On February 1, 2026, Park successfully completed its previously announced merger transaction with First Citizens Bancshares, Inc. ("First Citizens") through an all-stock transaction. Park's results for the first quarter of 2026 reflected the impact of merger-related expenses as well as an expanded income and expense base resulting from the transaction.
"Our strategy to combine solid financial performance with intentional growth through partnerships in high-opportunity markets is delivering positive results," said Park CEO and President, Matthew R. Miller. "Our expansion into Tennessee positions us to deliver even greater value across our communities while continuing to provide the personalized, relationship-driven banking our customers expect. We're energized by the opportunity to expand our impact while staying true to our community banking roots."
Park's net income for the first quarter of 2026 was $41.7 million, a 1.1 percent decrease from $42.2 million for the first quarter of 2025. The first quarter of 2026 included $15.5 million ($12.4 million after tax) in merger related expenses. First quarter 2026 net income per diluted common share was $2.39, compared to $2.60 for the first quarter of 2025.
Park's total loans increased $1.62 billion, or 20.1 percent, during 2026. The increase to total loans included $1.58 billion in loans acquired through the First Citizens transaction. Park's total deposits increased $2.76 billion, or 33.4 percent, during 2026, with an increase of 31.8 percent including off balance sheet deposits. The increase in total deposits included $2.22 billion in deposits acquired through the First Citizens transaction. The combination of solid loan growth and steady deposits contributed to Park's success in 2026.
"Our performance is a direct result of the skill, dedication and empathy our colleagues bring to their work every day. Their commitment to serve customers and strengthen our communities defines our organization," said Park Chairman, David L. Trautman. "We're grateful to play a small role in the lives of those we serve."
Headquartered in Newark, Ohio, Park National Corporation has $13.0 billion in total assets (as of March 31, 2026). Park's banking operations are conducted through its subsidiary, The Park National Bank. Other Park subsidiaries are Scope Leasing, Inc. (d.b.a. Scope Aircraft Finance), Park Investments, Inc. Park National Holdings, Inc., First Citizens Properties, Inc., First Citizens Risk Management, Inc., and SE Property Holdings, LLC.
Complete financial tables are listed below.
Category: Earnings
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Park cautions that any forward-looking statements contained in this news release or made by management of Park are provided to assist in the understanding of anticipated future financial performance. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management's expectations and are subject to a number of risks and uncertainties, including those described in Park's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as updated by our filings with the SEC. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements.
Risks and uncertainties that could cause actual results to differ include, without limitation: (1) the ability to execute our business plan successfully and manage strategic initiatives; (2) the impact of current and future economic and financial market conditions, including unemployment rates, inflation, interest rates, supply-demand imbalances, and geopolitical matters; (3) factors impacting the performance of our loan portfolio, including real estate values, financial health of borrowers, and loan concentrations; (4) the effects of monetary and fiscal policies, including interest rates, money supply, and inflation; (5) changes in federal, state, or local tax laws; (6) the impact of changes in governmental policy and regulatory requirements on our operations; (7) changes in consumer spending, borrowing, and saving habits; (8) changes in the performance and creditworthiness of customers, suppliers, and counterparties; (9) increased credit risk and higher credit losses due to loan concentrations; (10) volatility in mortgage banking income due to interest rates and demand; (11) adequacy of our internal controls and risk management programs; (12) competitive pressures among financial services organizations; (13) uncertainty regarding changes in banking regulations and other regulatory requirements; (14) our ability to meet heightened supervisory requirements and expectations; (15) the impact of changes in accounting policies and practices on our financial condition; (16) the reliability and accuracy of assumptions and estimates used in applying critical accounting estimates; (17) the potential for higher future credit losses due to changes in economic assumptions; (18) the ability to anticipate and respond to technological changes and our reliance on third-party vendors; (19) operational issues related to and capital spending necessitated by the implementation of information technology systems on which we are highly dependent; (20) the ability to secure confidential information and deliver products and services through computer systems and telecommunications networks; (21) the impact of security breaches or failures in operational systems; (22) the impact of geopolitical instability and trade policies on our operations including the imposition of tariffs and retaliatory tariffs; (23) the impact of changes in credit ratings of government debt and financial stability of sovereign governments; (24) the effect of stock market price fluctuations on our asset and wealth management businesses; (25) litigation and regulatory compliance exposure; (26) availability of earnings and excess capital for dividend declarations; (27) the impact of fraud, scams, and schemes on our business; (28) the impact of natural disasters, pandemics, and other emergencies on our operations; (29) potential deterioration of the economy due to financial, political, or other shocks; (30) impact of healthcare laws and potential changes on our costs and operations; (31) the ability to grow deposits and maintain adequate deposit levels, including by mitigating the effect of unexpected deposit outflows on our financial condition; (32) risks related to the completed acquisition of First Citizens, including the possibility that anticipated benefits are not realized as expected, difficulties integrating the two companies, and potential adverse reactions to customer, business, or employee relationships; and (33) other risk factors related to the banking industry.
Park does not undertake, and specifically disclaims any obligation, to publicly release the results of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement was made, or reflect the occurrence of unanticipated events, except to the extent required by law.
PARK NATIONAL CORPORATION
Financial Highlights
As of or for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025
2026
2025
2025
Percent change 1Q '26 vs.
(in thousands, except common share and per common share data and ratios)
1st QTR
4th QTR
1st QTR
4Q '25
1Q '25
INCOME STATEMENT:
Net interest income
$
125,780
$
112,926
$
104,377
11.4
%
20.5
%
Provision for credit losses
2,672
3,849
756
(30.6
)%
253.4
%
Other income
33,728
31,375
25,746
7.5
%
31.0
%
Other expense
105,159
87,777
78,164
19.8
%
34.5
%
Income before income taxes
$
51,677
$
52,675
$
51,203
(1.9
)%
0.9
%
Income taxes
9,990
10,036
9,046
(0.5
)%
10.4
%
Net income
$
41,687
$
42,639
$
42,157
(2.2
)%
(1.1
)%
MARKET DATA:
Earnings per common share - basic (a)
$
2.40
$
2.65
$
2.61
(9.4
)%
(8.0
)%
Earnings per common share - diluted (a)
2.39
2.63
2.60
(9.1
)%
(8.1
)%
Quarterly cash dividend declared per common share
1.10
1.07
1.07
2.8
%
2.8
%
Special cash dividend declared per common share
—
1.25
—
N.M.
N.M.
Book value per common share at period end
93.93
84.14
79.00
11.6
%
18.9
%
Market price per common share at period end
163.45
152.18
151.40
7.4
%
8.0
%
Market capitalization at period end
2,957,806
2,446,790
2,451,370
20.9
%
20.7
%
Weighted average common shares - basic (b)
17,381,922
16,076,308
16,159,342
8.1
%
7.6
%
Weighted average common shares - diluted (b)
17,457,573
16,183,706
16,238,701
7.9
%
7.5
%
Common shares outstanding at period end
18,096,089
16,078,262
16,191,347
12.6
%
11.8
%
PERFORMANCE RATIOS: (annualized)
Return on average assets (a)(b)
1.43
%
1.68
%
1.70
%
(14.9
)%
(15.9
)%
Return on average shareholders' equity (a)(b)
10.67
%
12.61
%
13.46
%
(15.4
)%
(20.7
)%
Yield on loans
6.36
%
6.34
%
6.26
%
0.3
%
1.6
%
Yield on investment securities
3.08
%
2.84
%
3.25
%
8.5
%
(5.2
)%
Yield on money market instruments
3.95
%
3.94
%
4.46
%
0.3
%
(11.4
)%
Yield on interest earning assets
5.90
%
5.91
%
5.85
%
(0.2
)%
0.9
%
Cost of interest bearing deposits
1.62
%
1.61
%
1.76
%
0.6
%
(8.0
)%
Cost of borrowings
2.08
%
1.31
%
3.94
%
58.8
%
(47.2
)%
Cost of paying interest bearing liabilities
1.63
%
1.61
%
1.86
%
1.2
%
(12.4
)%
Net interest margin (g)
4.80
%
4.88
%
4.62
%
(1.6
)%
3.9
%
Efficiency ratio (g)
65.52
%
60.54
%
59.79
%
8.2
%
9.6
%
OTHER DATA (NON-GAAP) AND BALANCE SHEET INFORMATION:
Tangible book value per common share (d)
$
77.21
$
74.06
$
68.94
4.3
%
12.0
%
Average interest earning assets
10,708,496
9,230,035
9,210,385
16.0
%
16.3
%
Pre-tax, pre-provision net income (j)
54,349
56,524
51,959
(3.8
)%
4.6
%
Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section.
PARK NATIONAL CORPORATION
Financial Highlights (continued)
As of or for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025
Percent change 1Q '26 vs.
(in thousands, except ratios)
March 31, 2026
December 31, 2025
March 31, 2025
4Q '25
1Q '25
BALANCE SHEET:
Investment securities
$
1,366,955
$
802,142
$
1,042,163
70.4
%
31.2
%
Loans
9,667,260
8,051,242
7,883,735
20.1
%
22.6
%
Allowance for credit losses
108,590
92,973
88,130
16.8
%
23.2
%
Goodwill and other intangible assets
302,565
161,990
162,758
86.8
%
85.9
%
Other real estate owned (OREO)
24,458
729
119
N.M.
N.M.
Total assets
12,983,967
9,805,013
9,886,612
32.4
%
31.3
%
Total deposits
11,000,500
8,243,713
8,201,695
33.4
%
34.1
%
Borrowings
150,176
81,711
270,757
83.8
%
(44.5
)%
Total shareholders' equity
1,699,759
1,352,793
1,279,042
25.6
%
32.9
%
Total equity
1,701,814
1,352,793
1,279,042
25.8
%
33.1
%
Tangible equity (d)
1,397,194
1,190,803
1,116,284
17.3
%
25.2
%
Total nonperforming loans
83,147
69,253
63,148
20.1
%
31.7
%
Total nonperforming assets
107,605
69,982
63,267
53.8
%
70.1
%
ASSET QUALITY RATIOS:
Loans as a % of period end total assets
74.46
%
82.11
%
79.74
%
(9.3
)%
(6.6
)%
Total nonperforming loans as a % of period end loans
0.86
%
0.86
%
0.80
%
—
%
7.5
%
Total nonperforming assets as a % of period end loans + OREO + other nonperforming assets
1.11
%
0.87
%
0.80
%
27.6
%
38.8
%
Allowance for credit losses as a % of period end loans
1.12
%
1.15
%
1.12
%
(2.6
)%
—
%
Net loan charge-offs
$
2,628
$
2,634
$
592
(0.2
)%
N.M.
Annualized net loan charge-offs as a % of average loans (b)
0.12
%
0.13
%
0.03
%
(7.7
)%
N.M.
CAPITAL & LIQUIDITY:
Total shareholders' equity / Period end total assets
13.09
%
13.80
%
12.94
%
(5.1
)%
1.2
%
Tangible equity (d) / Tangible assets (f)
11.02
%
12.35
%
11.48
%
(10.8
)%
(4.0
)%
Average shareholders' equity / Average assets (b)
13.39
%
13.32
%
12.64
%
0.5
%
5.9
%
Average shareholders' equity / Average loans (b)
17.44
%
16.77
%
16.22
%
4.0
%
7.5
%
Average loans / Average deposits (b)
90.91
%
93.98
%
93.56
%
(3.3
)%
(2.8
)%
Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section.
PARK NATIONAL CORPORATION
Consolidated Statements of Income
Three Months Ended
March 31
(in thousands, except share and per share data)
2026
2025
Interest income:
Interest and fees on loans
$
142,042
$
120,648
Interest on debt securities:
Taxable
5,844
7,130
Tax-exempt
2,226
1,269
Other interest income
4,665
3,153
Total interest income
154,777
132,200
Interest expense:
Interest on deposits:
Demand and savings deposits
20,849
18,436
Time deposits
7,532
6,770
Interest on borrowings
616
2,617
Total interest expense
28,997
27,823
Net interest income
125,780
104,377
Provision for credit losses
2,672
756
Net interest income after provision for credit losses
123,108
103,621
Other income
33,728
25,746
Other expense
105,159
78,164
Income before income taxes
51,677
51,203
Income taxes
9,990
9,046
Net income
$
41,687
$
42,157
Per common share:
Net income - basic
$
2.40
$
2.61
Net income - diluted
$
2.39
$
2.60
Weighted average common shares - basic
17,381,922
16,159,342
Weighted average common shares - diluted
17,457,573
16,238,701
Cash dividends declared:
Quarterly dividend
$
1.10
$
1.07
PARK NATIONAL CORPORATION
Consolidated Balance Sheets
(in thousands, except share data)
March 31, 2026
December 31, 2025
Assets
Cash and due from banks
$
152,342
$
137,239
Money market instruments
830,795
96,274
Investment securities
1,366,955
802,142
Loans
9,667,260
8,051,242
Allowance for credit losses
(108,590
)
(92,973
)
Loans, net
9,558,670
7,958,269
Bank premises and equipment, net
93,126
61,627
Goodwill and other intangible assets
302,565
161,990
Other real estate owned
24,458
729
Other assets
655,056
586,743
Total assets
$
12,983,967
$
9,805,013
Liabilities and Equity
Deposits:
Noninterest bearing
$
3,058,631
$
2,656,093
Interest bearing
