Core Insights - Park National Corporation reported a significant increase in net income for the fourth quarter of 2024, reaching $38.6 million, a 57.7% increase from $24.5 million in the same quarter of 2023 [2] - The company declared a quarterly cash dividend of $1.07 per common share, payable on March 10, 2025 [1] - For the full year of 2024, net income was $151.4 million, a 19.5% increase from $126.7 million in 2023 [2] Financial Performance - Net income per diluted common share for Q4 2024 was $2.37, compared to $1.51 for Q4 2023 [2] - Total loans increased by 4.6% during 2024, while total deposits rose by 1.3%, with off-balance sheet deposits increasing by 2.7% [3] - The company's net interest income for Q4 2024 was $103.4 million, up from $95.1 million in Q4 2023, reflecting an 8.8% increase [9] Asset and Equity Metrics - As of December 31, 2024, Park National Corporation had total assets of $9.8 billion [4] - Total shareholders' equity increased to $1.24 billion, up from $1.15 billion in 2023 [12] - The book value per common share at the end of 2024 was $76.98, compared to $71.06 at the end of 2023, marking an 8.3% increase [9] Market Data - The market capitalization of Park National Corporation at the end of 2024 was approximately $2.77 billion, reflecting a 29.4% increase from the previous year [9] - The market price per common share at the end of 2024 was $171.43, up from $132.86 at the end of 2023, indicating a 29.0% increase [9] Operational Highlights - The company emphasized its commitment to customer relationships and community engagement as a key driver of growth [2][4] - Park National Corporation's banking operations are conducted through its subsidiary, The Park National Bank, along with other subsidiaries focused on leasing and financial services [4]

Acquisition Announcement - DFCU Financial intends to acquire Winter Park National Bank, marking its third transaction in Florida, enhancing its commitment to comprehensive financial services in the region [1][2] - The acquisition will allow DFCU Financial to expand its offerings to a broader member base, leveraging WPNB's established reputation for customer service [2][4] Company Background - DFCU Financial, founded in 1950, has over 240,000 members and assets nearing $7 billion, with 28 branches in Michigan and several in Florida [6] - Winter Park National Bank, established in 2017, focuses on commercial banking and serves the Winter Park-Orlando-Kissimmee area with a strong emphasis on personalized banking solutions [7] Leadership and Integration - David Dotherow has been named Central Florida Area President and will retain leadership of the former WPNB operations, ensuring continuity in local leadership [4] - WPNB's branches will be rebranded under the DFCU Financial name, with plans for service integration in 2025 [4] Regulatory and Advisory Details - The acquisition is subject to regulatory approval, with both institutions collaborating to follow necessary processes [5] - DFCU Financial is advised by Donnelly Penman & Partners, Inc. and Honigman LLP, while WPNB is advised by Hovde Group, LLC and Smith Mackinnon, PA [5]

Core Viewpoint - Park National (PRK) reported quarterly earnings of $2.25 per share, missing the Zacks Consensus Estimate of $2.31 per share, representing an earnings surprise of -2.60% [1] - The company posted revenues of $137.64 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 10.38% [2] Financial Performance - Earnings per share (EPS) for the same quarter last year was $2.28, indicating a slight decrease year-over-year [1] - Over the last four quarters, Park National has surpassed consensus EPS estimates three times [2] - The company has also topped consensus revenue estimates three times over the last four quarters [2] Stock Performance - Park National shares have increased approximately 25.4% since the beginning of the year, outperforming the S&P 500's gain of 21.8% [3] - The current consensus EPS estimate for the upcoming quarter is $2.27, with expected revenues of $124.49 million, and for the current fiscal year, the estimate is $9.18 on revenues of $497.26 million [7] Industry Outlook - The Banks - Midwest industry, to which Park National belongs, is currently ranked in the top 18% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5]

This quarterly report represents an earnings surprise of 19.60%. A quarter ago, it was expected that this financial services holding company would post earnings of $1.85 per share when it actually produced earnings of $2.15, delivering a surprise of 16.22%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management ...

July 22, 2024 Exhibit 99.1 NEWARK, Ohio ‒ Park National Corporation (Park) (NYSE American: PRK) today reported financial results for the second quarter and first half of 2024. Park's board of directors declared a quarterly cash dividend of $1.06 per common share, payable on September 10, 2024, to common shareholders of record as of August 16, 2024. Park's net income for the second quarter of 2024 was $39.4 million, a 24.6 percent increase from $31.6 million for the second quarter of 2023. Second quarter 202 ...

NEWARK, Ohio, July 22, 2024 (GLOBE NEWSWIRE) -- Park National Corporation (Park) (NYSE American: PRK) today reported financial results for the second quarter and first half of 2024. Park's board of directors declared a quarterly cash dividend of $1.06 per common share, payable on September 10, 2024, to common shareholders of record as of August 16, 2024. "Our performance stems from our commitment to provide consistent financial support, to remain resilient in uncertain times, and to never stop searching for ...

PARK NATIONAL CORPORATION Financial Reconciliations (continued) (a) Reported measure uses net income (b) Averages are for the three months ended June 30, 2024, March 31, 2024, and June 30, 2023 and the six months ended June 30, 2024 and June 30, 2023, as appropriate (c) Net income for each period divided by average tangible equity during the period. Average tangible equity equals average shareholders' equity during the applicable period less average goodwill and other intangible assets during the applicable ...

Park National (PRK) shares rallied 4.6% in the last trading session to close at $161.56. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 15.1% gain over the past four weeks. Shares of Park National rallied for the seventh straight trading session and hit a 52-week high of $161.93. Encouraging inflation numbers and a rising unemployment rate are giving confidence to the Federal Reserve that prices will eventua ...

NEWARK, Ohio, May 21, 2024 (GLOBE NEWSWIRE) -- Park National Corporation's (NYSE American: PRK) (Park) board of directors announced today that they elected Karen Morrison and Kelly Gratz to serve as directors effective July 1, 2024. Both will also join the board of directors of The Park National Bank, Park's banking subsidiary, effective on the same date. These elections expand Park's board to 16 directors, including one director emeritus. "Karen and Kelly bring wisdom and a variety of experiences to Park," ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________________ to __________________________ Commission File Number 1-13006 PARK NATIONAL CORPORATION (Exact name of registrant as specified in its ch ...