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Get filing alertsPark National reports Q2 net income up 22% to $58.8M, integrating $2.6B First Citizens deal
Filed July 27, 2026 · Period ending July 27, 2026 · ~1 min read
Key Changes
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Q2 2026 net income rose 22.1% YoY to $58.8M ($3.23/share) despite $4.1M in merger costs; first-half net income up 11.3% to $100.4M with $19.6M in merger expenses.
Item 7.01 verify on EDGAR → -
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First Citizens acquisition closed Feb 1, adding $2.6B in assets, $1.6B in loans, and $2.2B in deposits; systems conversion to single platform expected Q3 2026.
Item 7.01 verify on EDGAR → -
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Net interest income grew 24.0% in first half to $264.6M on $1.51B average loan growth and 7bp yield expansion to 6.39%; Tennessee region contributed $42.1M.
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Board declared $1.10/share quarterly dividend payable Sept 10 to shareholders of record Aug 21, up 2.8% from prior year.
Item 8.01 verify on EDGAR → -
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Provision for credit losses rose to $7.2M in first half from $3.6M prior year; allowance increased $17.7M to $110.7M, with $15.6M from First Citizens day-one reserve.
Item 7.01 verify on EDGAR →
Summary
Park National reported strong second-quarter results driven by the February 2026 acquisition of First Citizens Bancshares, a $2.6 billion-asset Tennessee bank. Net income rose 22.1% year-over-year to $58.8 million despite $4.1 million in merger-related expenses, reflecting the earnings power of the combined franchise.
The deal added $1.6 billion in loans and $2.2 billion in deposits, with the Tennessee region contributing $42.1 million to loan interest income in the first half. Net interest income grew 24.0% to $264.6 million for the six months, supported by a $1.51 billion increase in average loans and a 7-basis-point expansion in loan yields to 6.39%.
Management is progressing toward a third-quarter systems conversion to integrate First Citizens onto a single core platform, a milestone expected to enhance customer service and operational efficiency. Credit quality metrics reflect the larger balance sheet: the provision for credit losses increased to $7.2 million in the first half from $3.6 million a year earlier, with $15.6 million of the $17.7 million allowance build attributable to the day-one reserve from the acquisition. Nonperforming loans rose to $83.8 million (0.86% of loans) from $65.5 million (0.82%) a year ago, though the allowance provides 133% coverage. The board raised the quarterly dividend 2.8% to $1.10 per share, signaling confidence in the combined company's earnings trajectory as integration proceeds.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
Park National Corporation disclosed Q2 2026 financial results via press release.
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On July 27, 2026, Park National Corporation (“Park”) issued a news release (the “Financial Results News Release”) announcing financial results for the three and six months ended June 30, 2026.
Park National Corporation announced its second quarter 2026 financial results through a press release. The 8-K filing itself does not contain the actual financial figures; those are in the attached Exhibit 99.1 press release, which is not included in the provided text.
Event · Item 7.01 — Regulation FD Disclosure
Item 7.01 — Regulation FD Disclosure filed; see Key Changes for terms.
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On February 1, 2026, First Citizens Bancshares, Inc., a Tennessee corporation (“First Citizens”) merged into Park, with Park continuing as the surviving corporation. Immediately following the merger, First Citizens National Bank ("FCNB"), a national banking association and a wholly-owned subsidiary of First Citizens, merged into The Park National Bank ("PNB"), with PNB as the surviving bank. FCNB’s former operations now comprise Park’s newly established Tennessee region.
On the acquisition date, First Citizens had $2.6 billion in total assets, $1.6 billion in total loans, and $2.2 billion in total deposits. The acquisition was valued at $324.1 million and resulted in Park issuing 1,988,131 Park common shares as merger consideration in exchange for First Citizens outstanding common stock. For the six months ended June 30, 2026, Park recorded merger-related expenses of $19.6 million associated with the First Citizens acquisition.
Park completed the acquisition of First Citizens Bancshares on February 1, 2026, adding $2.6 billion in assets, $1.6 billion in loans, and $2.2 billion in deposits. The deal was valued at $324.1 million and Park issued 1,988,131 shares as consideration.
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Net interest income of $264.6 million for the six months ended June 30, 2026 represented a $51.3 million, or 24.0%, increase compared to $213.4 million for the six months ended June 30, 2025. The increase was a result of a $58.4 million increase in interest income, partially offset by a $7.1 million increase in interest expense. The $58.4 million increase in interest income was due to a $50.5 million increase in interest income on loans and a $7.9 million increase in investment income.
The $50.5 million increase in interest income on loans was primarily the result of a $1.51 billion (or 19.22%) increase in average loans, from $7.88 billion for the six months ended June 30, 2025 to $9.39 billion for the six months ended June 30, 2026, as well as an increase in the yield on loans, which increased 7 basis points to 6.39% for the six months ended June 30, 2026, compared to 6.32% for the six months ended June 30, 2025. Interest income on loans was impacted by the acquisition of First Citizens on February 1, 2026. The newly formed Tennessee region contributed $42.1 million to loan interest income during the six months ended June 30, 2026.
Net interest income for the first half of 2026 was $264.6 million, up 24.0% from $213.4 million in the prior-year period. The increase was driven by a $1.51 billion (19.22%) rise in average loans to $9.39 billion and a 7 basis point improvement in loan yields to 6.39%. The Tennessee region acquired from First Citizens contributed $42.1 million to loan interest income.
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Loans outstanding at June 30, 2026 were $9.73 billion, compared to (i) $8.05 billion at December 31, 2025, an increase of $1.68 billion, and (ii) $7.96 billion at June 30, 2025, an increase of $1.77 billion. ... Total deposits at June 30, 2026 were $10.67 billion, compared to (i) $8.24 billion at December 31, 2025, an increase of $2.43 billion and (ii) $8.24 billion at June 30, 2025, an increase of $2.43 billion.
Loans outstanding reached $9.73 billion at June 30, 2026, up $1.68 billion from year-end 2025 and $1.77 billion from June 30, 2025. Total deposits were $10.67 billion, up $2.43 billion from both December 31, 2025 and June 30, 2025. The increases were primarily driven by the First Citizens acquisition, which added approximately $1.6 billion in loans and $2.2 billion in deposits.
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Park reported a provision for credit losses for the six months ended June 30, 2026 of $7.2 million, compared to $3.6 million for the six months ended June 30, 2025. Net charge-offs were $5.1 million, or 0.11%, annualized, of total average loans, for the six months ended June 30, 2026, compared to $1.8 million, or 0.05%, annualized, of total average loans, for the six months ended June 30, 2025. ... The total allowance for credit losses of $110.7 million at June 30, 2026 represented a $17.7 million, or 19.1%, increase compared to $93.0 million at December 31, 2025. The increase was due to a $14.0 million increase in general reserves and a $3.7 million increase in specific reserves. Of the $17.7 million increase in the allowance for credit losses, $15.6 million was attributable to the day‑one allowance recognized in connection with the First Citizens acquisition.
The provision for credit losses was $7.2 million for the first half of 2026, up from $3.6 million in the prior-year period. Net charge-offs were $5.1 million (0.11% annualized of average loans), compared to $1.8 million (0.05% annualized) in the first half of 2025. The allowance for credit losses increased $17.7 million to $110.7 million, with $15.6 million attributable to the day-one allowance from the First Citizens acquisition.
Event · Item 8.01 — Other Events
Item 8.01 — Other Events filed; see Key Changes for terms.
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on July 27, 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 September 10, 2026 to common shareholders of record as of the close of business on August 21, 2026.
Park National's Board declared a $1.10 per share quarterly cash dividend. Shareholders of record as of August 21, 2026 will receive payment on September 10, 2026. This represents the company's regular quarterly distribution to common shareholders.
Event · Exhibit 99.1
Park National reports Q2 2026 net income of $58.8M, up 22.1% YoY, with $1.68B loan growth and $2.43B deposit growth driven by First Citizens acquisition.
Added in current filing · view on EDGAR → · paraphrased
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. ... 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 National reported second quarter 2026 net income of $58.8 million ($3.23 per diluted share), up 22.1% from $48.1 million ($2.97 per share) in Q2 2025, despite incurring $4.1 million in merger-related expenses. For the first half of 2026, net income was $100.4 million ($5.64 per share), up 11.3% from $90.3 million ($5.56 per share) in the prior-year period, with $19.6 million in merger costs. The board declared a quarterly dividend of $1.10 per share, up 2.8% from $1.07 in Q2 2025.
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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.
Park's total loans grew $1.68 billion (20.9%) during 2026, with $1.58 billion from the First Citizens acquisition. Total deposits increased $2.43 billion (29.4%), including $2.22 billion from the acquisition. The acquisition drove the majority of balance sheet growth, with organic growth contributing the remainder.
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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.
Park is progressing toward a third-quarter 2026 systems conversion for the First Citizens acquisition, described by CEO Matthew R. Miller as an important partnership milestone. The conversion is expected to enhance customer service capabilities and support long-term growth.
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Net interest income $ 138,857 $ 125,780 $ 108,991 10.4 % 27.4 % ... Net interest margin (g) 4.81 % 4.80 % 4.75 % 0.2 % 1.3 %
Net interest income for Q2 2026 was $138.9 million, up 27.4% from $109.0 million in Q2 2025 and up 10.4% sequentially from $125.8 million in Q1 2026. The net interest margin expanded to 4.81% in Q2 2026 from 4.75% in Q2 2025, reflecting improved earning asset yields and funding mix.
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Provision for credit losses 4,575 2,672 2,853 71.2 % 60.4 % ... Total nonperforming loans 83,763 83,147 65,507 0.7 % 27.9 % ... Total nonperforming loans as a % of period end loans 0.86 % 0.86 % 0.82 % — % 4.9 % ... Allowance for credit losses as a % of period end loans 1.14 % 1.12 % 1.13 % 1.8 % 0.9 %
Park recorded a $4.6 million provision for credit losses in Q2 2026, up 60.4% from $2.9 million in Q2 2025, reflecting loan growth and the First Citizens acquisition. Nonperforming loans totaled $83.8 million (0.86% of loans), up from $65.5 million (0.82%) a year earlier. The allowance for credit losses stood at 1.14% of loans, providing 133% coverage of nonperforming loans.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 28, 2026 · How we verify