Park National Corporation reports 2025 results and increase to quarterly cash dividend
NEWARK, Ohio, Jan. 26, 2026 (GLOBE NEWSWIRE) -- Park National Corporation (Park) (NYSE:PRK) today reported financial results for the fourth quarter and full year of 2025. Park's board of directors declared a quarterly cash dividend of $1.10 per common share, payable on March 10, 2026, to common shareholders of record as of February 20, 2026.
"Our performance reflects the hard work and dedication our associates demonstrate in service to others," said Park Chairman David Trautman. "With earnings and dividends at their highest levels, we're delivering solid value for our fellow shareholders. We will build on this momentum by staying true to our purpose of helping everyone with whom we come in contact flourish."
Park's net income for the fourth quarter of 2025 was $42.6 million, a 10.4 percent increase from $38.6 million for the fourth quarter of 2024. Fourth quarter 2025 net income per diluted common share was $2.63, compared to $2.37 for the fourth quarter of 2024. Park's net income for the full year of 2025 was $180.1 million, an 18.9 percent increase from $151.4 million for the full year of 2024. Net income per diluted common share for the full year of 2024 was $11.11 compared to $9.32 for the full year of 2024.
"Our loan and deposit growth demonstrate the strength of our relationships and the trust our customers place in us," said Park CEO & President Matthew Miller. "Looking ahead to the expected closing of First Citizens Bancshares, Inc. on February 1, 2026, we're energized by the opportunities the partnership will create. The upcoming close is possible because of the dedication of our Park colleagues and our new colleagues from First Citizens. We are grateful for every opportunity to serve our customers and communities."
Park's total loans increased 3.0 percent during 2025. Park's total deposits increased 1.2 percent during 2025, with an increase of 1.1 percent including off balance sheet deposits. The combination of solid loan growth and steady deposits contributed to Park's success in 2025.
Headquartered in Newark, Ohio, Park National Corporation has $9.8 billion in total assets (as of December 31, 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), 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 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, 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; (32) the ability to integrate the operations of First Citizens Bancshares, Inc. into those of Park and the effects of the merger on Park's future financial condition, results of operations, strategy and plans; (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 December 31, 2025, September 30, 2025 and December 31, 2024
2025
2025
2024
Percent change 4Q '25 vs.
(in thousands, except common share and per common share data and ratios)
4th QTR
3rd QTR
4th QTR
3Q '25
4Q '24
INCOME STATEMENT:
Net interest income
$
112,926
$
111,017
$
103,445
1.7
%
9.2
%
Provision for credit losses
3,849
4,030
3,935
(4.5
)%
(2.2
)%
Other income
31,375
30,574
31,064
2.6
%
1.0
%
Other expense
87,777
79,463
83,241
10.5
%
5.4
%
Income before income taxes
$
52,675
$
58,098
$
47,333
(9.3
)%
11.3
%
Income taxes
10,036
10,940
8,703
(8.3
)%
15.3
%
Net income
$
42,639
$
47,158
$
38,630
(9.6
)%
10.4
%
MARKET DATA:
Earnings per common share - basic (a)
$
2.65
$
2.93
$
2.39
(9.6
)%
10.9
%
Earnings per common share - diluted (a)
2.63
2.92
2.37
(9.9
)%
11.0
%
Quarterly cash dividend declared per common share
1.07
1.07
1.06
—
%
0.9
%
Special cash dividend declared per common share
1.25
—
0.50
N.M.
150.0
%
Book value per common share at period end
84.14
82.87
76.98
1.5
%
9.3
%
Market price per common share at period end
152.18
162.53
171.43
(6.4
)%
(11.2
)%
Market capitalization at period end
2,446,790
2,612,076
2,770,134
(6.3
)%
(11.7
)%
Weighted average common shares - basic (b)
16,076,308
16,071,347
16,156,827
—
%
(0.5
)%
Weighted average common shares - diluted (b)
16,183,706
16,173,271
16,283,701
0.1
%
(0.6
)%
Common shares outstanding at period end
16,078,262
16,071,347
16,158,982
—
%
(0.5
)%
PERFORMANCE RATIOS: (annualized)
Return on average assets (a)(b)
1.68
%
1.83
%
1.54
%
(8.2
)%
9.1
%
Return on average shareholders' equity (a)(b)
12.61
%
14.19
%
12.32
%
(11.1
)%
2.4
%
Yield on loans
6.34
%
6.34
%
6.21
%
—
%
2.1
%
Yield on investment securities
2.84
%
3.04
%
3.46
%
(6.6
)%
(17.9
)%
Yield on money market instruments
3.94
%
4.44
%
4.75
%
(11.3
)%
(17.1
)%
Yield on interest earning assets
5.91
%
5.90
%
5.82
%
0.2
%
1.5
%
Cost of interest bearing deposits
1.61
%
1.74
%
1.90
%
(7.5
)%
(15.3
)%
Cost of borrowings
1.31
%
3.55
%
3.86
%
(63.1
)%
(66.1
)%
Cost of paying interest bearing liabilities
1.61
%
1.80
%
1.99
%
(10.6
)%
(19.1
)%
Net interest margin (g)
4.88
%
4.72
%
4.51
%
3.4
%
8.2
%
Efficiency ratio (g)
60.54
%
55.85
%
61.60
%
8.4
%
(1.7
)%
OTHER DATA (NON-GAAP) AND BALANCE SHEET INFORMATION:
Tangible book value per common share (d)
$
74.06
$
72.77
$
66.89
1.8
%
10.7
%
Average interest earning assets
9,230,035
9,388,308
9,176,540
(1.7
)%
0.6
%
Pre-tax, pre-provision net income (j)
56,524
62,128
51,268
(9.0
)%
10.3
%
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 December 31, 2025, September 30, 2025 and December 31, 2024
Percent change 4Q '25 vs.
(in thousands, except ratios)
December 31, 2025
September 30, 2025
December 31, 2024
3Q '25
4Q '24
BALANCE SHEET:
Investment securities
$
802,142
$
926,934
$
1,100,861
(13.5
)%
(27.1
)%
Loans
8,051,242
7,992,753
7,817,128
0.7
%
3.0
%
Allowance for credit losses
92,973
91,758
87,966
1.3
%
5.7
%
Goodwill and other intangible assets
161,990
162,237
163,032
(0.2
)%
(0.6
)%
Other real estate owned (OREO)
729
638
938
14.3
%
(22.3
)%
Total assets
9,805,013
9,862,068
9,805,350
(0.6
)%
—
%
Total deposits
8,243,713
8,329,924
8,143,526
(1.0
)%
1.2
%
Borrowings
81,711
78,126
280,083
4.6
%
(70.8
)%
Total shareholders' equity
1,352,793
1,331,821
1,243,848
1.6
%
8.8
%
Tangible equity (d)
1,190,803
1,169,584
1,080,816
1.8
%
10.2
%
Total nonperforming loans
69,253
90,571
69,932
(23.5
)%
(1.0
)%
Total nonperforming assets
69,982
91,209
70,870
(23.3
)%
(1.3
)%
ASSET QUALITY RATIOS:
Loans as a % of period end total assets
82.11
%
81.05
%
79.72
%
1.3
%
3.0
%
Total nonperforming loans as a % of period end loans
0.86
%
1.13
%
0.89
%
(23.9
)%
(3.4
)%
Total nonperforming assets as a % of period end loans + OREO + other nonperforming assets
0.87
%
1.14
%
0.91
%
(23.7
)%
(4.4
)%
Allowance for credit losses as a % of period end loans
1.15
%
1.15
%
1.13
%
—
%
1.8
%
Net loan charge-offs
$
2,634
$
2,057
$
3,206
28.1
%
(17.8
)%
Annualized net loan charge-offs as a % of average loans (b)
0.13
%
0.10
%
0.16
%
30.0
%
(18.8
)%
CAPITAL & LIQUIDITY:
Total shareholders' equity / Period end total assets
13.80
%
13.50
%
12.69
%
2.2
%
8.7
%
Tangible equity (d) / Tangible assets (f)
12.35
%
12.06
%
11.21
%
2.4
%
10.2
%
Average shareholders' equity / Average assets (b)
13.32
%
12.88
%
12.47
%
3.4
%
6.8
%
Average shareholders' equity / Average loans (b)
16.77
%
16.60
%
16.08
%
1.0
%
4.3
%
Average loans / Average deposits (b)
93.98
%
92.68
%
93.00
%
1.4
%
1.1
%
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
Year ended December 31, 2025 and December 31, 2024
(in thousands, except common share and per common share data and ratios)
2025
2024
Percent change '25 vs '24
INCOME STATEMENT:
Net interest income
$
437,311
$
398,019
9.9
%
Provision for credit losses
11,488
14,543
(21.0
)%
Other income
119,881
122,588
(2.2
)%
Other expense
324,381
321,339
0.9
%
Income before income taxes
$
221,323
$
184,725
19.8
%
Income taxes
41,250
33,305
23.9
%
Net income
$
180,073
$
151,420
18.9
%
MARKET DATA:
Earnings per common share - basic (a)
$
11.18
$
9.38
19.2
%
Earnings per common share - diluted (a)
11.11
9.32
19.2
%
Quarterly cash dividend declared per common share
4.28
4.24
0.9
%
Special cash dividend declared per common share
1.25
0.50
150.0
%
Weighted average common shares - basic (b)
16,109,237
16,143,708
(0.2
)%
Weighted average common shares - diluted (b)
16,202,910
16,244,797
(0.3
)%
PERFORMANCE RATIOS:
Return on average assets (a)(b)
1.78
%
1.53
%
16.3
%
Return on average shareholders' equity (a)(b)
13.80
%
12.65
%
9.1
%
Yield on loans
6.33
%
6.14
%
3.1
%
Yield on investment securities
3.10
%
3.74
%
(17.1
)%
Yield on money market instruments
4.29
%
5.16
%
(16.9
)%
Yield on interest earning assets
5.90
%
5.78
%
2.1
%
Cost of interest bearing deposits
1.71
%
1.97
%
(13.2
)%
Cost of borrowings
3.57
%
4.05
%
(11.9
)%
Cost of paying interest bearing liabilities
1.77
%
2.08
%
(14.9
)%
Net interest margin (g)
4.75
%
4.41
%
7.7
%
Efficiency ratio (g)
57.94
%
61.44
%
(5.7
)%
ASSET QUALITY RATIOS:
Net loan charge-offs
$
6,481
$
10,322
(37.2
)%
Net loan charge-offs as a % of average loans (b)
0.08
%
0.14
%
(42.9
)%
CAPITAL & LIQUIDITY
Average shareholders' equity / Average Assets (b)
12.91
%
12.09
%
6.8
%
Average shareholders' equity / Average loans (b)
16.47
%
15.69
%
5.0
%
Average loans / Average deposits (b)
93.64
%
92.34
%
1.4
%
OTHER DATA (NON-GAAP) AND BALANCE SHEET INFORMATION:
Average interest earning assets
9,270,563
9,085,850
2.0
%
Pre-tax, pre-provision net income (j)
232,811
199,268
16.8
%
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
Twelve Month Ended
December 31
December 31
(in thousands, except share and per share data)
2025
2024
2025
2024
Interest income:
Interest and fees on loans
$
127,443
$
120,870
$
500,282
$
467,602
Interest on debt securities:
Taxable
4,267
8,641
23,734
41,718
Tax-exempt
1,487
1,351
5,779
5,524
Other interest income
3,695
2,751
14,745
8,121
Total interest income
136,892
133,613
544,540
522,965
Interest expense:
Interest on deposits:
Demand and savings deposits
18,431
19,802
76,421
82,789
Time deposits
5,267
7,658
23,359
29,594
Interest on borrowings
268
2,708
7,449
12,563
Total interest expense
23,966
30,168
107,229
124,946
Net interest income
112,926
103,445
437,311
398,019
Provision for credit losses
3,849
3,935
11,488
14,543
Net interest income after provision for credit losses
109,077
99,510
425,823
383,476
Other income
31,375
31,064
119,881
122,588
Other expense
87,777
83,241
324,381
321,339
Income before income taxes
52,675
47,333
221,323
184,725
Income taxes
10,036
8,703
41,250
33,305
Net income
$
42,639
$
38,630
$
180,073
$
151,420
Per common share:
