Park National (PRK) Q1 2026 earnings summary

Executive summary

• Net income for Q1 2026 was $41.7 million, down 1.1% year-over-year, impacted by $15.5 million in merger-related expenses.

• Completed acquisition of First Citizens Bancshares, Inc. on February 1, 2026, expanding into Tennessee and increasing scale and market presence.

• Diluted EPS for Q1 2026 was $2.39, compared to $2.60 in Q1 2025.

• Merger-related expenses totaled $15.5 million in Q1 2026.

• Quarterly cash dividend of $1.10 per share declared, up 2.8% year-over-year.

Financial highlights

• Net interest income increased 20.5% to $125.8 million, driven by higher loan balances and yields.

• Total assets grew 32.4% to $12.98 billion from December 2025, primarily due to the First Citizens acquisition.

• Loans rose 20.1% to $9.67 billion, with $1.58 billion from the First Citizens acquisition.

• Deposits increased 33.4% to $11.0 billion, including $2.22 billion from the acquisition.

• Book value per share at period end was $93.93, up 18.9% year-over-year.

Outlook and guidance

• Management expects continued integration of First Citizens and anticipates further cost synergies.

• Liquidity and capital resources are considered strong, with ample funding sources and regulatory capital ratios above well-capitalized thresholds.

• Interest rate risk is viewed as neutral, with modest impact expected from future rate changes.

• Management emphasizes continued focus on growth through partnerships and expansion into high-opportunity markets.

• Forward-looking statements caution about risks from economic, regulatory, and integration factors.