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Get filing alertsPark National completes $324M First Citizens acquisition, reports Q1 earnings
Filed April 24, 2026 · Period ending April 24, 2026 · ~1 min read
Key Changes
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Closed all-stock acquisition of First Citizens Bancshares on Feb 1, 2026 for $324.1M, issuing 1,988,131 shares and adding $2.6B in assets, $1.6B in loans, and $2.2B in deposits across new Tennessee region.
Item 7.01 — Regulation FD Disclosure verify on EDGAR → -
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Q1 2026 net income of $41.7M ($2.39 per diluted share) declined 1.1% year-over-year, driven by $15.5M in merger-related expenses; pre-tax, pre-provision income rose 4.6% to $54.3M, reflecting stronger core operations.
Item 7.01 — Regulation FD Disclosure verify on EDGAR → -
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Net interest income grew 20.5% to $125.8M from $104.4M in Q1 2025, with Tennessee region contributing $17.4M in loan interest income; net interest margin compressed to 4.80% from 4.88% prior quarter.
Item 7.01 — Regulation FD Disclosure verify on EDGAR → -
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Allowance for credit losses increased $15.6M to $108.6M, entirely attributable to day-one allowance from First Citizens acquisition; nonperforming loans rose to $83.1M from $69.3M at year-end 2025.
Item 7.01 — Regulation FD Disclosure verify on EDGAR → -
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Board declared $1.10 per share quarterly cash dividend (2.8% increase from prior quarter), payable June 10, 2026 to shareholders of record May 15, 2026.
Item 8.01 — Other Events verify on EDGAR →
Summary
Park National Corporation completed its $324.1 million all-stock acquisition of First Citizens Bancshares on February 1, 2026, marking a significant geographic expansion into Tennessee. The deal added $2.6 billion in assets, $1.6 billion in loans, and $2.2 billion in deposits, creating a new regional franchise.
Park issued 1,988,131 common shares as merger consideration and incurred $15.5 million in one-time integration expenses during the quarter. First quarter 2026 results reflect the integration impact: net income of $41.7 million declined 1.1% year-over-year due to merger costs, but pre-tax, pre-provision income rose 4.6% to $54.3 million, demonstrating improved core operating performance.
Net interest income surged 20.5% to $125.8 million, with the Tennessee region contributing $17.4 million in loan interest. The net interest margin compressed modestly to 4.80% from 4.88% in the prior quarter. The $15.6 million increase in the allowance for credit losses was entirely attributable to the day-one allowance established for the acquired portfolio, not deterioration in existing credit quality. The board raised the quarterly dividend 2.8% to $1.10 per share, signaling confidence in the combined entity's earnings power.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
Park National Corporation disclosed Q1 2026 financial results via news release.
Added in current filing · verify on EDGAR →
On April 24, 2026, Park National Corporation (“Park”) issued a news release (the “Financial Results News Release”) announcing financial results for the three months ended March 31, 2026.
Park National Corporation announced its first quarter 2026 financial results through a news release. The 8-K filing itself does not contain the actual financial figures; those are in the attached Exhibit 99.1 news release, which is incorporated by reference.
Event · Item 7.01 — Regulation FD Disclosure
Park National reported Q1 2026 earnings and disclosed the completed acquisition of First Citizens Bancshares for $324.1 million on Feb 1, 2026.
Added in current filing · verify on EDGAR →
Net income for the three months ended March 31, 2026 of $41.7 million represented a $470,000, or 1.1%, decrease compared to $42.2 million for the three months ended March 31, 2025. Pre-tax, pre-provision net income for the three months ended March 31, 2026 of $54.3 million represented a $2.4 million, or 4.6%, increase compared to $52.0 million for the three months ended March 31, 2025.
Park reported Q1 2026 net income of $41.7 million, down 1.1% from $42.2 million in Q1 2025. However, pre-tax, pre-provision net income increased 4.6% to $54.3 million from $52.0 million, indicating improved core operating performance before credit provisions and taxes.
Added in current filing · verify on EDGAR →
The balance of average borrowings was impacted by the redemption of subordinated debt. On September 1, 2025, $175.0 million of subordinated debt was repaid, followed by an additional repayment of $15.0 million of subordinated debt on September 30, 2025.
Park repaid $190.0 million in subordinated debt during September 2025 ($175.0 million on September 1 and $15.0 million on September 30). This reduced average borrowings and contributed to a 186 basis point decline in the cost of borrowings to 2.08% in Q1 2026 from 3.94% in Q1 2025.
Event · Item 8.01 — Other Events
Item 8.01 — Other Events filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
on April 24, 2026, the Park Board of Directors declared a $1.10 per common share quarterly cash dividend in respect of Park's common shares. The cash dividend is payable on June 10, 2026 to common shareholders of record as of the close of business on May 15, 2026.
Park National's Board declared a $1.10 per share quarterly cash dividend. Shareholders who own shares as of the May 15, 2026 record date will receive payment on June 10, 2026. This is a routine capital-return action for a bank holding company.
Event · Exhibit 99.1
Park National completed its all-stock merger with First Citizens Bancshares on Feb 1, 2026, reporting Q1 2026 net income of $41.7M.
Added in current filing · view on EDGAR →
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 National closed its all-stock acquisition of First Citizens Bancshares on February 1, 2026. The transaction expanded Park's footprint into Tennessee and added $1.58 billion in loans, $2.22 billion in deposits, and $15.6 million in day-one allowance for credit losses. The merger drove a 20.1% increase in total loans and a 33.4% increase in total deposits during the quarter.
Added in current filing · verify on EDGAR →
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 reported Q1 2026 net income of $41.7 million, down 1.1% year-over-year, and diluted EPS of $2.39 versus $2.60 in Q1 2025. The decline was driven by $15.5 million in pre-tax merger-related expenses ($12.4 million after tax). Excluding these one-time costs, adjusted diluted EPS would have been $3.06, reflecting strong underlying performance from the expanded franchise.
Added in current filing · view on EDGAR → · paraphrased
Total nonperforming loans $83,147$69,253$63,148 ... Total nonperforming assets $107,605$69,982$63,267 ... Allowance for credit losses $108,590$92,973$88,130
Nonperforming loans rose to $83.1 million from $69.3 million at year-end 2025 and $63.1 million a year earlier, while nonperforming assets increased to $107.6 million from $70.0 million and $63.3 million, respectively. The allowance for credit losses grew to $108.6 million from $93.0 million, including a $15.6 million day-one allowance from the First Citizens acquisition. The allowance-to-loans ratio remained stable at 1.12%.
Added in current filing · view on EDGAR →
Net interest margin (g)4.80 %4.88 %4.62 % ... Efficiency ratio (g)65.52 %60.54 %59.79 %
Net interest margin compressed to 4.80% in Q1 2026 from 4.88% in Q4 2025, though it remained above the 4.62% reported in Q1 2025. The efficiency ratio rose to 65.52% from 60.54% in the prior quarter, driven by merger-related expenses; on an adjusted basis excluding one-time costs, the efficiency ratio was 55.55%, indicating improved operating leverage from the expanded franchise.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 21, 2026 · How we verify