Net income for the third quarter ended up being $12 million, a more than 40 percent drop from the same quarter a year ago, Park National said. Third quarter 2011 net income was $20.4 million.
Included in the results a year ago were results of Vision Bank, which was then a division of Park. Vision Bank was sold this year, but the problem loan relationship carried over on the books of Park National, said Brady Burt, chief accounting officer of the bank. He said the bank hopes to still collect some money owed on the account, a loan relationship from Alabama. For now, the $13 million was wrote-off and the bank took an unexpected loan loss provision of the same amount, he said.