# EDGAR Filing Document

**Accession Number:** 0000805676
**File Stem:** 0000805676-26-000008
**Filing Date:** 2026-1
**Character Count:** 110820
**Document Hash:** ec2451ba243ca5dbe139db0208181bcb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000805676-26-000008.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0000805676-26-000008

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260121

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260126

**DATE AS OF CHANGE**: 20260126

**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:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13006
- **FILM NUMBER:** 26560673

**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-20260121

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported) <u>January 21, 2026</u>

PARK NATIONAL CORPORATION <br> (Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| Ohio | 1-13006 | 31-1179518 |
| (State or other jurisdiction | (Commission | (IRS Employer |
| of incorporation) | File Number) | Identification No.) |

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50 North Third Street, <u>P.O. Box 3500,</u> <u>Newark,</u> <u>Ohio</u> <u>43058-3500</u> <br> (Address of principal executive offices) (Zip Code)

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| | |
|:---|:---|
| (740) | 349-8451 |
| (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) |
| Not Applicable | Not Applicable |
| (Former name or former address, if changed since last report.) | (Former name or former address, if changed since last report.) |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered <br> Common shares, without par value PRK NYSE American

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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<u>Item 2.02 - Results of Operations and Financial Condition</u>

On January 26, 2026, Park National Corporation ("Park") issued a news release (the "Financial Results News Release") announcing financial results for the three and twelve months ended December 31, 2025. A copy of the Financial Results News Release is included as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.

**Non-U.S. GAAP Financial Measures**

Item 7.01 of this Current Report on Form 8-K as well as the Financial Results News Release contain non-U.S. GAAP (generally accepted accounting principles in the United States or "U.S. GAAP") financial measures where management believes them to be helpful in understanding Park's results of operations or financial position. Where non-U.S. GAAP financial measures are used, the comparable U.S. GAAP financial measures, as well as the reconciliation from the comparable U.S. GAAP financial measures, can be found in the Financial Results News Release.

***Items Impacting Comparability of Period Results***

From time to time, revenue, expenses and/or taxes are impacted by items judged by management of Park to be outside of ordinary banking activities and/or by items that, while they may be associated with ordinary banking activities, are so unusually large that their impact is believed by management of Park at that time to be infrequent or short-term in nature. Most often, these items impacting comparability of period results are due to merger and acquisition activities and revenue and expenses related to former Vision Bank loan relationships. In other cases, they may result from management's decisions associated with significant corporate actions outside of the ordinary course of business.

Even though certain revenue and expense items are naturally subject to more volatility than others due to changes in market and economic environment conditions, as a general rule, volatility alone does not result in the inclusion of an item as one impacting comparability of period results. For example, changes in the provision for credit losses (aside from those related to former Vision Bank loan relationships), gains (losses) on equity securities, net, and asset valuation adjustments, reflect ordinary banking activities and are, therefore, typically excluded from consideration as items impacting comparability of period results.

Management believes the disclosure of items impacting comparability of period results provides a better understanding of Park's performance and trends and allows management to ascertain which of such items, if any, to include or exclude from an analysis of Park's performance; i.e., within the context of determining how that performance differed from expectations, as well as how, if at all, to adjust estimates of future performance taking such items into account.

Items impacting comparability of the results of particular periods are not intended to be a complete list of items that may materially impact current or future period performance.

***Non-U.S. GAAP Financial Measures***

Park's management uses certain non-U.S. GAAP financial measures to evaluate Park's performance. Specifically, management reviews the return on average tangible equity, the return on average tangible assets, the tangible equity to tangible assets ratio, tangible book value per common share and pre-tax, pre-provision net income.

Management has included in the Financial Results News Release information relating to the annualized return on average tangible equity, the annualized return on average tangible assets, the tangible equity to tangible assets ratio, tangible book value per common share and pre-tax, pre-provision net income for the three months ended and at December 31, 2025, September 30, 2025, and December 31, 2024 and for the twelve months ended December 31, 2025 and December 31, 2024. For the purpose of calculating the annualized return on average tangible equity, a non-U.S. GAAP financial measure, net income for each period is 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 period. For the purpose of calculating the annualized return on average tangible assets, a non-U.S. GAAP financial measure, net income for each period is divided by average tangible assets during the period. Average tangible assets equals average assets during the applicable period less average goodwill and other intangible assets during the applicable period. For the purpose of calculating the tangible equity to tangible assets ratio, a non-U.S. GAAP financial measure, tangible equity is divided by tangible assets. Tangible equity equals total shareholders' equity less goodwill and other intangible assets, in each case at period end. Tangible assets equal total assets less goodwill and other intangible assets, in each case at period end. For the purpose of calculating tangible book value per common share, a non-U.S. GAAP financial measure, tangible equity is divided by the number of common shares outstanding, in each case at period end. For the purpose of calculating pre-tax, pre-provision net income, a non-U.S. GAAP financial measure, income taxes and the provision for credit losses are added back to net income, in each case during the applicable period.

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Management believes that the disclosure of the annualized return on average tangible equity, the annualized return on average tangible assets, the tangible equity to tangible assets ratio, tangible book value per common share and pre-tax, pre-provision net income presents additional information to the reader of the consolidated financial statements, which, when read in conjunction with the consolidated financial statements prepared in accordance with U.S. GAAP, assists in analyzing Park's operating performance, ensures comparability of operating performance from period to period, and facilitates comparisons with the performance of Park's peer financial holding companies and bank holding companies, while eliminating certain non-operational effects of acquisitions. In the Financial Results News Release, Park has provided a reconciliation of average tangible equity from average shareholders' equity, average tangible assets from average assets, tangible equity from total shareholders' equity, tangible assets from total assets, and pre-tax, pre-provision net income from net income solely for the purpose of complying with SEC Regulation G and not as an indication that the annualized return on average tangible equity, the annualized return on average tangible assets, the tangible equity to tangible assets ratio, tangible book value per common share and pre-tax, pre-provision net income are substitutes for the annualized return on average equity, the annualized return on average assets, the total shareholders' equity to total assets ratio, book value per common share and net income, respectively, as determined in accordance with U.S. GAAP.

***FTE (fully taxable equivalent) Financial Measures***

Interest income, yields, and ratios on a FTE basis are considered non-U.S. GAAP financial measures. Management believes net interest income on a FTE basis provides an insightful picture of the interest margin for comparison purposes. The FTE basis also allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The FTE basis assumes a corporate federal statutory tax rate of 21 percent. In the Financial Results News Release, Park has provided a reconciliation of FTE interest income solely for the purpose of complying with SEC Regulation G and not as an indication that FTE interest income, yields and ratios are substitutes for interest income, yields and ratios, as determined in accordance with U.S. GAAP.

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<u>Item 7.01 - Regulation FD Disclosure</u>

**<u>Financial Results</u>**

Net income for the three months ended December 31, 2025 of $42.6 million represented a $4.0 million, or 10.4%, increase compared to $38.6 million for the three months ended December 31, 2024. Pre-tax, pre-provision net income for the three months ended December 31, 2025 of $56.5 million represented a $5.3 million, or 10.3%, increase compared to $51.3 million for the three months ended December 31, 2024.

Net income for the twelve months ended December 31, 2025 of $180.1 million represented a $28.7 million, or 18.9%, increase compared to $151.4 million for the twelve months ended December 31, 2024. Pre-tax, pre-provision net income for the twelve months ended December 31, 2025 of $232.8 million represented a $33.5 million, or 16.8%, increase compared to $199.3 million for the twelve months ended December 31, 2024.

Net income for each of the three months ended December 31, 2025, September 30, 2025 and December 31, 2024 and for the twelve months ended December 31, 2025 and December 31, 2024, included several items of income and expense that impacted comparability of period results. These items are detailed in the "Financial Reconciliations" section within the Financial Results News Release.

The following discussion provides additional information regarding Park.

<u>Overview</u>

The following table reflects Park's net income for each quarter of 2025 and for the years ended December 31, 2025, 2024 and 2023.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***(In thousands)*** | ***Q4 2025*** | ***Q3 2025*** | ***Q2 2025*** | ***Q1 2025*** | ***2025*** | ***2024*** | ***2023*** |
| **Net interest income** | $112926 | $111017 | $108991 | $104377 | $437311 | $398019 | $373113 |
| **Provision for credit losses** | 3849 | 4030 | 2853 | 756 | 11488 | 14543 | 2904 |
| **Other income** | 31375 | 30574 | 32186 | 25746 | 119881 | 122588 | 92634 |
| **Other expense** | 87777 | 79463 | 78977 | 78164 | 324381 | 321339 | 309239 |
| **Income before income taxes** | $52675 | $58098 | $59347 | $51203 | $221323 | $184725 | $153604 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense** | 10036 | 10940 | 11228 | 9046 | 41250 | 33305 | 26870 |
| **Net income** | $42639 | $47158 | $48119 | $42157 | $180073 | $151420 | $126734 |

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Net interest income of $437.3 million for the twelve months ended December 31, 2025 represented a $39.3 million, or 9.9%, increase compared to $398.0 million for the twelve months ended December 31, 2024. The increase was a result of a $21.6 million increase in interest income and a $17.7 million decrease in interest expense.

The $21.6 million increase in interest income was due to a $32.7 million increase in interest income on loans, partially offset by a $11.1 million decrease in investment income. The $32.7 million increase in interest income on loans was primarily the result of a $296.9 million (or 3.89%) increase in average loans, from $7.63 billion for the twelve months ended December 31, 2024 to $7.92 billion for the twelve months ended December 31, 2025, as well as an increase in the yield on loans, which increased 19 basis points to 6.33% for the twelve months ended December 31, 2025, compared to 6.14% for the twelve months ended December 31, 2024. The $11.1 million decrease in investment income was primarily the result of a $112.2 million (or 7.69%) decrease in average investments, including money market investments, from $1.46 billion for the twelve months ended December 31, 2024 to $1.35 billion for the twelve months ended December 31, 2025. The decrease in investment income was also due to a decrease in the yield on investments, including money market investments, which decreased 50 basis points to 3.40% for the twelve months ended December 31, 2025, compared to 3.90% for the twelve months ended December 31, 2024.

The $17.7 million decrease in interest expense was due to a $12.6 million decrease in interest expense on deposits, as well as a $5.1 million decrease in interest expense on borrowings. The decrease in interest expense on deposits was the result of a decrease in the cost of deposits of 26 basis points, from 1.97% for the twelve months ended December 31, 2024 to 1.71% for the twelve months ended December 31, 2025. This decrease was partially offset by a $137.2 million (or 2.41%) increase in average on-balance sheet interest bearing deposits from $5.70 billion for the twelve months ended December 31, 2024, to $5.83

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billion for the twelve months ended December 31, 2025. The increase in on-balance sheet interest bearing deposits was due to increases in savings accounts and time deposits, which were partially offset by decreases in transaction accounts and brokered and bid CD deposits. The decrease in interest expense on borrowings was the result of a decrease in the cost of borrowings of 48 basis points, from 4.05% for the twelve months ended December 31, 2024 to 3.57% for the twelve months ended December 31, 2025 as well as a $101.6 million (or 32.77%) decrease in average borrowings from $310.0 million for the twelve months ended December 31, 2024, to $208.4 million for the twelve months ended December 31, 2025. The balance of average borrowings was impacted by the redemption of subordinated debt. On September 1, 2025, $175.0 million of subordinated debt was repaid, followed by an additional repayment of $15.0 million of subordinated debt on September 30, 2025.

The provision for credit losses of $11.5 million for the twelve months ended December 31, 2025 represented a decrease of $3.1 million, compared to $14.5 million for the twelve months ended December 31, 2024. Refer to the "Credit Metrics and Provision for Credit Losses" section for additional details regarding the level of the provision for credit losses recognized in each period presented.

The table below reflects Park's total other income for the twelve months ended December 31, 2025 and 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
| ***(Dollars in thousands)*** | ***2025*** | ***2024*** | ***$ change*** | ***% change*** |
| **Other income:** |  |  |  |  |
| &nbsp;&nbsp;**Income from fiduciary activities** | $45770 | $42489 | $3281 | 7.7% |
| &nbsp;&nbsp;**Service charges on deposit accounts** | 10051 | 9001 | 1050 | 11.7% |
| &nbsp;&nbsp;**Other service income** | 14482 | 11743 | 2739 | 23.3% |
| &nbsp;&nbsp;**Debit card fee income** | 25793 | 25873 | (80) | (0.3)% |
| &nbsp;&nbsp;**Bank owned life insurance income** | 6610 | 7770 | (1160) | (14.9)% |
| &nbsp;&nbsp;**ATM fees** | 1406 | 1840 | (434) | (23.6)% |
| &nbsp;&nbsp;**Pension settlement gain** |  | 6148 | (6148) | N.M. |
| &nbsp;&nbsp;**Loss on sale of debt securities, net** | (2250) | (526) | (1724) | N.M. |
| &nbsp;&nbsp;**Gain on equity securities, net** | 4664 | 3080 | 1584 | 51.4% |
| &nbsp;&nbsp;**Other components of net periodic benefit income** | 9376 | 9263 | 113 | 1.2% |
| &nbsp;&nbsp;**Miscellaneous** | 3979 | 5907 | (1928) | (32.6)% |
| **Total other income** | $119881 | $122588 | $(2707) | (2.2)% |

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Other income of $119.9 million for the twelve months ended December 31, 2025 represented a decrease of $2.7 million, or 2.2%, compared to $122.6 million for the twelve months ended December 31, 2024. The $3.3 million increase in income from fiduciary activities was largely due to a 5.7% increase in the average market value of assets under management. The $1.1 million increase in service charges on deposits was largely due to an increase in maintenance fees on deposits. The $2.7 million increase in other service income was mainly due to an increase in mortgage and commercial related other service income. The $1.2 million decrease in bank owned life insurance income was primarily related to a decrease in death benefits received during the twelve months ended December 31, 2025. The change in pension settlement gain was due to a $6.1 million pension settlement gain during the twelve months ended December 31, 2024, which was related to a combination of lump sum payouts as well as the purchase of a nonparticipating annuity contract which will provide ongoing benefits to vested and retired participants. There was no pension settlement gain during the twelve months ended December 31, 2025. The change in loss on sale of debt securities, net was due to net losses on the sale of debt securities of $526,000 recorded during the twelve months ended December 31, 2024 compared to $2.3 million net losses on the sale of debt securities during the twelve months ended December 31, 2025. The change in gain on equity securities, net was mostly due to increases in both the net gain on equity securities carried at fair value and the net gain on capital investments during the twelve months ended December 31, 2025 compared to the same period of 2024. The decrease in miscellaneous income was primarily due to a decrease in net gains on the sale and disposal of assets, largely due to the impact of strategic initiatives, and an increase in loss on sale of repossessed assets.

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The table below reflects Park's total other expense for the twelve months ended December 31, 2025 and 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
| ***(Dollars in thousands)*** | ***2025*** | ***2024*** | ***$ change*** | ***% change*** |
| **Other expense:** |  |  |  |  |
| &nbsp;&nbsp;**Salaries** | $152735 | $147311 | $5424 | 3.7% |
| &nbsp;&nbsp;**Employee benefits** | 40362 | 41724 | (1362) | (3.3)% |
| &nbsp;&nbsp;**Occupancy expense** | 13379 | 12816 | 563 | 4.4% |
| &nbsp;&nbsp;**Furniture and equipment expense** | 8761 | 9983 | (1222) | (12.2)% |
| &nbsp;&nbsp;**Data processing fees** | 45269 | 40564 | 4705 | 11.6% |
| &nbsp;&nbsp;**Professional fees and services** | 31452 | 31146 | 306 | 1.0% |
| &nbsp;&nbsp;**Marketing** | 6074 | 6318 | (244) | (3.9)% |
| &nbsp;&nbsp;**Insurance** | 6355 | 6735 | (380) | (5.6)% |
| &nbsp;&nbsp;**Communication** | 4519 | 4097 | 422 | 10.3% |
| &nbsp;&nbsp;**State tax expense** | 4899 | 4500 | 399 | 8.9% |
| &nbsp;&nbsp;**Amortization of intangible assets** | 1042 | 1215 | (173) | (14.2)% |
| &nbsp;&nbsp;**Foundation contributions** | 1000 | 2000 | (1000) | (50.0)% |
| &nbsp;&nbsp;**Miscellaneous** | 8534 | 12930 | (4396) | (34.0)% |
| **Total other expense** | $324381 | $321339 | $3042 | 0.9% |

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Total other expense of $324.4 million for the twelve months ended December 31, 2025 represented an increase of $3.0 million compared to $321.3 million for the twelve months ended December 31, 2024. The increase in salaries expense was primarily related to increases in base salary expense, incentive compensation expense and share-based compensation expense. The decrease in employee benefit expense was primarily due to a decrease in group insurance expense and retirement related expense, partially offset by an increase in payroll tax related expense. The decrease in furniture and equipment expense was primarily due to a decrease in depreciation expense. The increase in data processing fees was mainly related to an increase in software related expenses, partially offset by a decrease in ATM and debit card processing expense. The decrease in miscellaneous expense is primarily due to a decrease in expense for the allowance for unfunded credit losses and other non-loan related losses as well as a decrease in other miscellaneous expenses.

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The table below provides certain balance sheet information and financial ratios for Park as of or for the year ended December 31, 2025 and 2024.

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| | | | |
|:---|:---|:---|:---|
| ***(Dollars in thousands)*** | ***December 31, 2025*** | ***December 31, 2024*** | ***% change from 12/31/24*** |
| **Loans** | 8051242 | 7817128 | 2.99% |
| **Allowance for credit losses** | 92973 | 87966 | 5.69% |
| **Net loans** | 7958269 | 7729162 | 2.96% |
| **Investment securities** | 802142 | 1100861 | (27.14)% |
| **Total assets** | 9805013 | 9805350 | —% |
| **Total deposits** | 8243713 | 8143526 | 1.23% |
| **Average assets** <sup>(1)</sup> | 10107816 | 9901264 | 2.09% |
| **Efficiency ratio** <sup>(2)</sup> | 57.94% | 61.44% | (5.70)% |
| **Return on average assets** | 1.78% | 1.53% | 16.34% |

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(1) Average assets for each of the years ended December 31, 2025 and 2024.

(2) Efficiency ratio is calculated by dividing total other expense by the sum of fully taxable equivalent net interest income and other income. Fully taxable equivalent net interest income includes the effects of taxable equivalent adjustments using a 21% federal corporate income tax rate. The taxable equivalent adjustments were $2.7 million and $2.4 million, respectively, for the years ended December 31, 2024, respectively.

<u>Loans</u>

Loans outstanding at December 31, 2025 were $8.05 billion, compared to (i) $7.82 billion at December 31, 2024, an increase of $234.1 million. The table below breaks out the change in loans outstanding, by loan type.

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| | | | | |
|:---|:---|:---|:---|:---|
| ***(Dollars in thousands)*** | ***December 31, 2025*** | ***December 31, 2024*** | ***$ change from 12/31/24*** | ***% change from 12/31/24*** |
| **Home equity** | $241478 | $203927 | $37551 | 18.4% |
| **Installment** | 1843494 | 1927168 | (83674) | (4.3)% |
| **Real estate** | 1482728 | 1452833 | 29895 | 2.1% |
| **Commercial** | 4481519 | 4230399 | 251120 | 5.9% |
| **Other** | 2023 | 2801 | (778) | (27.8)% |
| **Total loans**  | $8051242 | $7817128 | $234114 | 3.0% |

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Park's allowance for credit losses was $93.0 million at December 31, 2025, compared to $88.0 million at December 31, 2024, an increase of $5.0 million, or 5.7%. Refer to the "Credit Metrics and Provision for Credit Losses" section for additional information regarding Park's loan portfolio and the level of provision for credit losses recognized in each period presented.

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<u>Deposits</u>

Total deposits at December 31, 2025 were $8.24 billion, compared to (i) $8.33 billion at September 30, 2025, a decrease of $86.2 million and (ii) $8.14 billion at December 31, 2024, an increase of $100.2 million. Total deposits including off balance sheet deposits at December 31, 2025 were $8.35 billion, compared to (i) $8.48 billion at September 30, 2025, a decrease of $131.8 million and (ii) $8.26 billion at December 31, 2024, an increase of $90.3 million.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***(Dollars in thousands)*** | ***December 31, 2025*** | ***September 30, 2025*** | ***December 31, 2024*** | ***$ change from 09/30/25*** | ***% change from 09/30/25*** | ***$ change from 12/31/24*** | ***% change from 12/31/24*** |
| **Non-interest bearing deposits** | $2656093 | $2601666 | $2612708 | $54427 | 2.1% | $43385 | 1.7% |
| **Transaction accounts** | 2032497 | 2141681 | 1939755 | (109184) | (5.1)% | 92742 | 4.8% |
| **Savings** | 2765171 | 2793163 | 2679280 | (27992) | (1.0)% | 85891 | 3.2% |
| **Certificates of deposit** | 772952 | 773514 | 735297 | (562) | (0.1)% | 37655 | 5.1% |
| **Brokered and bid CD deposits** | 17000 | 19900 | 176486 | (2900) | (14.6)% | (159486) | (90.4)% |
| **Total deposits** | $8243713 | $8329924 | $8143526 | $(86211) | (1.0)% | $100187 | 1.2% |
| **Off balance sheet deposits** | $105265 | $150823 | $115186 | (45558) | (30.2)% | (9921) | (8.6)% |
| **Total deposits including off balance sheet deposits** | $8348978 | $8480747 | $8258712 | (131769) | (1.6)% | 90266 | 1.1% |

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In order to manage the impact of deposit growth on its balance sheet, Park utilizes a program where certain deposit balances are transferred off balance sheet while maintaining the customer relationship. Park is able to increase or decrease the amount of deposit balances transferred off balance sheet based on its balance sheet management strategies and liquidity needs.

The table below breaks out the change in deposit balances, including off balance sheet deposits, by deposit type, for Park.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***(Dollars in thousands)*** | ***December 31, 2025*** | ***September 30, 2025*** | ***December 31, 2024*** | ***$ change from 09/30/25*** | ***% change from 09/30/25*** | ***$ change from 12/31/24*** | ***% change from 12/31/24*** |
| **Retail deposits** | $4081871 | $3963727 | $4035351 | $118144 | 3.0% | $46520 | 1.2% |
| **Commercial deposits** | 4144842 | 4346297 | 3931689 | (201455) | (4.6)% | $213153 | 5.4% |
| **Brokered and bid CD deposits** | 17000 | 19900 | 176486 | (2900) | (14.6)% | $(159486) | (90.4)% |
| **Total deposits** | $8243713 | $8329924 | $8143526 | $(86211) | (1.0)% | $100187 | 1.2% |
| **Off balance sheet deposits** | 105265 | 150823 | 115186 | $(45558) | (30.2)% | $(9921) | (8.6)% |
| **Total deposits including off balance sheet deposits** | $8348978 | $8480747 | $8258712 | $(131769) | (1.6)% | $90266 | 1.1% |
| **Total deposits including off balance sheet deposits excluding Brokered and bid CD deposits** | $8331978 | $8460847 | $8082226 | $(128869) | (1.5)% | $249752 | 3.1% |
| **Noninterest bearing deposits to total deposits** | 32.2% | 31.2% | 32.1% |  |  |  |  |

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During the year ended December 31, 2025, total deposits including off balance sheet deposits increased by $90.3 million, or 1.1%. This increase consisted of a $213.2 million increase in total commercial deposits and a $46.5 million increase in retail deposits, partially offset by a $159.5 million decrease in brokered and bid CD deposits and a $9.9 million decrease in off balance sheet deposits. The majority of off balance sheet deposits are commercial and thus impact the change in commercial deposits as the deposits are moved on or off the balance sheet.

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Included in the total commercial deposits and off balance sheet deposits shown in the previous tables are public fund deposits. These balances fluctuate based on seasonality and the cycle of collection and remittance of tax funds. Public funds are also included in Bid Ohio CDs. The following table details the change in public funds held on and off Park's balance sheet.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***(Dollars in thousands)*** | ***December 31, 2025*** | ***September 30, 2025*** | ***December 31, 2024*** | ***$ change from 09/30/25*** | ***% change from 09/30/25*** | ***$ change from 12/31/24*** | ***% change from 12/31/24*** |
| **Public funds included in commercial deposits** | $1320070 | $1499941 | $1278325 | $(179871) | (12.0)% | $41745 | 3.3% |
| **Bid Ohio CDs** | 17000 | 19900 | 76497 | $(2900) | (14.6)% | $(59497) | (77.8)% |
| **Total public fund deposits** | $1337070 | $1519841 | $1354822 | $(182771) | (12.0)% | $(17752) | (1.3)% |
| **Cost of public fund deposits** | 1.94% | 1.97% | 2.36% |  |  |  |  |
| **Cost of total interest bearing deposits** | 1.71% | 1.74% | 1.97% |  |  |  |  |

---

As of December 31, 2025, Park had approximately $1.5 billion of uninsured deposits, which was 18.5% of total deposits. Uninsured deposits of $1.5 billion included $382.6 million of deposits that were over $250,000, but were fully collateralized by Park's investment securities portfolio.

<u>Credit Metrics and Provision for Credit Losses</u>

Park reported a provision for credit losses for the year ended December 31, 2025 of $11.5 million, compared to $14.5 million for the year ended December 31, 2024. Net charge-offs were $6.5 million, or 0.08%, of total average loans, for the year ended December 31, 2025, compared to $10.3 million, or 0.14%, of total average loans, for the year ended December 31, 2024.

The table below provides additional information related to Park's allowance for credit losses as of December 31, 2025 and December 31, 2024.

---

| | | |
|:---|:---|:---|
| ***(Dollars in thousands)*** | ***12/31/2025*** | ***12/31/2024*** |
| **Total allowance for credit losses** | $92973 | $87966 |
| **Allowance on accruing purchased credit deteriorated ("PCD") loans** |  |  |
| **Specific reserves on individually evaluated loans - accrual** |  |  |
| **Specific reserves on individually evaluated loans - nonaccrual** | 739 | 1299 |
| **General reserves on collectively evaluated loans** | $92234 | $86667 |
| **Total loans** | $8051242 | $7817128 |
| **Accruing PCD loans** | 1990 | 2174 |
| **Individually evaluated loans - accrual** | 18365 | 15290 |
| **Individually evaluated loans - nonaccrual** | 46924 | 53149 |
| **Collectively evaluated loans** | $7983963 | $7746515 |
| **Total allowance for credit losses as a % of total loans** | 1.15% | 1.13% |
| **General reserve as a % of collectively evaluated loans** | 1.16% | 1.12% |

---

The total allowance for credit losses of $93.0 million at December 31, 2025 represented a $5.0 million, or 5.7%, increase compared to $88.0 million at December 31, 2024. The increase was due to a $5.6 million increase in general reserves and a $560,000 decrease in specific reserves.

------

<u>SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995</u>

Park cautions that any forward-looking statements contained in this Current Report on Form 8-K or made by management of Park are provided to assist in the understanding of anticipated future financial performance. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management's expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements.

Risks and uncertainties that could cause actual results to differ include, without limitation: (1) the ability to execute our business plan successfully and manage strategic initiatives; (2) the impact of current and future economic and financial market conditions, including unemployment rates, inflation, interest rates, supply-demand imbalances, and geopolitical matters; (3) factors impacting the performance of our loan portfolio, including real estate values, financial health of borrowers, and loan concentrations; (4) the effects of monetary and fiscal policies, including interest rates, money supply, and inflation; (5) changes in federal, state, or local tax laws; (6) the impact of changes in governmental policy and regulatory requirements on our operations; (7) changes in consumer spending, borrowing, and saving habits; (8) changes in the performance and creditworthiness of customers, suppliers, and counterparties; (9) increased credit risk and higher credit losses due to loan concentrations; (10) volatility in mortgage banking income due to interest rates and demand; (11) adequacy of our internal controls and risk management programs; (12) competitive pressures among financial services organizations; (13) uncertainty regarding changes in banking regulations and other regulatory requirements; (14) our ability to meet heightened supervisory requirements and expectations; (15) the impact of changes in accounting policies and practices on our financial condition; (16) the reliability and accuracy of assumptions and estimates used in applying critical accounting estimates; (17) the potential for higher future credit losses due to changes in economic assumptions; (18) the ability to anticipate and respond to technological changes and our reliance on third-party vendors; (19) operational issues related to and capital spending necessitated by the implementation of information technology systems on which we are highly dependent; (20) the ability to secure confidential information and deliver products and services through computer systems and telecommunications networks; (21) the impact of security breaches or failures in operational systems; (22) the impact of geopolitical instability and trade policies on our operations including the imposition of tariffs and retaliatory tariffs; (23) the impact of changes in credit ratings of government debt and financial stability of sovereign governments; (24) the effect of stock market price fluctuations on our asset and wealth management businesses; (25) litigation and regulatory compliance exposure; (26) availability of earnings and excess capital for dividend declarations; (27) the impact of fraud, scams, and schemes on our business; (28) the impact of natural disasters, pandemics, and other emergencies on our operations; (29) potential deterioration of the economy due to financial, political, or other shocks; (30) impact of healthcare laws and potential changes on our costs and operations; (31) the ability to grow deposits and maintain adequate deposit levels, including by mitigating the effect of unexpected deposit outflows on our financial condition; (32) the ability to integrate the operations of First Citizens Bancshares, Inc. into those of Park and the effects of the merger on Park's future financial condition, results of operations, strategy and plans; and (33) other risk factors related to the banking industry.

Park does not undertake, and specifically disclaims any obligation, to publicly release the results of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement was made, or reflect the occurrence of unanticipated events, except to the extent required by law.

------

<u>Item 8.01 - Other Events</u>

**<u>Declaration of Cash Dividend</u>**

As reported in the Financial Results News Release, on January 26, 2026, the Park Board declared a $1.10 per common share quarterly cash dividend in respect of Park's common shares. The cash dividend is payable on March 10, 2026 to common shareholders of record as of the close of business on February 20, 2026. A copy of the Financial Results News Release is included as Exhibit 99.1 and the portion thereof addressing the declaration of the quarterly cash dividend by the Park Board is incorporated by reference herein.

**<u>Merger and Acquisition</u>**

As previously announced, on October 27, 2025, Park entered into an Agreement and Plan of Merger (the "Merger Agreement") with First Citizens Bancshares, Inc. ("First Citizens"). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, First Citizens would merge with and into Park (the "Merger"), with Park continuing as the surviving corporation in the Merger. Immediately following the Merger, Park will cause First Citizens' wholly owned banking subsidiary, First Citizens National Bank, a national banking association ("First Citizens National Bank"), to merge with and into Park's wholly owned banking subsidiary, The Park National Bank, a national banking association ("Park National Bank") (the "Bank Merger"), with Park National Bank continuing as the surviving bank in the Bank Merger.

The shareholders of First Citizens' approved and adopted the Merger Agreement at a special meeting of First Citizens' shareholders held on January 21, 2026. Previously, the Office of the Comptroller of the Currency approved the Bank Merger and the Federal Reserve Bank of Cleveland approved Park's request of waiver. The Merger and Bank Merger are currently expected to be completed on February 1, 2026, subject to the satisfaction of customary closing conditions set forth in the Merger Agreement.

<u>Item 9.01 - Financial Statements and Exhibits.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Exhibits</u>. The following exhibits are included with this Current Report on Form 8-K:

<u>Exhibit No.</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Description</u>

<u>[99.1](exhibit991earningsrelease4.htm)</u>&nbsp;&nbsp;&nbsp;&nbsp;News Release issued by Park National Corporation on January 26, 2026 addressing financial results for the three months and twelve months ended December 31, 2025 and declaration of quarterly cash dividend

<u>[104](#i80cd1b0c4e8c4ff1b7801bd2d982b4ba_1)</u>&nbsp;&nbsp;&nbsp;&nbsp;Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)

------

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | PARK NATIONAL CORPORATION | PARK NATIONAL CORPORATION |
| Dated: January 26, 2026 | By: | /s/ Brady T. Burt |
|  |  | Brady T. Burt |
|  |  | Chief Financial Officer, Secretary and Treasurer |

---

## Exhibit 99.1

![image.jpg](image.jpg)

January 26, 2026&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;Exhibit 99.1

**Park National Corporation reports 2025 results and increase to quarterly cash dividend**

**NEWARK, Ohio** ‒ Park National Corporation (Park) (NYSE American: PRK) today reported financial results for the fourth quarter and full year of 2025. Park's board of directors declared a quarterly cash dividend of $1.10 per common share, payable on March 10, 2026, to common shareholders of record as of February 20, 2026.

"Our performance reflects the hard work and dedication our associates demonstrate in service to others," said Park Chairman David Trautman. "With earnings and dividends at their highest levels, we're delivering solid value for our fellow shareholders. We will build on this momentum by staying true to our purpose of helping everyone with whom we come in contact flourish."

Park's net income for the fourth quarter of 2025 was $42.6 million, a 10.4 percent increase from $38.6 million for the fourth quarter of 2024. Fourth quarter 2025 net income per diluted common share was $2.63, compared to $2.37 for the fourth quarter of 2024. Park's net income for the full year of 2025 was $180.1 million, an 18.9 percent increase from $151.4 million for the full year of 2024. Net income per diluted common share for the full year of 2025 was $11.11 compared to $9.32 for the full year of 2024.

"Our loan and deposit growth demonstrate the strength of our relationships and the trust our customers place in us," said Park CEO & President Matthew Miller. "Looking ahead to the expected closing of First Citizens Bancshares, Inc. on February 1, 2026, we're energized by the opportunities the partnership will create. The upcoming close is possible because of the dedication of our Park colleagues and our new colleagues from First Citizens. We are grateful for every opportunity to serve our customers and communities."

Park's total loans increased 3.0 percent during 2025. Park's total deposits increased 1.2 percent during 2025, with an increase of 1.1 percent including off balance sheet deposits. The combination of solid loan growth and steady deposits contributed to Park's success in 2025.

Headquartered in Newark, Ohio, Park National Corporation has $9.8 billion in total assets (as of December 31, 2025). Park's banking operations are conducted through its subsidiary, The Park National Bank. Other Park subsidiaries are Scope Leasing, Inc. (d.b.a. Scope Aircraft Finance), Park Investments, Inc. and SE Property Holdings, LLC.

Complete financial tables are listed below.

Category: Earnings

Media contact: Michelle Hamilton, 740.349.6014, media@parknationalbank.com

Investor contact: Brady Burt, 740.322.6844, investor@parknationalbank.com

Park National Corporation, 50 N. Third Street, Newark, Ohio 43055

*Park National Corporation*

*50 N. Third Street, Newark, Ohio 43055*

*www.parknationalcorp.com*

------

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

Park cautions that any forward-looking statements contained in this news release or made by management of Park are provided to assist in the understanding of anticipated future financial performance. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management's expectations and are subject to a number of risks and uncertainties, including those described in Park's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as updated by our filings with the SEC. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements.

Risks and uncertainties that could cause actual results to differ include, without limitation: (1) the ability to execute our business plan successfully and manage strategic initiatives; (2) the impact of current and future economic and financial market conditions, including unemployment rates, inflation, interest rates, supply-demand imbalances, and geopolitical matters; (3) factors impacting the performance of our loan portfolio, including real estate values, financial health of borrowers, and loan concentrations; (4) the effects of monetary and fiscal policies, including interest rates, money supply, and inflation; (5) changes in federal, state, or local tax laws; (6) the impact of changes in governmental policy and regulatory requirements on our operations; (7) changes in consumer spending, borrowing, and saving habits; (8) changes in the performance and creditworthiness of customers, suppliers, and counterparties; (9) increased credit risk and higher credit losses due to loan concentrations; (10) volatility in mortgage banking income due to interest rates and demand; (11) adequacy of our internal controls and risk management programs; (12) competitive pressures among financial services organizations; (13) uncertainty regarding changes in banking regulations and other regulatory requirements; (14) our ability to meet heightened supervisory requirements and expectations; (15) the impact of changes in accounting policies and practices on our financial condition; (16) the reliability and accuracy of assumptions and estimates used in applying critical accounting estimates; (17) the potential for higher future credit losses due to changes in economic assumptions; (18) the ability to anticipate and respond to technological changes and our reliance on third-party vendors; (19) operational issues related to and capital spending necessitated by the implementation of information technology systems on which we are highly dependent; (20) the ability to secure confidential information and deliver products and services through computer systems and telecommunications networks; (21) the impact of security breaches or failures in operational systems; (22) the impact of geopolitical instability and trade policies on our operations including the imposition of tariffs and retaliatory tariffs; (23) the impact of changes in credit ratings of government debt and financial stability of sovereign governments; (24) the effect of stock market price fluctuations on our asset and wealth management businesses; (25) litigation and regulatory compliance exposure; (26) availability of earnings and excess capital for dividend declarations; (27) the impact of fraud, scams, and schemes on our business; (28) the impact of natural disasters, pandemics, and other emergencies on our operations; (29) potential deterioration of the economy due to financial, political, or other shocks; (30) impact of healthcare laws and potential changes on our costs and operations; (31) the ability to grow deposits and maintain adequate deposit levels, including by mitigating the effect of unexpected deposit outflows on our financial condition; (32) the ability to integrate the operations of First Citizens Bancshares, Inc. into those of Park and the effects of the merger on Park's future financial condition, results of operations, strategy and plans; and (33) other risk factors related to the banking industry.

Park does not undertake, and specifically disclaims any obligation, to publicly release the results of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement was made, or reflect the occurrence of unanticipated events, except to the extent required by law.

*Park National Corporation*

*50 N. Third Street, Newark, Ohio 43055*

*www.parknationalcorp.com*

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** |
| **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** |
| **As of or for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024** | **As of or for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024** | | | | |
| | **2025** | **2025** | **2024** | **Percent change 4Q '25 vs.** | **Percent change 4Q '25 vs.** |
| ***(in thousands, except common share and per common share data and ratios)*** | **4th QTR** | **3rd QTR** | **4th QTR** | **3Q '25** | **4Q '24** |
| **INCOME STATEMENT:** |  |  |  |  |  |
| Net interest income | $112926 | $111017 | $103445 | 1.7% | 9.2% |
| Provision for credit losses | 3849 | 4030 | 3935 | (4.5)% | (2.2)% |
| Other income | 31375 | 30574 | 31064 | 2.6% | 1.0% |
| Other expense | 87777 | 79463 | 83241 | 10.5% | 5.4% |
| Income before income taxes | $52675 | $58098 | $47333 | (9.3)% | 11.3% |
| Income taxes | 10036 | 10940 | 8703 | (8.3)% | 15.3% |
| Net income | $42639 | $47158 | $38630 | (9.6)% | 10.4% |
| **MARKET DATA:** |  |  |  |  |  |
| Earnings per common share - basic (a) | $2.65 | $2.93 | $2.39 | (9.6)% | 10.9% |
| Earnings per common share - diluted (a) | 2.63 | 2.92 | 2.37 | (9.9)% | 11.0% |
| Quarterly cash dividend declared per common share | 1.07 | 1.07 | 1.06 | —% | 0.9% |
| Special cash dividend declared per common share | 1.25 |  | 0.50 | N.M. | 150.0% |
| Book value per common share at period end | 84.14 | 82.87 | 76.98 | 1.5% | 9.3% |
| Market price per common share at period end | 152.18 | 162.53 | 171.43 | (6.4)% | (11.2)% |
| Market capitalization at period end | 2446790 | 2612076 | 2770134 | (6.3)% | (11.7)% |
| Weighted average common shares - basic (b) | 16076308 | 16071347 | 16156827 | —% | (0.5)% |
| Weighted average common shares - diluted (b) | 16183706 | 16173271 | 16283701 | 0.1% | (0.6)% |
| Common shares outstanding at period end | 16078262 | 16071347 | 16158982 | —% | (0.5)% |
| **PERFORMANCE RATIOS: (annualized)** |  |  |  |  |  |
| Return on average assets (a)(b) | 1.68% | 1.83% | 1.54% | (8.2)% | 9.1% |
| Return on average shareholders' equity (a)(b) | 12.61% | 14.19% | 12.32% | (11.1)% | 2.4% |
| Yield on loans | 6.34% | 6.34% | 6.21% | —% | 2.1% |
| Yield on investment securities | 2.84% | 3.04% | 3.46% | (6.6)% | (17.9)% |
| Yield on money market instruments | 3.94% | 4.44% | 4.75% | (11.3)% | (17.1)% |
| Yield on interest earning assets | 5.91% | 5.90% | 5.82% | 0.2% | 1.5% |
| Cost of interest bearing deposits | 1.61% | 1.74% | 1.90% | (7.5)% | (15.3)% |
| Cost of borrowings | 1.31% | 3.55% | 3.86% | (63.1)% | (66.1)% |
| Cost of paying interest bearing liabilities | 1.61% | 1.80% | 1.99% | (10.6)% | (19.1)% |
| Net interest margin (g) | 4.88% | 4.72% | 4.51% | 3.4% | 8.2% |
| Efficiency ratio (g) | 60.54% | 55.85% | 61.60% | 8.4% | (1.7)% |
| **OTHER DATA (NON-GAAP) AND BALANCE SHEET INFORMATION:** |  |  |  |  |  |
| Tangible book value per common share (d) | $74.06 | $72.77 | $66.89 | 1.8% | 10.7% |
| Average interest earning assets | 9230035 | 9388308 | 9176540 | (1.7)% | 0.6% |
| Pre-tax, pre-provision net income (j) | 56524 | 62128 | 51268 | (9.0)% | 10.3% |
| Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. | Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. | Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. | Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. | Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. | Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. |

---

*Park National Corporation*

*50 N. Third Street, Newark, Ohio 43055*

*www.parknationalcorp.com*

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** |
| **Financial Highlights (continued)** | **Financial Highlights (continued)** | **Financial Highlights (continued)** | **Financial Highlights (continued)** | **Financial Highlights (continued)** | **Financial Highlights (continued)** |
| **As of or for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024** | **As of or for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024** | | | | |
| | | | | **Percent change 4Q '25 vs.** | **Percent change 4Q '25 vs.** |
| ***(in thousands, except ratios)*** | **December 31, 2025** | **September 30, 2025** | **December 31, 2024** | **3Q '25** | **4Q '24** |
| **BALANCE SHEET:** | | | | | |
| Investment securities | $802142 | $926934 | $1100861 | (13.5)% | (27.1)% |
| Loans | 8051242 | 7992753 | 7817128 | 0.7% | 3.0% |
| Allowance for credit losses | 92973 | 91758 | 87966 | 1.3% | 5.7% |
| Goodwill and other intangible assets | 161990 | 162237 | 163032 | (0.2)% | (0.6)% |
| Other real estate owned (OREO) | 729 | 638 | 938 | 14.3% | (22.3)% |
| Total assets | 9805013 | 9862068 | 9805350 | (0.6)% | —% |
| Total deposits | 8243713 | 8329924 | 8143526 | (1.0)% | 1.2% |
| Borrowings | 81711 | 78126 | 280083 | 4.6% | (70.8)% |
| Total shareholders' equity | 1352793 | 1331821 | 1243848 | 1.6% | 8.8% |
| Tangible equity (d) | 1190803 | 1169584 | 1080816 | 1.8% | 10.2% |
| Total nonperforming loans | 69253 | 90571 | 69932 | (23.5)% | (1.0)% |
| Total nonperforming assets | 69982 | 91209 | 70870 | (23.3)% | (1.3)% |
| **ASSET QUALITY RATIOS:** |  |  |  |  |  |
| Loans as a % of period end total assets | 82.11% | 81.05% | 79.72% | 1.3% | 3.0% |
| Total nonperforming loans as a % of period end loans | 0.86% | 1.13% | 0.89% | (23.9)% | (3.4)% |
| Total nonperforming assets as a % of period end loans + OREO + other nonperforming assets | 0.87% | 1.14% | 0.91% | (23.7)% | (4.4)% |
| Allowance for credit losses as a % of period end loans | 1.15% | 1.15% | 1.13% | —% | 1.8% |
| Net loan charge-offs | $2634 | $2057 | $3206 | 28.1% | (17.8)% |
| Annualized net loan charge-offs as a % of average loans (b) | 0.13% | 0.10% | 0.16% | 30.0% | (18.8)% |
| **CAPITAL & LIQUIDITY:** |  |  |  |  |  |
| Total shareholders' equity / Period end total assets | 13.80% | 13.50% | 12.69% | 2.2% | 8.7% |
| Tangible equity (d) / Tangible assets (f) | 12.35% | 12.06% | 11.21% | 2.4% | 10.2% |
| Average shareholders' equity / Average assets (b) | 13.32% | 12.88% | 12.47% | 3.4% | 6.8% |
| Average shareholders' equity / Average loans (b) | 16.77% | 16.60% | 16.08% | 1.0% | 4.3% |
| Average loans / Average deposits (b) | 93.98% | 92.68% | 93.00% | 1.4% | 1.1% |
| Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. | Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. | Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. | Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. |  |  |

---

*Park National Corporation*

*50 N. Third Street, Newark, Ohio 43055*

*www.parknationalcorp.com*

------

---

| | | | |
|:---|:---|:---|:---|
| **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** |
| **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** |
| **Year ended December 31, 2025 and December 31, 2024** | **Year ended December 31, 2025 and December 31, 2024** | | |
| ***(in thousands, except common share and per common share data and ratios)*** | **2025** | **2024** | **Percent change '25 vs '24** |
| **INCOME STATEMENT:** |  |  |  |
| Net interest income | $437311 | $398019 | 9.9% |
| Provision for credit losses | 11488 | 14543 | (21.0)% |
| Other income | 119881 | 122588 | (2.2)% |
| Other expense | 324381 | 321339 | 0.9% |
| Income before income taxes | $221323 | $184725 | 19.8% |
| Income taxes | 41250 | 33305 | 23.9% |
| Net income | $180073 | $151420 | 18.9% |
| **MARKET DATA:** |  |  |  |
| Earnings per common share - basic (a) | $11.18 | $9.38 | 19.2% |
| Earnings per common share - diluted (a) | 11.11 | 9.32 | 19.2% |
| Quarterly cash dividend declared per common share | 4.28 | 4.24 | 0.9% |
| Special cash dividend declared per common share | 1.25 | 0.50 | 150.0% |
| Weighted average common shares - basic (b) | 16109237 | 16143708 | (0.2)% |
| Weighted average common shares - diluted (b) | 16202910 | 16244797 | (0.3)% |
| **PERFORMANCE RATIOS:** |  |  |  |
| Return on average assets (a)(b) | 1.78% | 1.53% | 16.3% |
| Return on average shareholders' equity (a)(b) | 13.80% | 12.65% | 9.1% |
| Yield on loans | 6.33% | 6.14% | 3.1% |
| Yield on investment securities | 3.10% | 3.74% | (17.1)% |
| Yield on money market instruments | 4.29% | 5.16% | (16.9)% |
| Yield on interest earning assets | 5.90% | 5.78% | 2.1% |
| Cost of interest bearing deposits | 1.71% | 1.97% | (13.2)% |
| Cost of borrowings | 3.57% | 4.05% | (11.9)% |
| Cost of paying interest bearing liabilities | 1.77% | 2.08% | (14.9)% |
| Net interest margin (g) | 4.75% | 4.41% | 7.7% |
| Efficiency ratio (g) | 57.94% | 61.44% | (5.7)% |
| **ASSET QUALITY RATIOS:** |  |  |  |
| Net loan charge-offs | $6481 | $10322 | (37.2)% |
| Net loan charge-offs as a % of average loans (b) | 0.08% | 0.14% | (42.9)% |
| **CAPITAL & LIQUIDITY** |  |  |  |
| Average shareholders' equity / Average Assets (b) | 12.91% | 12.09% | 6.8% |
| Average shareholders' equity / Average loans (b) | 16.47% | 15.69% | 5.0% |
| Average loans / Average deposits (b) | 93.64% | 92.34% | 1.4% |
| **OTHER DATA (NON-GAAP) AND BALANCE SHEET INFORMATION:** |  |  |  |
| Average interest earning assets | 9270563 | 9085850 | 2.0% |
| Pre-tax, pre-provision net income (j) | 232811 | 199268 | 16.8% |
| Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. | Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. | Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. | Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. |

---

*Park National Corporation*

*50 N. Third Street, Newark, Ohio 43055*

*www.parknationalcorp.com*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** |
| **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** |
| | **Three Months Ended** | **Three Months Ended** | **Twelve Month Ended** | **Twelve Month Ended** |
| | **December 31** | **December 31** | **December 31** | **December 31** |
| ***(in thousands, except share and per share data)*** | **2025** | **2024** | **2025** | **2024** |
| Interest income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and fees on loans | $**127443** | $**120870** | $**500282** | $**467602** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on debt securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable | **4267** | **8641** | **23734** | **41718** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt | **1487** | **1351** | **5779** | **5524** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other interest income | **3695** | **2751** | **14745** | **8121** |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest income** | **136892** | **133613** | **544540** | **522965** |
| Interest expense: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on deposits: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Demand and savings deposits | **18431** | **19802** | **76421** | **82789** |
| &nbsp;&nbsp;&nbsp;&nbsp; Time deposits | **5267** | **7658** | **23359** | **29594** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on borrowings | **268** | **2708** | **7449** | **12563** |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total interest expense** | **23966** | **30168** | **107229** | **124946** |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest income** | **112926** | **103445** | **437311** | **398019** |
| Provision for credit losses | **3849** | **3935** | **11488** | **14543** |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest income after provision for credit losses** | **109077** | **99510** | **425823** | **383476** |
| Other income | **31375** | **31064** | **119881** | **122588** |
| Other expense | **87777** | **83241** | **324381** | **321339** |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income before income taxes** | **52675** | **47333** | **221323** | **184725** |
| Income taxes | **10036** | **8703** | **41250** | **33305** |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income** | $**42639** | $**38630** | $**180073** | $**151420** |
| **Per common share:** |  |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income - basic** | $**2.65** | $**2.39** | $**11.18** | $**9.38** |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income - diluted** | $**2.63** | $**2.37** | $**11.11** | $**9.32** |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted average common shares - basic** | **16076308** | **16156827** | **16109237** | **16143708** |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted average common shares - diluted** | **16183706** | **16283701** | **16202910** | **16244797** |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash dividends declared:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Quarterly dividend** | $**1.07** | $**1.06** | $**4.28** | $**4.24** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Special dividend** | $**1.25** | $**0.50** | $**1.25** | $**0.50** |

---

*Park National Corporation*

*50 N. Third Street, Newark, Ohio 43055*

*www.parknationalcorp.com*

------

---

| | | |
|:---|:---|:---|
| **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** |
| **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** |
| ***(in thousands, except share data)*** | **December 31, 2025** | December 31, 2024 |
| **Assets** |  |  |
| Cash and due from banks | $**137239** | $122363 |
| Money market instruments | **96274** | 38203 |
| Investment securities | **802142** | 1100861 |
| Loans | **8051242** | 7817128 |
| Allowance for credit losses | **(92973)** | (87966) |
| **Loans, net** | **7958269** | 7729162 |
| Bank premises and equipment, net | **61627** | 69522 |
| Goodwill and other intangible assets | **161990** | 163032 |
| Other real estate owned | **729** | 938 |
| Other assets | **586743** | 581269 |
| **Total assets** | $**9805013** | $9805350 |
| **Liabilities and Shareholders' Equity** |  |  |
| Deposits: |  |  |
| Noninterest bearing | $**2656093** | $2612708 |
| Interest bearing | **5587620** | 5530818 |
| **Total deposits** | **8243713** | 8143526 |
| Borrowings | **81711** | 280083 |
| Other liabilities | **126796** | 137893 |
| **Total liabilities** | $**8452220** | $8561502 |
| **Shareholders' Equity:** |  |  |
| Preferred shares (200,000 shares authorized; no shares outstanding at December 31, 2025 or December 31, 2024) | $**—** | $— |
| Common shares (No par value; 40,000,000 shares authorized at December 31, 2025 and 20,000,000 at December 31, 2024; 17,623,104 shares issued at December 31, 2025 and December 31, 2024) | **465032** | 463706 |
| Accumulated other comprehensive loss, net of taxes | **(12739)** | (46175) |
| Retained earnings | **1067823** | 977599 |
| Treasury shares (1,544,842 shares at December 31, 2025 and 1,464,122 shares at December 31, 2024) | **(167323)** | (151282) |
| **Total shareholders' equity** | $**1352793** | $1243848 |
| **Total liabilities and shareholders' equity** | $**9805013** | $9805350 |

---

*Park National Corporation*

*50 N. Third Street, Newark, Ohio 43055*

*www.parknationalcorp.com*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** |
| **Consolidated Average Balance Sheets** | **Consolidated Average Balance Sheets** | **Consolidated Average Balance Sheets** | **Consolidated Average Balance Sheets** | **Consolidated Average Balance Sheets** |
| | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| ***(in thousands)*** | **2025** | 2024 | **2025** | 2024 |
| **Assets** |  |  |  |  |
| Cash and due from banks | $**113086** | $122949 | $**119607** | $129070 |
| Money market instruments | **371626** | 230591 | **343612** | 157292 |
| Investment securities | **864627** | 1167467 | **993339** | 1265680 |
| Loans | **7998159** | 7757229 | **7924342** | 7627419 |
| Allowance for credit losses | **(92848)** | (87608) | **(90254)** | (85930) |
| **Loans, net** | **7905311** | 7669621 | **7834088** | 7541489 |
| Bank premises and equipment, net | **62521** | 70615 | **65272** | 72689 |
| Goodwill and other intangible assets | **162152** | 163221 | **162536** | 163669 |
| Other real estate owned | **671** | 1079 | **570** | 1192 |
| Other assets | **589466** | 582785 | **588792** | 570183 |
| **Total assets** | $**10069460** | $10008328 | $**10107816** | $9901264 |
| **Liabilities and Shareholders' Equity** |  |  |  |  |
| Deposits: |  |  |  |  |
| Noninterest bearing | $**2673397** | $2593128 | $**2629132** | $2564009 |
| Interest bearing | **5837476** | 5747671 | **5833360** | 5696185 |
| **Total deposits** | **8510873** | 8340799 | **8462492** | 8260194 |
| Borrowings | **81180** | 279149 | **208420** | 309996 |
| Other liabilities | **136008** | 140700 | **131679** | 133954 |
| **Total liabilities** | $**8728061** | $8760648 | $**8802591** | $8704144 |
| **Shareholders' Equity:** |  |  |  |  |
| Preferred shares | $**—** | $— | $**—** | $— |
| Common shares | **463633** | 462146 | **462444** | 461433 |
| Accumulated other comprehensive loss, net of taxes | **(20861)** | (41229) | **(31191)** | (60619) |
| Retained earnings | **1066169** | 978267 | **1035307** | 949160 |
| Treasury shares | **(167542)** | (151504) | **(161335)** | (152854) |
| **Total shareholders' equity** | $**1341399** | $1247680 | $**1305225** | $1197120 |
| **Total liabilities and shareholders' equity** | $**10069460** | $10008328 | $**10107816** | $9901264 |

---

*Park National Corporation*

*50 N. Third Street, Newark, Ohio 43055*

*www.parknationalcorp.com*

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** |
| **Consolidated Statements of Income - Linked Quarters** | **Consolidated Statements of Income - Linked Quarters** | **Consolidated Statements of Income - Linked Quarters** | **Consolidated Statements of Income - Linked Quarters** | **Consolidated Statements of Income - Linked Quarters** | **Consolidated Statements of Income - Linked Quarters** |
|  | **2025** | 2025 | 2025 | 2025 | 2024 |
| ***(in thousands, except per share data)*** | **4th QTR** | 3rd QTR | 2nd QTR | 1st QTR | 4th QTR |
| Interest income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and fees on loans | $**127443** | $126648 | $125543 | $120648 | $120870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on debt securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable | **4267** | 5644 | 6693 | 7130 | 8641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt | **1487** | 1520 | 1503 | 1269 | 1351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other interest income | **3695** | 5140 | 2757 | 3153 | 2751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total interest income** | **136892** | 138952 | 136496 | 132200 | 133613 |
| Interest expense: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on deposits: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Demand and savings deposits | **18431** | 20499 | 19055 | 18436 | 19802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time deposits | **5267** | 5501 | 5821 | 6770 | 7658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on borrowings | **268** | 1935 | 2629 | 2617 | 2708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total interest expense** | **23966** | 27935 | 27505 | 27823 | 30168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net interest income** | **112926** | 111017 | 108991 | 104377 | 103445 |
| Provision for credit losses | **3849** | 4030 | 2853 | 756 | 3935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net interest income after provision for credit losses** | **109077** | 106987 | 106138 | 103621 | 99510 |
| Other income | **31375** | 30574 | 32186 | 25746 | 31064 |
| Other expense | **87777** | 79463 | 78977 | 78164 | 83241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income before income taxes** | **52675** | 58098 | 59347 | 51203 | 47333 |
| Income taxes | **10036** | 10940 | 11228 | 9046 | 8703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net income** | $**42639** | $47158 | $48119 | $42157 | $38630 |
| **Per common share:** |  |  |  |  |  |
| **Net income - basic** | $**2.65** | $2.93 | $2.98 | $2.61 | $2.39 |
| **Net income - diluted** | $**2.63** | $2.92 | $2.97 | $2.60 | $2.37 |

---

*Park National Corporation*

*50 N. Third Street, Newark, Ohio 43055*

*www.parknationalcorp.com*

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** |
| **Detail of other income and other expense - Linked Quarters** | **Detail of other income and other expense - Linked Quarters** | **Detail of other income and other expense - Linked Quarters** | **Detail of other income and other expense - Linked Quarters** | **Detail of other income and other expense - Linked Quarters** | **Detail of other income and other expense - Linked Quarters** |
|  | **2025** | 2025 | 2025 | 2025 | 2024 |
| *(in thousands)* | **4th QTR** | 3rd QTR | 2nd QTR | 1st QTR | 4th QTR |
| Other income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from fiduciary activities | $**11839** | $11315 | $11622 | $10994 | $11122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service charges on deposit accounts | **2552** | 2578 | 2514 | 2407 | 2319 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other service income | **4099** | 3716 | 3731 | 2936 | 3277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debit card fee income | **6493** | 6604 | 6607 | 6089 | 6511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank owned life insurance income | **1777** | 1559 | 1762 | 1512 | 1519 |
| &nbsp;&nbsp;&nbsp;&nbsp;ATM fees | **333** | 371 | 367 | 335 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension settlement gain | **—** |  |  |  | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on sale of debt securities, net | **(2250)** |  |  |  | (128) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on equity securities, net | **3595** | (549) | 2480 | (862) | 1852 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other components of net periodic benefit income | **2344** | 2344 | 2344 | 2344 | 2651 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | **593** | 2636 | 759 | (9) | 1161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income | $**31375** | $30574 | $32186 | $25746 | $31064 |
| Other expense: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries | $**39315** | $38644 | $38560 | $36216 | $37254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee benefits | **10846** | 9892 | 9108 | 10516 | 10129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Occupancy expense | **3349** | 3242 | 3269 | 3519 | 2929 |
| &nbsp;&nbsp;&nbsp;&nbsp;Furniture and equipment expense | **2007** | 2219 | 2234 | 2301 | 2375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Data processing fees | **12188** | 11531 | 11021 | 10529 | 10450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees and services | **9275** | 7475 | 7395 | 7307 | 10465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketing | **1744** | 1507 | 1295 | 1528 | 1949 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance | **1534** | 1468 | 1667 | 1686 | 1600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication | **1137** | 1239 | 941 | 1202 | 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp;State tax expense | **1181** | 1182 | 1350 | 1186 | 1145 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | **247** | 248 | 273 | 274 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foundation contributions | **1000** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | **3954** | 816 | 1864 | 1900 | 3553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense | $**87777** | $79463 | $78977 | $78164 | $83241 |

---

*Park National Corporation*

*50 N. Third Street, Newark, Ohio 43055*

*www.parknationalcorp.com*

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** |
| **Asset Quality Information** | **Asset Quality Information** | **Asset Quality Information** | **Asset Quality Information** | **Asset Quality Information** | **Asset Quality Information** |
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| ***(in thousands, except ratios)*** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Allowance for credit losses:** |  |  |  |  |  |
| Allowance for credit losses, beginning of period | $87966 | $83745 | $85379 | $83197 | $85675 |
| Cumulative change in accounting principle; adoption of ASU 2022-02 in 2023 and ASU 2016-13 in 2021 |  |  | 383 |  | 6090 |
| Charge-offs | 16624 | 18334 | 10863 | 9133 | 5093 |
| Recoveries | 10143 | 8012 | 5942 | 6758 | 8441 |
| Net charge-offs (recoveries) | 6481 | 10322 | 4921 | 2375 | (3348) |
| Provision for (recovery of) credit losses | 11488 | 14543 | 2904 | 4557 | (11916) |
| Allowance for credit losses, end of period | $92973 | $87966 | $83745 | $85379 | $83197 |
| **General reserve trends:** |  |  |  |  |  |
| Allowance for credit losses, end of period | $92973 | $87966 | $83745 | $85379 | $83197 |
| Allowance on accruing purchased credit deteriorated ("PCD") loans |  |  |  |  |  |
| Specific reserves on individually evaluated loans - accrual |  |  |  |  | 42 |
| Specific reserves on individually evaluated loans - nonaccrual | 739 | 1299 | 4983 | 3566 | 1574 |
| General reserves on collectively evaluated loans | $92234 | $86667 | $78762 | $81813 | $81581 |
| Total loans | $8051242 | $7817128 | $7476221 | $7141891 | $6871122 |
| Accruing PCD loans (PCI loans for years 2020 and prior) | 1990 | 2174 | 2835 | 4653 | 7149 |
| Individually evaluated loans - accrual (k) | 18365 | 15290 |  | 11477 | 17517 |
| Individually evaluated loans - nonaccrual | 46924 | 53149 | 45215 | 66864 | 56985 |
| Collectively evaluated loans | $7983963 | $7746515 | $7428171 | $7058897 | $6789471 |
| **Asset Quality Ratios:** |  |  |  |  |  |
| Net charge-offs (recoveries) as a % of average loans | 0.08% | 0.14% | 0.07% | 0.03% | (0.05)% |
| Allowance for credit losses as a % of period end loans | 1.15% | 1.13% | 1.12% | 1.20% | 1.21% |
| General reserve as a % of collectively evaluated loans | 1.16% | 1.12% | 1.06% | 1.16% | 1.20% |
| **Nonperforming assets:** |  |  |  |  |  |
| Nonaccrual loans | $66515 | $68178 | $60259 | $79696 | $72722 |
| Accruing troubled debt restructurings (for years 2022 and prior) (k) | N.A. | N.A. | N.A. | 20134 | 28323 |
| Loans past due 90 days or more | 2738 | 1754 | 859 | 1281 | 1607 |
| **Total nonperforming loans** | $69253 | $69932 | $61118 | $101111 | $102652 |
| Other real estate owned | 729 | 938 | 983 | 1354 | 775 |
| Other nonperforming assets |  |  |  |  | 2750 |
| **Total nonperforming assets** | $69982 | $70870 | $62101 | $102465 | $106177 |
| Percentage of nonaccrual loans to period end loans | 0.83% | 0.87% | 0.81% | 1.12% | 1.06% |
| Percentage of nonperforming loans to period end loans | 0.86% | 0.89% | 0.82% | 1.42% | 1.49% |
| Percentage of nonperforming assets to period end loans | 0.87% | 0.91% | 0.83% | 1.43% | 1.55% |
| Percentage of nonperforming assets to period end total assets | 0.71% | 0.72% | 0.63% | 1.04% | 1.11% |
| Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. | Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. | Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. | Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. | Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. | Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. |

---

*Park National Corporation*

*50 N. Third Street, Newark, Ohio 43055*

*www.parknationalcorp.com*

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** |
| **Asset Quality Information (continued)** | **Asset Quality Information (continued)** | **Asset Quality Information (continued)** | **Asset Quality Information (continued)** | **Asset Quality Information (continued)** | **Asset Quality Information (continued)** |
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **(in thousands, except ratios)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **New nonaccrual loan information:** |  |  |  |  |  |
| Nonaccrual loans, beginning of period | $68178 | $60259 | $79696 | $72722 | $117368 |
| New nonaccrual loans | 87482 | 65535 | 48280 | 64918 | 38478 |
| Resolved nonaccrual loans | 89145 | 57616 | 67717 | 57944 | 83124 |
| **Nonaccrual loans, end of period** | $66515 | $68178 | $60259 | $79696 | $72722 |
| **Individually evaluated nonaccrual commercial loan portfolio information (period end):** | **Individually evaluated nonaccrual commercial loan portfolio information (period end):** | **Individually evaluated nonaccrual commercial loan portfolio information (period end):** | **Individually evaluated nonaccrual commercial loan portfolio information (period end):** | **Individually evaluated nonaccrual commercial loan portfolio information (period end):** | **Individually evaluated nonaccrual commercial loan portfolio information (period end):** |
| Unpaid principal balance | $51664 | $58158 | $47564 | $68639 | $57609 |
| Prior charge-offs | 4740 | 5009 | 2349 | 1775 | 624 |
| Remaining principal balance | 46924 | 53149 | 45215 | 66864 | 56985 |
| Specific reserves | 739 | 1299 | 4983 | 3566 | 1574 |
| Book value, after specific reserves | $46185 | $51850 | $40232 | $63298 | $55411 |
| Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. | Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. | Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. | Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. | Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. | Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. |

---

*Park National Corporation*

*50 N. Third Street, Newark, Ohio 43055*

*www.parknationalcorp.com*

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | | |
| **Financial Reconciliations** | | | | | |
| **NON-GAAP RECONCILIATIONS** | | | | | |
| | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **TWELVE MONTHS ENDED** | **TWELVE MONTHS ENDED** |
| ***(in thousands, except share and per share data)*** | **December 31, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2025** | **December 31, 2024** |
| **Net interest income** | $**112926** | $111017 | $**103445** | $**437311** | $**398019** |
| &nbsp;&nbsp;&nbsp;&nbsp;less purchase accounting accretion related to NewDominion and Carolina Alliance acquisitions | **161** | 164 | **250** | **668** | **1154** |
| &nbsp;&nbsp;&nbsp;&nbsp;less interest income on former Vision Bank relationships | **—** | 5 | **38** | **2030** | **54** |
| **Net interest income - adjusted** | $**112765** | $110848 | $**103157** | $**434613** | $**396811** |
| **Provision for credit losses** | $**3849** | $4030 | $**3935** | $**11488** | $**14543** |
| &nbsp;&nbsp;&nbsp;&nbsp;less recoveries on former Vision Bank relationships | **(1)** | (3) | **—** | **(1818)** | **(1304)** |
| **Provision for credit losses - adjusted** | $**3850** | $4033 | $**3935** | $**13306** | $**15847** |
| **Other income** | $**31375** | $30574 | $**31064** | $**119881** | $**122588** |
| &nbsp;&nbsp;&nbsp;&nbsp;less loss on sale of debt securities, net | **(2250)** |  | **(128)** | **(2250)** | **(526)** |
| &nbsp;&nbsp;&nbsp;&nbsp;less pension settlement gain | **—** |  | **365** | **—** | **6148** |
| &nbsp;&nbsp;&nbsp;&nbsp;less impact of strategic initiatives | **(38)** | 778 | **117** | **(156)** | **775** |
| &nbsp;&nbsp;&nbsp;&nbsp;less Vision related OREO valuation adjustments, net | **—** |  | **—** | **(229)** | **115** |
| &nbsp;&nbsp;&nbsp;&nbsp;less other service income related to former Vision Bank relationships | **3** | 325 | **299** | **331** | **312** |
| **Other income - adjusted** | $**33660** | $29471 | $**30411** | $**122185** | $**115764** |
| **Other expense** | $**87777** | $79463 | $**83241** | $**324381** | $**321339** |
| &nbsp;&nbsp;&nbsp;&nbsp;less core deposit intangible amortization related to NewDominion and Carolina Alliance acquisitions | **247** | 248 | **288** | **1042** | **1215** |
| &nbsp;&nbsp;&nbsp;&nbsp;less Foundation contribution | **1000** |  | **—** | **1000** | **2000** |
| &nbsp;&nbsp;&nbsp;&nbsp;less merger related expenses related to First Citizens acquisition | **1556** |  | **—** | **1556** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;less restructuring costs | **989** |  | **—** | **989** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;less building demolition costs | **—** |  | **44** | **—** | **458** |
| &nbsp;&nbsp;&nbsp;&nbsp;less direct expenses related to collection of payments on former Vision Bank loan relationships | **175** |  | **215** | **690** | **215** |
| **Other expense - adjusted** | $**83810** | $79215 | $**82694** | $**319104** | $**317451** |
| **Tax effect of adjustments to net income identified above (i)** | $**1279** | $(216) | $**(83)** | $**644** | $**(1144)** |
| **Net income - reported** | $**42639** | $47158 | $**38630** | $**180073** | $**151420** |
| **Net income - adjusted (h)** | $**47450** | $46347 | $**38319** | $**182494** | $**147116** |
| Diluted earnings per common share | $**2.63** | $2.92 | $**2.37** | $**11.11** | $**9.32** |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings per common share, adjusted (h) | $**2.93** | $2.87 | $**2.35** | $**11.26** | $**9.06** |
| Annualized return on average assets (a)(b) | **1.68%** | 1.83% | **1.54%** | **1.78%** | **1.53%** |
| &nbsp;&nbsp;&nbsp;Annualized return on average assets, adjusted (a)(b)(h) | **1.87%** | 1.80% | **1.52%** | **1.81%** | **1.49%** |
| Annualized return on average tangible assets (a)(b)(e) | **1.71%** | 1.86% | **1.56%** | **1.81%** | **1.56%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Annualized return on average tangible assets, adjusted (a)(b)(e)(h) | **1.90%** | 1.83% | **1.55%** | **1.83%** | **1.51%** |
| Annualized return on average shareholders' equity (a)(b) | **12.61%** | 14.19% | **12.32%** | **13.80%** | **12.65%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Annualized return on average shareholders' equity, adjusted (a)(b)(h) | **14.03%** | 13.95% | **12.22%** | **13.98%** | **12.29%** |
| Annualized return on average tangible equity (a)(b)(c) | **14.35%** | 16.19% | **14.17%** | **15.76%** | **14.65%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Annualized return on average tangible equity, adjusted (a)(b)(c)(h) | **15.96%** | 15.91% | **14.06%** | **15.97%** | **14.24%** |
| Efficiency ratio (g) | **60.54%** | 55.85% | **61.60%** | **57.94%** | **61.44%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Efficiency ratio, adjusted (g)(h) | **56.97%** | 56.18% | **61.63%** | **57.04%** | **61.64%** |
| Annualized net interest margin (g) | **4.88%** | 4.72% | **4.51%** | **4.75%** | **4.41%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Annualized net interest margin, adjusted (g)(h) | **4.88%** | 4.71% | **4.50%** | **4.72%** | **4.39%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. | &nbsp;&nbsp;&nbsp;&nbsp;Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. | &nbsp;&nbsp;&nbsp;&nbsp;Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. | &nbsp;&nbsp;&nbsp;&nbsp;Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. |  |  |

---

*Park National Corporation*

*50 N. Third Street, Newark, Ohio 43055*

*www.parknationalcorp.com*

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | | |
| **Financial Reconciliations (continued)** | | | | | |
| (a) Reported measure uses net income | (a) Reported measure uses net income | (a) Reported measure uses net income | (a) Reported measure uses net income | (a) Reported measure uses net income | (a) Reported measure uses net income |
| (b) Averages are for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024 and the twelve months ended December 31, 2025 and December 31, 2024, as appropriate | (b) Averages are for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024 and the twelve months ended December 31, 2025 and December 31, 2024, as appropriate | (b) Averages are for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024 and the twelve months ended December 31, 2025 and December 31, 2024, as appropriate | (b) Averages are for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024 and the twelve months ended December 31, 2025 and December 31, 2024, as appropriate | (b) Averages are for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024 and the twelve months ended December 31, 2025 and December 31, 2024, as appropriate | (b) Averages are for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024 and the twelve months ended December 31, 2025 and December 31, 2024, 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 period. | (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 period. | (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 period. | (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 period. | (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 period. | (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 period. |
| **RECONCILIATION OF AVERAGE SHAREHOLDERS' EQUITY TO AVERAGE TANGIBLE EQUITY:** | **RECONCILIATION OF AVERAGE SHAREHOLDERS' EQUITY TO AVERAGE TANGIBLE EQUITY:** | **RECONCILIATION OF AVERAGE SHAREHOLDERS' EQUITY TO AVERAGE TANGIBLE EQUITY:** | **RECONCILIATION OF AVERAGE SHAREHOLDERS' EQUITY TO AVERAGE TANGIBLE EQUITY:** |  |  |
|  | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **TWELVE MONTHS ENDED** | **TWELVE MONTHS ENDED** |
|  | **December 31, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2025** | **December 31, 2024** |
| AVERAGE SHAREHOLDERS' EQUITY | $1341399 | $1318277 | $1247680 | $1305225 | $1197120 |
| Less: Average goodwill and other intangible assets | 162152 | 162400 | 163221 | 162536 | 163669 |
| AVERAGE TANGIBLE EQUITY | $1179247 | $1155877 | $1084459 | $1142689 | $1033451 |
| (d) Tangible equity divided by common shares outstanding at period end. Tangible equity equals total shareholders' equity less goodwill and other intangible assets, in each case at the end of the period. | (d) Tangible equity divided by common shares outstanding at period end. Tangible equity equals total shareholders' equity less goodwill and other intangible assets, in each case at the end of the period. | (d) Tangible equity divided by common shares outstanding at period end. Tangible equity equals total shareholders' equity less goodwill and other intangible assets, in each case at the end of the period. | (d) Tangible equity divided by common shares outstanding at period end. Tangible equity equals total shareholders' equity less goodwill and other intangible assets, in each case at the end of the period. | (d) Tangible equity divided by common shares outstanding at period end. Tangible equity equals total shareholders' equity less goodwill and other intangible assets, in each case at the end of the period. | (d) Tangible equity divided by common shares outstanding at period end. Tangible equity equals total shareholders' equity less goodwill and other intangible assets, in each case at the end of the period. |
| **RECONCILIATION OF TOTAL SHAREHOLDERS' EQUITY TO TANGIBLE EQUITY:** | **RECONCILIATION OF TOTAL SHAREHOLDERS' EQUITY TO TANGIBLE EQUITY:** | **RECONCILIATION OF TOTAL SHAREHOLDERS' EQUITY TO TANGIBLE EQUITY:** | **RECONCILIATION OF TOTAL SHAREHOLDERS' EQUITY TO TANGIBLE EQUITY:** | **RECONCILIATION OF TOTAL SHAREHOLDERS' EQUITY TO TANGIBLE EQUITY:** | **RECONCILIATION OF TOTAL SHAREHOLDERS' EQUITY TO TANGIBLE EQUITY:** |
|  | **December 31, 2025** | **September 30, 2025** | **December 31, 2024** |  |  |
| TOTAL SHAREHOLDERS' EQUITY | $1352793 | $1331821 | $1243848 |  |  |
| Less: Goodwill and other intangible assets | 161990 | 162237 | 163032 |  |  |
| TANGIBLE EQUITY | $1190803 | $1169584 | $1080816 |  |  |
| (e) Net income for each period divided by average tangible assets during the period. Average tangible assets equal average assets less average goodwill and other intangible assets, in each case during the applicable period. | (e) Net income for each period divided by average tangible assets during the period. Average tangible assets equal average assets less average goodwill and other intangible assets, in each case during the applicable period. | (e) Net income for each period divided by average tangible assets during the period. Average tangible assets equal average assets less average goodwill and other intangible assets, in each case during the applicable period. | (e) Net income for each period divided by average tangible assets during the period. Average tangible assets equal average assets less average goodwill and other intangible assets, in each case during the applicable period. | (e) Net income for each period divided by average tangible assets during the period. Average tangible assets equal average assets less average goodwill and other intangible assets, in each case during the applicable period. | (e) Net income for each period divided by average tangible assets during the period. Average tangible assets equal average assets less average goodwill and other intangible assets, in each case during the applicable period. |
| **RECONCILIATION OF AVERAGE ASSETS TO AVERAGE TANGIBLE ASSETS** | **RECONCILIATION OF AVERAGE ASSETS TO AVERAGE TANGIBLE ASSETS** | **RECONCILIATION OF AVERAGE ASSETS TO AVERAGE TANGIBLE ASSETS** | **RECONCILIATION OF AVERAGE ASSETS TO AVERAGE TANGIBLE ASSETS** |  |  |
|  | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **TWELVE MONTHS ENDED** | **TWELVE MONTHS ENDED** |
|  | **December 31, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2025** | **December 31, 2024** |
| AVERAGE ASSETS | $10069460 | $10236065 | $10008328 | $10107816 | $9901264 |
| Less: Average goodwill and other intangible assets | 162152 | 162400 | 163221 | 162536 | 163669 |
| AVERAGE TANGIBLE ASSETS | $9907308 | $10073665 | $9845107 | $9945280 | $9737595 |
| (f) Tangible equity divided by tangible assets. Tangible assets equal total assets less goodwill and other intangible assets, in each case at the end of the period. | (f) Tangible equity divided by tangible assets. Tangible assets equal total assets less goodwill and other intangible assets, in each case at the end of the period. | (f) Tangible equity divided by tangible assets. Tangible assets equal total assets less goodwill and other intangible assets, in each case at the end of the period. | (f) Tangible equity divided by tangible assets. Tangible assets equal total assets less goodwill and other intangible assets, in each case at the end of the period. | (f) Tangible equity divided by tangible assets. Tangible assets equal total assets less goodwill and other intangible assets, in each case at the end of the period. | (f) Tangible equity divided by tangible assets. Tangible assets equal total assets less goodwill and other intangible assets, in each case at the end of the period. |
| **RECONCILIATION OF TOTAL ASSETS TO TANGIBLE ASSETS:** | **RECONCILIATION OF TOTAL ASSETS TO TANGIBLE ASSETS:** | **RECONCILIATION OF TOTAL ASSETS TO TANGIBLE ASSETS:** | **RECONCILIATION OF TOTAL ASSETS TO TANGIBLE ASSETS:** | **RECONCILIATION OF TOTAL ASSETS TO TANGIBLE ASSETS:** | **RECONCILIATION OF TOTAL ASSETS TO TANGIBLE ASSETS:** |
|  | **December 31, 2025** | **September 30, 2025** | **December 31, 2024** |  |  |
| TOTAL ASSETS | $9805013 | $9862068 | $9805350 |  |  |
| Less: Goodwill and other intangible assets | 161990 | 162237 | 163032 |  |  |
| TANGIBLE ASSETS | $9643023 | $9699831 | $9642318 |  |  |

---

*Park National Corporation*

*50 N. Third Street, Newark, Ohio 43055*

*www.parknationalcorp.com*

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | **PARK NATIONAL CORPORATION** | | |
| **Financial Reconciliations (continued)** | | | | | |
| (g) Efficiency ratio is calculated by dividing total other expense by the sum of fully taxable equivalent net interest income and other income. Fully taxable equivalent net interest income reconciliation is shown assuming a 21% corporate federal income tax rate. Additionally, net interest margin is calculated on a fully taxable equivalent basis by dividing fully taxable equivalent net interest income by average interest earning assets, in each case during the applicable period. | (g) Efficiency ratio is calculated by dividing total other expense by the sum of fully taxable equivalent net interest income and other income. Fully taxable equivalent net interest income reconciliation is shown assuming a 21% corporate federal income tax rate. Additionally, net interest margin is calculated on a fully taxable equivalent basis by dividing fully taxable equivalent net interest income by average interest earning assets, in each case during the applicable period. | (g) Efficiency ratio is calculated by dividing total other expense by the sum of fully taxable equivalent net interest income and other income. Fully taxable equivalent net interest income reconciliation is shown assuming a 21% corporate federal income tax rate. Additionally, net interest margin is calculated on a fully taxable equivalent basis by dividing fully taxable equivalent net interest income by average interest earning assets, in each case during the applicable period. | (g) Efficiency ratio is calculated by dividing total other expense by the sum of fully taxable equivalent net interest income and other income. Fully taxable equivalent net interest income reconciliation is shown assuming a 21% corporate federal income tax rate. Additionally, net interest margin is calculated on a fully taxable equivalent basis by dividing fully taxable equivalent net interest income by average interest earning assets, in each case during the applicable period. | (g) Efficiency ratio is calculated by dividing total other expense by the sum of fully taxable equivalent net interest income and other income. Fully taxable equivalent net interest income reconciliation is shown assuming a 21% corporate federal income tax rate. Additionally, net interest margin is calculated on a fully taxable equivalent basis by dividing fully taxable equivalent net interest income by average interest earning assets, in each case during the applicable period. | (g) Efficiency ratio is calculated by dividing total other expense by the sum of fully taxable equivalent net interest income and other income. Fully taxable equivalent net interest income reconciliation is shown assuming a 21% corporate federal income tax rate. Additionally, net interest margin is calculated on a fully taxable equivalent basis by dividing fully taxable equivalent net interest income by average interest earning assets, in each case during the applicable period. |
| **RECONCILIATION OF FULLY TAXABLE EQUIVALENT NET INTEREST INCOME TO NET INTEREST INCOME** | **RECONCILIATION OF FULLY TAXABLE EQUIVALENT NET INTEREST INCOME TO NET INTEREST INCOME** | **RECONCILIATION OF FULLY TAXABLE EQUIVALENT NET INTEREST INCOME TO NET INTEREST INCOME** | **RECONCILIATION OF FULLY TAXABLE EQUIVALENT NET INTEREST INCOME TO NET INTEREST INCOME** | **RECONCILIATION OF FULLY TAXABLE EQUIVALENT NET INTEREST INCOME TO NET INTEREST INCOME** | **RECONCILIATION OF FULLY TAXABLE EQUIVALENT NET INTEREST INCOME TO NET INTEREST INCOME** |
|  | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **TWELVE MONTHS ENDED** | **TWELVE MONTHS ENDED** |
|  | **December 31, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2025** | **December 31, 2024** |
| Interest income | $136892 | $138952 | $133613 | $544540 | $522965 |
| Fully taxable equivalent adjustment | 687 | 685 | 617 | 2654 | 2432 |
| Fully taxable equivalent interest income | $137579 | $139637 | $134230 | $547194 | $525397 |
| Interest expense | 23966 | 27935 | 30168 | 107229 | 124946 |
| Fully taxable equivalent net interest income | $113613 | $111702 | $104062 | $439965 | $400451 |
| (h) Adjustments to net income for each period presented are detailed in the non-GAAP reconciliations of net interest income, provision for credit losses, other income, other expense and tax effect of adjustments to net income. | (h) Adjustments to net income for each period presented are detailed in the non-GAAP reconciliations of net interest income, provision for credit losses, other income, other expense and tax effect of adjustments to net income. | (h) Adjustments to net income for each period presented are detailed in the non-GAAP reconciliations of net interest income, provision for credit losses, other income, other expense and tax effect of adjustments to net income. | (h) Adjustments to net income for each period presented are detailed in the non-GAAP reconciliations of net interest income, provision for credit losses, other income, other expense and tax effect of adjustments to net income. | (h) Adjustments to net income for each period presented are detailed in the non-GAAP reconciliations of net interest income, provision for credit losses, other income, other expense and tax effect of adjustments to net income. | (h) Adjustments to net income for each period presented are detailed in the non-GAAP reconciliations of net interest income, provision for credit losses, other income, other expense and tax effect of adjustments to net income. |
| (i) The tax effect of adjustments to net income was calculated assuming a 21% corporate federal income tax rate. | (i) The tax effect of adjustments to net income was calculated assuming a 21% corporate federal income tax rate. | (i) The tax effect of adjustments to net income was calculated assuming a 21% corporate federal income tax rate. | (i) The tax effect of adjustments to net income was calculated assuming a 21% corporate federal income tax rate. | (i) The tax effect of adjustments to net income was calculated assuming a 21% corporate federal income tax rate. | (i) The tax effect of adjustments to net income was calculated assuming a 21% corporate federal income tax rate. |
| (j) Pre-tax, pre-provision ("PTPP") net income is calculated as net income, plus income taxes, plus the provision for credit losses, in each case during the applicable period. PTPP net income is a common industry metric utilized in capital analysis and review. PTPP is used to assess the operating performance of Park while excluding the impact of the provision for credit losses. | (j) Pre-tax, pre-provision ("PTPP") net income is calculated as net income, plus income taxes, plus the provision for credit losses, in each case during the applicable period. PTPP net income is a common industry metric utilized in capital analysis and review. PTPP is used to assess the operating performance of Park while excluding the impact of the provision for credit losses. | (j) Pre-tax, pre-provision ("PTPP") net income is calculated as net income, plus income taxes, plus the provision for credit losses, in each case during the applicable period. PTPP net income is a common industry metric utilized in capital analysis and review. PTPP is used to assess the operating performance of Park while excluding the impact of the provision for credit losses. | (j) Pre-tax, pre-provision ("PTPP") net income is calculated as net income, plus income taxes, plus the provision for credit losses, in each case during the applicable period. PTPP net income is a common industry metric utilized in capital analysis and review. PTPP is used to assess the operating performance of Park while excluding the impact of the provision for credit losses. | (j) Pre-tax, pre-provision ("PTPP") net income is calculated as net income, plus income taxes, plus the provision for credit losses, in each case during the applicable period. PTPP net income is a common industry metric utilized in capital analysis and review. PTPP is used to assess the operating performance of Park while excluding the impact of the provision for credit losses. | (j) Pre-tax, pre-provision ("PTPP") net income is calculated as net income, plus income taxes, plus the provision for credit losses, in each case during the applicable period. PTPP net income is a common industry metric utilized in capital analysis and review. PTPP is used to assess the operating performance of Park while excluding the impact of the provision for credit losses. |
| **RECONCILIATION OF PRE-TAX, PRE-PROVISION NET INCOME** | **RECONCILIATION OF PRE-TAX, PRE-PROVISION NET INCOME** | **RECONCILIATION OF PRE-TAX, PRE-PROVISION NET INCOME** | **RECONCILIATION OF PRE-TAX, PRE-PROVISION NET INCOME** | **RECONCILIATION OF PRE-TAX, PRE-PROVISION NET INCOME** | **RECONCILIATION OF PRE-TAX, PRE-PROVISION NET INCOME** |
|  | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **TWELVE MONTHS ENDED** | **TWELVE MONTHS ENDED** |
|  | **December 31, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2025** | **December 31, 2024** |
| Net income | $42639 | $47158 | $38630 | $180073 | $151420 |
| Plus: Income taxes | 10036 | 10940 | 8703 | 41250 | 33305 |
| Plus: Provision for credit losses | 3849 | 4030 | 3935 | 11488 | 14543 |
| Pre-tax, pre-provision net income | $56524 | $62128 | $51268 | $232811 | $199268 |
| (k) Effective January 1, 2023, Park adopted Accounting Standards Update ("ASU") 2022-02. Among other things, this ASU eliminated the concept of troubled debt restructurings ("TDRs"). As a result of the adoption of this ASU and elimination of the concept of TDRs, total nonperforming loans ("NPLs") and total nonperforming assets ("NPAs") each decreased by $20.1 million effective January 1, 2023. Additionally, as a result of the adoption of this ASU, accruing individually evaluated loans decreased by $11.5 million effective January 1, 2023. | (k) Effective January 1, 2023, Park adopted Accounting Standards Update ("ASU") 2022-02. Among other things, this ASU eliminated the concept of troubled debt restructurings ("TDRs"). As a result of the adoption of this ASU and elimination of the concept of TDRs, total nonperforming loans ("NPLs") and total nonperforming assets ("NPAs") each decreased by $20.1 million effective January 1, 2023. Additionally, as a result of the adoption of this ASU, accruing individually evaluated loans decreased by $11.5 million effective January 1, 2023. | (k) Effective January 1, 2023, Park adopted Accounting Standards Update ("ASU") 2022-02. Among other things, this ASU eliminated the concept of troubled debt restructurings ("TDRs"). As a result of the adoption of this ASU and elimination of the concept of TDRs, total nonperforming loans ("NPLs") and total nonperforming assets ("NPAs") each decreased by $20.1 million effective January 1, 2023. Additionally, as a result of the adoption of this ASU, accruing individually evaluated loans decreased by $11.5 million effective January 1, 2023. | (k) Effective January 1, 2023, Park adopted Accounting Standards Update ("ASU") 2022-02. Among other things, this ASU eliminated the concept of troubled debt restructurings ("TDRs"). As a result of the adoption of this ASU and elimination of the concept of TDRs, total nonperforming loans ("NPLs") and total nonperforming assets ("NPAs") each decreased by $20.1 million effective January 1, 2023. Additionally, as a result of the adoption of this ASU, accruing individually evaluated loans decreased by $11.5 million effective January 1, 2023. | (k) Effective January 1, 2023, Park adopted Accounting Standards Update ("ASU") 2022-02. Among other things, this ASU eliminated the concept of troubled debt restructurings ("TDRs"). As a result of the adoption of this ASU and elimination of the concept of TDRs, total nonperforming loans ("NPLs") and total nonperforming assets ("NPAs") each decreased by $20.1 million effective January 1, 2023. Additionally, as a result of the adoption of this ASU, accruing individually evaluated loans decreased by $11.5 million effective January 1, 2023. | (k) Effective January 1, 2023, Park adopted Accounting Standards Update ("ASU") 2022-02. Among other things, this ASU eliminated the concept of troubled debt restructurings ("TDRs"). As a result of the adoption of this ASU and elimination of the concept of TDRs, total nonperforming loans ("NPLs") and total nonperforming assets ("NPAs") each decreased by $20.1 million effective January 1, 2023. Additionally, as a result of the adoption of this ASU, accruing individually evaluated loans decreased by $11.5 million effective January 1, 2023. |

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*Park National Corporation*

*50 N. Third Street, Newark, Ohio 43055*

*www.parknationalcorp.com*