Parish National earns five-star industry rating

Covington-based Parish National Bank this week earned a five-star rating from Florida-based BauerFinancial Inc., a banking industry watchdog.

The rating, among BauerFinancial’s top honors, applauds PNB’s financial health while many financial institutions struggle, the company said.

For example, PNB’s net income for the second quarter ending June 30, 2008, was $5.27 million, or $4.83 per share, compared to $3.9 million or $3.26 per share for the same period in 2007.

Meanwhile, its capital, perhaps the most defining measure of a bank’s health, has increased during the nation’s financial crunch.

Total capital as of June 30, 2008, was $71.6 million or 9.45 percent of assets, up from $63.03 million or 8.08 percent of assets as of June 30, 2007, the company said in a press release.

Recently, PNB also merged with Whitney Bank to operate 11 St. Tammany branches in all. The $165 million deal was signed in June.