Park National Corporation presented updated performance metrics and strategic context for its banking franchise following the completed merger with First Citizens Bancshares, Inc. For March 31, 2026, total assets were $12,984 million, total loans $9,667 million, and total deposits $11,001 million, with shareholders’ equity of $1,670 million.
For Q1 2026, Park reported net interest income of $125,780 thousand and net income of $41,687 thousand, compared with $104,377 thousand and $42,157 thousand in Q1 2025. Net interest margin was 4.80% on a fully taxable equivalent basis, with an annualized return on average assets of 1.43% and return on average shareholders’ equity of 10.67%.
Park National Corporation reported Q1 2026 net income of $41.7 million, down 1.1% from $42.2 million a year earlier, as merger-related costs weighed on results. Diluted EPS was $2.39 versus $2.60 in Q1 2025.
On February 1, 2026, Park completed its all‑stock acquisition of First Citizens Bancshares, Inc., valued at $324.1 million, adding $2.6 billion of assets, $1.6 billion of loans and $2.2 billion of deposits. Park recorded $15.5 million of merger-related expenses in the quarter.
Total loans reached $9.67 billion and total deposits $11.00 billion at March 31, 2026, up 22.6% and 34.1% year over year. Net interest income rose 20.5% to $125.8 million, while the efficiency ratio deteriorated to 65.52%. The allowance for credit losses increased to $108.6 million, or 1.12% of loans, largely from the day‑one provision on the acquisition.
Park’s board declared a quarterly cash dividend of $1.10 per common share, payable on June 10, 2026 to shareholders of record on May 15, 2026.
Park National Corp filed a Form 13F reporting its institutional holdings as of the reporting period. The filing lists 605 holdings with a total reported market value of $3,281,743,298. The report was signed by J. Bradley Zellar on 04-16-2026.
Park National Corp. director Jeff Agee filed an amended Form 4 to correct his reported common share holdings following a merger. The amendment reflects final allocations provided by the ESOP trustee and transfer agent and updates the number of shares acquired in the merger-related transactions.
After these adjustments as of February 1, 2026, Agee holds 7,778 common shares directly. He also has 19,288.293 common shares held indirectly through an ESOP, 833 common shares owned by his spouse, and 412.668 common shares held through his spouse’s ESOP. In addition, 23.13 common shares are reported as beneficially acquired through Park’s KSOP since the last reportable transaction.
Park National Corporation Chief Accounting Officer updates PBRSU vesting and tax withholding details. On the 2023 PBRSU Certification Date, performance-based restricted stock units for Kelly A. Herreman converted one-for-one into common shares, with 262.5 PBRSUs exercised and 262.5 PBRSUs granted subject to continued service-based vesting.
As part of this vesting, 262.5 common shares were acquired and a total of 200.587 common shares were withheld at $163.45 per share to satisfy tax obligations. Following these entries, Herreman directly holds 2,324.3228 Park common shares. This amendment corrects the previously estimated number of shares withheld for taxes reported in an earlier Form 4.
Park National Corporation President & CEO Matthew R. Miller reported routine equity compensation activity tied to performance-based restricted stock units (PBRSUs). On the 2023 PBRSU certification date of March 31, 2026, 1,282.5 PBRSUs were earned based on performance and converted on a one-for-one basis into common shares.
He also received a new grant of 1,522.5 PBRSUs subject to a service-based vesting requirement and acquired 1,522.5 common shares linked to vesting. To cover related tax obligations, 1,233.248 common shares were withheld at $163.45 per share. Following these transactions, Miller directly holds 11,545.6756 Park common shares.
This Form 4/A amends a prior filing to correct the number of common shares withheld for taxes upon PBRSU vesting, without reflecting any open-market purchases or sales.
Park National Corporation’s chairman David L. Trautman reported amended compensation-related share activity tied to performance-based restricted stock units (PBRSUs). On March 31, 2026, 1,717.5 PBRSUs converted one-for-one into common shares following certification of performance and satisfaction of service-based vesting conditions.
He also received a new grant of 2,212.5 PBRSUs and acquired 2,212.5 common shares upon vesting, all at no cash cost. A total of 985.641 and 760.562 common shares were withheld at $163.45 per share to satisfy tax obligations. After these transactions, he directly owned about 47,109 common shares. This amendment corrects the previously reported number of shares withheld for taxes.
Park National Corporation Chief Financial Officer Brady T. Burt reported routine equity compensation activity tied to performance-based restricted stock units (PBRSUs). On the 2023 PBRSU Certification Date, 1,132.5 PBRSUs earned for a three-year performance period were converted into an equal number of common shares, with a service-based vesting requirement.
The filing also shows a new grant of 1,072.5 PBRSUs, which will vest over time. A total of 975.362 common shares were withheld at a price of $163.45 per share to cover tax obligations, rather than sold on the open market. After these transactions, Burt directly holds 12,601.6622 Park common shares.
Park National Corporation chairman David L. Trautman reported compensation-related stock activity involving performance-based restricted stock units (PBRSUs) and common shares. On March 31, 2026, 1,717.5 PBRSUs were earned and converted into an equal number of common shares based on certified performance results.
He also received a new grant of 2,212.5 PBRSUs, which will vest based on continued service. To cover tax obligations on these equity awards, a total of 1,750.5169 common shares were withheld at a price of $163.45 per share. Following these transactions, he holds 47,112.0938 Park common shares directly, plus additional indirect holdings through a KSOP and various spouse-related accounts.
Park National Corporation Chief Accounting Officer Kelly A. Herreman reported equity compensation activity tied to performance-based restricted stock units (PBRSUs). On March 31, 2026, PBRSUs from a three-fiscal-year performance period certified by the Executive Committee converted into Park common shares on a one-for-one basis.
Herreman acquired 262.5 PBRSUs and 262.5 Park common shares, with vesting subject to service-based conditions, including 50% vesting on the certification date. To cover tax obligations, 206.7826 common shares were withheld at $163.45 per share. After these transactions, she directly owned 2,318.1272 common shares and indirectly held 3,141.7210 common shares through Park’s employee stock ownership plan (KSOP).