Park National Corporation reported a net income of $180.1 million for the fiscal year ended December 31, 2025, marking an 18.9% increase from $151.4 million in 2024. This growth in profitability was supported by a rise in net interest income, which reached $437.3 million, up from $398.0 million in the previous year. The provision for credit losses decreased to $11.5 million from $14.5 million, reflecting improved credit quality. Additionally, pre-tax, pre-provision net income, a non-GAAP measure, increased by 16.8% to $232.8 million compared to $199.3 million in 2024.
The company experienced significant operational changes, including a strategic focus on enhancing its loan portfolio. Total loans increased by 3.0% to $8.1 billion, driven primarily by a rise in residential real estate loans, which grew by 8.0% to $2.4 billion. The overall loan quality remained stable, with nonaccrual loans totaling $66.5 million, representing 0.83% of total loans. The allowance for credit losses at year-end was $93.0 million, or 1.15% of total loans, slightly up from 1.13% in 2024.
In terms of strategic developments, Park National Corporation completed the acquisition of First Citizens Bancshares, Inc. on February 1, 2026, which is expected to enhance its market presence and operational scale. The acquisition was valued at $324.1 million and involved the issuance of approximately 1.99 million common shares. This merger is anticipated to contribute positively to Park's financial performance in the upcoming fiscal periods.
The company also reported a slight increase in total deposits, which rose by 1.1% to $8.2 billion, with non-interest bearing deposits accounting for 32.2% of total deposits. The average interest rate on interest-bearing deposits decreased to 1.71% from 1.97% in 2024, reflecting a favorable interest rate environment. Park National Corporation maintained a strong capital position, with total shareholders' equity increasing to $1.35 billion, representing 13.80% of total assets.
Looking ahead, Park National Corporation expressed optimism about its growth trajectory, supported by its strategic initiatives and the anticipated benefits from the recent acquisition. The company aims to continue enhancing its loan offerings and expanding its market share while managing credit risk effectively in a dynamic economic environment.
About PARK NATIONAL CORP /OH/
Park National Corporation is a financial holding company primarily engaged in banking through its subsidiary, Park National Bank. It offers deposit services, commercial and consumer lending, wealth management, aircraft financing, and real estate loans across Ohio, Kentucky, North Carolina, and South Carolina. The company emphasizes community banking, long-term relationships, and employee development, competing with other financial institutions and fintechs in regional markets.
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