OH/

2022-Q2 EPS reported $4.48

Net income of $73.2M for six months ended June 30, 2022, vs. $82.0M in 2021, a 10.7% decline.
PNB segment net income dropped to $76.4M from $86.0M YoY; pre-tax pre-provision income fell 4% to $87.1M.
Total mortgage loan originations collapsed 44.4% to $311.9M from $560.5M; refinance share fell to 25.9%.
PPP loan balance shrank to $13.4M from $248.9M a year earlier, lowering interest income by $8.3M.
Total deposits rose 5.1% from Dec 2021 to $8.58B; off-balance sheet deposits were $809.8M.

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