NYSE: PRK
PARK NATIONAL CORP /OH/CIK 0000805676 · SIC 6021 · National Commercial Banks
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revenue $211.9M, net income $58.8M. Park National completes First Citizens acquisition, growing assets 22.1% and deposits 30%
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Park National furnishes investor presentation for analyst and investor meetings
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Park National reports Q2 net income up 22% to $58.8M, integrating $2.6B First Citizens deal
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Park National files routine investor presentation disclosure under Regulation FD
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revenue $188.5M, net income $41.7M. Park National closes First Citizens acquisition, adding loans and deposits
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Park National shareholders approve new equity compensation plans authorizing 1.65M shares
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Park National files routine annual meeting presentation slides
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Park National completes $324M First Citizens acquisition, reports Q1 earnings
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Latest financial statements
From 10-Q filed Aug 7, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Condensed Statements of Income (Unaudited)
(in thousands, except common share and per common share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Other expense: | ||||
| Salaries | 46,023 | 38,560 | 91,600 | 74,776 |
| Employee benefits | 11,918 | 9,108 | 23,610 | 19,624 |
| Occupancy expense | 4,027 | 3,269 | 8,599 | 6,788 |
| Furniture and equipment expense | 3,014 | 2,234 | 5,531 | 4,535 |
| Data processing fees | 15,113 | 11,021 | 28,254 | 21,550 |
| Professional fees and services | 8,731 | 7,395 | 25,559 | 14,702 |
| Marketing | 1,550 | 1,295 | 3,106 | 2,823 |
| Insurance | 1,986 | 1,667 | 4,060 | 3,353 |
| Communication | 1,400 | 941 | 2,825 | 2,143 |
| State tax expense | 1,529 | 1,350 | 2,896 | 2,536 |
| Amortization of intangible assets | 2,072 | 273 | 3,351 | 547 |
| Miscellaneous | 3,597 | 1,864 | 6,728 | 3,764 |
| Total 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 |
| Earnings per common share: | ||||
| Basic | 3.25 | 2.98 | 5.66 | 5.59 |
| Diluted | 3.23 | 2.97 | 5.64 | 5.56 |
| Weighted average common shares outstanding: | ||||
| Basic | 18,085,919 | 16,129,951 | 17,733,921 | 16,144,647 |
| Diluted | 18,181,868 | 16,215,565 | 17,819,777 | 16,227,150 |
| Regular cash dividends declared per common share | 1.10 | 1.07 | 2.20 | 2.14 |
Consolidated Condensed Balance Sheets (Unaudited)
(in thousands, except common share and per common share data)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets: | ||
| Cash and due from banks | 144,485 | 137,239 |
| Money market instruments | 435,824 | 96,274 |
| Cash and cash equivalents | 580,309 | 233,513 |
| Investment securities: | ||
| Debt securities available-for-sale, at fair value (amortized cost of $1,308,220 and $729,612 at June 30, 2026 and December 31, 2025, respectively, and no allowance for credit losses at June 30, 2026 or at December 31, 2025) | 1,262,007 | 688,668 |
| Other investment securities | 127,372 | 113,474 |
| Total investment securities | 1,389,379 | 802,142 |
| Loans | 9,731,356 | 8,051,242 |
| Allowance for credit losses | (110,686) | (92,973) |
| Net loans | 9,620,670 | 7,958,269 |
| Bank owned life insurance | 280,037 | 241,662 |
| Prepaid assets | 205,418 | 197,814 |
| Goodwill | 263,917 | 159,595 |
| Other intangible assets | 37,069 | 2,395 |
| Premises and equipment, net | 96,430 | 61,627 |
| Affordable housing tax credit investments | 76,411 | 69,932 |
| OREO | 19,836 | 729 |
| Accrued interest receivable | 44,761 | 34,619 |
| Operating lease ROU asset | 17,079 | 15,650 |
| Mortgage loan servicing rights | 13,497 | 13,697 |
| Other | 32,197 | 13,369 |
| Total assets | 12,677,010 | 9,805,013 |
| Liabilities and Shareholders' Equity: | ||
| Deposits: | ||
| Non-interest bearing | 3,084,889 | 2,656,093 |
| Interest bearing | 7,585,395 | 5,587,620 |
| Total deposits | 10,670,284 | 8,243,713 |
| Short-term borrowings | 122,422 | 81,711 |
| Subordinated notes | 15,000 | — |
| Unfunded commitments in affordable housing tax credit investments | 30,054 | 25,586 |
| Operating lease liability | 18,515 | 17,063 |
| Allowance for credit losses on off-balance sheet commitments | 5,908 | 5,199 |
| Accrued interest payable | 6,226 | 4,076 |
| Other | 79,970 | 74,872 |
| Total liabilities | 10,948,379 | 8,452,220 |
| Equity: | ||
| Preferred shares (No par value; 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 common shares issued at June 30, 2026 and 17,623,104 at December 31, 2025) | 784,614 | 465,032 |
| Retained earnings | 1,128,448 | 1,067,823 |
| Treasury shares (1,547,074 common shares at June 30, 2026 and 1,544,842 common shares at December 31, 2025) | (169,585) | (167,323) |
| Accumulated other comprehensive loss, net of taxes | (16,901) | (12,739) |
| 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 |
Consolidated Condensed Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Operating activities: | ||
| Net income | 100,439 | 90,276 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Provision for credit losses | 7,247 | 3,609 |
| Accretion of loan fees and costs, net | (5,804) | (4,843) |
| Net amortization of purchase accounting adjustments | 740 | 209 |
| Depreciation of premises and equipment | 5,807 | 5,741 |
| (Accretion) amortization of investment securities, net | (1,034) | 523 |
| Gain on the sale of debt securities, net | (1,084) | — |
| Gain on equity securities, net | (5,354) | (1,618) |
| Loan originations to be sold in secondary market | (123,629) | (82,352) |
| Proceeds from sale of loans in secondary market | 118,503 | 84,850 |
| Gain on sale of loans in secondary market | (2,295) | (1,333) |
| Share-based compensation expense | 4,495 | 3,744 |
| Bank owned life insurance income | (3,832) | (3,274) |
| Investment in qualified affordable housing tax credits amortization | 4,521 | 4,551 |
| Changes in assets and liabilities: | ||
| (Increase) decrease in prepaid dealer premiums | (734) | 1,181 |
| Increase in other assets | (340) | (3,730) |
| Decrease in other liabilities | (9,601) | (10,345) |
| Net cash provided by operating activities | 88,045 | 87,189 |
| Investing activities: | ||
| Proceeds from the redemption/repurchase of FHLB stock | 6,194 | 1,088 |
| Proceeds from the redemption/repurchase of FRB stock | 2,191 | — |
| Proceeds from sale of: | ||
| Debt securities AFS | 583,200 | — |
| Equity securities | — | 1,187 |
| Proceeds from calls and maturities of: | ||
| Debt securities AFS | 140,730 | 147,380 |
| Purchases of: | ||
| Debt securities AFS | (567,522) | (86,971) |
| Equity securities | — | (3,159) |
| FHLB stock | (212) | (494) |
| FRB stock | (9,983) | — |
| Net decrease (increase) in other investments | 3,320 | (783) |
| Net loan originations, portfolio loans | (95,583) | (144,619) |
| Investment in qualified affordable housing tax credits | (6,532) | (7,396) |
| Proceeds from the sale of OREO | 4,058 | 768 |
| Bank owned life insurance death benefits | 1,884 | 2,539 |
| Purchases of bank owned life insurance | (2,540) | (2,763) |
| Cash received from acquisitions, net | 145,565 | — |
| Purchases of premises and equipment | (10,955) | (2,391) |
| Net cash provided by (used in) investing activities | 193,815 | (95,614) |
| Financing activities: | ||
| Net increase in deposits | 103,003 | 234,140 |
| Net decrease (increase) in off-balance sheet deposits | 105,265 | (139,900) |
| Net (decrease) increase in short-term borrowings | (7,973) | 5,238 |
| Repayment of long-term debt | (86,107) | — |
| Value of common shares withheld to pay employee income taxes | (2,988) | (2,948) |
| Repurchase of common shares to be held as Treasury shares | (5,606) | (20,134) |
| Cash dividends paid | (40,658) | (35,418) |
| Net cash provided by financing activities | 64,936 | 40,978 |
| Increase in cash and cash equivalents | 346,796 | 32,553 |
| Cash and cash equivalents at beginning of year | 233,513 | 160,566 |
| Cash and cash equivalents at end of period | 580,309 | 193,119 |
| Supplemental disclosures of cash flow information: | ||
| Cash paid for: | ||
| Interest | 64,110 | 55,302 |
| Federal income tax | 12,000 | 14,000 |
| Non-cash items: | ||
| Loans transferred to OREO | 3,116 | 757 |
| ROU assets obtained in exchange for lease obligations | 395 | 1,372 |
| New commitments in affordable housing tax credits | 11,000 | 11,000 |
| Debt securities AFS purchase commitment | — | 250 |
Amounts as printed on the EDGAR/iXBRL face — (in thousands, except common share and per common share data); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗