Park National earnings rose 20.7% year over year to $56.9 million in the third quarter of 2026, despite expenses tied to its First Citizens Bancshares acquisition. The Newark, Ohio-based bank holding company announced the results on October 26 and declared a $1.10 quarterly dividend plus a $1.30 special dividend per common share.
Key Takeaways
- Third-quarter diluted earnings per share rose to $3.13 from $2.92 a year earlier.
- Acquired loans and deposits accounted for most of the balance-sheet growth during 2026.
- The regular and special dividends are payable December 10 to shareholders of record November 20.
Park National earnings rise annually but ease from Q2
Park’s third-quarter and nine-month results showed quarterly profit increasing from $47.2 million a year earlier. The latest quarter included $7.0 million in First Citizens merger expenses, equivalent to $5.5 million after tax.
Net interest income rose 26.8% year over year to approximately $140.7 million. Net interest margin reached 4.84%, compared with 4.72% a year earlier and 4.81% in the second quarter of 2026. The margin measures net interest income relative to interest-earning assets.
The annual improvement contrasted with a modest sequential decline: net income fell 3.1% from approximately $58.8 million in the second quarter, while diluted earnings per share declined from $3.23. Other expenses increased 6.5% from the preceding quarter to approximately $107.5 million.
| Item | Details |
|---|---|
| Quarterly cash dividend | $1.10 per common share |
| Special cash dividend | $1.30 per common share |
| Record date for both payments | November 20, 2026 |
| Payment date for both dividends | December 10, 2026 |
First Citizens acquisition accounts for most balance-sheet growth
Total loans increased $1.72 billion, or 21.4%, during 2026 through September, including $1.58 billion acquired through the First Citizens transaction. Deposits increased $2.38 billion, or 28.9%, including $2.22 billion acquired in the deal. Those contributions mean the headline growth rates should not be read as entirely organic expansion.
For the first nine months of 2026, net income rose 14.5% to $157.4 million from $137.4 million in the matching 2025 period. Diluted earnings per share increased to $8.77 from $8.48.
The nine-month results included $26.5 million in merger-related expenses and other income-reducing charges, or $21.0 million after tax. Park reported total assets of $12.6 billion as of September 30, 2026.
Board declares regular and special cash payments
The board approved both distributions alongside the earnings announcement. Chief Executive and President Matthew R. Miller described the special dividend as recognition of shareholders’ continued support. The payments have been declared but had not yet been paid at the announcement date.
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