Park slips to 3Q squandering on Florida write. Stated income.

A write-down on the value of the Florida bank bought more than a year ago drove the bank to a more than $38 million third-quarter loss. The Newark-based bank told investors Monday after the markets closed that it buried $38.4 million, or $2.75 a share, during the quarter.

That's compared with a make a bundle of $21.3 million, or $1.50 a share, in the same time in the end year.

The third-quarter downfall includes a $55 million accusation to the left half of the non-cash, or goodwill, value of Panama City-based Park (AMEX:PRK) bought Vision for $171 million in March 2007 and in January dividend the bank's goodwill value in half, by $54 million. The bank told investors latest week that it slashed the bank's extant goodwill value following a continuing worsening of its mortgage portfolio. Vision in the third quadrature recorded a loan-loss stockpile of $11.5 million, accounting for more than 70 percent of the $15.9 million Park set aside stay three-month period to comprehend unhappy loans.

"The brunt of the diminution is bald-faced in our short-term stated gain results, although it has no essence on our regulatory capital, cash, or dividends," Park Chairman and Chief Executive Officer Daniel DeLawder said in a release. "We stay well capitalized and are performing with etched operating results through periods of unprecedented fiscal change." Absent the one-time charge, Park's third-quarter return were down 22 percent at $16.6 million.

Third-quarter rete involve profit increased 10 percent to $65.2 million from $59.4 million carry on year.

Noninterest revenue from fees cut 10 percent to $17.1 million from $19.1 million. As a upshot of the Vision write-down, year-to-date take are down drastically at $2.76 million, or 20 cents a share, versus $65.9 million, or $4.61 a share, through September 2007.

Combined take home enrol and noninterest receipts through September was up 8 percent from a year ago at $247.7 million, versus $228.4 million aftermost year. Park has $6.8 billion in assets.

Park consists of 12 community banks, including Park National Bank, which has offices in Centerville and Springboro. BizPulse Survey: Would Obama or McCain be better for the economy? E-mail dayton@bizjournals.com. Call (937) 528-4400.

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