Park National Corporation reports financial results
for second quarter and first half of 2026
NEWARK, Ohio ‒ Park National Corporation (Park) (NYSE American: PRK) today reported financial results for the second quarter and the first half of 2026. Park's board of directors declared a quarterly cash dividend of $1.10 per common share, payable on September 10, 2026, to common shareholders of record as of August 21, 2026.
Park’s net income for the second quarter of 2026 was $58.8 million, a 22.1 percent increase from $48.1 million for the second quarter of 2025. The second quarter of 2026 included $4.1 million ($3.3 million after tax) in expenses related to the merger with First Citizens Bancshares, Inc. Second quarter 2026 net income per diluted common share was $3.23, compared to $2.97 for the second quarter of 2025. Park's net income for the first half of 2026 was $100.4 million, an 11.3 percent increase from $90.3 million for the first half of 2025. The first half of 2026 included $19.6 million ($15.5 million after tax) in merger related expenses. Net income per diluted common share for the first half of 2026 was $5.64, compared to $5.56 for the first half of 2025.
“Our second quarter results reflect the strength of our relationship-based banking model, disciplined execution and commitment to serving customers and communities,” said Park CEO and President Matthew R. Miller. “Our teams are making exceptional progress toward the third-quarter First Citizens systems conversion, an important partnership milestone that will enhance our ability to serve customers and support our long-term growth strategy. I am grateful to our colleagues for their dedication, our customers for their trust and our shareholders for their continued confidence as we strive to increase value for all stakeholders.”
Park’s total loans increased $1.68 billion, or 20.9 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 $2.43 billion, or 29.4 percent, during 2026, with an increase of 27.8 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 success begins with our colleagues. Their professionalism, teamwork and commitment to others reflect the very best of Park. While serving customers and communities each day, they are simultaneously working to ensure we execute the best conversion possible,” said Park Chairman David L. Trautman. “We look forward to fully welcoming our Tennessee colleagues and customers and deepening the relationships that help communities flourish.”
Headquartered in Newark, Ohio, Park National Corporation has $12.7 billion in total assets (as of June 30, 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
Media contact: Michelle Hamilton, 740.349.6014, media@parknationalbank.com
Park National Corporation, 50 N. Third Street, Newark, Ohio 43055
Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
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, including the realization of anticipated cost savings and revenue generation, 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
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
PARK NATIONAL CORPORATION
Financial Highlights
As of or for the three months ended June 30, 2026, March 31, 2026 and June 30, 2025
2026
2026
2025
Percent change 2Q '26 vs.
(in thousands, except common share and per common share data and ratios)
2nd QTR
1st QTR
2nd QTR
1Q '26
2Q '25
INCOME STATEMENT:
Net interest income
$
138,857
$
125,780
$
108,991
10.4
%
27.4
%
Provision for credit losses
4,575
2,672
2,853
71.2
%
60.4
%
Other income
39,540
33,728
32,186
17.2
%
22.8
%
Other expense
100,960
105,159
78,977
(4.0)
%
27.8
%
Income before income taxes
$
72,862
$
51,677
$
59,347
41.0
%
22.8
%
Income taxes
14,110
9,990
11,228
41.2
%
25.7
%
Net income
$
58,752
$
41,687
$
48,119
40.9
%
22.1
%
MARKET DATA:
Earnings per common share - basic (a)
$
3.25
$
2.40
$
2.98
35.4
%
9.1
%
Earnings per common share - diluted (a)
3.23
2.39
2.97
35.1
%
8.8
%
Quarterly cash dividend declared per common share
1.10
1.10
1.07
—
%
2.8
%
Book value per common share at period end
95.58
93.93
80.55
1.8
%
18.7
%
Market price per common share at period end
182.99
163.45
167.26
12.0
%
9.4
%
Market capitalization at period end
3,305,561
2,957,806
2,688,093
11.8
%
23.0
%
Weighted average common shares - basic (b)
18,085,919
17,381,922
16,129,951
4.1
%
12.1
%
Weighted average common shares - diluted (b)
18,181,868
17,457,573
16,215,565
4.1
%
12.1
%
Common shares outstanding at period end
18,064,161
18,096,089
16,071,347
(0.2)
%
12.4
%
PERFORMANCE RATIOS: (annualized)
Return on average assets (a)(b)
1.84
%
1.43
%
1.92
%
28.7
%
(4.2)
%
Return on average shareholders' equity (a)(b)
13.69
%
10.67
%
14.96
%
28.3
%
(8.5)
%
Yield on loans
6.42
%
6.36
%
6.37
%
0.9
%
0.8
%
Yield on investment securities
3.53
%
3.08
%
3.21
%
14.6
%
10.0
%
Yield on money market instruments
4.09
%
3.95
%
4.34
%
3.5
%
(5.8)
%
Yield on interest earning assets
5.96
%
5.90
%
5.95
%
1.0
%
0.2
%
Cost of interest bearing deposits
1.70
%
1.62
%
1.73
%
4.9
%
(1.7)
%
Cost of borrowings
2.45
%
2.08
%
3.92
%
17.8
%
(37.5)
%
Cost of paying interest bearing liabilities
1.71
%
1.63
%
1.83
%
4.9
%
(6.6)
%
Net interest margin (g)
4.81
%
4.80
%
4.75
%
0.2
%
1.3
%
Efficiency ratio (g)
56.30
%
65.52
%
55.68
%
(14.1)
%
1.1
%
OTHER DATA (NON-GAAP) AND BALANCE SHEET INFORMATION:
Tangible book value per common share (d)
$
78.92
$
77.21
$
70.44
2.2
%
12.0
%
Average interest earning assets
11,664,671
10,708,496
9,252,016
8.9
%
26.1
%
Pre-tax, pre-provision net income (j)
77,437
54,349
62,200
42.5
%
24.5
%
Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section.
Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
PARK NATIONAL CORPORATION
Financial Highlights (continued)
As of or for the three months ended June 30, 2026, March 31, 2026 and June 30, 2025
Percent change 2Q '26 vs.
(in thousands, except ratios)
June 30, 2026
March 31, 2026
June 30, 2025
1Q '26
2Q '25
BALANCE SHEET:
Investment securities
$
1,389,379
$
1,366,955
$
1,062,526
1.6
%
30.8
%
Loans
9,731,356
9,667,260
7,963,221
0.7
%
22.2
%
Allowance for credit losses
110,686
108,590
89,785
1.9
%
23.3
%
Goodwill and other intangible assets
300,986
302,565
162,485
(0.5)
%
85.2
%
Other real estate owned (OREO)
19,836
24,458
638
(18.9)
%
N.M.
Total assets
12,677,010
12,983,967
9,949,578
(2.4)
%
27.4
%
Total deposits
10,670,284
11,000,500
8,237,766
(3.0)
%
29.5
%
Borrowings
137,422
150,176
285,582
(8.5)
%
(51.9)
%
Total shareholders' equity
1,726,576
1,699,759
1,294,480
1.6
%
33.4
%
Total equity
1,728,631
1,701,814
1,294,480
1.6
%
33.5
%
Tangible equity (d)
1,425,590
1,397,194
1,131,995
2.0
%
25.9
%
Total nonperforming loans
83,763
83,147
65,507
0.7
%
27.9
%
Total nonperforming assets
103,599
107,605
66,145
(3.7)
%
56.6
%
ASSET QUALITY RATIOS:
Loans as a % of period end total assets
76.76
%
74.46
%
80.04
%
3.1
%
(4.1)
%
Total nonperforming loans as a % of period end loans
0.86
%
0.86
%
0.82
%
—
%
4.9
%
Total nonperforming assets as a % of period end loans + OREO + other nonperforming assets
1.06
%
1.11
%
0.83
%
(4.5)
%
27.7
%
Allowance for credit losses as a % of period end loans
1.14
%
1.12
%
1.13
%
1.8
%
0.9
%
Net loan charge-offs
$
2,479
$
2,628
$
1,198
(5.7)
%
N.M.
Annualized net loan charge-offs as a % of average loans (b)
0.10
%
0.12
%
0.06
%
(16.7)
%
N.M.
CAPITAL & LIQUIDITY:
Total shareholders' equity / Period end total assets
13.62
%
13.09
%
13.01
%
4.0
%
4.7
%
Tangible equity (d) / Tangible assets (f)
11.52
%
11.02
%
11.57
%
4.5
%
(0.4)
%
Average shareholders' equity / Average assets (b)
13.46
%
13.39
%
12.80
%
0.5
%
5.2
%
Average shareholders' equity / Average loans (b)
17.76
%
17.44
%
16.28
%
1.8
%
9.1
%
Average loans / Average deposits (b)
89.75
%
90.91
%
94.37
%
(1.3)
%
(4.9)
%
Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section.
Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
PARK NATIONAL CORPORATION
Financial Highlights
Six months ended June 30, 2026 and June 30, 2025
2026
2025
(in thousands, except common share and per common share data and ratios)
Six months ended June 30
Six months ended June 30
Percent change '26 vs '25
INCOME STATEMENT:
Net interest income
$
264,637
$
213,368
24.0
%
Provision for credit losses
7,247
3,609
100.8
%
Other income
73,268
57,932
26.5
%
Other expense
206,119
157,141
31.2
%
Income before income taxes
$
124,539
$
110,550
12.7
%
Income taxes
24,100
20,274
18.9
%
Net income
$
100,439
$
90,276
11.3
%
MARKET DATA:
Earnings per common share - basic (a)
$
5.66
$
5.59
1.3
%
Earnings per common share - diluted (a)
5.64
5.56
1.4
%
Quarterly cash dividend declared per common share
2.20
2.14
2.8
%
Weighted average common shares - basic (b)
17,733,921
16,144,647
9.8
%
Weighted average common shares - diluted (b)
17,819,777
16,227,150
9.8
%
PERFORMANCE RATIOS: (annualized)
Return on average assets (a)(b)
1.64
%
1.81
%
(9.4)
%
Return on average shareholders' equity (a)(b)
12.25
%
14.22
%
(13.9)
%
Yield on loans
6.39
%
6.32
%
1.1
%
Yield on investment securities
3.32
%
3.23
%
2.8
%
Yield on money market instruments
4.03
%
4.40
%
(8.4)
%
Yield on interest earning assets
5.93
%
5.90
%
0.5
%
Cost of interest bearing deposits
1.66
%
1.75
%
(5.1)
%
Cost of borrowings
2.28
%
3.93
%
(42.0)
%
Cost of paying interest bearing liabilities
1.67
%
1.84
%
(9.2)
%
Net interest margin (g)
4.80
%
4.69
%
2.3
%
Efficiency ratio (g)
60.65
%
57.65
%
5.2
%
ASSET QUALITY RATIOS:
Net loan charge-offs
$
5,107
$
1,790
185.3
%
Net loan charge-offs as a % of average loans (b)
0.11
%
0.05
%
120.0
%
CAPITAL & LIQUIDITY
Average shareholders' equity / Average Assets (b)
13.42
%
12.72
%
5.5
%
Average shareholders' equity / Average loans (b)
17.60
%
16.25
%
8.3
%
Average loans / Average deposits (b)
90.30
%
93.96
%
(3.9)
%
OTHER DATA (NON-GAAP) AND BALANCE SHEET INFORMATION:
Average interest earning assets
11,189,252
9,231,316
21.2
%
Pre-tax, pre-provision net income (j)
131,786
114,159
15.4
%
Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section.
Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
PARK NATIONAL CORPORATION
Consolidated Statements of Income
Three Months Ended
Six Months Ended
June 30
June 30
(in thousands, except share and per share data)
2026
2025
2026
2025
Interest income:
Interest and fees on loans
$
154,692
$
125,543
$
296,734
$
246,191
Interest on debt securities:
Taxable
9,320
6,693
15,164
13,823
Tax-exempt
2,123
1,503
4,349
2,772
Other interest income
6,192
2,757
10,857
5,910
Total interest income
172,327
136,496
327,104
268,696
Interest expense:
Interest on deposits:
Demand and savings deposits
23,517
19,055
44,366
37,491
Time deposits
9,122
5,821
16,654
12,591
Interest on borrowings
831
2,629
1,447
5,246
Total interest expense
33,470
27,505
62,467
55,328
Net interest income
138,857
108,991
264,637
213,368
Provision for credit losses
4,575
2,853
7,247
3,609
Net interest income after provision for credit losses
134,282
106,138
257,390
209,759
Other income
39,540
32,186
73,268
57,932
Other expense
100,960
78,977
206,119
157,141
Income before income taxes
72,862
59,347
124,539
110,550
Income taxes
14,110
11,228
24,100
20,274
Net income
$
58,752
$
48,119
$
100,439
$
90,276
Per common share:
Net income - basic
$
3.25
$
2.98
$
5.66
$
5.59
Net income - diluted
$
3.23
$
2.97
$
5.64
$
5.56
Weighted average common shares - basic
18,085,919
16,129,951
17,733,921
16,144,647
Weighted average common shares - diluted
18,181,868
16,215,565
17,819,777
16,227,150
Cash dividends declared:
Quarterly dividend
$
1.10
$
1.07
$
2.20
$
2.14
Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
PARK NATIONAL CORPORATION
Consolidated Balance Sheets
(in thousands, except share data)
June 30, 2026
December 31, 2025
Assets
Cash and due from banks
$
144,485
$
137,239
Money market instruments
435,824
96,274
Investment securities
1,389,379
802,142
Loans
9,731,356
8,051,242
Allowance for credit losses
(110,686)
(92,973)
Loans, net
9,620,670
7,958,269
Bank premises and equipment, net
96,430
61,627
Goodwill and other intangible assets
300,986
161,990
Other real estate owned
19,836
729
Other assets
669,400
586,743
Total assets
$
12,677,010
$
9,805,013
Liabilities and Equity
Deposits:
Noninterest bearing
$
3,084,889
$
2,656,093
Interest bearing
7,585,395
5,587,620
Total deposits
10,670,284
8,243,713
Borrowings
137,422
81,711
Other liabilities
140,673
126,796
Total liabilities
$
10,948,379
$
8,452,220
Equity:
Preferred shares (200,000 shares authorized; no shares outstanding at June 30, 2026 or December 31, 2025)
$
—
$
—
Common shares (No par value; 40,000,000 shares authorized at June 30, 2026 and December 31, 2025; 19,611,235 shares issued at June 30, 2026 and 17,623,104 at December 31, 2025)
784,614
465,032
Accumulated other comprehensive loss, net of taxes
(16,901)
(12,739)
Retained earnings
1,128,448
1,067,823
Treasury shares (1,547,074 shares at June 30, 2026 and 1,544,842 shares at December 31, 2025)
(169,585)
(167,323)
Total shareholders' equity
$
1,726,576
$
1,352,793
Non-controlling interest in consolidated subsidiary
2,055
—
Total equity
$
1,728,631
$
1,352,793
Total liabilities and equity
$
12,677,010
$
9,805,013
Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
PARK NATIONAL CORPORATION
Consolidated Average Balance Sheets
Three Months Ended
Six Months Ended
June 30,
June 30,
(in thousands)
2026
2025
2026
2025
Assets
Cash and due from banks
$
140,993
$
114,619
$
190,458
$
120,889
Money market instruments
607,263
254,697
543,319
270,767
Investment securities
1,375,215
1,061,693
1,265,398
1,065,635
Loans
9,691,723
7,922,263
9,392,367
7,877,994
Allowance for credit losses
(110,075)
(88,773)
(107,574)
(88,799)
Loans, net
9,581,648
7,833,490
9,284,793
7,789,195
Bank premises and equipment, net
94,820
65,800
88,245
67,387
Goodwill and other intangible assets
301,545
162,664
274,431
162,800
Other real estate owned
22,585
40
18,504
477
Other assets
663,340
585,458
651,667
584,975
Total assets
$
12,787,409
$
10,078,461
$
12,316,815
$
10,062,125
Liabilities and Equity
Deposits:
Noninterest bearing
$
3,079,994
$
2,626,232
$
2,984,059
$
2,602,666
Interest bearing
7,718,858
5,768,900
7,416,819
5,781,338
Total deposits
10,798,852
8,395,132
10,400,878
8,384,004
Borrowings
136,276
269,088
128,218
269,170
Other liabilities
129,148
124,200
132,559
128,746
Total liabilities
$
11,064,276
$
8,788,420
$
10,661,655
$
8,781,920
Equity:
Preferred shares
$
—
$
—
$
—
$
—
Common shares
783,372
460,238
730,253
462,132
Accumulated other comprehensive loss, net of taxes
(14,314)
(34,291)
(12,544)
(37,101)
Retained earnings
1,117,850
1,022,323
1,102,302
1,009,930
Treasury shares
(165,830)
(158,229)
(166,554)
(154,756)
Total shareholders' equity
$
1,721,078
$
1,290,041
$
1,653,457
$
1,280,205
Non-controlling interest in consolidated subsidiary
2,055
—
1,703
—
Total equity
$
1,723,133
$
1,290,041
$
1,655,160
$
1,280,205
Total liabilities and equity
$
12,787,409
$
10,078,461
$
12,316,815
$
10,062,125
Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
PARK NATIONAL CORPORATION
Consolidated Statements of Income - Linked Quarters
2026
2026
2025
2025
2025
(in thousands, except per share data)
2nd QTR
1st QTR
4th QTR
3rd QTR
2nd QTR
Interest income:
Interest and fees on loans
$
154,692
$
142,042
$
127,443
$
126,648
$
125,543
Interest on debt securities:
Taxable
9,320
5,844
4,267
5,644
6,693
Tax-exempt
2,123
2,226
1,487
1,520
1,503
Other interest income
6,192
4,665
3,695
5,140
2,757
Total interest income
172,327
154,777
136,892
138,952
136,496
Interest expense:
Interest on deposits:
Demand and savings deposits
23,517
20,849
18,431
20,499
19,055
Time deposits
9,122
7,532
5,267
5,501
5,821
Interest on borrowings
831
616
268
1,935
2,629
Total interest expense
33,470
28,997
23,966
27,935
27,505
Net interest income
138,857
125,780
112,926
111,017
108,991
Provision for credit losses
4,575
2,672
3,849
4,030
2,853
Net interest income after provision for credit losses
134,282
123,108
109,077
106,987
106,138
Other income
39,540
33,728
31,375
30,574
32,186
Other expense
100,960
105,159
87,777
79,463
78,977
Income before income taxes
72,862
51,677
52,675
58,098
59,347
Income taxes
14,110
9,990
10,036
10,940
11,228
Net income
$
58,752
$
41,687
$
42,639
$
47,158
$
48,119
Per common share:
Net income - basic
$
3.25
$
2.40
$
2.65
$
2.93
$
2.98
Net income - diluted
$
3.23
$
2.39
$
2.63
$
2.92
$
2.97
Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
PARK NATIONAL CORPORATION
Detail of other income and other expense - Linked Quarters
2026
2026
2025
2025
2025
(in thousands)
2nd QTR
1st QTR
4th QTR
3rd QTR
2nd QTR
Other income:
Income from fiduciary activities
$
13,434
$
12,343
$
11,839
$
11,315
$
11,622
Service charges on deposit accounts
3,790
3,348
2,552
2,578
2,514
Other service income
4,124
3,686
4,099
3,716
3,731
Debit card fee income
8,107
6,973
6,493
6,604
6,607
Bank owned life insurance income
2,125
1,707
1,777
1,559
1,762
ATM fees
450
380
333
371
367
Gain (loss) on sale of debt securities, net
—
1,084
(2,250)
—
—
Gain (loss) on equity securities, net
4,555
799
3,595
(549)
2,480
Other components of net periodic benefit income
2,449
2,492
2,344
2,344
2,344
Miscellaneous
506
916
593
2,636
759
Total other income
$
39,540
$
33,728
$
31,375
$
30,574
$
32,186
Other expense:
Salaries
$
46,023
$
45,577
$
39,315
$
38,644
$
38,560
Employee benefits
11,918
11,692
10,846
9,892
9,108
Occupancy expense
4,027
4,572
3,349
3,242
3,269
Furniture and equipment expense
3,014
2,517
2,007
2,219
2,234
Data processing fees
15,113
13,141
12,188
11,531
11,021
Professional fees and services
8,731
16,828
9,275
7,475
7,395
Marketing
1,550
1,556
1,744
1,507
1,295
Insurance
1,986
2,074
1,534
1,468
1,667
Communication
1,400
1,425
1,137
1,239
941
State tax expense
1,529
1,367
1,181
1,182
1,350
Amortization of intangible assets
2,072
1,279
247
248
273
Foundation contributions
—
—
1,000
—
—
Miscellaneous
3,597
3,131
3,954
816
1,864
Total other expense
$
100,960
$
105,159
$
87,777
$
79,463
$
78,977
Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
PARK NATIONAL CORPORATION
Asset Quality Information
Year ended December 31,
(in thousands, except ratios)
June 30, 2026
March 31, 2026
2025
2024
2023
2022
2021
Allowance for credit losses:
Allowance for credit losses, beginning of period
$
108,590
$
92,973
$
87,966
$
83,745
$
85,379
$
83,197
$
85,675
Cumulative change in accounting principle; adoption of ASU 2022-02 in 2023 and ASU 2016-13 in 2021
—
—
—
—
383
—
6,090
First Citizens acquisition - Day 1 ACL
—
15,573
—
—
—
—
—
Charge-offs
4,470
4,440
16,624
18,334
10,863
9,133
5,093
Recoveries
1,991
1,812
10,143
8,012
5,942
6,758
8,441
Net charge-offs (recoveries)
2,479
2,628
6,481
10,322
4,921
2,375
(3,348)
Provision for (recovery of) credit losses
4,575
2,672
11,488
14,543
2,904
4,557
(11,916)
Allowance for credit losses, end of period
$
110,686
$
108,590
$
92,973
$
87,966
$
83,745
$
85,379
$
83,197
General reserve trends:
Allowance for credit losses, end of period
$
110,686
$
108,590
$
92,973
$
87,966
$
83,745
$
85,379
$
83,197
Specific reserves on individually evaluated loans - certain accruing purchased credit deteriorated ("PCD") loans
—
—
—
—
—
—
—
Specific reserves on individually evaluated loans - accrual
—
—
—
—
—
—
42
Specific reserves on individually evaluated loans - nonaccrual
4,424
3,041
739
1,299
4,983
3,566
1,574
General reserves on collectively evaluated loans
$
106,262
$
105,549
$
92,234
$
86,667
$
78,762
$
81,813
$
81,581
Total loans
$
9,731,356
$
9,667,260
$
8,051,242
$
7,817,128
$
7,476,221
$
7,141,891
$
6,871,122
Individually evaluated - certain accruing PCD loans (PCI loans for years 2020 and prior)
—
1,943
1,990
2,174
2,835
4,653
7,149
Individually evaluated loans - accrual (k)
11,535
14,792
18,365
15,290
—
11,477
17,517
Individually evaluated loans - nonaccrual
57,662
60,208
46,924
53,149
45,215
66,864
56,985
Collectively evaluated loans
$
9,662,159
$
9,590,317
$
7,983,963
$
7,746,515
$
7,428,171
$
7,058,897
$
6,789,471
Asset Quality Ratios:
Net charge-offs (recoveries) as a % of average loans (annualized)
0.10
%
0.12
%
0.08
%
0.14
%
0.07
%
0.03
%
(0.05)
%
Allowance for credit losses as a % of period end loans
1.14
%
1.12
%
1.15
%
1.13
%
1.12
%
1.20
%
1.21
%
General reserve as a % of collectively evaluated loans
1.10
%
1.10
%
1.16
%
1.12
%
1.06
%
1.16
%
1.20
%
Nonperforming assets:
Nonaccrual loans
$
81,249
$
80,548
$
66,515
$
68,178
$
60,259
$
79,696
$
72,722
Accruing troubled debt restructurings (for years 2022 and prior) (k)
N.A.
N.A.
N.A.
N.A.
N.A.
20,134
28,323
Loans past due 90 days or more
2,514
2,599
2,738
1,754
859
1,281
1,607
Total nonperforming loans
$
83,763
$
83,147
$
69,253
$
69,932
$
61,118
$
101,111
$
102,652
Other real estate owned
19,836
24,458
729
938
983
1,354
775
Other nonperforming assets
—
—
—
—
—
—
2,750
Total nonperforming assets
$
103,599
$
107,605
$
69,982
$
70,870
$
62,101
$
102,465
$
106,177
Percentage of nonaccrual loans to period end loans
0.83
%
0.83
%
0.83
%
0.87
%
0.81
%
1.12
%
1.06
%
Percentage of nonperforming loans to period end loans
0.86
%
0.86
%
0.86
%
0.89
%
0.82
%
1.42
%
1.49
%
Percentage of nonperforming assets to period end loans
1.06
%
1.11
%
0.87
%
0.91
%
0.83
%
1.43
%
1.55
%
Percentage of nonperforming assets to period end total assets
0.82
%
0.83
%
0.71
%
0.72
%
0.63
%
1.04
%
1.11
%
Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section.
Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
PARK NATIONAL CORPORATION
Asset Quality Information (continued)
Year ended December 31,
(in thousands, except ratios)
June 30, 2026
March 31, 2026
2025
2024
2023
2022
2021
New nonaccrual loan information:
Nonaccrual loans, beginning of period
$
80,548
$
66,515
$
68,178
$
60,259
$
79,696
$
72,722
$
117,368
Acquired nonaccrual loans
—
4,506
—
—
—
—
—
New nonaccrual loans
21,099
23,215
87,482
65,535
48,280
64,918
38,478
Resolved nonaccrual loans
20,398
13,688
89,145
57,616
67,717
57,944
83,124
Nonaccrual loans, end of period
$
81,249
$
80,548
$
66,515
$
68,178
$
60,259
$
79,696
$
72,722
Individually evaluated nonaccrual commercial loan portfolio information (period end):
Unpaid principal balance
$
57,939
$
64,890
$
51,664
$
58,158
$
47,564
$
68,639
$
57,609
Prior charge-offs
277
4,682
4,740
5,009
2,349
1,775
624
Remaining principal balance
57,662
60,208
46,924
53,149
45,215
66,864
56,985
Specific reserves
4,424
3,041
739
1,299
4,983
3,566
1,574
Book value, after specific reserves
$
53,238
$
57,167
$
46,185
$
51,850
$
40,232
$
63,298
$
55,411
Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section.
Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
PARK NATIONAL CORPORATION
Financial Reconciliations
NON-GAAP RECONCILIATIONS
THREE MONTHS ENDED
SIX MONTHS ENDED
(in thousands, except share and per share data)
June 30, 2026
March 31, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Net interest income
$
138,857
$
125,780
$
108,991
$
264,637
$
213,368
less purchase accounting accretion
2,147
812
168
2,959
343
less interest income on former Vision Bank relationships
—
396
1,006
396
2,025
Net interest income - adjusted
$
136,710
$
124,572
$
107,817
$
261,282
$
211,000
Provision for credit losses
$
4,575
$
2,672
$
2,853
$
7,247
$
3,609
less recoveries on former Vision Bank relationships
—
(7)
(717)
(7)
(1,814)
Provision for credit losses - adjusted
$
4,575
$
2,679
$
3,570
$
7,254
$
5,423
Other income
$
39,540
$
33,728
$
32,186
$
73,268
$
57,932
less gain on sale of debt securities, net
—
1,084
—
1,084
—
less impact of strategic initiatives
148
—
18
148
(896)
less Vision related OREO valuation adjustments, net
—
304
—
304
(229)
less other income related to former Vision Bank relationships
—
(202)
—
(202)
3
Other income - adjusted
$
39,392
$
32,542
$
32,168
$
71,934
$
59,054
Other expense
$
100,960
$
105,159
$
78,977
$
206,119
$
157,141
less intangible asset amortization
2,072
1,279
273
3,351
547
less merger-related expenses related to First Citizens acquisition
4,118
15,474
—
19,592
—
less impact of strategic initiatives
(71)
362
—
291
—
less purchase accounting amortization
36
20
—
56
—
less direct expenses related to collection of payments on former Vision Bank loan relationships
—
194
239
194
515
Other expense - adjusted
$
94,805
$
87,830
$
78,465
$
182,635
$
156,079
Tax effect of adjustments to net income identified above (i)
$
811
$
3,135
$
(293)
$
3,945
$
(420)
Net income - reported
$
58,752
$
41,687
$
48,119
$
100,439
$
90,276
Net income - adjusted (h)
$
61,801
$
53,480
$
47,015
$
115,282
$
88,698
Diluted earnings per common share
$
3.23
$
2.39
$
2.97
$
5.64
$
5.56
Diluted earnings per common share, adjusted (h)
$
3.40
$
3.06
$
2.90
$
6.47
$
5.47
Annualized return on average assets (a)(b)
1.84
%
1.43
%
1.92
%
1.64
%
1.81
%
Annualized return on average assets, adjusted (a)(b)(h)
1.94
%
1.83
%
1.87
%
1.89
%
1.78
%
Annualized return on average tangible assets (a)(b)(e)
1.89
%
1.46
%
1.95
%
1.68
%
1.84
%
Annualized return on average tangible assets, adjusted (a)(b)(e)(h)
1.99
%
1.87
%
1.90
%
1.93
%
1.81
%
Annualized return on average shareholders' equity (a)(b)
13.69
%
10.67
%
14.96
%
12.25
%
14.22
%
Annualized return on average shareholders' equity, adjusted (a)(b)(h)
14.40
%
13.68
%
14.62
%
14.06
%
13.97
%
Annualized return on average tangible equity (a)(b)(c)
16.60
%
12.63
%
17.12
%
14.69
%
16.29
%
Annualized return on average tangible equity, adjusted (a)(b)(c)(h)
17.46
%
16.21
%
16.73
%
16.86
%
16.01
%
Efficiency ratio (g)
56.30
%
65.52
%
55.68
%
60.65
%
57.65
%
Efficiency ratio, adjusted (g)(h)
53.55
%
55.55
%
55.78
%
54.50
%
57.52
%
Annualized net interest margin (g)
4.81
%
4.80
%
4.75
%
4.80
%
4.69
%
Annualized net interest margin, adjusted (g)(h)
4.73
%
4.76
%
4.70
%
4.74
%
4.64
%
Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section.
Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
PARK NATIONAL CORPORATION
Financial Reconciliations (continued)
(a) Reported measure uses net income
(b) Averages are for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025 and the six months ended June 30, 2026 and June 30, 2025, as appropriate
(c) Net income for each period divided by average tangible equity during the period. Average tangible equity equals average shareholders' equity during the applicable period less average goodwill and other intangible assets during the applicable period.
RECONCILIATION OF AVERAGE SHAREHOLDERS' EQUITY TO AVERAGE TANGIBLE EQUITY:
THREE MONTHS ENDED
SIX MONTHS ENDED
June 30, 2026
March 31, 2026
June 30, 2025
June 30, 2026
June 30, 2025
AVERAGE SHAREHOLDERS' EQUITY
$
1,721,078
$
1,585,084
$
1,290,041
$
1,653,457
$
1,280,205
Less: Average goodwill and other intangible assets
301,545
247,015
162,664
274,431
162,800
AVERAGE TANGIBLE EQUITY
$
1,419,533
$
1,338,069
$
1,127,377
$
1,379,026
$
1,117,405
(d) Tangible equity divided by common shares outstanding at period end. Tangible equity equals total shareholders' equity less goodwill and other intangible assets, in each case at the end of the period.
RECONCILIATION OF TOTAL SHAREHOLDERS' EQUITY TO TANGIBLE EQUITY:
June 30, 2026
March 31, 2026
June 30, 2025
TOTAL SHAREHOLDERS' EQUITY
$
1,726,576
$
1,699,759
$
1,294,480
Less: Goodwill and other intangible assets
300,986
302,565
162,485
TANGIBLE EQUITY
$
1,425,590
$
1,397,194
$
1,131,995
(e) Net income for each period divided by average tangible assets during the period. Average tangible assets equal average assets less average goodwill and other intangible assets, in each case during the applicable period.
RECONCILIATION OF AVERAGE ASSETS TO AVERAGE TANGIBLE ASSETS
THREE MONTHS ENDED
SIX MONTHS ENDED
June 30, 2026
March 31, 2026
June 30, 2025
June 30, 2026
June 30, 2025
AVERAGE ASSETS
$
12,787,409
$
11,840,992
$
10,078,461
$
12,316,815
$
10,062,125
Less: Average goodwill and other intangible assets
301,545
247,015
162,664
274,431
162,800
AVERAGE TANGIBLE ASSETS
$
12,485,864
$
11,593,977
$
9,915,797
$
12,042,384
$
9,899,325
(f) Tangible equity divided by tangible assets. Tangible assets equal total assets less goodwill and other intangible assets, in each case at the end of the period.
RECONCILIATION OF TOTAL ASSETS TO TANGIBLE ASSETS:
June 30, 2026
March 31, 2026
June 30, 2025
TOTAL ASSETS
$
12,677,010
$
12,983,967
$
9,949,578
Less: Goodwill and other intangible assets
300,986
302,565
162,485
TANGIBLE ASSETS
$
12,376,024
$
12,681,402
$
9,787,093
Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
PARK NATIONAL CORPORATION
Financial Reconciliations (continued)
(g) Efficiency ratio is calculated by dividing total other expense by the sum of fully taxable equivalent net interest income and other income. Fully taxable equivalent net interest income reconciliation is shown assuming a 21% corporate federal income tax rate. Additionally, net interest margin is calculated on a fully taxable equivalent basis by dividing fully taxable equivalent net interest income by average interest earning assets, in each case during the applicable period.
RECONCILIATION OF FULLY TAXABLE EQUIVALENT NET INTEREST INCOME TO NET INTEREST INCOME
THREE MONTHS ENDED
SIX MONTHS ENDED
June 30, 2026
March 31, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Interest income
$
172,327
$
154,777
$
136,496
$
327,104
$
268,696
Fully taxable equivalent adjustment
933
985
675
1,918
1,282
Fully taxable equivalent interest income
$
173,260
$
155,762
$
137,171
$
329,022
$
269,978
Interest expense
33,470
28,997
27,505
62,467
55,328
Fully taxable equivalent net interest income
$
139,790
$
126,765
$
109,666
$
266,555
$
214,650
(h) Adjustments to net income for each period presented are detailed in the non-GAAP reconciliations of net interest income, provision for credit losses, other income, other expense and tax effect of adjustments to net income.
(i) The tax effect of adjustments to net income was calculated assuming a 21% corporate federal income tax rate.
(j) Pre-tax, pre-provision ("PTPP") net income is calculated as net income, plus income taxes, plus the provision for credit losses, in each case during the applicable period. PTPP net income is a common industry metric utilized in capital analysis and review. PTPP is used to assess the operating performance of Park while excluding the impact of the provision for credit losses.
RECONCILIATION OF PRE-TAX, PRE-PROVISION NET INCOME
THREE MONTHS ENDED
SIX MONTHS ENDED
June 30, 2026
March 31, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Net income
$
58,752
$
41,687
$
48,119
$
100,439
$
90,276
Plus: Income taxes
14,110
9,990
11,228
24,100
20,274
Plus: Provision for credit losses
4,575
2,672
2,853
7,247
3,609
Pre-tax, pre-provision net income
$
77,437
$
54,349
$
62,200
$
131,786
$
114,159
(k) Effective January 1, 2023, Park adopted Accounting Standards Update ("ASU") 2022-02. Among other things, this ASU eliminated the concept of troubled debt restructurings ("TDRs"). As a result of the adoption of this ASU and elimination of the concept of TDRs, total nonperforming loans ("NPLs") and total nonperforming assets ("NPAs") each decreased by $20.1 million effective January 1, 2023. Additionally, as a result of the adoption of this ASU, accruing individually evaluated loans decreased by $11.5 million effective January 1, 2023.
