--- title: "Park Nat | 8-K: FY2026 Q1 Revenue: USD 159.51 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/284050360.md" datetime: "2026-04-24T20:17:53.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284050360.md) - [en](https://longbridge.com/en/news/284050360.md) - [zh-HK](https://longbridge.com/zh-HK/news/284050360.md) --- # Park Nat | 8-K: FY2026 Q1 Revenue: USD 159.51 M Revenue: As of FY2026 Q1, the actual value is USD 159.51 M. EPS: As of FY2026 Q1, the actual value is USD 2.39, missing the estimate of USD 2.6. EBIT: As of FY2026 Q1, the actual value is USD -74.1 M. #### Net Income Park National Corporation reported a net income of $41.7 million for the three months ended March 31, 2026, a decrease of 1.1% compared to $42.2 million for the same period in 2025 . This quarter’s net income included $15.5 million ($12.4 million after tax) in merger-related expenses . Pre-tax, pre-provision net income for the three months ended March 31, 2026, increased by $2.4 million, or 4.6%, to $54.3 million from $52.0 million in the prior year period . Quarterly net income was $41,687 thousand for Q1 2026, compared to $42,639 thousand for Q4 2025 and $42,157 thousand for Q1 2025 . Net income for the year ended December 31, 2025, was $180,073 thousand, up from $151,420 thousand in 2024 . Income before income taxes increased by 0.9% to $51,677 thousand for Q1 2026 from $51,203 thousand for Q1 2025 . Income taxes increased by 10.4% to $9,990 thousand for Q1 2026 from $9,046 thousand for Q1 2025 . #### Net Interest Income Net interest income for the three months ended March 31, 2026, was $125.8 million, an increase of $21.4 million, or 20.5%, from $104.4 million in the corresponding period of 2025 . This increase was primarily driven by a $22.6 million rise in interest income, partially offset by a $1.2 million increase in interest expense . **Interest Income on Loans**: Increased by $21.4 million, mainly due to a $1.26 billion (16.04%) increase in average loans to $9.09 billion and a 10 basis points increase in the yield on loans to 6.36% . The newly formed Tennessee region contributed $17.4 million to loan interest income . **Investment Income**: Increased by $1.2 million, primarily due to a $241.7 million (17.55%) increase in average investments, despite a 16 basis points decrease in the yield on investments to 3.34% . **Interest Expense on Deposits**: Increased by $3.2 million, resulting from a $1.32 billion (22.74%) increase in average on-balance sheet interest-bearing deposits, partially offset by a 14 basis points decrease in the cost of deposits to 1.62% . The Tennessee region contributed $6.9 million to interest expense on deposits . **Interest Expense on Borrowings**: Decreased by $2.0 million, due to a 186 basis points decrease in the cost of borrowings to 2.08% and a $149.2 million (55.41%) decrease in average borrowings . #### Provision for Credit Losses Park National Corporation reported a provision for credit losses of $2.7 million for the three months ended March 31, 2026, an increase of $1.9 million compared to $756,000 for the same period in 2025 . Net charge-offs were $2.6 million, or 0.12% annualized, of total average loans for the three months ended March 31, 2026, compared to $592,000, or 0.03% annualized, for the same period in 2025 . #### Other Income Total other income for the three months ended March 31, 2026, was $33.7 million, an increase of $8.0 million, or 31.0%, from $25.7 million in the prior year period . The acquisition of First Citizens contributed $2.8 million to total other income . **Income from fiduciary activities**: $12,343 thousand for Q1 2026 vs. $10,994 thousand for Q1 2025, a 12.3% increase, with $341,000 from the Tennessee region . **Service charges on deposit accounts**: $3,348 thousand for Q1 2026 vs. $2,407 thousand for Q1 2025, a 39.1% increase, with $842,000 from the Tennessee region . **Other service income**: $3,686 thousand for Q1 2026 vs. $2,936 thousand for Q1 2025, a 25.5% increase, with $423,000 from the Tennessee region . **Debit card fee income**: $6,973 thousand for Q1 2026 vs. $6,089 thousand for Q1 2025, a 14.5% increase, with $808,000 from the Tennessee region . **Gain on sale of debt securities, net**: $1,084 thousand for Q1 2026 vs. $0 for Q1 2025 . **Gain (loss) on equity securities, net**: $799 thousand for Q1 2026 vs. - $862 thousand for Q1 2025 . #### Other Expense (Operating Costs) Total other expense for the three months ended March 31, 2026, was $105.2 million, an increase of $27.0 million, or 34.5%, from $78.2 million in the prior year period . This included $15.5 million in merger-related expenses and $10.1 million related to the Tennessee region and other acquired entities . Adjusted for merger-related and Tennessee region expenses, total other expense increased by $1.459 million, or 1.9%, from Q1 2025 to Q1 2026 . **Adjusted Salaries**: Increased by $691,000, or 1.9% . **Adjusted Occupancy expense**: Increased by $529,000, or 15.0% . **Adjusted Data processing fees**: Increased by $1.4 million, or 13.2% . **Adjusted Professional fees and services**: Decreased by - $1.4 million, or -19.6% . #### Balance Sheet and Ratios - **Total Assets**: $12,983,967 thousand at March 31, 2026, a 32.42% increase from December 31, 2025, and a 31.33% increase from March 31, 2025 . Total assets were $13.0 billion as of March 31, 2026 . - **Total Loans**: $9,667,260 thousand at March 31, 2026, a 20.07% increase from December 31, 2025, and a 22.62% increase from March 31, 2025 . Total loans increased by $1.62 billion, or 20.1%, during 2026, with $1.58 billion attributed to the First Citizens transaction . Excluding the Tennessee region, loans outstanding were $8.09 billion at March 31, 2026, a 0.5% increase from December 31, 2025, and a 2.6% increase from March 31, 2025 . - **Allowance for Credit Losses**: $108,590 thousand at March 31, 2026, a 16.8% increase from $92,973 thousand at December 31, 2025 . This increase was fully attributable to the day-one allowance recognized from the First Citizens acquisition . Total allowance for credit losses as a percentage of total loans was 1.12% at March 31, 2026 . The allowance for credit losses increased by 23.2% to $108,590 thousand at March 31, 2026, from $88,130 thousand at March 31, 2025 . - **Total Deposits**: $11,000,500 thousand at March 31, 2026, a 33.44% increase from December 31, 2025, and a 34.12% increase from March 31, 2025 . Total deposits grew by $2.76 billion, or 33.4%, during 2026, including $2.22 billion from the First Citizens transaction . Including off-balance sheet deposits, the increase was 31.8% during the three months ended March 31, 2026 . Excluding the Tennessee region, total deposits were $8.76 billion at March 31, 2026, a 6.2% increase from December 31, 2025, and a 6.8% increase from March 31, 2025 . - **Efficiency Ratio**: 65.52% for Q1 2026, compared to 57.94% for Q4 2025 and 59.79% for Q1 2025 . This represents a 9.6% increase from Q1 2025 . - **Return on Average Assets**: 1.43% for Q1 2026, compared to 1.78% for Q4 2025 and 1.70% for Q1 2025 . This represents a -15.9% change from Q1 2025 . - **Investment securities**: Increased by 31.2% to $1,366,955 thousand at March 31, 2026, from $1,042,163 thousand at March 31, 2025 . - **Goodwill and other intangible assets**: Increased by 85.9% to $302,565 thousand at March 31, 2026, from $162,758 thousand at March 31, 2025 . - **Total shareholders’ equity**: Increased by 32.9% to $1,699,759 thousand at March 31, 2026, from $1,279,042 thousand at March 31, 2025 . - **Total nonperforming loans**: Increased by 31.7% to $83,147 thousand at March 31, 2026, from $63,148 thousand at March 31, 2025 . As a percentage of period-end loans, this was 0.86% for 2026 vs. 0.80% for 2025, a 7.5% increase . - **Total nonperforming assets**: Increased by 70.1% to $107,605 thousand at March 31, 2026, from $63,267 thousand at March 31, 2025 . As a percentage of period-end loans + OREO + other nonperforming assets, this was 1.11% for 2026 vs. 0.80% for 2025, a 38.8% increase . - **Annualized net loan charge-offs as a % of average loans**: 0.12% for 2026 vs. 0.03% for 2025 . - **Return on average shareholders’ equity**: 10.67% for 2026 vs. 13.46% for 2025, a -20.7% change . - **Net interest margin**: 4.80% for 2026 vs. 4.62% for 2025, a 3.9% increase . #### Acquisition Details On February 1, 2026, First Citizens Bancshares, Inc. merged into Park National Corporation . At 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, with Park National Corporation issuing 1,988,131 common shares as merger consideration . Merger-related expenses of $15.5 million were recorded for the three months ended March 31, 2026 . #### Dividend Declaration On April 24, 2026, the Park National Corporation Board of Directors declared a $1.10 per common share quarterly cash dividend, payable on June 10, 2026, to shareholders of record as of May 15, 2026 . This represents an increase from $1.07 per common share declared in Q4 2025 and Q1 2025 . #### Outlook/Guidance Park National Corporation’s CEO and President, Matthew R. Miller, stated that the company’s strategy of combining solid financial performance with intentional growth through partnerships in high-opportunity markets is yielding positive results . The expansion into Tennessee is expected to deliver greater value across communities and expand the company’s impact while maintaining its community banking roots . The company cautions that forward-looking statements are subject to risks and uncertainties, and actual results may differ materially from expectations, and does not undertake to update any forward-looking statements unless required by law . ### Related Stocks - [PRK.US](https://longbridge.com/en/quote/PRK.US.md) ## Related News & Research - [Edgestream Partners L.P. Sells 5,241 Shares of Park National Co. $PRK](https://longbridge.com/en/news/294599591.md) - [Park National Q2 net income rises 22% on loan growth](https://longbridge.com/en/news/293971385.md) - [American Resources files amended 8-K detailing auditor change timeline after GreenGrowth withdraws 2025 opinion](https://longbridge.com/en/news/294229412.md) - [Key facts: Hubbell (HUBB) raises 2026 sales to 16%–18%; files 8‑K](https://longbridge.com/en/news/294167258.md) - [SRX Global amends 8-K to correct CFO Carolina Martinez misidentified as CEO](https://longbridge.com/en/news/294232884.md)