PARK NATIONAL CORP /OH/PRK
PARK NATIONAL CORP /OH/ New Standards Disclosure
Adoption of New Accounting Pronouncements and Issued But Not Yet Effective Accounting Standards
The following is a summary of new accounting pronouncements impacting Park's consolidated financial statements, and accounting standards that have been issued but were not effective for Park as of December 31, 2025:
Adoption of New Accounting Pronouncements
ASU 2023-09 - Income Taxes (Topic 740) Improvement to Income Tax Disclosures: In December 2023, FASB issued ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires entities to disclose more detailed information in the reconciliation of their statutory tax rate to their effective tax rate. ASU 2023-09 also requires entities to disclose more detailed information about income taxes paid, including by jurisdiction.
ASU 2023-09 is effective for public business entities for annual reporting periods beginning after December 15, 2024 and interim periods beginning after December 15, 2025. The adoption of the provisions of ASU 2023-09 impacted income tax disclosures in Note 21 - Income Taxes.
ASU 2024-02 - Codification Improvements - Amendments to Remove References to Concepts Statements: In March 2024, FASB issued ASU 2024-02 - Codification Improvements - Amendments to Remove References to the Concepts Statements. ASU 2024-02 contains amendments to the Codification that remove references to various Concepts Statements. In most cases the references were extraneous and not required to understand or apply the guidance. In other instances, the references were used in previous Statements to provide guidance on certain topical areas.
ASU 2024-02 is effective for public business entities for fiscal years beginning after December 15, 2024. The adoption of ASU 2024-02 did not have an impact on Park's consolidated financial statements.
ASU 2025-08 - Financial Instruments - Credit Losses (Topic 326) - Purchased Loans: In November 2025, FASB issued ASU 2025-08 - Financial Instruments - Credit Losses (Topic 326) - Purchased Loans. ASU 2025-08 expands the use of the gross-up method to certain acquired loans beyond purchased financial assets with credit deterioration ("PCD" assets). Under the gross-up method, an allowance for credit losses is recognized at the acquisition date with an offset to the asset's amortized cost basis. ASU 2025-08 does the following: (1) applies the gross-up method to acquired non-PCD assets that are purchased seasoned loans and provides criteria for determining whether acquired loans qualify as purchased seasoned loans; (2) for purchased seasoned loans, eliminates the Day 1 credit loss expense and reduces interest income recognized in subsequent periods as the gross-up method will now apply to these loans; (3) maintains the guidance for PCD assets; (4) results in narrow subsequent measurement differences between purchased seasoned loans and PCD assets.
ASU 2025-08 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2026 and is applied on a prospective basis. Early adoption is permitted in an interim or annual reporting period in which financial statements have not yet been issued or made available for issuance. Park elected to adopt ASU 2025-08 effective January 1, 2025. The adoption of ASU 2025-08 did not have an impact on Park's existing loan portfolio or allowance for credit losses, but will impact the accounting for future purchased loans.
Issued But Not Yet Effective Accounting Standards
ASU 2023-06 - Disclosure Improvements - Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative: In October 2023, FASB issued ASU 2023-06 - Disclosure Improvements - Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative. ASU 2023-06 amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. ASU 2023-06 was issued in response to the SEC's August 2018 final rule that updated and simplified disclosure requirements. In the final rule, the SEC identified 27 disclosure requirements that were incremental to those in the ASC and referred them to the FASB for potential incorporation into US GAAP. To avoid duplication, the SEC intended to eliminate those disclosure requirements from existing SEC regulations if the FASB incorporated them into the relevant ASC subtopics. The disclosure requirements are currently included in either SEC Regulation S-X or SEC Regulation S-K. ASU 2023-06 adds 14 of the 27 identified disclosure or presentation requirements to the ASC.
For entities, like Park, that are subject to the SEC's existing disclosure requirements, the effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The amendments are to be applied prospectively and if by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or S-K, the pending content of the related amendment will be removed from the ASC and will not become effective for any entity. Management intends to adopt the provisions of ASU 2023-06 on their respective effective dates. The adoption of the provisions of ASU 2023-06 is not expected to have a material impact on Park's consolidated financial statements.
ASU 2024-03 - Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): In November 2024, FASB issued ASU 2024-03 - Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). ASU 2024-03 requires disaggregated disclosure of income statement expenses for public business entities in disclosures within the footnotes to the financial statements. The disclosures will require a footnote disclosure about specific expenses to disaggregate, in a tabular presentation, each relevant expense caption on the income statement that includes any of the following natural expenses: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) deprecation, depletion and amortization recognized as part of oil and gas producing activities and other types of depletion expenses. The tabular disclosure would also include certain other expenses, as applicable.
ASU 2024-03 is effective for public business entities for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted and public business entities are required to adopt ASU 2024-03 prospectively; however, entities are permitted to apply the amendments retrospectively. The adoption of the provisions of ASU 2024-03 is not expected to have an impact on Park's consolidated financial statements, but will impact disclosures.
ASU 2025-06 - Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40) - Targeted Improvements to the Accounting for Internal - Use Software: In September 2025, FASB issued ASU 2025-06 - Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40) - Targeted Improvements to the Accounting for Internal -Use Software. ASU 2025-06 removes all references to prescriptive and sequential software development stages (referred to as project stages) throughout Subtopic-350-40. An entity is required to start capitalizing software costs when both of the following occur: (1) Management has authorized and committed to funding the software project and (2) it is probable the project will be completed and the software will be used to perform the function intended.
ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The amendments in this update may be applied using a prospective transition approach, a modified transition approach that is based on the status of the project and whether software costs were capitalized before the date of adoption, or a retrospective transition approach. The adoption of the provisions of ASU 2025-06 is not expected to have a material impact on Park's consolidated financial statements.
ASU- 2025-11 - Interim Reporting (Topic 270) - Narrow Scope Improvements: In December 2025, FASB issued
ASU- 2025-11 - Interim Reporting (Topic 270) - Narrow Scope Improvements. ASU 2025-11 clarifies the scope, form and content, and disclosures required under ASC 270, Interim Reporting. The amendments affect all entities that provide interim financial statements and notes in accordance with U.S. GAAP.
The amendments are effective for interim reporting within annual reporting periods after December 15, 2027. Early adoption is permitted. The adoption of the provisions of ASU 2025-11 is not expected to have a material impact on Park's consolidated financial statements.
ASU 2025-12 - Codification Improvements: In December 2025, FASB issued ASU 2025-12 - Codification Improvements. ASU 2025-12 issued amendments to the Codification to make incremental improvements to generally accepted accounting principles.
The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The adoption of the provisions of ASU 2025-12 is not expected to have a material impact on Park's consolidated financial statements.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 23, 2026 | Showing above |
| 2024 | Feb 24, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Feb 21, 2017 | |
| 2015 | Feb 18, 2016 | |
About New Standards Disclosures
New accounting standards disclosures describe recently adopted pronouncements and those not yet effective, along with management's assessment of their expected impact. This section provides an early warning system for upcoming changes to how a company reports its financial results, often years before the new rules take effect.
Key signals: when management describes a not-yet-adopted standard's impact as "material" or "still being evaluated," it signals potential significant changes to reported metrics upon adoption. Watch for standards that affect a company's core operations — for example, revenue recognition changes for software companies or lease accounting changes for retailers with large store footprints. The transition method chosen (full retrospective versus modified retrospective) affects comparability with prior periods. Companies that delay adoption to the latest permitted date may be struggling with implementation complexity. Compare the disclosed impact assessments against peers in the same industry to gauge whether management's expectations are reasonable.