Park National (US:PRK)2026-01-26 21:15Financial Performance - Park National Corporation's net income for Q4 2025 was $42.6 million, a 10.4% increase from $38.6 million in Q4 2024[2] - For the full year 2025, net income reached $180.1 million, an 18.9% increase from $151.4 million in 2024[2] - Earnings per diluted common share for 2025 was $11.11, compared to $9.32 for 2024[2] - Net income rose by 18.9% to $180,073,000 in 2025, up from $151,420,000 in 2024[14] - Adjusted net income for the twelve months ended December 31, 2025, was $182,494 thousand, up 24.0% from $147,116 thousand in 2024[33] - Net income for the three months ended December 31, 2025, was $42.639 million, compared to $38.630 million for the same period in 2024, reflecting a year-over-year increase of 10.4%[43] Asset and Loan Growth - Park's total assets amounted to $9.8 billion as of December 31, 2025[4] - The total loans increased by 3.0% during 2025, while total deposits rose by 1.2%[3] - Total loans reached $8,051,242,000 in 2025, up from $7,817,128,000 in 2024, representing a growth of 3.0%[28] - Net loans increased to $7,958,269 in 2025 from $7,729,162 in 2024, representing a growth of 2.96%[19] - Total deposits rose to $8,243,713 in 2025, up from $8,143,526 in 2024, indicating an increase of 1.23%[19] Dividends and Shareholder Equity - The quarterly cash dividend declared is $1.10 per common share, payable on March 10, 2026[1] - Total shareholders' equity increased by 1.6% to $1,352,793,000 compared to $1,331,821,000 in the previous quarter[12] - Total shareholders' equity reached $1,352,793 in 2025, compared to $1,243,848 in 2024, representing an increase of 8.75%[19] - Average shareholders' equity increased to $1,341,399 thousand for the three months ended December 31, 2025, from $1,247,680 thousand in the same period of 2024[36] Efficiency and Income Metrics - The efficiency ratio for Q4 2025 was 60.54%, reflecting an increase of 8.4% compared to Q4 2024[10] - The efficiency ratio improved to 57.94% in 2025 from 61.44% in 2024, indicating better cost management[14] - The annualized return on average assets for the three months ended December 31, 2025, was 1.68%, a decrease from 1.83% in the previous quarter[33] - The efficiency ratio for the three months ended December 31, 2025, was 60.54%, compared to 55.85% in the previous quarter, indicating a decline in operational efficiency[33] Credit Quality and Losses - Provision for credit losses decreased by 21.0% to $11,488,000 in 2025 from $14,543,000 in 2024[14] - Net loan charge-offs for the year decreased by 37.2% to $6,481,000 from $10,322,000 in 2024[14] - The provision for credit losses in Q4 2025 was $3,849, compared to $3,935 in Q4 2024, showing a decrease of 2.18%[24] - Net charge-offs for 2025 were $6,481,000, a decrease from $10,322,000 in 2024, indicating a reduction of 37.5%[28] - The allowance for credit losses as a percentage of period end loans was 1.15% in 2025, compared to 1.13% in 2024, indicating a slight increase[28] Nonperforming Loans and Assets - Total nonperforming loans decreased to $69,253,000 in 2025 from $69,932,000 in 2024, a decline of 1.0%[28] - The percentage of nonperforming assets to period end total assets was 0.71% in 2025, slightly down from 0.72% in 2024[28] - Nonaccrual loans at the end of 2025 were $66,515,000, down from $68,178,000 in 2024, showing a decline of 2.4%[31] - New nonaccrual loans in 2025 totaled $87,482,000, an increase from $65,535,000 in 2024, marking a rise of 33.4%[31] - Resolved nonaccrual loans in 2025 were $89,145,000, significantly higher than $57,616,000 in 2024, reflecting an increase of 54.7%[31] Market and Merger Information - The expected closing of the merger with First Citizens Bancshares, Inc. is set for February 1, 2026[3] - The market capitalization at the end of Q4 2025 was $2.45 billion, down 6.3% from the previous quarter[10]