# EDGAR Filing Document

**Accession Number:** 0000805676
**File Stem:** 0000805676-26-000054
**Filing Date:** 2026-6
**Character Count:** 32688
**Document Hash:** 60af4ba60d3874489b579c4cdce0a3d6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000805676-26-000054.hdr.sgml**: 20260624

**ACCESSION NUMBER**: 0000805676-26-000054

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260624

**DATE AS OF CHANGE**: 20260624

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PARK NATIONAL CORP /OH/
- **CENTRAL INDEX KEY:** 0000805676
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 311179518
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13006
- **FILM NUMBER:** 261116057

**BUSINESS ADDRESS:**
- **STREET 1:** 50 NORTH THIRD ST
- **CITY:** NEWARK
- **STATE:** OH
- **ZIP:** 43055
- **BUSINESS PHONE:** 6143498451

**MAIL ADDRESS:**
- **STREET 1:** P O BOX 3500
- **CITY:** NEWARK
- **STATE:** OH
- **ZIP:** 43058-3500

?xml version='1.0' encoding='ASCII'? prk-20251231

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 11-K**

(Mark One)

---

| | |
|:---|:---|
| 🗷 | **ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

For the fiscal year ended December 31, 2025

**OR**

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| | |
|:---|:---|
| ❑ | **TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

For the transition period from _____________ to ___________

Commission file number 333-91178

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

Park National Corporation

Employees Stock Ownership Plan

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Park National Corporation

51 North Third Street

Newark, Ohio 43055

------

**<u>REQUIRED INFORMATION</u>**

The following financial statements and supplemental schedules for the Park National Corporation Employees Stock Ownership Plan are being filed herewith:

<u>Audited Financial Statements:</u>

Report of Independent Registered Public Accounting Firm - Crowe LLP

Statements of Net Assets Available for Benefits at December 31, 2025 and 2024

Statements of Changes in Net Assets Available for Benefits for the Years Ended December 31, 2025 and 2024

Notes to Financial Statements - December 31, 2025 and 2024

<u>Supplemental Schedules:</u>

Schedule of Assets (Held at End of Year), Schedule H, Line 4(i) - December 31, 2025

Schedule of Reportable Transactions, Schedule H, Line 4(j) - Year Ended December 31, 2025

The following exhibit is being filed herewith:

---

| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description</u> |
| <u>[23.1](ex2312025.htm)</u> | Consent of Independent Registered Public Accounting Firm – Crowe LLP |

---

------

**<u>SIGNATURES</u>**

<u>The Plan</u>. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| | PARK NATIONAL CORPORATION<br>EMPLOYEES STOCK OWNERSHIP PLAN |
| | By THE PARK NATIONAL BANK, Trustee |
| Date: June 24, 2026 | By: <u>/s/ Brady T. Burt</u> |
|  | Printed Name: <u>Brady T. Burt</u> |
|  | Title: <u>Chief Financial Officer</u> |

---

------

PARK NATIONAL CORPORATION

EMPLOYEES STOCK OWNERSHIP PLAN

ANNUAL REPORT ON FORM 11-K

FOR FISCAL YEAR ENDED DECEMBER 31, 2025

<u>INDEX TO EXHIBITS</u>

---

| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description</u> |
| <u>[23.1](ex2312025.htm)</u> | Consent of Independent Registered Public Accounting Firm – Crowe LLP |

---

------

Financial Statements and Supplemental Schedules

Park National Corporation

Employees Stock Ownership Plan

Years Ended December 31, 2025 and 2024

With Report of Independent Registered Public Accounting Firm

------

Park National Corporation

Employees Stock Ownership Plan

Financial Statements and Supplemental Schedules

Years Ended December 31, 2025 and 2024

**Contents**

---

| | |
|:---|:---|
| Audited Financial Statements |  |
| Report of Independent Registered Public Accounting Firm | [1](#i9882141c917147dea7110dffaefc1a0a_7) |
| Statements of Net Assets Available for Benefits | 2 |
| Statements of Changes in Net Assets Available for Benefits | 3 |
| Notes to Financial Statements | [4](#i9882141c917147dea7110dffaefc1a0a_13) |
| Supplemental Schedules |  |
| Schedule H, Line 4i – Schedule of Assets (Held at End of Year) | [12](#i9882141c917147dea7110dffaefc1a0a_43) |
| Schedule H, Line 4j – Schedule of Reportable Transactions | [13](#i9882141c917147dea7110dffaefc1a0a_46) |

---

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

The Executive Committee of the Board of Directors of Park National Corporation and Plan Administrator of the Park National Corporation Employees Stock Ownership Plan

Newark, Ohio

**Opinion on the Financial Statements**

We have audited the accompanying statements of net assets available for benefits of Park National Corporation Employees Stock Ownership Plan (the "Plan") as of December 31, 2025 and 2024, the related statements of changes in net assets available for benefits for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Supplemental Information**

The supplemental Schedule H, Line 4i – Schedule of Assets (Held at End of Year) and Schedule H, Line 4j – Schedule of Reportable Transactions as of December 31, 2025 and for the year then ended have been subjected to audit procedures performed in conjunction with the audit of Park National Corporation Employees Stock Ownership Plan's financial statements. The supplemental schedules are the responsibility of the Plan's management. Our audit procedures included determining whether the information presented in the supplemental schedules reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the supplemental schedules, we evaluated whether the supplemental schedules, including their form and content, are presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedules are fairly stated in all material respects in relation to the financial statements as a whole.

<u>/s/Crowe LLP</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crowe LLP

We have served as the Plan's auditor since 2006.

Oakbrook Terrace, Illinois

June 24, 2026

------

Park National Corporation

Employees Stock Ownership Plan

Statements of Net Assets Available for Benefits

December 31, 2025 and 2024

---

| | | |
|:---|:---|:---|
| | 2025 | 2024 |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Park National Corporation Common Stock | $143327729 | $159236170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual Funds | 122767749 | 110206583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing account, issued by |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity | 1794 | 1783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard | 7596196 | 7361636 |
| &nbsp;&nbsp;&nbsp;Total Investments | 273693468 | 276806172 |
| **TOTAL ASSETS AND NET ASSETS AVAILABLE FOR BENEFITS** | $273693468 | $276806172 |

---

See accompanying notes to financial statements

------

Park National Corporation

Employees Stock Ownership Plan

Statements of Changes in Net Assets Available for Benefits

For the years ended December 31, 2025 and 2024

---

| | | |
|:---|:---|:---|
| | 2025 | 2024 |
| Investment income: |  |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized (depreciation) appreciation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;in fair value of investments | $(2601065) | $54152782 |
| &nbsp;&nbsp;&nbsp;Interest and dividends | 8514616 | 7656258 |
| Total investment income | 5913551 | 61809040 |
| Contributions: |  |  |
| &nbsp;&nbsp;&nbsp;Employer | 5577974 | 5286798 |
| &nbsp;&nbsp;&nbsp;Employee | 11702451 | 10946728 |
| &nbsp;&nbsp;&nbsp;Rollover | 793403 | 485903 |
| Total contributions | 18073828 | 16719429 |
| Benefit payments to participants | (27100083) | (35147615) |
| Net (decrease) increase in net assets available for benefits | (3112704) | 43380854 |
| Net assets available for benefits at beginning of year | 276806172 | 233425318 |
| Net assets available for benefits at end of year | $273693468 | $276806172 |

---

See accompanying notes to financial statements

------

Park National Corporation

Employees Stock Ownership Plan

Notes to Financial Statements

December 31, 2025 and 2024

**_____________________________________________________________________________________**

**1. Description of the Plan**

The following description of the Park National Corporation Employees Stock Ownership Plan (the "Plan") provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions.

**General**

The Plan is a defined contribution plan covering full-time or part-time employees of Park National Corporation and subsidiaries ("Park") who have completed 30 days of service, and are age eighteen or older. In the event that a Participant fails to make a new affirmative deferral election, such Participant shall be deemed to have made a pre-tax deferral election equal to 3% of compensation per pay period. Auto enrollment is only applicable for employees who became participants on or after January 1, 2014. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA").

**Contributions**

Each year, participants may contribute an amount so not to exceed the maximum annual additions as defined by the Income Tax Regulations under Code Section 415(c) and 415(d). Beginning January 1, 2014 the Plan introduced a Roth investment option which allows for after tax contributions. Participants may also contribute rollover amounts representing distributions from other qualified defined contribution plans. The maximum salary deferral permitted by the Internal Revenue Code ("Code") was $23,500 for 2025 and $23,000 for 2024. The Plan also permits participants who are age 50 or older to make catch-up contributions in accordance with Code Section 414(v). In addition, the Plan allows enhanced catch-up contributions for employees aged 60, 61, 62, and 63, as provided under Code Section 414(v).

Park provides a matching contribution at a level established annually by Park. Park's employer matching contribution for 2025 and 2024 was 50% of all Employee Stock Ownership Plan ("ESOP") contributions, excluding any catch-up contributions.

**Participant Accounts**

Each participant's account is credited with the participant's salary deferral, an allocation of Park's contribution and Plan earnings, and charged with participant withdrawals. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant's account.

**Vesting**

Participants' accounts are 100% vested at all times.

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Park National Corporation

Employees Stock Ownership Plan

Notes to Financial Statements

December 31, 2025 and 2024

**_____________________________________________________________________________________**

**Payments of Benefits**

Upon termination or after age 59½, a participant may elect lump sum or rollover in an amount equal to the value of his or her account. A participant can elect to take a distribution of their account balance in cash or shares of Park National Corporation Common Stock. Participants can also take distributions for hardship purposes.

**Employees Stock Ownership Plans ("ESOP")**

Effective January 1, 2002, the Plan was amended and restated to become an ESOP that invests in shares of Park National Corporation Common Stock. The Plan is not leveraged and all new contributions (both employer and employee) will be used to purchase only Park National Corporation Common Stock. Participants are permitted to diversify their investments on a quarterly basis. The Plan's investments are held in trust by Fidelity Management Trust Company at December 31, 2025 and 2024.

**2. Summary of Accounting Policies**

**Basis of Presentation**

The financial statements of the Plan are prepared on the accrual basis and are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP").

**Valuation of Investments** 

The Plan's investments are reported at fair value. Refer to Note 9 - Fair Values. Purchases and sales of securities are recorded on a trade-date basis.

**Investment Income (Loss)**

Dividends are recorded as of their ex-dividend date. Interest income is recorded on an accrual basis when earned. Net appreciation (depreciation) includes the Plan's gains and losses on investments bought and sold as well as held during the year.

------

Park National Corporation

Employees Stock Ownership Plan

Notes to Financial Statements

December 31, 2025 and 2024

**_____________________________________________________________________________________**

**Administrative Expenses**

All administrative expenses charged to the Plan are borne by Park, except for overnight mailing fees for distribution checks, which are deducted directly from the participant's distribution. Park also provides other accounting and administrative services to the Plan. Investment management fees and operating expenses charged to the Plan for investments in mutual funds are deducted from income earned on a daily basis and are not separately reflected. Consequently, management fees and operating expenses are reflected as a reduction of the investment return for such investments.

**Payment of Benefits**

Benefits are recorded when paid.

**Use of Estimates**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of investment income and expenses during the reporting period. Actual results could differ from those estimates.

**Concentration of Credit Risk**

At December 31, 2025 and 2024, approximately 52% and 58%, respectively, of the Plan's assets were invested in Park National Corporation Common Stock.

**3. Plan Termination**

Although Park has not expressed any intent to do so, it has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA.

------

Park National Corporation

Employees Stock Ownership Plan

Notes to Financial Statements

December 31, 2025 and 2024

**_____________________________________________________________________________________**

**4. Non-participant Directed Investments**

The following information represents the assets and the significant components of changes in assets related to the Plan's investment in Park National Corporation Common Stock, an undetermined portion of which is non-participant directed based upon Plan provisions. Prior to the transition of the Plan trustee and administrative service provider from Park to Fidelity Management Trust Company as Plan trustee and Fidelity Workplace Services LLC as the Plan recordkeeper ("Fidelity") in June 2024, initial contributions were deposited into the Plan in the form of cash with shares of Park National Corporation Common Stock purchased on a delayed basis. After the trustee and administrative service provider transition, shares of Park National Corporation Common Stock are purchased utilizing a stock purchase account. The stock purchase account is used to facilitate the money movements associated with the share accounted stock. As the market place only recognizes whole share trades and Fidelity record keeps fractional shares, the stock purchase account houses the resulting differences that are caused by normal trading activity. The stock purchase account balances are invested in a Fidelity Investments money market account.

---

| | | |
|:---|:---|:---|
| | December 31, | December 31, |
| | 2025 | 2024 |
| Investment, at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;Park National Corporation Common Stock | $143327729 | $159236170 |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Account | 1794 | 1783 |
|  | $143329523 | $159237953 |
| Changes in assets: |  |  |
| &nbsp;&nbsp;&nbsp;Employer and employee contributions | $17280425 | $16233526 |
| &nbsp;&nbsp;&nbsp;Rollover contributions | 743592 | 242702 |
| &nbsp;&nbsp;&nbsp;Interest and dividend income | 5219522 | 4644476 |
| &nbsp;&nbsp;&nbsp;Distributions to participants | (14231806) | (23113428) |
| &nbsp;&nbsp;&nbsp;Net transfers to participant directed investments | (7073893) | (18011833) |
| &nbsp;&nbsp;&nbsp;Net (depreciation) appreciation in fair value of investments | (17846270) | 39684982 |
| (Decrease) increase in assets | $(15908430) | $19680425 |

---

------

Park National Corporation

Employees Stock Ownership Plan

Notes to Financial Statements

December 31, 2025 and 2024

**_____________________________________________________________________________________**

**5. Income Tax Status**

The Plan has received a determination letter from the Internal Revenue Service dated August 30, 2022, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the "Code") and, therefore, the related trust is exempt from taxation. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The Plan has been amended since receiving the determination letter. However, Plan management believes that the Plan is designed and is currently being operated in compliance with the applicable requirements of the Code.

GAAP requires plan management to evaluate tax positions taken by the Plan. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2025 and 2024, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing authorities; however there are currently no audits for any tax periods in progress. The Plan administrator believes it is no longer subject to income tax examinations for years prior to 2022.

**6. Party-in-Interest**

The Plan held the following party-in-interest investments (at fair value):

---

| | | |
|:---|:---|:---|
| | December 31, | December 31, |
| | 2025 | 2024 |
| Park National Corporation Common Stock | $143327729 | $159236170 |
| Fidelity Investments Interest Bearing Account | 1794 | 1783 |
|  | $143329523 | $159237953 |

---

At December 31, 2025, the Plan held 941,830 shares of Park National Corporation Common Stock, with a fair value of $143,327,729. At December 31, 2024, the Plan held 928,870 shares of Park National Corporation Common Stock, with a fair value of $159,236,170.

During 2025 and 2024, cash dividends of $5,219,522 and $4,632,518, respectively, were paid to the Plan by Park National Corporation.

At December 31, 2025, the Plan held non-participant directed interest bearing accounts issued by Fidelity Investments of $1,794. During 2025, interest of $64 was paid to the Plan by Fidelity Investments. At December 31, 2024, the Plan held non-participant directed interest bearing accounts issued by Fidelity Investments of $1,783. During 2024, interest of $638 was paid to the Plan by Fidelity Investments.

During 2024, interest of $13,493 was paid to the Plan by Northern Trust. During 2025, no interest was paid to the Plan by Northern Trust.

------

Park National Corporation

Employees Stock Ownership Plan

Notes to Financial Statements

December 31, 2025 and 2024

**_____________________________________________________________________________________**

During 2025 and 2024, the Plan purchased 163,728 shares and 111,396 shares, respectively, of Park National Corporation Common Stock. During 2025 and 2024, the Plan sold 150,768 shares and 216,487 shares, respectively, of Park National Corporation Common Stock.

During 2025 and 2024, Park National Corporation paid administrative fees on behalf of the Plan to Fidelity totaling $36,867 and $11,643, respectively.

**7. Form 5500 Reconciliation**

The following is a reconciliation of net change in net assets available for benefits per the financial statements to the Form 5500:

---

| | | |
|:---|:---|:---|
| | 2025 | 2024 |
| Net (decrease) increase in net assets available for benefits |  |  |
| &nbsp;&nbsp;&nbsp;per the financial statements | $(3112704) | $43380854 |
| Plus: Prior year accrued interest and dividends |  | 50118 |
| Net (loss) income per the Form 5500 | $(3112704) | $43430972 |

---

**8. Risks and Uncertainties**

The Plan invests in various investment securities including Park National Corporation Common Stock, mutual funds, and interest bearing accounts. Investment securities are exposed to various risks such as interest rate, market, liquidity and credit risks. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the statements of net assets available for benefits.

**9. Fair Values**

GAAP defines fair value as the price that would be received by the Plan for an asset or paid by the Plan to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date in the Plan's principal or most advantageous market for the asset or liability. GAAP establishes a fair value hierarchy which requires the Plan to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The hierarchy places the highest priority on unadjusted quoted market prices in active markets for identical assets or liabilities (level 1 measurements) and gives the lowest priority to unobservable inputs (level 3 measurements). The three levels of inputs within the fair value hierarchy are defined as follows:

------

Park National Corporation

Employees Stock Ownership Plan

Notes to Financial Statements

December 31, 2025 and 2024

**_____________________________________________________________________________________**

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the Plan has the ability to access as of the measurement date.

Level 2: Significant other observable inputs other than level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3: Significant unobservable inputs that reflect the Plan's own assumptions about the assumptions that market participants would use in pricing an asset or liability.

In some cases, a valuation technique used to measure fair value may include inputs from multiple levels of the fair value hierarchy. The lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy.

The fair values of mutual fund investments and common stock are determined by obtaining quoted prices on nationally recognized securities exchanges (level 1 inputs). Additionally, due to their short-term nature, the fair value of interest-bearing cash balances are determined by reference to their face value (level 1 input). The fair value of all of the investments held by the Plan have been determined using Level 1 inputs (refer to the Statement of Net Assets Available for Benefits).

There were no transfers between level 1, level 2 or level 3 during 2025 or 2024. Management's policy is to transfer assets from one level to another when the methodology to obtain the fair value changes such that there are more or fewer unobservable inputs as of the end of the reporting period.

------

**SUPPLEMENTAL SCHEDULES**

------

Park National Corporation

Employees Stock Ownership Plan

Schedule H, Line 4i

Schedule of Assets (Held at End of Year)

December 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| | Name of Plan Sponsor: | Park National Corporation | | |
| | Employer identification number: | 31-1179518 | | |
| | Three digit plan number: | 002 | | |
| <u>(a)</u> | (b) <br>Identity of Issue, <br>Borrower, Lessor <br><u>or Similar Party</u>  | (c)<br>Description of Investment Including<br>Maturity Date, Rate of Interest,<br> <u>Collateral, Par or Maturity Value</u> | (d) <br><u>Cost</u> | (e)<br>Current<br> <u>Value</u> |
| Interest-bearing account: | Interest-bearing account: |  |  |  |
|  | Vanguard Treasury Money Market Fund Inv Class | Interest rate of 3.72% | \*\* | $7596196 |
| \* | Fidelity Government Cash Reserves Fund | Interest rate of 3.50% | $1794 | 1794 |
| Common Stock: | Common Stock: |  |  |  |
| \* | Park National Corporation |  |  |  |
|  | &nbsp;&nbsp;Common Stock | 941,830 shares | $100363429 | $143327729 |
| Mutual Funds: | Mutual Funds: |  |  |  |
|  | Vanguard Institutional Index Fund | 57,306 shares | \*\* | $31637764 |
|  | Vanguard Developed Markets Index |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Fund Admiral Shares | 272,434 shares | \*\* | 5467749 |
|  | Vanguard Intermediate-Term Bond |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Index Admiral Shares | 520,086 shares | \*\* | 5492107 |
|  | Vanguard Small-Cap Index Fund |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | 35,400 shares | \*\* | 4374702 |
|  | Vanguard Growth Index Fund Institutional | 102,349 shares | \*\* | 25705022 |
|  | Vanguard Value Index Fund |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | 33,768 shares | \*\* | 2516044 |
|  | Vanguard Mid-Cap Index Fund |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | 19,569 shares | \*\* | 7032273 |
|  | Vanguard Short-Term Investment Grade |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Fund Admiral Shares | 258,946 shares | \*\* | 2724108 |
|  | Vanguard Balanced Index Fund Institutional | 152,307 shares | \*\* | 7891023 |
|  | Vanguard Target Retirement Income Fund | 81,506 shares | \*\* | 1130489 |
|  | Vanguard Target Retirement 2025 Fund | 181,738 shares | \*\* | 3625674 |
|  | Vanguard Target Retirement 2035 Fund | 350,753 shares | \*\* | 9603606 |
|  | Vanguard Target Retirement 2045 Fund | 290,398 shares | \*\* | 10088431 |
|  | Vanguard Target Retirement 2055 Fund | 54,973 shares | \*\* | 3636990 |
|  | Vanguard Target Retirement 2065 Fund | 46,010 shares | \*\* | 1841767 |
|  | Total Mutual Funds |  | \*\* | $122767749 |
| Total Investments Held at End of Year | Total Investments Held at End of Year |  |  | $273693468 |

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\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates party-in-interest to the Plan.

\*\*&nbsp;&nbsp;&nbsp;&nbsp;Disclosure of historical cost is not required for participant directed investments.

------

Park National Corporation

Employees Stock Ownership Plan

Schedule H, Line 4j

Schedule of Reportable Transactions

For the year ended December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Name of Plan Sponsor: | Park National Corporation |  |  |  |  |  |
| Employer identification number: | 31-1179518 |  |  |  |  |  |
| Three digit plan number: | 002 |  |  |  |  |  |
|  | (b) |  |  |  | (h) |  |
|  | Description of Asset Including |  | (d) | (g) | Current Value | (i) |
| (a) | Maturity Date, Rate of Interest, | (c) | Selling | Cost of | of Asset on | Net Gain |
| <u>Identity or Party Involved</u> | <u>Collateral, Par or Maturity Value</u> | <u>Cost</u> | <u>Price</u> | <u>Asset</u> | <u>Transaction Date</u> | <u>or (Loss)</u> |
| **<u>Category (iii) – A series of transactions in excess of 5% of plan assets</u>** | **<u>Category (iii) – A series of transactions in excess of 5% of plan assets</u>** | **<u>Category (iii) – A series of transactions in excess of 5% of plan assets</u>** | **<u>Category (iii) – A series of transactions in excess of 5% of plan assets</u>** |  |  |  |
| Park National Corporation | PRK, 64 purchases | $24655951 | $— | $24655951 | $24655951 | $— |
| Park National Corporation | PRK, 197 sales |  | 22067229 | 15504433 | 22067229 | 6562796 |

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## Exhibit 23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in Registration Statements No. 333-219173, No. 333-168334, and No. 333-91178 on Form S-8 of Park National Corporation of our report dated June 24, 2026, appearing in this Annual Report on Form 11-K of Park National Corporation Employees Stock Ownership Plan for the year ended December 31, 2025.

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| |
|:---|
| <u>/s/ Crowe LLP</u> |
| Crowe LLP |

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Oakbrook Terrace, Illinois

June 24, 2026

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