Park National Corporation reports financial results for third quarter and first nine months of 2026

NEWARK, Ohio, Oct. 26, 2026 (GLOBE NEWSWIRE) — Park National Corporation (Park) (NYSE American: PRK) today reported financial results for the third quarter and the first nine months of 2026. Park’s board of directors declared a quarterly cash dividend of $1.10 per common share and a special cash dividend of $1.30 per common share, payable on December 10, 2026, to common shareholders of record as of November 20, 2026.

Park’s net income for the third quarter of 2026 was $56.9 million, a 20.7 percent increase from $47.2 million for the third quarter of 2025. The third quarter of 2026 included $7.0 million ($5.5 million after tax) in expenses related to the merger with First Citizens Bancshares, Inc. Third quarter 2026 net income per diluted common share was $3.13, compared to $2.92 for the third quarter of 2025. Park’s net income for the first nine months of 2026 was $157.4 million, a 14.5 percent increase from $137.4 million for the first nine months of 2025. The first nine months of 2026 included $26.5 million ($21.0 million after tax) in merger-related expenses and other income reducing charges. Net income per diluted common share for the first nine months of 2026 was $8.77, compared to $8.48 for the first nine months of 2025.

“Our continued solid financial performance reflects the strength of our relationship-based approach to banking and the dedication of our colleagues who work every day to help things go right for our stakeholders,” said Park CEO and president Matthew R. Miller. “We are grateful for the trust our customers and communities place in us, including the communities we have recently welcomed in Tennessee.

“We are once again pleased to recognize the commitment of our shareholders with a special dividend payable in December. Their continued support enables us to advance our mission of helping those we serve achieve financial success and prosperity.”

Park’s total loans increased $1.72 billion, or 21.4 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 $2.38 billion, or 28.9 percent, during 2026, with an increase of 27.3 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 results represent the compounded effect of our colleagues’ best efforts every day,” said Park Chairman David L. Trautman. “From our newest team members to those who have dedicated more than 45 years to Park, our people pour themselves into serving others, trusting that if we do the right things consistently, the results will follow. So far this year, the scoreboard looks favorable.”

Headquartered in Newark, Ohio, Park National Corporation has $12.6 billion in total assets (as of September 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, [email protected]

Investor contact: Brady Burt, 740.322.6844, [email protected]

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
Financial Highlights
As of or for the three months ended September 30, 2026, June 30, 2026 and September 30, 2025
		2026			2026			2025			Percent change 3Q ’26 vs.
(in thousands, except common share and per common share data and ratios)	3rd QTR			2nd QTR			3rd QTR				2Q ’26		3Q ’25
INCOME STATEMENT:
Net interest income	$	140,743		$	138,857		$	111,017			1.4	%	26.8	%
(Recovery of) provision for credit losses		(964	)		4,575			4,030			(121.1)	%	(123.9)	%
Other income		36,638			39,540			30,574			(7.3)	%	19.8	%
Other expense		107,544			100,960			79,463			6.5	%	35.3	%
Income before income taxes	$	70,801		$	72,862		$	58,098			(2.8)	%	21.9	%
Income taxes		13,869			14,110			10,940			(1.7)	%	26.8	%
Net income	$	56,932		$	58,752		$	47,158			(3.1)	%	20.7	%
MARKET DATA:
Earnings per common share – basic (a)	$	3.15		$	3.25		$	2.93			(3.1)	%	7.5	%
Earnings per common share – diluted (a)		3.13			3.23			2.92			(3.1)	%	7.2	%
Quarterly cash dividend declared per common share		1.10			1.10			1.07			—	%	2.8	%
Book value per common share at period end		94.83			95.58			82.87			(0.8)	%	14.4	%
Market price per common share at period end		178.66			182.99			162.53			(2.4)	%	9.9	%
Market capitalization at period end		3,227,343			3,305,561			2,612,076			(2.4)	%	23.6	%
Weighted average common shares – basic (b)		18,064,161			18,085,919			16,071,347			(0.1)	%	12.4	%
Weighted average common shares – diluted (b)		18,182,939			18,181,868			16,173,271			—	%	12.4	%
Common shares outstanding at period end		18,064,161			18,064,161			16,071,347			—	%	12.4	%
PERFORMANCE RATIOS: (annualized)
Return on average assets (a)(b)		1.77	%		1.84	%		1.83	%		(3.8)	%	(3.3)	%
Return on average shareholders’ equity (a)(b)		12.92	%		13.69	%		14.19	%		(5.6)	%	(8.9)	%
Yield on loans		6.42	%		6.42	%		6.34	%		—	%	1.3	%
Yield on investment securities		3.61	%		3.53	%		3.04	%		2.3	%	18.8	%
Yield on money market instruments		3.81	%		4.09	%		4.44	%		(6.8)	%	(14.2)	%
Yield on interest earning assets		5.97	%		5.96	%		5.90	%		0.2	%	1.2	%
Cost of interest bearing deposits		1.68	%		1.70	%		1.74	%		(1.2)	%	(3.4)	%
Cost of borrowings		2.31	%		2.45	%		3.55	%		(5.7)	%	(34.9)	%
Cost of paying interest bearing liabilities		1.69	%		1.71	%		1.80	%		(1.2)	%	(6.1)	%
Net interest margin (g)		4.84	%		4.81	%		4.72	%		0.6	%	2.5	%
Efficiency ratio (g)		60.25	%		56.30	%		55.85	%		7.0	%	7.9	%
OTHER DATA (NON-GAAP) AND BALANCE SHEET INFORMATION:
Tangible book value per common share (d)	$	78.03		$	78.92		$	72.77			(1.1)	%	7.2	%
Average interest earning assets		11,620,536			11,664,671			9,388,308			(0.4)	%	23.8	%
Pre-tax, pre-provision net income (j)		69,837			77,437			62,128			(9.8)	%	12.4	%
Total assets under management/assets under administration – market value at period end		9,926,379			10,056,739			9,448,121			(1.3)	%	5.1	%
Note: Explanations for footnotes (a) – (k) are included at the end of the financial tables in the “Financial Reconciliations” section.
PARK NATIONAL CORPORATION
Financial Highlights (continued)
As of or for the three months ended September 30, 2026, June 30, 2026 and September 30, 2025
											Percent change 3Q ’26 vs.
(in thousands, except ratios)	September 30, 2026			June 30, 2026			September 30, 2025				2Q ’26		3Q ’25
BALANCE SHEET:
Investment securities	$	1,334,410		$	1,389,379		$	926,934			(4.0)	%	44.0	%
Loans		9,772,923			9,731,356			7,992,753			0.4	%	22.3	%
Allowance for credit losses		109,869			110,686			91,758			(0.7)	%	19.7	%
Goodwill and other intangible assets		303,382			300,986			162,237			0.8	%	87.0	%
Other real estate owned (OREO)		18,623			19,836			638			(6.1)	%	N.M.
Total assets		12,646,245			12,677,010			9,862,068			(0.2)	%	28.2	%
Total deposits		10,624,491			10,670,284			8,329,924			(0.4)	%	27.5	%
Borrowings		150,804			137,422			78,126			9.7	%	93.0	%
Total shareholders’ equity		1,712,960			1,726,576			1,331,821			(0.8)	%	28.6	%
Total equity		1,715,015			1,728,631			1,331,821			(0.8)	%	28.8	%
Tangible equity (d)		1,409,578			1,425,590			1,169,584			(1.1)	%	20.5	%
Total nonperforming loans		90,398			83,763			90,571			7.9	%	(0.2)	%
Total nonperforming assets		109,021			103,599			91,209			5.2	%	19.5	%
ASSET QUALITY RATIOS:
Loans as a % of period end total assets		77.28	%		76.76	%		81.05	%		0.7	%	(4.7)	%
Total nonperforming loans as a % of period end loans		0.92	%		0.86	%		1.13	%		7.0	%	(18.6)	%
Total nonperforming assets as a % of period end loans + OREO + other nonperforming assets		1.11	%		1.06	%		1.14	%		4.7	%	(2.6)	%
Allowance for credit losses as a % of period end loans		1.12	%		1.14	%		1.15	%		(1.8)	%	(2.6)	%
Net loan charge-offs	$	2,788		$	2,479		$	2,057			12.5	%	35.5	%
Annualized net loan charge-offs as a % of average loans (b)		0.11	%		0.10	%		0.10	%		10.0	%	10.0	%
CAPITAL & LIQUIDITY:
Total shareholders’ equity / Period end total assets		13.55	%		13.62	%		13.50	%		(0.5)	%	0.4	%
Tangible equity (d) / Tangible assets (f)		11.42	%		11.52	%		12.06	%		(0.9)	%	(5.3)	%
Average shareholders’ equity / Average assets (b)		13.71	%		13.46	%		12.88	%		1.9	%	6.4	%
Average shareholders’ equity / Average loans (b)		17.97	%		17.76	%		16.60	%		1.2	%	8.3	%
Average loans / Average deposits (b)		90.92	%		89.75	%		92.68	%		1.3	%	(1.9)	%
Note: Explanations for footnotes (a) – (k) are included at the end of the financial tables in the “Financial Reconciliations” section.

PARK NATIONAL CORPORATION
Financial Highlights
Nine months ended September 30, 2026 and September 30, 2025
		2026			2025
(in thousands, except common share and per common share data and ratios)	Nine months ended September 30			Nine months ended September 30				Percent change ’26 vs ’25
INCOME STATEMENT:
Net interest income	$	405,380		$	324,385			25.0	%
Provision for credit losses		6,283			7,639			(17.8) %
Other income		109,906			88,506			24.2	%
Other expense		313,663			236,604			32.6	%
Income before income taxes	$	195,340		$	168,648			15.8	%
Income taxes		37,969			31,214			21.6	%
Net income	$	157,371		$	137,434			14.5	%
MARKET DATA:
Earnings per common share – basic (a)	$	8.82		$	8.53			3.4	%
Earnings per common share – diluted (a)		8.77			8.48			3.4	%
Quarterly cash dividend declared per common share		3.30			3.21			2.8	%
Weighted average common shares – basic (b)		17,844,001			16,120,213			10.7	%
Weighted average common shares – diluted (b)		17,940,951			16,209,261			10.7	%
PERFORMANCE RATIOS: (annualized)
Return on average assets (a)(b)		1.69	%		1.82	%		(7.1) %
Return on average shareholders’ equity (a)(b)		12.48	%		14.21	%		(12.2) %
Yield on loans		6.40	%		6.32	%		1.3	%
Yield on investment securities		3.43	%		3.17	%		8.2	%
Yield on money market instruments		3.96	%		4.42	%		(10.4) %
Yield on interest earning assets		5.94	%		5.90	%		0.7	%
Cost of interest bearing deposits		1.67	%		1.74	%		(4.0) %
Cost of borrowings		2.29	%		3.82	%		(40.1) %
Cost of paying interest bearing liabilities		1.68	%		1.83	%		(8.2) %
Net interest margin (g)		4.82	%		4.70	%		2.6	%
Efficiency ratio (g)		60.51	%		57.03	%		6.1	%
ASSET QUALITY RATIOS:
Net loan charge-offs	$	7,895		$	3,847			105.2	%
Net loan charge-offs as a % of average loans (b)		0.11	%		0.07	%		57.1	%
CAPITAL & LIQUIDITY
Average shareholders’ equity / Average Assets (b)		13.52	%		12.78	%		5.8	%
Average shareholders’ equity / Average loans (b)		17.73	%		16.37	%		8.3	%
Average loans / Average deposits (b)		90.52	%		93.53	%		(3.2) %
OTHER DATA (NON-GAAP) AND BALANCE SHEET INFORMATION:
Average interest earning assets		11,334,593			9,284,221			22.1	%
Pre-tax, pre-provision net income (j)		201,623			176,287			14.4	%
Note: Explanations for footnotes (a) – (k) are included at the end of the financial tables in the “Financial Reconciliations” section.

PARK NATIONAL CORPORATION
Consolidated Statements of Income
		Three Months Ended							Nine Months Ended
		September 30							September 30
(in thousands, except share and per share data)			2026				2025			2026			2025
Interest income:
Interest and fees on loans		$	157,067			$	126,648		$	453,801		$	372,839
Interest on debt securities:
Taxable			9,394				5,644			24,558			19,467
Tax-exempt			2,508				1,520			6,857			4,292
Other interest income			4,885				5,140			15,742			11,050
Total interest income			173,854				138,952			500,958			407,648
Interest expense:
Interest on deposits:
Demand and savings deposits			23,627				20,499			67,993			57,990
Time deposits			8,586				5,501			25,240			18,092
Interest on borrowings			898				1,935			2,345			7,181
Total interest expense			33,111				27,935			95,578			83,263
Net interest income			140,743				111,017			405,380			324,385
(Recovery of) provision for credit losses			(964	)			4,030			6,283			7,639
Net interest income after (recovery of) provision for credit losses			141,707				106,987			399,097			316,746
Other income			36,638				30,574			109,906			88,506
Other expense			107,544				79,463			313,663			236,604
Income before income taxes			70,801				58,098			195,340			168,648
Income taxes			13,869				10,940			37,969			31,214
Net income		$	56,932			$	47,158		$	157,371		$	137,434
Per common share:
Net income – basic		$	3.15			$	2.93		$	8.82		$	8.53
Net income – diluted		$	3.13			$	2.92		$	8.77		$	8.48
Weighted average common shares – basic			18,064,161				16,071,347			17,844,001			16,120,213
Weighted average common shares – diluted			18,182,939				16,173,271			17,940,951			16,209,261
Cash dividends declared:
Quarterly dividend		$	1.10			$	1.07		$	3.30		$	3.21

PARK NATIONAL CORPORATION
Consolidated Balance Sheets
(in thousands, except share data)	September 30, 2026			December 31, 2025
Assets
Cash and due from banks	$	151,081		$	137,239
Money market instruments		388,390			96,274
Investment securities		1,334,410			802,142
Loans		9,772,923			8,051,242
Allowance for credit losses		(109,869	)		(92,973	)
Loans, net		9,663,054			7,958,269
Bank premises and equipment, net		100,358			61,627
Goodwill and other intangible assets		303,382			161,990
Other real estate owned		18,623			729
Other assets		686,947			586,743
Total assets	$	12,646,245		$	9,805,013
Liabilities and Equity
Deposits:
Noninterest bearing	$	3,054,899		$	2,656,093
Interest bearing		7,569,592			5,587,620
Total deposits		10,624,491			8,243,713
Borrowings		150,804			81,711
Other liabilities		155,935			126,796
Total liabilities	$	10,931,230		$	8,452,220
Equity:
Preferred shares (200,000 shares authorized; no shares outstanding at September 30, 2026 or December 31, 2025)	$	—		$	—
Common shares (No par value; 40,000,000 shares authorized at September 30, 2026 and December 31, 2025; 19,611,235 shares issued at September 30, 2026 and 17,623,104 at December 31, 2025)		786,942			465,032
Accumulated other comprehensive loss, net of taxes		(69,705	)		(12,739	)
Retained earnings		1,165,308			1,067,823
Treasury shares (1,547,074 shares at September 30, 2026 and 1,544,842 shares at December 31, 2025)		(169,585	)		(167,323	)
Total shareholders’ equity	$	1,712,960		$	1,352,793
Non-controlling interest in consolidated subsidiary		2,055			—
Total equity	$	1,715,015		$	1,352,793
Total liabilities and equity	$	12,646,245		$	9,805,013

PARK NATIONAL CORPORATION
Consolidated Average Balance Sheets
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in thousands)		2026			2025			2026				2025
Assets
Cash and due from banks	$	149,028		$	123,603		$	176,496			$	121,804
Money market instruments		509,358			458,912			531,874				334,171
Investment securities		1,376,119			979,815			1,302,710				1,036,714
Loans		9,730,264			7,941,709			9,506,237				7,899,466
Allowance for credit losses		(111,619	)		(90,522	)		(108,937	)			(89,380	)
Loans, net		9,618,645			7,851,187			9,397,300				7,810,086
Bank premises and equipment, net		99,802			63,863			92,140				66,200
Goodwill and other intangible assets		301,740			162,400			283,634				162,666
Other real estate owned		20,137			651			19,054				536
Other assets		676,265			595,634			659,957				588,565
Total assets	$	12,751,094		$	10,236,065		$	12,463,165			$	10,120,742
Liabilities and Equity
Deposits:
Noninterest bearing	$	3,091,553		$	2,636,936		$	3,020,284			$	2,614,215
Interest bearing		7,609,925			5,931,591			7,481,895				5,831,973
Total deposits		10,701,478			8,568,527			10,502,179				8,446,188
Borrowings		153,917			216,140			136,879				251,299
Other liabilities		144,997			133,121			136,750				130,220
Total liabilities	$	11,000,392		$	8,917,788		$	10,775,808			$	8,827,707
Equity:
Preferred shares	$	—		$	—		$	—			$	—
Common shares		785,499			461,869			748,871				462,043
Accumulated other comprehensive loss, net of taxes		(24,549	)		(29,893	)		(16,590	)			(34,672	)
Retained earnings		1,157,282			1,054,373			1,120,830				1,024,908
Treasury shares		(169,585	)		(168,072	)		(167,576	)			(159,244	)
Total shareholders’ equity	$	1,748,647		$	1,318,277		$	1,685,535			$	1,293,035
Non-controlling interest in consolidated subsidiary		2,055			—			1,822				—
Total equity	$	1,750,702		$	1,318,277		$	1,687,357			$	1,293,035
Total liabilities and equity	$	12,751,094		$	10,236,065		$	12,463,165			$	10,120,742

PARK NATIONAL CORPORATION
Consolidated Statements of Income – Linked Quarters
		2026			2026		2026		2025		2025
(in thousands, except per share data)	3rd QTR			2nd QTR		1st QTR		4th QTR		3rd QTR
Interest income:
Interest and fees on loans	$	157,067		$	154,692	$	142,042	$	127,443	$	126,648
Interest on debt securities:
Taxable		9,394			9,320		5,844		4,267		5,644
Tax-exempt		2,508			2,123		2,226		1,487		1,520
Other interest income		4,885			6,192		4,665		3,695		5,140
Total interest income		173,854			172,327		154,777		136,892		138,952
Interest expense:
Interest on deposits:
Demand and savings deposits		23,627			23,517		20,849		18,431		20,499
Time deposits		8,586			9,122		7,532		5,267		5,501
Interest on borrowings		898			831		616		268		1,935
Total interest expense		33,111			33,470		28,997		23,966		27,935
Net interest income		140,743			138,857		125,780		112,926		111,017
(Recovery of) provision for credit losses		(964	)		4,575		2,672		3,849		4,030
Net interest income after (recovery of) provision for credit losses		141,707			134,282		123,108		109,077		106,987
Other income		36,638			39,540		33,728		31,375		30,574
Other expense		107,544			100,960		105,159		87,777		79,463
Income before income taxes		70,801			72,862		51,677		52,675		58,098
Income taxes		13,869			14,110		9,990		10,036		10,940
Net income	$	56,932		$	58,752	$	41,687	$	42,639	$	47,158
Per common share:
Net income – basic	$	3.15		$	3.25	$	2.40	$	2.65	$	2.93
Net income – diluted	$	3.13		$	3.23	$	2.39	$	2.63	$	2.92

PARK NATIONAL CORPORATION
Detail of other income and other expense – Linked Quarters
		2026		2026		2026		2025			2025
(in thousands)	3rd QTR		2nd QTR		1st QTR		4th QTR			3rd QTR
Other income:
Income from fiduciary activities	$	13,540	$	13,434	$	12,343	$	11,839		$	11,315
Service charges on deposit accounts		3,381		3,790		3,348		2,552			2,578
Other service income		4,318		4,124		3,686		4,099			3,716
Debit card fee income		8,257		8,107		6,973		6,493			6,604
Bank owned life insurance income		1,865		2,125		1,707		1,777			1,559
ATM fees		426		450		380		333			371
Gain (loss) on sale of debt securities, net		—		—		1,084		(2,250	)		—
Gain (loss) on equity securities, net		964		4,555		799		3,595			(549	)
Other components of net periodic benefit income		2,449		2,449		2,492		2,344			2,344
Miscellaneous		1,438		506		916		593			2,636
Total other income	$	36,638	$	39,540	$	33,728	$	31,375		$	30,574
Other expense:
Salaries	$	51,412	$	46,023	$	45,577	$	39,315		$	38,644
Employee benefits		12,614		11,918		11,692		10,846			9,892
Occupancy expense		4,338		4,027		4,572		3,349			3,242
Furniture and equipment expense		3,071		3,014		2,517		2,007			2,219
Data processing fees		14,406		15,113		13,141		12,188			11,531
Professional fees and services		9,171		8,731		16,828		9,275			7,475
Marketing		1,608		1,550		1,556		1,744			1,507
Insurance		2,007		1,986		2,074		1,534			1,468
Communication		1,663		1,400		1,425		1,137			1,239
State tax expense		1,504		1,529		1,367		1,181			1,182
Amortization of intangible assets		1,937		2,072		1,279		247			248
Foundation contributions		—		—		—		1,000			—
Miscellaneous		3,813		3,597		3,131		3,954			816
Total other expense	$	107,544	$	100,960	$	105,159	$	87,777		$	79,463

PARK NATIONAL CORPORATION
Asset Quality Information
											Year ended December 31,
(in thousands, except ratios)		September 30, 2026			June 30, 2026			March 31, 2026				2025			2024			2023			2022			2021
Allowance for credit losses:
Allowance for credit losses, beginning of period		$	110,686		$	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			2,935			—			15,573			—			—			—			—			—
Charge-offs			4,675			4,470			4,440			16,624			18,334			10,863			9,133			5,093
Recoveries			1,887			1,991			1,812			10,143			8,012			5,942			6,758			8,441
Net charge-offs (recoveries)			2,788			2,479			2,628			6,481			10,322			4,921			2,375			(3,348	)
(Recovery of) provision for credit losses			(964	)		4,575			2,672			11,488			14,543			2,904			4,557			(11,916	)
Allowance for credit losses, end of period		$	109,869		$	110,686		$	108,590		$	92,973		$	87,966		$	83,745		$	85,379		$	83,197
General reserve trends:
Allowance for credit losses, end of period		$	109,869		$	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 – nonaccrual			5,119			4,424			3,041			739			1,299			4,983			3,566			1,574
General reserves on collectively evaluated loans		$	104,750		$	106,262		$	105,549		$	92,234		$	86,667		$	78,762		$	81,813		$	81,581
Total loans		$	9,772,923		$	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)			8,800			11,535			14,792			18,365			15,290			—			11,477			17,517
Individually evaluated loans – nonaccrual			60,467			57,662			60,208			46,924			53,149			45,215			66,864			56,985
Collectively evaluated loans		$	9,703,656		$	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)			0.11	%		0.10	%		0.12	%		0.08	%		0.14	%		0.07	%		0.03	%	(0.05)%
Allowance for credit losses as a % of period end loans			1.12	%		1.14	%		1.12	%		1.15	%		1.13	%		1.12	%		1.20	%		1.21	%
General reserve as a % of collectively evaluated loans			1.08	%		1.10	%		1.10	%		1.16	%		1.12	%		1.06	%		1.16	%		1.20	%
Nonperforming assets:
Nonaccrual loans		$	86,947		$	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.			N.A.				20,134			28,323
Loans past due 90 days or more			3,451			2,514			2,599			2,738			1,754			859			1,281			1,607
Total nonperforming loans		$	90,398		$	83,763		$	83,147		$	69,253		$	69,932		$	61,118		$	101,111		$	102,652
Other real estate owned			18,623			19,836			24,458			729			938			983			1,354			775
Other nonperforming assets			—			—			—			—			—			—			—			2,750
Total nonperforming assets		$	109,021		$	103,599		$	107,605		$	69,982		$	70,870		$	62,101		$	102,465		$	106,177
Percentage of nonaccrual loans to period end loans			0.89	%		0.83	%		0.83	%		0.83	%		0.87	%		0.81	%		1.12	%		1.06	%
Percentage of nonperforming loans to period end loans			0.92	%		0.86	%		0.86	%		0.86	%		0.89	%		0.82	%		1.42	%		1.49	%
Percentage of nonperforming assets to period end loans			1.12	%		1.06	%		1.11	%		0.87	%		0.91	%		0.83	%		1.43	%		1.55	%
Percentage of nonperforming assets to period end total assets			0.86	%		0.82	%		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
Asset Quality Information (continued)
											Year ended December 31,
(in thousands, except ratios)		September 30, 2026			June 30, 2026			March 31, 2026				2025			2024			2023			2022			2021
New nonaccrual loan information:
Nonaccrual loans, beginning of period		$	81,249		$	80,548		$	66,515		$	68,178		$	60,259		$	79,696		$	72,722		$	117,368
Acquired nonaccrual loans			—			—			4,506			—			—			—			—			—
New nonaccrual loans			25,218			21,099			23,215			87,482			65,535			48,280			64,918			38,478
Resolved nonaccrual loans			19,520			20,398			13,688			89,145			57,616			67,717			57,944			83,124
Nonaccrual loans, end of period		$	86,947		$	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		$	60,673		$	57,939		$	64,890		$	51,664		$	58,158		$	47,564		$	68,639		$	57,609
Prior charge-offs			206			277			4,682			4,740			5,009			2,349			1,775			624
Remaining principal balance			60,467			57,662			60,208			46,924			53,149			45,215			66,864			56,985
Specific reserves			5,119			4,424			3,041			739			1,299			4,983			3,566			1,574
Book value, after specific reserves		$	55,348		$	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
Financial Reconciliations
NON-GAAP RECONCILIATIONS
	THREE MONTHS ENDED									NINE MONTHS ENDED
(in thousands, except share and per share data)	September 30, 2026			June 30, 2026			September 30, 2025			September 30, 2026				September 30, 2025
Net interest income	$	140,743		$	138,857		$	111,017		$	405,380			$	324,385
less purchase accounting accretion		2,342			2,147			164			5,301				507
less interest income on former Vision Bank relationships		—			—			5			396				2,030
Net interest income – adjusted	$	138,401		$	136,710		$	110,848		$	399,683			$	321,848
(Recovery of) provision for credit losses	$	(964	)	$	4,575		$	4,030		$	6,283			$	7,639
less recoveries on former Vision Bank relationships		—			—			(3	)		(7	)			(1,817	)
(Recovery of) provision for credit losses – adjusted	$	(964	)	$	4,575		$	4,033		$	6,290			$	9,456
Other income	$	36,638		$	39,540		$	30,574		$	109,906			$	88,506
less gain on sale of debt securities, net		—			—			—			1,084				—
less impact of strategic initiatives		—			148			778			148				(118	)
less merger-related losses related to First Citizens acquisition		(295	)		—			—			(295	)			—
less Vision related OREO valuation adjustments, net		1,257			—			—			1,561				(229	)
less other income related to former Vision Bank relationships		—			—			325			(202	)			328
Other income – adjusted	$	35,676		$	39,392		$	29,471		$	107,610			$	88,525
Other expense	$	107,544		$	100,960		$	79,463		$	313,663			$	236,604
less intangible asset amortization		1,937			2,072			248			5,288				795
less merger-related expenses related to First Citizens acquisition		6,658			4,118			—			26,250				—
less impact of strategic initiatives		—			(71	)		—			291				—
less purchase accounting amortization		34			36			—			90				—
less direct expenses related to collection of payments on former Vision Bank loan relationships		130			—			—			324				515
Other expense – adjusted	$	98,785		$	94,805		$	79,215		$	281,420			$	235,294
Tax effect of adjustments to net income identified above (i)	$	1,146		$	811		$	(216	)	$	5,091			$	(635	)
Net income – reported	$	56,932		$	58,752		$	47,158		$	157,371			$	137,434
Net income – adjusted (h)	$	61,241		$	61,801		$	46,347		$	176,523			$	135,044
Diluted earnings per common share	$	3.13		$	3.23		$	2.92		$	8.77			$	8.48
Diluted earnings per common share, adjusted (h)	$	3.37		$	3.40		$	2.87		$	9.84			$	8.33
Annualized return on average assets (a)(b)		1.77	%		1.84	%		1.83	%		1.69	%			1.82	%
Annualized return on average assets, adjusted (a)(b)(h)		1.91	%		1.94	%		1.80	%		1.89	%			1.78	%
Annualized return on average tangible assets (a)(b)(e)		1.81	%		1.89	%		1.86	%		1.73	%			1.85	%
Annualized return on average tangible assets, adjusted (a)(b)(e)(h)		1.95	%		1.99	%		1.83	%		1.94	%			1.81	%
Annualized return on average shareholders’ equity (a)(b)		12.92	%		13.69	%		14.19	%		12.48	%			14.21	%
Annualized return on average shareholders’ equity, adjusted (a)(b)(h)		13.89	%		14.40	%		13.95	%		14.00	%			13.96	%
Annualized return on average tangible equity (a)(b)(c)		15.61	%		16.60	%		16.19	%		15.01	%			16.26	%
Annualized return on average tangible equity, adjusted (a)(b)(c)(h)		16.79	%		17.46	%		15.91	%		16.84	%			15.97	%
Efficiency ratio (g)		60.25	%		56.30	%		55.85	%		60.51	%			57.03	%
Efficiency ratio, adjusted (g)(h)		56.39	%		53.55	%		56.18	%		55.14	%			57.06	%
Annualized net interest margin (g)		4.84	%		4.81	%		4.72	%		4.82	%			4.70	%
Annualized net interest margin, adjusted (g)(h)		4.76	%		4.73	%		4.71	%		4.75	%			4.66	%
Note: Explanations for footnotes (a) – (k) are included at the end of the financial tables in the “Financial Reconciliations” section.

PARK NATIONAL CORPORATION
Financial Reconciliations (continued)
(a) Reported measure uses net income
(b) Averages are for the three months ended September 30, 2026, June 30,, 2026, and September 30, 2025 and the nine months ended September 30, 2026 and September 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 ENDED							NINE MONTHS ENDED
	September 30, 2026			June 30, 2026		September 30, 2025		September 30, 2026			September 30, 2025
AVERAGE SHAREHOLDERS’ EQUITY	$	1,748,647		$	1,721,078	$	1,318,277	$	1,685,535		$	1,293,035
Less: Average goodwill and other intangible assets		301,740			301,545		162,400		283,634			162,666
AVERAGE TANGIBLE EQUITY	$	1,446,907		$	1,419,533	$	1,155,877	$	1,401,901		$	1,130,369
(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:
	September 30, 2026			June 30, 2026		September 30, 2025
TOTAL SHAREHOLDERS’ EQUITY	$	1,712,960		$	1,726,576	$	1,331,821
Less: Goodwill and other intangible assets		303,382			300,986		162,237
TANGIBLE EQUITY	$	1,409,578		$	1,425,590	$	1,169,584
(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 ENDED							NINE MONTHS ENDED
	September 30, 2026			June 30, 2026		September 30, 2025		September 30, 2026			September 30, 2025
AVERAGE ASSETS	$	12,751,094		$	12,787,409	$	10,236,065	$	12,463,165		$	10,120,742
Less: Average goodwill and other intangible assets		301,740			301,545		162,400		283,634			162,666
AVERAGE TANGIBLE ASSETS	$	12,449,354		$	12,485,864	$	10,073,665	$	12,179,531		$	9,958,076
(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:
	September 30, 2026			June 30, 2026		September 30, 2025
TOTAL ASSETS	$	12,646,245		$	12,677,010	$	9,862,068
Less: Goodwill and other intangible assets		303,382			300,986		162,237
TANGIBLE ASSETS	$	12,342,863		$	12,376,024	$	9,699,831
(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 ENDED							NINE MONTHS ENDED
	September 30, 2026			June 30, 2026		September 30, 2025		September 30, 2026			September 30, 2025
Interest income	$	173,854		$	172,327	$	138,952	$	500,958		$	407,648
Fully taxable equivalent adjustment		1,119			933		685		3,037			1,967
Fully taxable equivalent interest income	$	174,973		$	173,260	$	139,637	$	503,995		$	409,615
Interest expense		33,111			33,470		27,935		95,578			83,263
Fully taxable equivalent net interest income	$	141,862		$	139,790	$	111,702	$	408,417		$	326,352
(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 ENDED							NINE MONTHS ENDED
	September 30, 2026			June 30, 2026		September 30, 2025		September 30, 2026			September 30, 2025
Net income	$	56,932		$	58,752	$	47,158	$	157,371		$	137,434
Plus: Income taxes		13,869			14,110		10,940		37,969			31,214
Plus: (Recovery of) provision for credit losses		(964	)		4,575		4,030		6,283			7,639
Pre-tax, pre-provision net income	$	69,837		$	77,437	$	62,128	$	201,623		$	176,287
(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.