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olivLaw · US equity research

Park National Corporation PRK

National Commercial Banks · SIC 6021 · Vertical: National Commercial Banks (SIC 6021)

183.02USD+4.24% · 1 dayClose 02 Nov 2026

Park National Corporation is a financial holding company based in Newark, Ohio, whose Park National Bank provides commercial banking, consumer banking and wealth management with a focus on small and medium population areas in Ohio, Kentucky, North Carolina and South Carolina. The company expanded in 2026 through the First Citizens acquisition, and total assets of $12.6 billion as of September 30, 2026 have passed the $10 billion threshold that brings new regulatory obligations.

At the close of 02 Nov 2026, Park National Corporation (PRK) stock was 183.02 USD (+4.24% on the day), with market capitalisation 3.3 bn USD, P/E 16.4 on diluted EPS of 11.17 USD over the last 12 months, dividend yield 3.05%, beta 0.79, 52-week range 149.73–212.56 USD. Latest reported quarter (Q2 2026): revenue of 211.9 m USD (+25.6% YoY), net income of 58.8 m USD (+22.1% YoY), diluted EPS 3.23 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
3.3 bn USD
shares as of 06 Aug 2026
P/E (TTM)
16.4
Diluted EPS TTM 11.17 · TTM to 30 Jun 2026
E/P (TTM)
6.11%
TTM to 30 Jun 2026
Dividend yield
3.05%
DPS 12m 5.59
Beta (2y)
0.79
Volatility (1y) 25%
52-week range
149.73212.56

Price history

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Technical reading

RSI (14)
53.0
neutral
Bollinger (20, 2)
173.76 – 184.58
in the upper half of the band · %B 0.86 · band width 6.0%
SMA 50 / 200
184.36 / 177.99
mixed trend
MACD (12, 26, 9)
-0.76 / -1.30
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−0.1%−2.3%+2.3 pp—
3 months−11.8%−0.8%−11.0 pp—
6 months+6.8%+4.7%+2.0 pp—
Year to date+20.3%+10.2%+10.1 pp—
1 year+20.3%+10.3%+10.0 pp+19.4%
3 years+67.8%+73.0%−5.3 pp+72.9%
5 years+36.2%+61.8%−25.6 pp—
Max drawdown (1y)
−17.4%
29 Jul 2026 → 14 Oct 2026
Max drawdown (5y)
−38.7%
30 Nov 2022 → 02 Oct 2023
Compound annual growth (5y)
+6.4%
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
211.9 m USD
+25.6% YoY
Net income
58.8 m USD
+22.1% YoY
Diluted EPS
3.23
+8.8% YoY
net / operating
27.7% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue170.3 m164.7 m157.9 m168.7 m169.5 m168.3 m188.5 m211.9 m
Pre-tax income46.6 m47.3 m51.2 m59.3 m58.1 m52.7 m51.7 m72.9 m
Income tax8.4 m8.7 m9.0 m11.2 m10.9 m10.0 m10.0 m14.1 m
Net income38.2 m38.6 m42.2 m48.1 m47.2 m42.6 m41.7 m58.8 m
Diluted EPS2.352.37 ≈2.602.972.922.63 ≈2.393.23
Operating cash flow43.8 m ≈49.2 m37.7 m49.5 m ≈52.9 m ≈58.2 m30.9 m57.2 m ≈
Capex2.1 m ≈2.1 m1.1 m1.3 m ≈1.5 m ≈2.5 m4.3 m6.7 m ≈
Dividends paid17.2 m ≈25.2 m17.6 m17.8 m ≈17.2 m ≈37.3 m20.1 m20.5 m ≈
Share repurchases0 ≈0——0 ≈0——

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 69 percentile of its own 39-quarter history (min 10.8, median 15.0, max 21.4; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenueunavailableunavailableunavailableunavailable514.2 m564.3 m645.6 m664.4 m
Revenue YoYunavailableunavailableunavailableunavailableunavailable+9.7%+14.4%+2.9%
Net income110.4 m102.7 m127.9 m153.9 m148.4 m126.7 m151.4 m180.1 m
Net income YoY+31.0%−7.0%+24.6%+20.3%−3.6%−14.6%+19.5%+18.9%
Diluted EPS7.076.297.809.379.067.809.3211.11
Diluted EPS YoY+29.3%−11.0%+24.0%+20.1%−3.3%−13.9%+19.5%+19.2%
net %unavailableunavailableunavailableunavailable28.9%22.5%23.5%27.1%
Free cash flow120.5 m96.7 m83.0 m143.2 m128.7 m143.5 m169.7 m191.9 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
233.5 m USD
Financial debt
81.7 m USD
Net debt
-151.8 m USD
Equity
1.4 bn USD
Total assets
9.8 bn USD
Debt / equity
0.06x
Current ratio
unavailable
ROE
13.9%
ROA
1.8%
FCF margin
28.9%

Financial statements (source on every figure)

Revenue and net income (USD)

Income statement · USD

Net interest income
2023
373.1 m
2024
398.0 m
2025
437.3 m

SEC (XBRL)· 23 Feb 2026verified

Net fee income
2023
92.6 m
2024
122.6 m
2025
119.9 m

SEC (XBRL)· 23 Feb 2026verified

Non-interest expense
2023
309.2 m
2024
321.3 m
2025
324.4 m

SEC (XBRL)· 23 Feb 2026verified

Pre-tax income
2023
153.6 m
2024
184.7 m
2025
221.3 m

SEC (XBRL)· 23 Feb 2026verified

Net income
2023
126.7 m
2024
151.4 m
2025
180.1 m

SEC (XBRL)· 23 Feb 2026verified

Diluted EPS
2023
7.80
2024
9.32
2025
11.11

SEC (XBRL)· 23 Feb 2026verified

Dividend per share
2023
4.20
2024
4.74
2025
5.53

SEC (XBRL)· 23 Feb 2026verified

Balance sheet · USD

Cash
2023
218.3 m
2024
160.6 m
2025
233.5 m

SEC (XBRL)· 23 Feb 2026verified

Loans
2023
7.4 bn
2024
7.7 bn
2025
8.0 bn

SEC (XBRL)· 11 May 2026verified

Total assets
2023
9.8 bn
2024
9.8 bn
2025
9.8 bn

SEC (XBRL)· 23 Feb 2026verified

Deposits
2023
8.0 bn
2024
8.1 bn
2025
8.2 bn

SEC (XBRL)· 23 Feb 2026verified

Short-term debt
2023
517.3 m
2024
280.1 m
2025
81.7 m

SEC (XBRL)· 23 Feb 2026verified

Long-term debt
2023
—
2024
—
2025
—

SEC (XBRL)· 26 Feb 2021verified

Total liabilities
2023
8.7 bn
2024
8.6 bn
2025
8.5 bn

SEC (XBRL)· 23 Feb 2026verified

Equity
2023
1.1 bn
2024
1.2 bn
2025
1.4 bn

SEC (XBRL)· 23 Feb 2026verified

Cash flow · USD

Dividends paid
2023
69.0 m
2024
77.5 m
2025
89.9 m

SEC (XBRL)· 23 Feb 2026verified

Share repurchases
2023
23.0 m
2024
0
2025
20.1 m

SEC (XBRL)· 23 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
2.9%
computed by olivLawFY 2025
Revenue CAGR 3Y
8.9%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
unavailable
input data missing
Net income growth (YoY)
18.9%
computed by olivLawFY 2025
Net income CAGR 3Y
6.7%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
7.1%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
19.2%
computed by olivLawFY 2025
EPS CAGR 3Y
7.0%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
7.3%
computed by olivLawFY 2020 → FY 2025

Profitability

Net margin
25.8%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
11.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
1.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
50.0%
computed by olivLawTTM to 30 Jun 2026

Market and valuation

Market capitalisation
3.3 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
17.4x
computed by olivLawTTM to 30 Jun 2026
P/E (TTM)
16.4x
computed by olivLawTTM to 30 Jun 2026
Earnings yield
6.1%
computed by olivLawTTM to 30 Jun 2026
P/B
1.9x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
4.5x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
3.1%
computed by olivLawTTM to 30 Jun 2026
Shareholder yield (distributions)
3.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Banking

Net interest margin
4.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cost-to-income
59.9%
computed by olivLawTTM to 30 Jun 2026
Loan-to-deposit
90.2%
computed by olivLawbalance sheet at 30 Jun 2026
NPL ratio
unavailable
input data missing
CET1 ratio
unavailable
input data missing
Cost of risk
unavailable
input data missing

32 indicators that do not apply to the sector.

Valuation

olivLaw classification

Unattractive profile

Score: 45 / 100

A scoring methodology on indicators and valuation, not investment advice.

(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])

Closing price

183.02 USD

02 Nov 2026Source: olivLaw, closing series

Market cap: 3.3 bn USD

Key indicators

Market capitalisation
3.3 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
16.4x
computed by olivLawTTM to 30 Jun 2026
P/B
1.9x
computed by olivLawbalance sheet at 30 Jun 2026
ROE
11.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
25.8%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
2.9%
computed by olivLawFY 2025
Dividend yield
3.1%
computed by olivLawTTM to 30 Jun 2026

Coverage and freshness

17/20 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 06 Aug 2026
Source: SEC (XBRL)published 07 Aug 2026
verified 2454derived 216

Score by group

  • Quality53
  • Growth72
  • Valuation8
  • Balance sheet25
  • Returns65

Estimated value range

Low
97.07
USD per share
Mid
115.25
USD per share
High
131.11
USD per share
Price: 183.02 USD
The price is above the range
Potential to the central value: -37.0% (value / price − 1)
Margin of safety: -58.8% (1 − price / value)
Agreement between methods: high · 5 methods used · 4 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 72.67 – 144.34 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • Residual income97.07 – 101.42 (Mid 99.20)
  • Justified P/B104.38 – 140.37 (Mid 119.73)
  • Dividend discount (DDM)72.67 – 97.73 (Mid 83.36)
  • Peers: P/E123.42 – 144.34 (Mid 131.99)
    32 companies used · median multiple 11.8x · quartiles 11.0x – 12.9x
    ASRV, BAC, CAC, CASH, CBU, CFBK, CFR, CHCO, COF, DCBG, FHN, FULT, HAFC, HBAN, JPM, KEY, LCNB, MRBK, NBHC, NBTB, NKSH, ONB, PNC, RF, SFST, SHBI, TBBK, USB, WAFD, WFC, WSFS, ZION
  • Peers: P/B97.07 – 131.11 (Mid 115.25)
    33 companies used · median multiple 1.2x · quartiles 1.0x – 1.4x
    ASRV, BAC, BANC, C, CAC, CARE, CASH, CBU, CFBK, COF, DCBG, FHN, FULT, HAFC, HBAN, KEY, LCNB, MRBK, NBHC, NBTB, NKSH, ONB, PNC, RF, SFST, SHBI, SNUS-PH, UBS, USB, WAFD, WFC, WSFS, ZION
Multiple comparisons use the SIC vertical: National Commercial Banks (SIC 6021)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Unattractive profile · Score 45/100

FactorValueScoreWeight used
ROE · Quality11.0%41 (vs peers)19%
ROA · Quality1.7%92 (on a fixed band)7%
Cost-to-income · Quality59.9%21 (on a fixed band)12%
Net interest margin · Quality4.3%100 (on a fixed band)7%
EPS CAGR 3Y · Growth7.0%59 (on a fixed band)10%
Revenue CAGR 3Y · Growth8.9%89 (on a fixed band)7%
NPL ratio · Balance sheetunavailableunavailable—
Cost of risk · Balance sheetunavailableunavailable—
Loan-to-deposit · Balance sheet90.2%25 (on a fixed band)5%
P/B · Valuation1.9x11 (vs peers)12%
P/E (TTM) · Valuation16.4x6 (vs peers)12%
Dividend yield · Returns3.1%65 (vs peers)10%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial25/100 · 1/3 factors with a value
  • Growth72/100 · 2/2 factors with a value
  • Quality53/100 · 4/4 factors with a value
  • Returns65/100 · 1/1 factors with a value
  • Valuation8/100 · 2/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

PARK NATIONAL CORPORATION (PRK). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: net interest income 437.3 m USD in 2025; YoY growth 2.9%; net margin 25.8%; ROE 11.0%.

The estimated value range is 97.07–131.11 USD per share (median of 5 methods, agreement: high); assumptions are illustrative. Against the central value of 115.25 USD, the price of 183.02 USD leaves a potential of -37.0% (value / price − 1) and a margin of safety of -58.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 45/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • ROA: 1.7%
  • Net interest margin: 4.3%
  • Revenue CAGR 3Y: 8.9%

What contradicts it

  • Cost-to-income: 59.9%
  • Loan-to-deposit: 90.2%
  • P/B: 1.9x
  • P/E (TTM): 16.4x
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): NPL ratio, Cost of risk.

Versus the vertical median

National Commercial Banks (SIC 6021) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
16.4x
vertical median 11.8x
above median (+38.7%)
EV/EBITDA
—
vertical median —
P/S
4.5x
vertical median 13.3x
below median (−66.4%)
P/B
1.9x
vertical median 1.2x
above median (+56.7%)
ROE
11.0%
vertical median 11.3%
at median
Net margin
25.8%
vertical median 56.6%
below median (−54.5%)
EBIT margin
—
vertical median —
Revenue YoY
2.9%
vertical median 7.2%
below median (−59.2%)
Net debt/EBITDA
—
vertical median —
Dividend yield
3.1%
vertical median 2.7%
above median (+11.5%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
JPMJpmorgan Chase & Co905.3 bn14.517.8%35.7%+2.8%+9% / +118%
BACBofA Finance LLC342.0 bn11.710.8%26.8%+6.8%−8% / +63%
WFCWells Fargo & Company257.8 bn12.012.9%—−1.6%+0% / +93%
CCitigroup Inc215.3 bn17.66.8%16.8%+5.6%+19% / +167%
UBSUBS Group AG162.0 bn20.58.9%—+7.0%+26% / +72%
COFCapital One Financial Corp129.3 bn12.99.4%17.0%+36.6%−4% / +89%
USBUs Bancorp \de\94.2 bn11.912.7%27.5%+4.4%+23% / +59%
PNCPnc Financial Services Group, Inc.92.4 bn12.512.6%30.6%+7.2%+21% / +73%
HBANHuntington Bancshares Incorporated32.3 bn12.99.1%133.3%+6.4%−2% / +42%
RFRegions Financial Corporation24.7 bn11.711.9%—+23.8%+14% / +74%
KEYKeycorp22.9 bn12.310.3%26.0%+62.7%+17% / +73%
FHNFirst Horizon Corp11.2 bn11.311.6%29.9%+7.2%+6% / +85%
SNUS-PHSantander Holdings USA, Inc.11.0 bn6.210.8%—unavailableunavailable / unavailable
CFRCullen/Frost Bankers, Inc.10.0 bn14.816.3%29.5%+8.3%+30% / +63%
ONBOld National Bancorp9.7 bn10.511.5%—+6.1%+19% / +73%
ZIONZions Bancorporation, National Association9.7 bn8.516.4%168.7%+3.6%+25% / +86%
FULTFulton Financial Corp4.6 bn11.511.1%137.0%−6.5%+33% / +69%
WSFSWsfs Financial Corp4.1 bn13.511.9%—+50.2%+44% / +109%
CBUCommunity Financial System, Inc.3.4 bn15.011.5%26.6%+9.6%+14% / +45%
PRKPark National Corporation3.3 bn16.411.0%25.8%+2.9%+20% / +68%
BANCBanc Of California, Inc.2.9 bn—-0.7%-1.4%−3.8%+0% / +60%
NBTBNbt Bancorp Inc2.8 bn13.111.4%117.1%+10.4%+29% / +50%
WAFDWaFd, Inc.2.2 bn9.48.5%810.8%+7.8%−4% / +14%
CHCOCity Holding Company2.0 bn15.916.8%177.4%+3.2%+20% / +51%
TBBKThe Bancorp, Inc.1.9 bn8.729.6%164.3%+20.8%−28% / +18%

1- and 3-year price returns: for PRK from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
106.48
Total return -39% · Per year -39%
187.87
Total return 6% · Per year 6%
282.46
Total return 58% · Per year 58%
3 years
112.73
Total return -31% · Per year -12%
222.88
Total return 32% · Per year 10%
366.57
Total return 113% · Per year 29%
5 years
119.34
Total return -22% · Per year -5%
264.41
Total return 63% · Per year 10%
475.72
Total return 185% · Per year 23%
What moves the 3-year price the most
  • Exit P/E± 55.72
  • Net margin± 39.00
  • Annual revenue growth± 30.72
  • Annual dilution± 3.28

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Park National Corporation is a financial holding company based in Newark, Ohio, whose Park National Bank provides commercial banking, consumer banking and wealth management with a focus on small and medium population areas in Ohio, Kentucky, North Carolina and South Carolina. The company expanded in 2026 through the First Citizens acquisition, and total assets of $12.6 billion as of September 30, 2026 have passed the $10 billion threshold that brings new regulatory obligations.

SWOT

Strengths

  • A diversified customer base and relationship-based banking are core strengths, and quarterly results have grown compared with the prior year 13.
  • A steady dividend policy with periodic special dividends points to solid capitalization and a shareholder focus 13.
  • A broad presence in small and medium population areas gives a branch network that would be hard for new entrants to replicate quickly 1.

Weaknesses

  • Integration costs from the First Citizens acquisition reduced profit in some periods and could continue to weigh on profitability 3.
  • Operating efficiency weakened in the third quarter of 2026 compared with the prior quarter, indicating cost pressure 3.
  • Concentration in real estate and non-bank consumer lending exposes the bank to higher credit risk in a downturn 1.

Opportunities

  • Full integration of Tennessee customers could open cross-selling and deposit growth opportunities 3.
  • If integration costs fall away, margins could return to levels seen before the acquisition 3.
  • Asset growth could support higher interest income and wealth management fees 23.

Threats

  • An economic recession could amplify credit losses, especially in commercial and real estate segments 1.
  • Additional rules after passing the $10 billion asset threshold could raise compliance costs and reduce fee income 1.
  • Cyber risks and attacks on third-party vendors could cause financial losses and erode customer trust 1.

Risks

  • First Citizens integrationmedium

    If cost savings and revenue synergies are not realized, financial results could fall short of expectations 3.

  • Credit risk in a recessionhigh

    An economic downturn could raise delinquencies and losses, especially in real estate and non-bank lending portfolios 1.

  • Interest rate riskmedium

    Sudden rate changes could affect the net interest margin and deposit costs 1.

  • Regulatory riskmedium

    Crossing the asset threshold could bring new compliance obligations and limits on interchange income 1.

  • Operational and cyber riskmedium

    System failures, cyber attacks and third-party vendor problems could lead to losses and reputational harm 1.

Investment thesis

What would need to be true (bull case)

  • Rising profit and revenue after the acquisition could show that the First Citizens integration creates long-term value 23.
  • The dividend policy and periodic special dividends could support the interest of income-focused investors 13.
  • Growing deposits and a solid net interest margin could support profitability over the medium term 23.

What would break the thesis

  • Weaker operating efficiency and merger costs could reduce earnings if synergies are delayed 3.
  • Exposure to real estate and non-bank consumer lending could lead to higher losses in a recession 1.
  • Regulatory obligations after passing the $10 billion threshold could reduce income and raise costs 1.

What to watch

  • Progress of First Citizens integration costs and operating efficiencyQ4 2026
  • Loan portfolio quality and provision levels for credit losses2027
  • Effect of the $10 billion threshold on CFPB supervision and interchange income2027
  • Trend in net interest margin and deposit costsQ1 2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Park National Corporation is a financial holding company regulated under the Bank Holding Company Act, conducting its banking through Park National Bank, a national banking association. The bank offers deposits, commercial, industrial and consumer lending, home loans, trust and investment services, aircraft financing through Scope Aircraft Finance, and commercial cash management 1. Its common shares trade on NYSE American under the symbol PRK 1.

On February 1, 2026, First Citizens Bancshares merged into Park, and First Citizens National Bank merged into Park National Bank, with Park continuing as the surviving corporation 1. The deal brought about $2.6 billion in assets and $2.2 billion in deposits, making integration the main development of the recent period 13.

Park targets a dividend payout of 50% of net income and declared cash dividends of $5.53 per share in 2025, including a special dividend 1. The company reports one operating segment, and its credit activity is concentrated in the regions where the bank has offices 1.

Segments

Commercial and retail banking

The core segment covers commercial loans, home loans, consumer loans and deposits, delivered through 87 financial service offices in Ohio, Kentucky, North Carolina and South Carolina 1. Commercial loans made up about 42.9% of the total loan portfolio at December 31, 2025 1.

Aircraft finance and non-bank consumer lending

Scope Aircraft Finance, the aircraft financing unit, serves mainly small businesses and entrepreneurs across the U.S., while the bank also holds a portfolio of $274 million in loans to non-bank consumer finance companies 1. This segment carries a higher risk profile than typical commercial lending 1.

Wealth management and asset subsidiaries

The wealth management arm provides trust and investment services, Park Investments holds municipal bonds, and SE Property Holdings manages foreclosed properties and legacy loans from Vision Bank 1. New originations from the former Vision Bank book are described as insignificant 1.

Market context

Park operates mainly in small and medium population areas in Ohio, Kentucky and the Carcarolinas, along with the metropolitan areas of Columbus, Cincinnati, Charlotte, Louisville and Raleigh 1. After the First Citizens acquisition the footprint also includes Tennessee, and with assets above $10 billion the bank becomes subject to direct CFPB supervision 1.

Deposit and loan growth in 2026 was largely driven by the First Citizens transaction, which makes organic trends harder to separate in the most recent reports 23. The U.S. regional banking sector remains sensitive to rates and to the quality of real estate assets 1.

Trends

  • First Citizens integrationmixed

    The acquisition added significant assets, deposits and loans but also generated merger costs that weighed on quarterly profit, and future results could depend on how quickly cost savings are realized 3. Returns could differ from current expectations if synergies come in slower than planned.

  • Regulatory obligations above $10 billion in assetsheadwind

    Passing the asset threshold could bring direct CFPB supervision and caps on debit interchange fees, which could reduce fee income 1.

  • Net interest income and margintailwind

    The net interest margin rose in the third quarter of 2026 compared with the third quarter of 2025, pointing to favorable asset yields, but funding costs and rate changes could shift this balance 23.

  • Inflation and credit costsheadwind

    Inflation raises operating costs and can reduce borrowers' ability to repay, and a recession could increase loan loss provisions 1. Stress scenarios in the filing project a sharp rise in unemployment in a recession 1.

Competitive position

Park competes with other regional banks and financial institutions in its markets, and its filings cite competitive pressure among financial services organizations as a risk factor 3. The First Citizens acquisition places it in new positions in Tennessee and the Carolinas.

  • Regional banks in Ohio and Kentucky

    Direct competition for commercial loans and deposits in small and medium population areas, cited as competitive pressure in Park's filings 3.

  • Banks in North and South Carolina

    Competition in the Charlotte and Raleigh markets where Park is expanding 1.

  • Aircraft finance lenders

    Competition in aircraft financing, where Scope Aircraft Finance operates nationally 1.

  • Banks in Tennessee

    Competition in markets entered through the First Citizens acquisition 1.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

  • Current report26 Oct 2026
    Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
  • Current report07 Aug 2026
    Regulation FD disclosure · Financial statements and exhibits
  • Quarterly report07 Aug 2026
  • Current report27 Jul 2026
    Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
  • Current report22 May 2026
    Regulation FD disclosure · Financial statements and exhibits
  • Quarterly report11 May 2026
  • Current report28 Apr 2026
    Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
  • Current report27 Apr 2026
    Regulation FD disclosure · Financial statements and exhibits
  • Current report24 Apr 2026
    Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
  • Proxy statement09 Mar 2026

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Park National Corporation · 23 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Park National Corporation · 07 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Park National Corporation · 26 Oct 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.