Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regu ...

DEARBORN, Mich. and WINTER PARK, Fla., Nov. 03, 2025 (GLOBE NEWSWIRE) -- DFCU Financial, one of Michigan’s largest and most trusted credit unions, and Winter Park National Bank, a leading Central Florida community bank, today announced the completion of their previously announced business combination. All Winter Park National Bank locations are now operating under the DFCU Financial name. The transaction marks a significant step in DFCU Financial’s continued growth and commitment to the Florida market, crea ...

Core Insights - Park National reported revenue of $141.59 million for the quarter ended September 2025, reflecting a year-over-year increase of 2.9% and a surprise of +1.07% over the Zacks Consensus Estimate of $140.1 million [1] - Earnings per share (EPS) for the quarter was $2.87, up from $2.25 in the same quarter last year, with an EPS surprise of +5.13% compared to the consensus estimate of $2.73 [1] Financial Metrics - Net Interest Margin stood at 4.7%, matching the average estimate of three analysts [4] - Efficiency ratio was reported at 55.9%, better than the average estimate of 58.1% from three analysts [4] - Total Non-Interest Income was $30.57 million, slightly below the average estimate of $30.9 million based on three analysts [4] - Net Interest Income reached $111.02 million, exceeding the average estimate of $109.19 million from three analysts [4] Stock Performance - Park National's shares have returned -3.7% over the past month, contrasting with the Zacks S&P 500 composite's +2.5% change [3] - The stock currently holds a Zacks Rank 1 (Strong Buy), indicating potential for outperformance in the near term [3]

Core Insights - Park National (PRK) reported quarterly earnings of $2.87 per share, exceeding the Zacks Consensus Estimate of $2.73 per share, and showing an increase from $2.25 per share a year ago, resulting in an earnings surprise of +5.13% [1] - The company achieved revenues of $141.59 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.07% and up from $137.64 million year-over-year [2] - Park National has consistently surpassed consensus EPS estimates over the last four quarters, achieving this four times [2] Earnings Performance - The earnings surprise for the previous quarter was +17.41%, with actual earnings of $2.90 per share compared to an expected $2.47 per share [1] - The current consensus EPS estimate for the upcoming quarter is $2.73, with expected revenues of $140.75 million, and for the current fiscal year, the consensus EPS is $10.62 on revenues of $552.54 million [7] Market Position - Park National shares have underperformed the market, losing about 6.9% since the beginning of the year, while the S&P 500 has gained 15.5% [3] - The Zacks Industry Rank for Banks - Midwest, to which Park National belongs, is currently in the top 26% of over 250 Zacks industries, indicating a favorable industry outlook [8] Future Outlook - The company's earnings outlook will be influenced by management's commentary during the earnings call and the trends in earnings estimate revisions [4][5] - The current favorable trend in estimate revisions has resulted in a Zacks Rank 1 (Strong Buy) for Park National, suggesting expected outperformance in the near future [6]

Financial Performance - Park National Corporation's net income for Q3 2025 was $47.2 million, a 23.4% increase from $38.2 million in Q3 2024[2] - Net income per diluted common share for the first nine months of 2025 was $8.48, compared to $6.95 for the same period in 2024, reflecting a 21.8% increase[2] - Net interest income for Q3 2025 was $111.0 million, a 9.8% increase from $101.1 million in Q3 2024[10] - Net interest income for the nine months ended September 30, 2025, increased by 10.1% to $324,385,000 compared to $294,574,000 in 2024[14] - Net income for the nine months ended September 30, 2025, rose by 21.8% to $137,434,000 compared to $112,790,000 in 2024[14] - Net income for Q3 2025 was $47,158, compared to $38,217 in Q3 2024, indicating a 23.5% increase[24] - Diluted earnings per common share were $2.92 for the three months ended September 30, 2025, up from $2.35 in the same period in 2024, marking a growth of 24.3%[33] - Pre-tax, pre-provision net income for the nine months ended September 30, 2025, was $176.287 million, up from $148 million in the same period of 2024, representing a growth of 19.1%[44] Asset and Loan Growth - Total loans increased by 2.2% (3.0% annualized) during the first nine months of 2025, and by 3.4% for the 12-month period ended September 30, 2025[3] - Total assets were reported at $9.9 billion as of September 30, 2025[5] - Total assets as of September 30, 2025, were $9,862,068,000, a decrease of 0.9% from $9,949,578,000 as of June 30, 2025[12] - Net loans rose to $7,900,995, an increase of 2.21% from $7,729,162[19] - Total deposits grew to $8,329,924, reflecting a 2.29% increase from $8,143,526[19] Dividend and Shareholder Equity - Park National Corporation declared a quarterly cash dividend of $1.07 per common share and a special one-time dividend of $1.25 per common share, both payable on December 10, 2025[1] - Total shareholders' equity increased by 2.9% to $1,331,821,000 as of September 30, 2025, compared to $1,294,480,000 as of June 30, 2025[12] - Average shareholders' equity increased to $1,318,277 thousand as of September 30, 2025, from $1,210,565 thousand a year earlier, reflecting a growth of 8.9%[37] - Total shareholders' equity reached $1,331,821, up from $1,243,848, representing a 7.06% increase[19] Credit Quality and Losses - Provision for credit losses decreased by 28.0% to $7,639,000 for the nine months ended September 30, 2025, down from $10,608,000 in 2024[14] - Total nonperforming loans increased by 38.3% to $90,571,000 compared to $65,507,000 in the previous quarter[12] - Net charge-offs for the nine months ended September 30, 2025, decreased by 45.9% to $3,847,000 compared to $7,116,000 in 2024[14] - Nonaccrual loans at the end of the period rose to $89,593,000, up from $63,080,000, representing a significant increase of 42%[31] - The percentage of nonperforming loans to period-end loans was 1.13%, up from 0.82% in the previous period[28] Operational Efficiency - The efficiency ratio improved to 55.85% in Q3 2025, compared to 61.98% in Q3 2024, indicating better cost management[10] - Annualized return on average assets was 1.83% for the three months ended September 30, 2025, compared to 1.53% for the same period in 2024, indicating an improvement of 19.6%[33] Other Income and Adjustments - Other income for Q3 2025 totaled $30,574, a decrease from $36,530 in Q3 2024[26] - Other income adjusted was $29,471 thousand for the three months ended September 30, 2025, a slight decrease from $30,746 thousand in the same period of 2024[33] - The adoption of ASU 2022-02 resulted in a decrease of total nonperforming loans (NPLs) and total nonperforming assets (NPAs) by $20.1 million effective January 1, 2023[44] - The total nonperforming loans and assets adjustments reflect a strategic shift in the company's accounting practices aimed at improving financial reporting accuracy[44]

Core Viewpoint - Park National Corporation and First Citizens Bancshares, Inc. have entered into a definitive merger agreement, enhancing lending capacity and broadening financial service offerings for First Citizens' customers [1][2][3] Company Overview - Park National Corporation, headquartered in Newark, Ohio, has total assets of $9.9 billion as of September 30, 2025, and operates through its subsidiary, The Park National Bank [9] - First Citizens Bancshares, Inc., based in Dyersburg, Tennessee, has total assets of $2.6 billion as of September 30, 2025, and is the holding company for First Citizens National Bank [10] Merger Details - The merger involves FIZN merging into Park, followed by First Citizens National Bank merging into The Park National Bank, with Jeff Agee leading the new Tennessee Region [1][4] - The transaction is an all-stock deal where FIZN shareholders will receive 0.52 shares of Park common stock for each share of FIZN, valuing FIZN at approximately $317.3 million [5][6] - Upon completion, the combined company will have pro forma total assets of $12.5 billion, deposits of $10.5 billion, and loans of $9.6 billion [4][6] Strategic Rationale - The merger is seen as a strategic step for both companies, aligning with Park's long-term growth strategy and enhancing service capabilities for commercial and small business customers [2][3][4] - Park aims to maintain First Citizens' community support legacy and philanthropic commitments [1][3] Financial Impact - The transaction is expected to be approximately 15% accretive to 2026 earnings per share, with slight accretion to tangible book value per share [6] - The implied FIZN per share price is $82.96, with a price to tangible book value per share of 168% and a price to trailing twelve months earnings per share of 13.5 times [5]

Core Insights - Park National Corporation reported strong financial results for Q3 and the first nine months of 2025, with net income increasing by 23.4% year-over-year for Q3 and 21.8% for the first nine months [2][12][15] - The company declared a quarterly cash dividend of $1.07 and a special one-time dividend of $1.25 per common share, both payable on December 10, 2025 [1][2] Financial Performance - Q3 2025 net income was $47.2 million, up from $38.2 million in Q3 2024, translating to net income per diluted common share of $2.92 compared to $2.35 in the prior year [2][15] - For the first nine months of 2025, net income reached $137.4 million, compared to $112.8 million in the same period of 2024, with net income per diluted common share increasing to $8.48 from $6.95 [2][12] Loan and Deposit Growth - Total loans increased by 2.2% (3.0% annualized) during the first nine months of 2025, and by 3.4% for the 12-month period ending September 30, 2025 [3] - Reported period-end deposits rose by 2.3% (3.1% annualized) in the first nine months of 2025, with a 1.4% increase for the 12-month period [4] Asset and Equity Metrics - As of September 30, 2025, Park National Corporation had total assets of $9.9 billion and total shareholders' equity of $1.33 billion, reflecting a 2.9% increase from the previous quarter [5][11] - The company's book value per common share at period end was $82.87, up 2.9% from the previous quarter [9] Efficiency and Profitability Ratios - The return on average assets for Q3 2025 was 1.83%, while the return on average shareholders' equity was 14.19% [9][12] - The efficiency ratio improved to 55.85% in Q3 2025, down from 61.98% in Q3 2024, indicating better cost management [9][12] Other Financial Highlights - Net interest income for Q3 2025 was $111.0 million, a 9.8% increase from Q3 2024 [9][14] - The provision for credit losses decreased by 24.2% year-over-year for Q3 2025, indicating improved asset quality [9][14]

Financial Performance - Net income for the three months ended June 30, 2025, was $48,119 thousand, up 22.2% from $39,369 thousand in the prior year[22]. - Earnings per common share increased to $2.98 for the three months ended June 30, 2025, compared to $2.44 for the same period in 2024, marking a growth of 22.1%[22]. - Net income for the six months ended June 30, 2025, was $90,276,000, an increase of 21% compared to $74,573,000 for the same period in 2024[28]. - Comprehensive income for the three months ended June 30, 2025, was $51,271 thousand, compared to $37,310 thousand in 2024, indicating a growth of 37.5%[24]. - Segment net income for the three months ended June 30, 2025, was $48,119 thousand, compared to $39,369 thousand in 2024, indicating a growth of 22.2%[193]. Asset and Loan Growth - Total assets increased to $9,949,578 thousand as of June 30, 2025, up from $9,805,350 thousand at December 31, 2024, representing a growth of 1.46%[18]. - Net loans rose to $7,873,436 thousand, an increase of 1.87% from $7,729,162 thousand at the end of 2024[18]. - Total deposits reached $8,237,766 thousand, reflecting a 1.16% increase from $8,143,526 thousand at December 31, 2024[19]. - The total loan portfolio increased to $7,963,221,000 as of June 30, 2025, up from $7,817,128,000 at December 31, 2024, representing a growth of approximately 1.87%[54]. - The total carrying amount of other investment securities at June 30, 2025 was $108.0 million, up from $104.2 million at December 31, 2024[48]. Income and Revenue - Net interest income for the three months ended June 30, 2025, was $108,991 thousand, a 11.3% increase compared to $97,837 thousand for the same period in 2024[21]. - Total consolidated revenues for the six months ended June 30, 2025, reached $326,628 thousand, up from $310,538 thousand in 2024, reflecting a year-over-year increase of 5.2%[194]. - Total other income for the three months ended June 30, 2025, was $32,186 thousand, an increase from $28,794 thousand in 2024, marking a growth of 8.3%[195]. - Income from fiduciary activities for the three months ended June 30, 2025, was $11,622 thousand, compared to $10,128 thousand in 2024, reflecting a growth of 14.8%[195]. Credit Quality and Losses - The allowance for credit losses on loans was $89,785 thousand as of June 30, 2025, slightly up from $87,966 thousand at December 31, 2024[19]. - The provision for credit losses decreased to $3,609,000 in 2025 from $5,293,000 in 2024, indicating improved credit quality[28]. - Nonperforming loans totaled $65,507,000 as of June 30, 2025, down from $69,932,000 at December 31, 2024, reflecting a decrease of approximately 6.9%[58][59]. - The total charge-offs for the six months ended June 30, 2025, were $7,564,000, compared to $6,337,000 for the same period in 2024, representing an increase of approximately 19%[104]. - Net charge-offs for the three months ended June 30, 2025, totaled $1,198,000, compared to $1,622,000 for the same period in 2024, indicating a reduction of about 26%[104]. Shareholder Returns - Regular cash dividends declared per common share increased to $1.07 for the three months ended June 30, 2025, compared to $1.06 in the same period of 2024[22]. - The company repurchased 120,000 common shares to be held as treasury shares, costing $20,134,000[29]. - Cash dividends paid increased slightly to $35,418,000 in 2025 from $35,113,000 in 2024[29]. Economic and Regulatory Environment - The most likely scenario for Ohio unemployment is forecasted to be between 5.02% and 5.35% for the next four quarters as of June 30, 2025, reflecting ongoing economic uncertainties[101]. - ASU 2024-03 requires public business entities to disclose disaggregated income statement expenses, effective for fiscal years beginning after December 15, 2026[39]. - The company has established a one-year reasonable and supportable forecast period with a one-year straight-line reversion to the long-term historical average for credit loss estimates[101]. Investment and Securities - As of June 30, 2025, Park's investment securities totaled $954.5 million, with $795.3 million in an unrealized loss position, resulting in aggregate unrealized losses of $62.0 million[41]. - The amortized cost of debt securities AFS at June 30, 2025 was $1,015.6 million, with a fair value of $954.5 million, indicating a loss of approximately 6%[40]. - Investment securities with a fair value of $682.1 million were pledged as collateral for various financial obligations as of June 30, 2025[46]. Operational Metrics - The company serviced sold mortgage loans amounting to $1.84 billion as of June 30, 2025, a decrease from $1.86 billion at December 31, 2024[121]. - The carrying amounts of foreclosed real estate properties totaled $638,000 as of June 30, 2025, compared to $938,000 at December 31, 2024[120]. - The company reported a total of $6,607 thousand in debit card fee income for the three months ended June 30, 2025, slightly up from $6,580 thousand in 2024, an increase of 0.4%[195].

Core Viewpoint - Park National Corporation has appointed Matthew R. Miller as the new Chief Executive Officer effective January 1, 2026, while he will continue to serve as president [1][2][3]. Leadership Transition - The board of directors conducted a thorough evaluation as part of its succession planning before proposing Miller for the CEO position, reflecting a commitment to strong governance and leadership continuity [2][3]. - Miller's appointment continues a successful leadership transition pattern established over the last 65 years at Park National Corporation [3]. Background of Matthew R. Miller - Miller has been with Park since 2009 and has held several key leadership roles, including Chief Accounting Officer and Executive Vice President, before becoming President in 2019 [5]. - He has a strong commitment to community service, having served on various nonprofit and civic boards over the past decade [6]. Company Overview - Park National Corporation, headquartered in Newark, Ohio, has total assets of $9.9 billion as of June 30, 2025 [7]. - The company's banking operations are conducted through its subsidiary, The Park National Bank, along with other subsidiaries including Scope Leasing, Inc., Guardian Financial Services Company, Park Investments, Inc., and SE Property Holdings, LLC [7].

Financial Performance - Park National Corporation reported a net income of $48.1 million for Q2 2025, a 22.2% increase from $39.4 million in Q2 2024[2]. - The net income per diluted common share for the first half of 2025 was $5.56, up 21.1% from $4.60 in the first half of 2024[2]. - Net income for the six months ended June 30, 2025, rose by 21.1% to $90,276,000, compared to $74,573,000 in 2024[14]. - Net income for Q2 2025 reached $48,119, compared to $42,157 in Q1 2025, marking an increase of 14.04%[24]. - Park National Corporation reported a net income of $30 million for Q3 2023, representing a 15% increase year-over-year[45]. Asset and Loan Growth - Total loans increased by 1.9% (3.8% annualized) during the first half of 2025, and by 3.9% for the 12-month period ended June 30, 2025[3]. - Total assets reached $9.9 billion as of June 30, 2025[5]. - Total assets as of June 30, 2025, were $9,949,578,000, reflecting a 0.6% increase from $9,919,783,000 a year earlier[12]. - Total loans reached $7,963,221,000, up from $7,883,735,000 in the prior quarter, indicating an increase of 1.01%[28]. - The company’s loan portfolio grew by 8% to $3.1 billion, driven by strong demand in commercial lending[45]. Deposits and Customer Growth - Reported period end deposits increased by 1.2% (2.3% annualized) in the first half of 2025, with a 2.8% increase (5.7% annualized) when including off-balance sheet deposits[4]. - Total deposits increased by 0.4% to $8,237,766,000 as of June 30, 2025, compared to $8,312,505,000 in the previous year[12]. - Customer deposits reached $4.5 billion, reflecting a 12% increase compared to the same quarter last year[45]. Efficiency and Profitability Metrics - Earnings per share increased by 21% compared to the same period last year, driven by disciplined expense control and margin expansion[5]. - The efficiency ratio improved to 55.68% in Q2 2025, down from 59.79% in Q1 2025[10]. - The efficiency ratio improved to 57.65% for the six months ended June 30, 2025, down from 61.05% in 2024[14]. - Annualized return on average assets for the three months ended June 30, 2025, was 1.92%, up from 1.70% in the previous quarter and 1.61% year-over-year[33]. Credit Quality and Loss Provisions - Provision for credit losses decreased by 31.8% to $3,609,000 for the six months ended June 30, 2025, down from $5,293,000 in 2024[14]. - Total nonperforming loans as a percentage of period-end loans improved to 0.82% as of June 30, 2025, from 0.95% a year earlier[12]. - Net loan charge-offs decreased by 27.3% to $1,790,000 for the six months ended June 30, 2025, compared to $2,463,000 in 2024[14]. - Non-performing loans decreased to 0.5% of total loans, indicating improved asset quality[45]. Strategic Initiatives and Future Outlook - Park National Corporation plans to expand its market presence by opening three new branches in Ohio by the end of 2024[45]. - The company is investing $2 million in technology upgrades to enhance digital banking services[45]. - The company expects a revenue growth of 6% for the next quarter, driven by increased lending activity[45]. - Park National Corporation is exploring potential acquisition opportunities to further enhance its market share[45]. - The company launched a new mobile banking app, which has already seen a 25% increase in user engagement since its release[45].