NEWARK, Ohio, July 27, 2026 (GLOBE NEWSWIRE) -- 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
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 | ||||||||||||
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 | ||||||||||||
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 | ||||||||
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 | Six months | Percent | |||||
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 | ||||||||||||
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 | ||||||
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 | |||||||||||||
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 | ||||||||||||||
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 | |||||||||
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: | ... |