Park National Corporation reports financial results for second quarter and first half of 2025
NEWARK, Ohio, July 28, 2025 (GLOBE NEWSWIRE) -- Park National Corporation (Park) (NYSE:PRK) today reported financial results for the second quarter and first half of 2025. Park's board of directors declared a quarterly cash dividend of $1.07 per common share, payable on September 10, 2025, to common shareholders of record as of August 15, 2025.
"Our quarterly and mid-year performance reflects our organization's soundness and our bankers' unwavering dedication," said Park Chairman and CEO David Trautman. "Their commitment to serving our customers and communities with integrity and care continues to set us apart. We remain focused on navigating change, serving our customers and delivering long-term value for our shareholders."
Park's net income for the second quarter of 2025 was $48.1 million, a 22.2 percent increase from $39.4 million for the second quarter of 2024. Second quarter of 2025 net income per diluted common share was $2.97, compared to $2.42 for the second quarter of 2024. Park's net income for the first half of 2025 was $90.3 million, a 21.1 percent increase from $74.6 million for the first half of 2024. Net income per diluted common share for the first half of 2025 was $5.56, compared to $4.60 for the first half of 2024.
Park's total loans increased 1.9 percent (3.8 percent annualized) during the first half of 2025 and increased 3.9 percent for the 12-month period ended June 30, 2025.
Park's reported period end deposits increased 1.2 percent (2.3 percent annualized) during the first half of 2025, with an increase of 2.8 percent (5.7 percent annualized), including deposits that Park moved off balance sheet as of June 30, 2025. Park's reported period end deposits decreased 0.9 percent for the 12-month period ended June 30, 2025, with an increase of 2.2 percent, including deposits that Park moved off balance sheet as of June 30, 2025. The combination of solid loan growth and steady deposits continue to contribute to Park's success in the first half of 2025.
"Through the first half of 2025, we delivered a 21 percent increase in earnings per share compared to the same period last year, driven by disciplined expense control, continued margin expansion and a clear focus on execution," said Park President Matthew Miller. "I've had the privilege of seeing firsthand how our bankers show up every day; their service mindset is a key driver for our steady financial performance."
Headquartered in Newark, Ohio, Park National Corporation has $9.9 billion in total assets (as of June 30, 2025). 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), Guardian Financial Services Company (d.b.a. Guardian Finance Company), Park Investments, 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 1995Park 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, 2024, 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; and (32) 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, 2025, March 31, 2025 and June 30, 2024
2025
2025
2024
Percent change 2Q '25 vs.
(in thousands, except common share and per common share data and ratios)
2nd QTR
1st QTR
2nd QTR
1Q '25
2Q '24
INCOME STATEMENT:
Net interest income
$
108,991
$
104,377
$
97,837
4.4
%
11.4
%
Provision for credit losses
2,853
756
3,113
277.4
%
(8.4
)%
Other income
32,186
25,746
28,794
25.0
%
11.8
%
Other expense
78,977
78,164
75,189
1.0
%
5.0
%
Income before income taxes
$
59,347
$
51,203
$
48,329
15.9
%
22.8
%
Income taxes
11,228
9,046
8,960
24.1
%
25.3
%
Net income
$
48,119
$
42,157
$
39,369
14.1
%
22.2
%
MARKET DATA:
Earnings per common share - basic (a)
$
2.98
$
2.61
$
2.44
14.2
%
22.1
%
Earnings per common share - diluted (a)
2.97
2.60
2.42
14.2
%
22.7
%
Quarterly cash dividend declared per common share
1.07
1.07
1.06
—
%
0.9
%
Book value per common share at period end
80.55
79.00
73.27
2.0
%
9.9
%
Market price per common share at period end
167.26
151.40
142.34
10.5
%
17.5
%
Market capitalization at period end
2,688,093
2,451,370
2,298,723
9.7
%
16.9
%
Weighted average common shares - basic (b)
16,129,951
16,159,342
16,149,523
(0.2
)%
(0.1
)%
Weighted average common shares - diluted (b)
16,215,565
16,238,701
16,239,617
(0.1
)%
(0.1
)%
Common shares outstanding at period end
16,071,347
16,191,347
16,149,523
(0.7
)%
(0.5
)%
PERFORMANCE RATIOS: (annualized)
Return on average assets (a)(b)
1.92
%
1.70
%
1.61
%
12.9
%
19.3
%
Return on average shareholders' equity (a)(b)
14.96
%
13.46
%
13.52
%
11.1
%
10.7
%
Yield on loans
6.37
%
6.26
%
6.13
%
1.8
%
3.9
%
Yield on investment securities
3.21
%
3.25
%
3.83
%
(1.2
)%
(16.2
)%
Yield on money market instruments
4.34
%
4.46
%
5.33
%
(2.7
)%
(18.6
)%
Yield on interest earning assets
5.95
%
5.85
%
5.78
%
1.7
%
2.9
%
Cost of interest bearing deposits
1.73
%
1.76
%
1.99
%
(1.7
)%
(13.1
)%
Cost of borrowings
3.92
%
3.94
%
4.08
%
(0.5
)%
(3.9
)%
Cost of paying interest bearing liabilities
1.83
%
1.86
%
2.10
%
(1.6
)%
(12.9
)%
Net interest margin (g)
4.75
%
4.62
%
4.39
%
2.8
%
8.2
%
Efficiency ratio (g)
55.68
%
59.79
%
59.09
%
(6.9
)%
(5.8
)%
OTHER DATA (NON-GAAP) AND BALANCE SHEET INFORMATION:
Tangible book value per common share (d)
$
70.44
$
68.94
$
63.14
2.2
%
11.6
%
Average interest earning assets
9,252,016
9,210,385
9,016,905
0.5
%
2.6
%
Pre-tax, pre-provision net income (j)
62,200
51,959
51,442
19.7
%
20.9
%
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 (continued)
As of or for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024
Percent change 2Q '25 vs.
(in thousands, except ratios)
June 30, 2025
March 31, 2025
June 30, 2024
1Q '25
2Q '24
BALANCE SHEET:
Investment securities
$
1,062,526
$
1,042,163
$
1,264,858
2.0
%
(16.0
)%
Loans
7,963,221
7,883,735
7,664,377
1.0
%
3.9
%
Allowance for credit losses
89,785
88,130
86,575
1.9
%
3.7
%
Goodwill and other intangible assets
162,485
162,758
163,607
(0.2
)%
(0.7
)%
Other real estate owned (OREO)
638
119
1,210
436.1
%
(47.3
)%
Total assets
9,949,578
9,886,612
9,919,783
0.6
%
0.3
%
Total deposits
8,237,766
8,201,695
8,312,505
0.4
%
(0.9
)%
Borrowings
285,582
270,757
283,874
5.5
%
0.6
%
Total shareholders' equity
1,294,480
1,279,042
1,183,257
1.2
%
9.4
%
Tangible equity (d)
1,131,995
1,116,284
1,019,650
1.4
%
11.0
%
Total nonperforming loans
65,507
63,148
72,745
3.7
%
(9.9
)%
Total nonperforming assets
66,145
63,267
73,955
4.5
%
(10.6
)%
ASSET QUALITY RATIOS:
Loans as a % of period end total assets
80.04
%
79.74
%
77.26
%
0.4
%
3.6
%
Total nonperforming loans as a % of period end loans
0.82
%
0.80
%
0.95
%
2.5
%
(13.7
)%
Total nonperforming assets as a % of period end loans + OREO + other nonperforming assets
0.83
%
0.80
%
0.96
%
3.8
%
(13.5
)%
Allowance for credit losses as a % of period end loans
1.13
%
1.12
%
1.13
%
0.9
%
—
%
Net loan charge-offs
$
1,198
$
592
$
1,622
102.4
%
(26.1
)%
Annualized net loan charge-offs as a % of average loans (b)
0.06
%
0.03
%
0.09
%
100.0
%
(33.3
)%
CAPITAL & LIQUIDITY:
Total shareholders' equity / Period end total assets
13.01
%
12.94
%
11.93
%
0.5
%
9.1
%
Tangible equity (d) / Tangible assets (f)
11.57
%
11.48
%
10.45
%
0.8
%
10.7
%
Average shareholders' equity / Average assets (b)
12.80
%
12.64
%
11.94
%
1.3
%
7.2
%
Average shareholders' equity / Average loans (b)
16.28
%
16.22
%
15.44
%
0.4
%
5.4
%
Average loans / Average deposits (b)
94.37
%
93.56
%
92.53
%
0.9
%
2.0
%
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, 2025 and June 30, 2024
2025
2024
(in thousands, except common share and per common share data and ratios)
Six monthsended June 30
Six monthsended June 30
Percent change'25 vs '24
INCOME STATEMENT:
Net interest income
$
213,368
$
193,460
10.3
%
Provision for credit losses
3,609
5,293
(31.8
)%
Other income
57,932
54,994
5.3
%
Other expense
157,141
152,417
3.1
%
Income before income taxes
$
110,550
$
90,744
21.8
%
Income taxes
20,274
16,171
25.4
%
Net income
$
90,276
$
74,573
21.1
%
MARKET DATA:
Earnings per common share - basic (a)
$
5.59
$
4.62
21.0
%
Earnings per common share - diluted (a)
5.56
4.60
20.9
%
Quarterly cash dividend declared per common share
2.14
2.12
0.9
%
Weighted average common shares - basic (b)
16,144,647
16,133,183
0.1
%
Weighted average common shares - diluted (b)
16,227,150
16,215,342
0.1
%
PERFORMANCE RATIOS: (annualized)
Return on average assets (a)(b)
1.81
%
1.52
%
19.1
%
Return on average shareholders' equity (a)(b)
14.22
%
12.88
%
10.4
%
Yield on loans
6.32
%
6.06
%
4.3
%
Yield on investment securities
3.23
%
3.87
%
(16.5
)%
Yield on money market instruments
4.40
%
5.42
%
(18.8
)%
Yield on interest earning assets
5.90
%
5.72
%
3.1
%
Cost of interest bearing deposits
1.75
%
1.97
%
(11.2
)%
Cost of borrowings
3.93
%
4.17
%
(5.8
)%
Cost of paying interest bearing liabilities
1.84
%
2.09
%
(12.0
)%
Net interest margin (g)
4.69
%
4.33
%
8.3
%
Efficiency ratio (g)
57.65
%
61.05
%
(5.6
)%
ASSET QUALITY RATIOS:
Net loan charge-offs
$
1,790
$
2,463
(27.3
)%
Annualized net loan charge-offs as a % of average loans (b)
0.05
%
0.07
%
(28.6
)%
CAPITAL & LIQUIDITY:
Average shareholders' equity / Average assets (b)
12.72
%
11.84
%
7.4
%
Average shareholders' equity / Average loans (b)
16.25
%
15.46
%
5.1
%
Average loans / Average deposits (b)
93.96
%
91.82
%
2.3
%
OTHER DATA (NON-GAAP) AND BALANCE SHEET INFORMATION:
Average interest earning assets
9,231,316
9,032,554
2.2
%
Pre-tax, pre-provision net income (j)
114,159
96,037
18.9
%
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)
2025
2024
2025
2024
Interest income:
Interest and fees on loans
$
125,543
$
115,318
$
246,191
$
226,529
Interest on debt securities:
Taxable
6,693
10,950
13,823
22,849
Tax-exempt
1,503
1,382
2,772
2,792
Other interest income
2,757
1,254
5,910
3,374
Total interest income
136,496
128,904
268,696
255,544
Interest expense:
Interest on deposits:
Demand and savings deposits
19,055
20,370
37,491
40,225
Time deposits
5,821
7,525
12,591
14,863
Interest on borrowings
2,629
3,172
5,246
6,996
Total interest expense
27,505
31,067
55,328
62,084
Net interest income
108,991
97,837
213,368
193,460
Provision for credit losses
2,853
3,113
3,609
5,293
Net interest income after provision for credit losses
106,138
94,724
209,759
188,167
Other income
32,186
28,794
57,932
54,994
Other expense
78,977
75,189
157,141
152,417
Income before income taxes
59,347
48,329
110,550
90,744
Income taxes
11,228
8,960
20,274
16,171
Net income
$
48,119
$
39,369
$
90,276
$
74,573
Per common share:
Net income - basic
$
2.98
$
2.44
$
5.59
$
4.62
Net income - diluted
$
2.97
$
2.42
$
5.56
$
4.60
Weighted average common shares - basic
16,129,951
16,149,523
16,144,647
16,133,183
Weighted average common shares - diluted
