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PRK · Current Report (Form 8-K) · Filed July 27, 2026

Park National Corp — 8-K exhibit

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Park National Corp on Boardroom Alpha
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July 27, 2026                                        Exhibit 99.1

Park National Corporation reports financial results
for second quarter and first half of 2026

NEWARK, Ohio ‒ Park National Corporation (Park) (NYSE American: PRK) today reported financial results for the second quarter and the first half of 2026. Park's board of directors declared a quarterly cash dividend of $1.10 per common share, payable on September 10, 2026, to common shareholders of record as of August 21, 2026.

Park’s net income for the second quarter of 2026 was $58.8 million, a 22.1 percent increase from $48.1 million for the second quarter of 2025. The second quarter of 2026 included $4.1 million ($3.3 million after tax) in expenses related to the merger with First Citizens Bancshares, Inc. Second quarter 2026 net income per diluted common share was $3.23, compared to $2.97 for the second quarter of 2025. Park's net income for the first half of 2026 was $100.4 million, an 11.3 percent increase from $90.3 million for the first half of 2025. The first half of 2026 included $19.6 million ($15.5 million after tax) in merger related expenses. Net income per diluted common share for the first half of 2026 was $5.64, compared to $5.56 for the first half of 2025.

“Our second quarter results reflect the strength of our relationship-based banking model, disciplined execution and commitment to serving customers and communities,” said Park CEO and President Matthew R. Miller. “Our teams are making exceptional progress toward the third-quarter First Citizens systems conversion, an important partnership milestone that will enhance our ability to serve customers and support our long-term growth strategy. I am grateful to our colleagues for their dedication, our customers for their trust and our shareholders for their continued confidence as we strive to increase value for all stakeholders.”

Park’s total loans increased $1.68 billion, or 20.9 percent, during 2026. The increase to total loans included $1.58 billion in loans acquired through the First Citizens transaction. Park's total deposits increased $2.43 billion, or 29.4 percent, during 2026, with an increase of 27.8 percent including off balance sheet deposits. The increase in total deposits included $2.22 billion in deposits acquired through the First Citizens transaction. The combination of solid loan growth and steady deposits contributed to Park's success in 2026.

“Our success begins with our colleagues. Their professionalism, teamwork and commitment to others reflect the very best of Park. While serving customers and communities each day, they are simultaneously working to ensure we execute the best conversion possible,” said Park Chairman David L. Trautman. “We look forward to fully welcoming our Tennessee colleagues and customers and deepening the relationships that help communities flourish.”

Headquartered in Newark, Ohio, Park National Corporation has $12.7 billion in total assets (as of June 30, 2026). 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., Park National Holdings, Inc., First Citizens Properties, Inc., First Citizens Risk Management, 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, 2025, 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) risks related to the completed acquisition of First Citizens, including the possibility that anticipated benefits are not realized as expected, including the realization of anticipated cost savings and revenue generation, difficulties integrating the two companies, and potential adverse reactions to customer, business, or employee relationships; 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
Financial Highlights
As of or for the three months ended June 30, 2026, March 31, 2026 and June 30, 2025     
       
 202620262025 Percent change 2Q '26 vs.
(in thousands, except common share and per common share data and ratios)2nd QTR1st QTR2nd QTR 1Q '262Q '25
INCOME STATEMENT:    
Net interest income$138,857 $125,780 $108,991  10.4  %27.4  %
Provision for credit losses4,575 2,672 2,853  71.2  %60.4  %
Other income39,540 33,728 32,186  17.2  %22.8  %
Other expense100,960 105,159 78,977  (4.0) %27.8  %
Income before income taxes$72,862 $51,677 $59,347  41.0 %22.8  %
Income taxes14,110 9,990 11,228  41.2 %25.7  %
Net income$58,752 $41,687 $48,119  40.9 %22.1  %
     
MARKET DATA:    
Earnings per common share - basic (a)$3.25 $2.40 $2.98  35.4 %9.1 %
Earnings per common share - diluted (a)3.23 2.39 2.97  35.1 %8.8 %
Quarterly cash dividend declared per common share1.10 1.10 1.07  — %2.8 %
Book value per common share at period end95.58 93.93 80.55  1.8 %18.7 %
Market price per common share at period end182.99 163.45 167.26  12.0 %9.4 %
Market capitalization at period end3,305,561 2,957,806 2,688,093  11.8 %23.0 %
    
Weighted average common shares - basic (b)18,085,919 17,381,922 16,129,951  4.1 %12.1 %
Weighted average common shares - diluted (b)18,181,868 17,457,573 16,215,565  4.1 %12.1 %
Common shares outstanding at period end18,064,161 18,096,089 16,071,347  (0.2)%12.4 %
    
PERFORMANCE RATIOS: (annualized)   
Return on average assets (a)(b)1.84 %1.43 %1.92 % 28.7  %(4.2) %
Return on average shareholders' equity (a)(b)13.69 %10.67 %14.96 % 28.3  %(8.5) %
Yield on loans6.42 %6.36 %6.37 % 0.9  %0.8  %
Yield on investment securities3.53 %3.08 %3.21 % 14.6  %10.0  %
Yield on money market instruments4.09 %3.95 %4.34 % 3.5  %(5.8) %
Yield on interest earning assets5.96 %5.90 %5.95 % 1.0  %0.2  %
Cost of interest bearing deposits1.70 %1.62 %1.73 % 4.9  %(1.7) %
Cost of borrowings2.45 %2.08 %3.92 % 17.8  %(37.5) %
Cost of paying interest bearing liabilities1.71 %1.63 %1.83 % 4.9  %(6.6) %
Net interest margin (g)4.81 %4.80 %4.75 % 0.2  %1.3  %
Efficiency ratio (g)56.30 %65.52 %55.68 % (14.1) %1.1  %
    
OTHER DATA (NON-GAAP) AND BALANCE SHEET INFORMATION:
Tangible book value per common share (d)$78.92 $77.21 $70.44 2.2  %12.0  %
Average interest earning assets11,664,671 10,708,496 9,252,016 8.9  %26.1  %
Pre-tax, pre-provision net income (j)77,437 54,349 62,200 42.5  %24.5  %
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
Financial Highlights (continued)
As of or for the three months ended June 30, 2026, March 31, 2026 and June 30, 2025     
    Percent change 2Q '26 vs.
(in thousands, except ratios)June 30, 2026March 31, 2026June 30, 2025 1Q '262Q '25
BALANCE SHEET:    
Investment securities$1,389,379 $1,366,955 $1,062,526  1.6  %30.8  %
Loans9,731,356 9,667,260 7,963,221  0.7  %22.2  %
Allowance for credit losses110,686 108,590 89,785  1.9  %23.3  %
Goodwill and other intangible assets300,986 302,565 162,485  (0.5) %85.2  %
Other real estate owned (OREO)19,836 24,458 638  (18.9) %N.M.
Total assets12,677,010 12,983,967 9,949,578  (2.4) %27.4  %
Total deposits10,670,284 11,000,500 8,237,766  (3.0) %29.5  %
Borrowings137,422 150,176 285,582  (8.5) %(51.9) %
Total shareholders' equity1,726,576 1,699,759 1,294,480  1.6  %33.4  %
Total equity1,728,631 1,701,814 1,294,480 1.6  %33.5  %
Tangible equity (d)1,425,590 1,397,194 1,131,995  2.0  %25.9  %
Total nonperforming loans 83,763 83,147 65,507  0.7  %27.9  %
Total nonperforming assets103,599 107,605 66,145  (3.7) %56.6  %
    
ASSET QUALITY RATIOS:   
Loans as a % of period end total assets76.76 %74.46 %80.04 % 3.1  %(4.1) %
Total nonperforming loans as a % of period end loans0.86 %0.86 %0.82 % —  %4.9  %
Total nonperforming assets as a % of period end loans + OREO + other nonperforming assets1.06 %1.11 %0.83 % (4.5) %27.7  %
Allowance for credit losses as a % of period end loans1.14 %1.12 %1.13 % 1.8  %0.9  %
Net loan charge-offs$2,479 $2,628 $1,198  (5.7) %N.M.
Annualized net loan charge-offs as a % of average loans (b)0.10  %0.12  %0.06  % (16.7) %N.M.
    
CAPITAL & LIQUIDITY:   
Total shareholders' equity / Period end total assets13.62  %13.09  %13.01  % 4.0  %4.7  %
Tangible equity (d) / Tangible assets (f)11.52  %11.02  %11.57  % 4.5  %(0.4) %
Average shareholders' equity / Average assets (b)13.46  %13.39  %12.80  % 0.5  %5.2  %
Average shareholders' equity / Average loans (b)17.76  %17.44  %16.28  % 1.8  %9.1  %
Average loans / Average deposits (b)89.75  %90.91  %94.37  % (1.3) %(4.9) %
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
Financial Highlights
Six months ended June 30, 2026 and June 30, 2025   
     
 20262025 
(in thousands, except common share and per common share data and ratios)Six months ended June 30Six months ended June 30 Percent change '26 vs '25
INCOME STATEMENT:   
Net interest income$264,637 $213,368  24.0  %
Provision for credit losses7,247 3,609  100.8  %
Other income73,268 57,932  26.5  %
Other expense206,119 157,141  31.2  %
Income before income taxes$124,539 $110,550  12.7 %
Income taxes24,100 20,274  18.9 %
Net income$100,439 $90,276  11.3 %
    
MARKET DATA:   
Earnings per common share - basic (a)$5.66 $5.59  1.3 %
Earnings per common share - diluted (a)5.64 5.56  1.4 %
Quarterly cash dividend declared per common share2.20 2.14  2.8 %
   
Weighted average common shares - basic (b)17,733,921 16,144,647  9.8 %
Weighted average common shares - diluted (b)17,819,777 16,227,150  9.8 %
   
PERFORMANCE RATIOS: (annualized)  
Return on average assets (a)(b)1.64 %1.81 % (9.4) %
Return on average shareholders' equity (a)(b)12.25 %14.22 % (13.9) %
Yield on loans6.39 %6.32 % 1.1  %
Yield on investment securities3.32 %3.23 % 2.8  %
Yield on money market instruments4.03 %4.40 % (8.4) %
Yield on interest earning assets5.93 %5.90 % 0.5  %
Cost of interest bearing deposits1.66 %1.75 % (5.1) %
Cost of borrowings2.28 %3.93 % (42.0) %
Cost of paying interest bearing liabilities1.67 %1.84 % (9.2) %
Net interest margin (g)4.80 %4.69 % 2.3  %
Efficiency ratio (g)60.65 %57.65 % 5.2  %
   
ASSET QUALITY RATIOS:
Net loan charge-offs$5,107 $1,790 185.3  %
Net loan charge-offs as a % of average loans (b)0.11 %0.05 %120.0  %
CAPITAL & LIQUIDITY
Average shareholders' equity / Average Assets (b)13.42 %12.72 %5.5  %
Average shareholders' equity / Average loans (b)17.60 %16.25 %8.3  %
Average loans / Average deposits (b)90.30 %93.96 %(3.9) %
OTHER DATA (NON-GAAP) AND BALANCE SHEET INFORMATION:
Average interest earning assets11,189,252 9,231,316 21.2  %
Pre-tax, pre-provision net income (j)131,786 114,159 15.4  %
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
Consolidated Statements of Income
Three Months EndedSix Months Ended
June 30June 30
(in thousands, except share and per share data)2026202520262025
Interest income:
   Interest and fees on loans$154,692 $125,543 $296,734 $246,191 
   Interest on debt securities:
Taxable9,320 6,693 15,164 13,823 
Tax-exempt2,123 1,503 4,349 2,772 
   Other interest income6,192 2,757 10,857 5,910 
         Total interest income172,327 136,496 327,104 268,696 
Interest expense:
   Interest on deposits:
      Demand and savings deposits23,517 19,055 44,366 37,491 
      Time deposits9,122 5,821 16,654 12,591 
   Interest on borrowings831 2,629 1,447 5,246 
      Total interest expense33,470 27,505 62,467 55,328 
         Net interest income138,857 108,991 264,637 213,368 
Provision for credit losses4,575 2,853 7,247 3,609 
         Net interest income after provision for credit losses134,282 106,138 257,390 209,759 
Other income39,540 32,186 73,268 57,932 
Other expense100,960 78,977 206,119 157,141 
         Income before income taxes72,862 59,347 124,539 110,550 
Income taxes14,110 11,228 24,100 20,274 
         Net income$58,752 $48,119 $100,439 $90,276 
Per common share:
         Net income - basic$3.25 $2.98 $5.66 $5.59 
         Net income - diluted$3.23 $2.97 $5.64 $5.56 
         Weighted average common shares - basic18,085,919 16,129,951 17,733,921 16,144,647 
         Weighted average common shares - diluted18,181,868 16,215,565 17,819,777 16,227,150 
        Cash dividends declared:
Quarterly dividend$1.10 $1.07 $2.20 $2.14 



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

 
PARK NATIONAL CORPORATION 
Consolidated Balance Sheets
   
(in thousands, except share data)June 30, 2026December 31, 2025
  
Assets 
 
Cash and due from banks$144,485 $137,239 
Money market instruments435,824 96,274 
Investment securities1,389,379 802,142 
Loans9,731,356 8,051,242 
Allowance for credit losses(110,686)(92,973)
Loans, net9,620,670 7,958,269 
Bank premises and equipment, net96,430 61,627 
Goodwill and other intangible assets300,986 161,990 
Other real estate owned19,836 729 
Other assets669,400 586,743 
Total assets$12,677,010 $9,805,013 
  
Liabilities and Equity 
  
Deposits:
Noninterest bearing$3,084,889 $2,656,093 
Interest bearing7,585,395 5,587,620 
Total deposits10,670,284 8,243,713 
Borrowings137,422 81,711 
Other liabilities140,673 126,796 
Total liabilities$10,948,379 $8,452,220 
  
  
Equity: 
Preferred shares (200,000 shares authorized; no shares outstanding at June 30, 2026 or December 31, 2025)$— $— 
Common shares (No par value; 40,000,000 shares authorized at June 30, 2026 and December 31, 2025; 19,611,235 shares issued at June 30, 2026 and 17,623,104 at December 31, 2025)784,614 465,032 
Accumulated other comprehensive loss, net of taxes(16,901)(12,739)
Retained earnings1,128,448 1,067,823 
Treasury shares (1,547,074 shares at June 30, 2026 and 1,544,842 shares at December 31, 2025)(169,585)(167,323)
Total shareholders' equity$1,726,576 $1,352,793 
Non-controlling interest in consolidated subsidiary2,055 — 
Total equity$1,728,631 $1,352,793 
Total liabilities and equity$12,677,010 $9,805,013 


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

 
PARK NATIONAL CORPORATION 
Consolidated Average Balance Sheets
   
 Three Months EndedSix Months Ended
 June 30,June 30,
(in thousands)2026202520262025
  
Assets 
  
Cash and due from banks$140,993 $114,619 $190,458 $120,889 
Money market instruments607,263 254,697 543,319 270,767 
Investment securities 1,375,215 1,061,693 1,265,398 1,065,635 
Loans9,691,723 7,922,263 9,392,367 7,877,994 
Allowance for credit losses(110,075)(88,773)(107,574)(88,799)
Loans, net9,581,648 7,833,490 9,284,793 7,789,195 
Bank premises and equipment, net94,820 65,800 88,245 67,387 
Goodwill and other intangible assets301,545 162,664 274,431 162,800 
Other real estate owned22,585 40 18,504 477 
Other assets663,340 585,458 651,667 584,975 
Total assets$12,787,409 $10,078,461 $12,316,815 $10,062,125 
  
  
Liabilities and Equity 
  
Deposits:
Noninterest bearing$3,079,994 $2,626,232 $2,984,059 $2,602,666 
Interest bearing7,718,858 5,768,900 7,416,819 5,781,338 
Total deposits10,798,852 8,395,132 10,400,878 8,384,004 
Borrowings136,276 269,088 128,218 269,170 
Other liabilities129,148 124,200 132,559 128,746 
Total liabilities$11,064,276 $8,788,420 $10,661,655 $8,781,920 
  
Equity: 
Preferred shares$— $— $— $— 
Common shares783,372 460,238 730,253 462,132 
Accumulated other comprehensive loss, net of taxes(14,314)(34,291)(12,544)(37,101)
Retained earnings1,117,850 1,022,323 1,102,302 1,009,930 
Treasury shares(165,830)(158,229)(166,554)(154,756)
Total shareholders' equity$1,721,078 $1,290,041 $1,653,457 $1,280,205 
Non-controlling interest in consolidated subsidiary2,055 — 1,703 — 
Total equity$1,723,133 $1,290,041 $1,655,160 $1,280,205 
Total liabilities and equity$12,787,409 $10,078,461 $12,316,815 $10,062,125 



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

 
PARK NATIONAL CORPORATION 
Consolidated Statements of Income - Linked Quarters
    
 20262026202520252025
(in thousands, except per share data)2nd QTR1st QTR4th QTR3rd QTR2nd QTR
  
Interest income: 
Interest and fees on loans $154,692 $142,042 $127,443 $126,648 $125,543 
Interest on debt securities:
Taxable9,320 5,844 4,267 5,644 6,693 
Tax-exempt2,123 2,226 1,487 1,520 1,503 
Other interest income6,192 4,665 3,695 5,140 2,757 
Total interest income172,327 154,777 136,892 138,952 136,496 
  
Interest expense: 
Interest on deposits:
Demand and savings deposits23,517 20,849 18,431 20,499 19,055 
Time deposits9,122 7,532 5,267 5,501 5,821 
Interest on borrowings831 616 268 1,935 2,629 
Total interest expense33,470 28,997 23,966 27,935 27,505 
  
Net interest income138,857 125,780 112,926 111,017 108,991 
  
Provision for credit losses4,575 2,672 3,849 4,030 2,853 
  
Net interest income after provision for credit losses134,282 123,108 109,077 106,987 106,138 
  
Other income39,540 33,728 31,375 30,574 32,186 
Other expense100,960 105,159 87,777 79,463 78,977 
  
Income before income taxes72,862 51,677 52,675 58,098 59,347 
  
Income taxes14,110 9,990 10,036 10,940 11,228 
 
Net income $58,752 $41,687 $42,639 $47,158 $48,119 
  
Per common share:
Net income - basic$3.25 $2.40 $2.65 $2.93 $2.98 
Net income - diluted$3.23 $2.39 $2.63 $2.92 $2.97 




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

 
PARK NATIONAL CORPORATION 
Detail of other income and other expense - Linked Quarters
    
 20262026202520252025
(in thousands)2nd QTR1st QTR4th QTR3rd QTR2nd QTR
 
Other income:
Income from fiduciary activities$13,434 $12,343 $11,839 $11,315 $11,622 
Service charges on deposit accounts3,790 3,348 2,552 2,578 2,514 
Other service income4,124 3,686 4,099 3,716 3,731 
Debit card fee income8,107 6,973 6,493 6,604 6,607 
Bank owned life insurance income2,125 1,707 1,777 1,559 1,762 
ATM fees450 380 333 371 367 
Gain (loss) on sale of debt securities, net— 1,084 (2,250)— — 
Gain (loss) on equity securities, net4,555 799 3,595 (549)2,480 
Other components of net periodic benefit income2,449 2,492 2,344 2,344 2,344 
Miscellaneous506 916 593 2,636 759 
Total other income$39,540 $33,728 $31,375 $30,574 $32,186 
Other expense:
Salaries$46,023 $45,577 $39,315 $38,644 $38,560 
Employee benefits11,918 11,692 10,846 9,892 9,108 
Occupancy expense4,027 4,572 3,349 3,242 3,269 
Furniture and equipment expense3,014 2,517 2,007 2,219 2,234 
Data processing fees15,113 13,141 12,188 11,531 11,021 
Professional fees and services8,731 16,828 9,275 7,475 7,395 
Marketing1,550 1,556 1,744 1,507 1,295 
Insurance1,986 2,074 1,534 1,468 1,667 
Communication1,400 1,425 1,137 1,239 941 
State tax expense1,529 1,367 1,181 1,182 1,350 
Amortization of intangible assets2,072 1,279 247 248 273 
Foundation contributions— — 1,000 — — 
Miscellaneous3,597 3,131 3,954 816 1,864 
Total other expense$100,960 $105,159 $87,777 $79,463 $78,977 



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


PARK NATIONAL CORPORATION 
Asset Quality Information
 
 Year ended December 31,
(in thousands, except ratios)June 30, 2026March 31, 202620252024202320222021
 
Allowance for credit losses:
Allowance for credit losses, beginning of period$108,590 $92,973 $87,966 $83,745 $85,379 $83,197 $85,675 
Cumulative change in accounting principle; adoption of ASU 2022-02 in 2023 and ASU 2016-13 in 2021— — — — 383 — 6,090 
First Citizens acquisition - Day 1 ACL— 15,573 — — — — — 
Charge-offs4,470 4,440 16,624 18,334 10,863 9,133 5,093 
Recoveries1,991 1,812 10,143 8,012 5,942 6,758 8,441 
Net charge-offs (recoveries) 2,479 2,628 6,481 10,322 4,921 2,375 (3,348)
Provision for (recovery of) credit losses4,575 2,672 11,488 14,543 2,904 4,557 (11,916)
Allowance for credit losses, end of period$110,686 $108,590 $92,973 $87,966 $83,745 $85,379 $83,197 
General reserve trends:
Allowance for credit losses, end of period$110,686 $108,590 $92,973 $87,966 $83,745 $85,379 $83,197 
Specific reserves on individually evaluated loans - certain accruing purchased credit deteriorated ("PCD") loans — — — — — — — 
Specific reserves on individually evaluated loans - accrual— — — — — — 42 
Specific reserves on individually evaluated loans - nonaccrual4,424 3,041 739 1,299 4,983 3,566 1,574 
General reserves on collectively evaluated loans$106,262 $105,549 $92,234 $86,667 $78,762 $81,813 $81,581 
 
Total loans$9,731,356 $9,667,260 $8,051,242 $7,817,128 $7,476,221 $7,141,891 $6,871,122 
Individually evaluated - certain accruing PCD loans (PCI loans for years 2020 and prior)— 1,943 1,990 2,174 2,835 4,653 7,149 
Individually evaluated loans - accrual (k)11,535 14,792 18,365 15,290 — 11,477 17,517 
Individually evaluated loans - nonaccrual57,662 60,208 46,924 53,149 45,215 66,864 56,985 
Collectively evaluated loans$9,662,159 $9,590,317 $7,983,963 $7,746,515 $7,428,171 $7,058,897 $6,789,471 
 
Asset Quality Ratios:
Net charge-offs (recoveries) as a % of average loans (annualized)0.10  %0.12  %0.08  %0.14  %0.07  %0.03  %(0.05) %
Allowance for credit losses as a % of period end loans 1.14  %1.12  %1.15  %1.13  %1.12  %1.20  %1.21  %
General reserve as a % of collectively evaluated loans 1.10  %1.10  %1.16  %1.12  %1.06  %1.16  %1.20  %
 
Nonperforming assets:
Nonaccrual loans$81,249 $80,548 $66,515 $68,178 $60,259 $79,696 $72,722 
Accruing troubled debt restructurings (for years 2022 and prior) (k)N.A.N.A.N.A.N.A.N.A.20,134 28,323 
Loans past due 90 days or more2,514 2,599 2,738 1,754 859 1,281 1,607 
Total nonperforming loans$83,763 $83,147 $69,253 $69,932 $61,118 $101,111 $102,652 
Other real estate owned 19,836 24,458 729 938 983 1,354 775 
Other nonperforming assets — — — — — — 2,750 
Total nonperforming assets$103,599 $107,605 $69,982 $70,870 $62,101 $102,465 $106,177 
Percentage of nonaccrual loans to period end loans0.83  %0.83  %0.83  %0.87  %0.81  %1.12  %1.06  %
Percentage of nonperforming loans to period end loans0.86  %0.86  %0.86  %0.89  %0.82  %1.42  %1.49  %
Percentage of nonperforming assets to period end loans1.06  %1.11  %0.87  %0.91  %0.83  %1.43  %1.55  %
Percentage of nonperforming assets to period end total assets0.82  %0.83  %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.
Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com

PARK NATIONAL CORPORATION 
Asset Quality Information (continued)
 
 Year ended December 31,
(in thousands, except ratios)June 30, 2026March 31, 202620252024202320222021
 
New nonaccrual loan information:
Nonaccrual loans, beginning of period$80,548 $66,515 $68,178 $60,259 $79,696 $72,722 $117,368 
Acquired nonaccrual loans— 4,506 — — — — — 
New nonaccrual loans21,099 23,215 87,482 65,535 48,280 64,918 38,478 
Resolved nonaccrual loans20,398 13,688 89,145 57,616 67,717 57,944 83,124 
Nonaccrual loans, end of period$81,249 $80,548 $66,515 $68,178 $60,259 $79,696 $72,722 
 
Individually evaluated nonaccrual commercial loan portfolio information (period end):
Unpaid principal balance$57,939 $64,890 $51,664 $58,158 $47,564 $68,639 $57,609 
Prior charge-offs277 4,682 4,740 5,009 2,349 1,775 624 
Remaining principal balance57,662 60,208 46,924 53,149 45,215 66,864 56,985 
Specific reserves4,424 3,041 739 1,299 4,983 3,566 1,574 
Book value, after specific reserves$53,238 $57,167 $46,185 $51,850 $40,232 $63,298 $55,411 
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
Financial Reconciliations
NON-GAAP RECONCILIATIONS
THREE MONTHS ENDEDSIX MONTHS ENDED
(in thousands, except share and per share data)June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
Net interest income$138,857 $125,780 $108,991 $264,637 $213,368 
less purchase accounting accretion2,147 812 168 2,959 343 
less interest income on former Vision Bank relationships— 396 1,006 396 2,025 
Net interest income - adjusted$136,710 $124,572 $107,817 $261,282 $211,000 
Provision for credit losses$4,575 $2,672 $2,853 $7,247 $3,609 
less recoveries on former Vision Bank relationships— (7)(717)(7)(1,814)
Provision for credit losses - adjusted$4,575 $2,679 $3,570 $7,254 $5,423 
Other income$39,540 $33,728 $32,186 $73,268 $57,932 
less gain on sale of debt securities, net— 1,084 — 1,084 — 
less impact of strategic initiatives148 — 18 148 (896)
less Vision related OREO valuation adjustments, net— 304 — 304 (229)
less other income related to former Vision Bank relationships— (202)— (202)3 
Other income - adjusted$39,392 $32,542 $32,168 $71,934 $59,054 
Other expense$100,960 $105,159 $78,977 $206,119 $157,141 
less intangible asset amortization2,072 1,279 273 3,351 547 
less merger-related expenses related to First Citizens acquisition4,118 15,474 — 19,592 — 
less impact of strategic initiatives(71)362 — 291 — 
less purchase accounting amortization36 20 — 56 — 
less direct expenses related to collection of payments on former Vision Bank loan relationships— 194 239 194 515 
Other expense - adjusted$94,805 $87,830 $78,465 $182,635 $156,079 
Tax effect of adjustments to net income identified above (i)$811 $3,135 $(293)$3,945 $(420)
Net income - reported$58,752 $41,687 $48,119 $100,439 $90,276 
Net income - adjusted (h)$61,801 $53,480 $47,015 $115,282 $88,698 
Diluted earnings per common share$3.23 $2.39 $2.97 $5.64 $5.56 
Diluted earnings per common share, adjusted (h)$3.40 $3.06 $2.90 $6.47 $5.47 
Annualized return on average assets (a)(b)1.84 %1.43 %1.92 %1.64 %1.81 %
Annualized return on average assets, adjusted (a)(b)(h)
1.94 %1.83 %1.87 %1.89 %1.78 %
Annualized return on average tangible assets (a)(b)(e)1.89 %1.46 %1.95 %1.68 %1.84 %
Annualized return on average tangible assets, adjusted (a)(b)(e)(h)1.99 %1.87 %1.90 %1.93 %1.81 %
Annualized return on average shareholders' equity (a)(b)13.69 %10.67 %14.96 %12.25 %14.22 %
Annualized return on average shareholders' equity, adjusted (a)(b)(h)14.40 %13.68 %14.62 %14.06 %13.97 %
Annualized return on average tangible equity (a)(b)(c)16.60 %12.63 %17.12 %14.69 %16.29 %
Annualized return on average tangible equity, adjusted (a)(b)(c)(h)17.46 %16.21 %16.73 %16.86 %16.01 %
Efficiency ratio (g)56.30 %65.52 %55.68 %60.65 %57.65 %
Efficiency ratio, adjusted (g)(h)53.55 %55.55 %55.78 %54.50 %57.52 %
Annualized net interest margin (g)4.81 %4.80 %4.75 %4.80 %4.69 %
Annualized net interest margin, adjusted (g)(h)4.73 %4.76 %4.70 %4.74 %4.64 %
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
Financial Reconciliations (continued)
(a) Reported measure uses net income
(b) Averages are for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025 and the six months ended June 30, 2026 and June 30, 2025, 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.
RECONCILIATION OF AVERAGE SHAREHOLDERS' EQUITY TO AVERAGE TANGIBLE EQUITY:
 THREE MONTHS ENDEDSIX MONTHS ENDED
 June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
AVERAGE SHAREHOLDERS' EQUITY$1,721,078 $1,585,084 $1,290,041 $1,653,457 $1,280,205 
Less: Average goodwill and other intangible assets301,545 247,015 162,664 274,431 162,800 
AVERAGE TANGIBLE EQUITY$1,419,533 $1,338,069 $1,127,377 $1,379,026 $1,117,405 
(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:
 June 30, 2026March 31, 2026June 30, 2025
TOTAL SHAREHOLDERS' EQUITY$1,726,576 $1,699,759 $1,294,480 
Less: Goodwill and other intangible assets300,986 302,565 162,485 
TANGIBLE EQUITY$1,425,590 $1,397,194 $1,131,995 
    
(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
 THREE MONTHS ENDEDSIX MONTHS ENDED
 June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
AVERAGE ASSETS$12,787,409 $11,840,992 $10,078,461 $12,316,815 $10,062,125 
Less: Average goodwill and other intangible assets301,545 247,015 162,664 274,431 162,800 
AVERAGE TANGIBLE ASSETS$12,485,864 $11,593,977 $9,915,797 $12,042,384 $9,899,325 
(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:
 June 30, 2026March 31, 2026June 30, 2025
TOTAL ASSETS$12,677,010 $12,983,967 $9,949,578 
Less: Goodwill and other intangible assets300,986 302,565 162,485 
TANGIBLE ASSETS$12,376,024 $12,681,402 $9,787,093 
    
Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com

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.
RECONCILIATION OF FULLY TAXABLE EQUIVALENT NET INTEREST INCOME TO NET INTEREST INCOME
 THREE MONTHS ENDEDSIX MONTHS ENDED
 June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
Interest income$172,327 $154,777 $136,496 $327,104 $268,696 
Fully taxable equivalent adjustment933 985 675 1,918 1,282 
Fully taxable equivalent interest income$173,260 $155,762 $137,171 $329,022 $269,978 
Interest expense33,470 28,997 27,505 62,467 55,328 
Fully taxable equivalent net interest income$139,790 $126,765 $109,666 $266,555 $214,650 
(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.
(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
THREE MONTHS ENDEDSIX MONTHS ENDED
June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
Net income$58,752 $41,687 $48,119 $100,439 $90,276 
Plus: Income taxes14,110 9,990 11,228 24,100 20,274 
Plus: Provision for credit losses4,575 2,672 2,853 7,247 3,609 
Pre-tax, pre-provision net income$77,437 $54,349 $62,200 $131,786 $114,159 
(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.
Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
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