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  4. [10-Q] PARK NATIONAL CORP /OH/ Quarterly Earnings Report

[10-Q] PARK NATIONAL CORP /OH/ Quarterly Earnings Report

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
10-Q
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q
 
(Mark One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______________________ to __________________________

  
Commission File Number1-13006
 
PARK NATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
 
Ohio 31-1179518
(State or other jurisdiction of
incorporation or organization)		 (I.R.S. Employer Identification No.)
50 North Third Street, P.O. Box 3500Newark,Ohio43058-3500
(Address of principal executive offices) (Zip Code)
(740) 349-8451
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common shares, without par valuePRKNYSE American


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 Yes   ☒   No   ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes  ☒   No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”,
“smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company    ☐
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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 Yes   ☐   No   ☒

At October 31, 2025 the number of common shares, without par value, of the registrant issued and outstanding was 16,078,262.



PARK NATIONAL CORPORATION
 
CONTENTS
 Page
Glossary of Abbreviations and Acronyms
4
Cautionary Note Regarding Forward-Looking Statements
4
PART I.   FINANCIAL INFORMATION 
  
Item 1.  Financial Statements 
  
Consolidated Condensed Balance Sheets at September 30, 2025 and December 31, 2024 (unaudited)
6
  
Consolidated Condensed Statements of Income for the three and nine months ended September 30, 2025 and 2024 (unaudited)
8
  
Consolidated Condensed Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024 (unaudited)
10
  
Consolidated Condensed Statements of Changes in Shareholders’ Equity for the three and nine months ended September 30, 2025 and 2024 (unaudited)
11
  
Consolidated Condensed Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (unaudited)
13
  
Notes to Unaudited Consolidated Condensed Financial Statements
15
  
Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations
75
  
Item 3.  Quantitative and Qualitative Disclosures About Market Risk
103
  
Item 4.  Controls and Procedures
103
  
PART II.  OTHER INFORMATION
104 
  
Item 1.  Legal Proceedings
104
  
Item 1A. Risk Factors
104
  
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds
106
  
Item 3.  Defaults Upon Senior Securities
106
  
Item 4.  Mine Safety Disclosures
107
  
Item 5.  Other Information
107
  
Item 6.  Exhibits
107
  
SIGNATURES
108
3

Glossary of Abbreviations and Acronyms

References in this Form 10-Q to "we," "our," "us," "Company," "Corporation," or "Park" are collectively to Park National Corporation and its subsidiaries. In addition, Park has identified the following list of abbreviations and acronyms that are used in the Unaudited Consolidated Condensed Financial Statements, Notes to Unaudited Consolidated Condensed Financial Statements, and Management's Discussion and Analysis of Financial Condition and Results of Operations.

2017 Employees LTIPThe Park National Corporation 2017 Long-Term Incentive Plan for EmployeesLDALoss driver analysis
2017 Non-Employees LTIPThe Park National Corporation 2017 Long-Term Incentive Plan for Non-Employee DirectorsLGDLoss given default
ACHAutomated clearing houseMSRsMortgage servicing rights
ACLAllowance for credit lossesNAVNet asset value
AFSAvailable-for-saleNewDominionNewDominion Bank
ASCAccounting Standards CodificationNSFNon-sufficient funds
ASUAccounting Standards UpdateOREOOther real estate owned
ATMAutomated teller machinePark's 2024 Form 10-KThe Annual Report on Form 10-K of Park National Corporation for the fiscal year ended December 31, 2024
Carolina AllianceCAB Financial Corporation and its subsidiariesPBRSUsPerformance-based restricted stock units
CMEChicago Mercantile ExchangePCDPurchased credit deteriorated
COVID-19Novel coronavirusPDProbability of default
DCFDiscounted cash flowPNBThe Park National Bank
DDADemand deposit accountPBOProjected benefit obligation
EPSEarnings per common sharePTPPPre-tax, pre-provision
FASBFinancial Accounting Standards BoardRegistrantPark National Corporation
FDICFederal Deposit Insurance CorporationROURight-of-use
FFIECFederal Financial Institutions Examination CouncilSARsStock appreciation rights
FHLBFederal Home Loan BankSECU.S. Securities and Exchange Commission
FRBFederal Reserve BankSEPHSE Property Holdings, LLC
FTEFully taxable equivalentSERPSupplemental Executive Retirement Plan
GDPGross domestic productSOFRSecured overnight financing rate
HELOCHome equity line of creditU.S.United States of America
HPIHome price indexU.S. GAAPUnited States Generally Accepted Accounting Principles
IRLCInterest rate lock commitmentVOVVerification of value
KSOPPark's qualified retirement plan that combines an employee stock ownership plan (ESOP) with a 401(k) plan





4

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements that 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 businesses of Park and First Citizens Bancshares, Inc. (“First Citizens”) will not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; (33) expected revenue synergies and cost savings from the proposed merger of Park and First Citizens may not be fully realized or realized within the expected time frame; (34) revenues following the proposed merger of Park and First Citizens may be lower than expected; (35) customer and employee relationships and business operations may be disrupted by the proposed merger of Park and First Citizens; (36) Park’s issuance of additional common shares in the proposed merger of Park and First Citizens could cause ownership and economic dilution to Park's current shareholders; and (37) other risk factors related to the banking industry.

Forward-looking statements should be construed in the light of such risks. It is impossible to predict or identify all potential risk factors. Consequently, readers should not consider the foregoing list to be a complete set of all potential risks and uncertainties. Readers are cautioned not to place undue reliance on any forward-looking statements. Any forward looking statement in this Form 10-Q are based on current information as of the date of this Form 10-Q, and 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 whether as a result of new information, future developments or otherwise, or reflect the occurrence of unanticipated events, except to the extent required by law.
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PART I. FINANCIAL INFORMATION
Item 1.      Financial Statements

PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheets (Unaudited)
(in thousands, except common share and per common share data)    
                
September 30,
2025		December 31, 2024
Assets:  
Cash and due from banks$121,559 $122,363 
Money market instruments97,347 38,203 
Cash and cash equivalents218,906 160,566 
Investment securities:  
Debt securities available-for-sale, at fair value (amortized cost of $871,447 and $1,076,281 at September 30, 2025 and December 31, 2024, respectively, and no allowance for credit losses at September 30, 2025 or at December 31, 2024)
817,713 996,624 
Other investment securities109,221 104,237 
Total investment securities926,934 1,100,861 
Loans7,992,753 7,817,128 
Allowance for credit losses(91,758)(87,966)
Net loans7,900,995 7,729,162 
Bank owned life insurance240,722 236,872 
Prepaid assets196,177 190,119 
Goodwill159,595 159,595 
Other intangible assets2,642 3,437 
Premises and equipment, net62,182 69,522 
Affordable housing tax credit investments71,251 66,077 
OREO638 938 
Accrued interest receivable35,204 36,280 
Operating lease ROU asset15,886 15,745 
Mortgage loan servicing rights13,667 13,918 
Other17,269 22,258 
Total assets$9,862,068 $9,805,350 

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PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheets (Unaudited) (Continued)
(in thousands, except common share and per common share data)

September 30,
2025		December 31, 2024
Liabilities and Shareholders' Equity:  
Deposits:  
Non-interest bearing$2,601,666 $2,612,708 
Interest bearing5,728,258 5,530,818 
Total deposits8,329,924 8,143,526 
Short-term borrowings78,126 90,432 
Subordinated notes— 189,651 
Unfunded commitments in affordable housing tax credit investments28,319 29,677 
Operating lease liability17,280 16,505 
Allowance for credit losses on off-balance sheet commitments4,556 5,865 
Accrued interest payable4,631 7,859 
Other67,411 77,987 
Total liabilities$8,530,247 $8,561,502 
Shareholders' equity:  
Preferred shares (No par value; 200,000 shares authorized; No shares issued)
$— $— 
Common shares (No par value; 40,000,000 shares authorized at September 30, 2025 and 20,000,000 shares at December 31, 2024; 17,623,104 common shares issued at September 30, 2025 and at December 31, 2024)
463,032 463,706 
Retained earnings1,062,557 977,599 
Treasury shares (1,551,757 common shares at September 30, 2025 and 1,464,122 common shares at December 31, 2024)
(168,072)(151,282)
Accumulated other comprehensive loss, net of taxes(25,696)(46,175)
Total shareholders' equity1,331,821 1,243,848 
Total liabilities and shareholders’ equity$9,862,068 $9,805,350 

SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
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PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Income (Unaudited)
(in thousands, except common share and per common share data)

Three Months Ended
September 30, 		Nine Months Ended
September 30,
 2025202420252024
Interest and dividend income:  
Interest and fees on loans$126,648 $120,203 $372,839 $346,732 
Interest and dividends on:  
Debt securities - taxable5,644 10,228 19,467 33,077 
Debt securities - tax-exempt1,520 1,381 4,292 4,173 
Other interest income5,140 1,996 11,050 5,370 
Total interest and dividend income138,952 133,808 407,648 389,352 
Interest expense:  
Interest on deposits:  
Demand and savings deposits20,499 22,762 57,990 62,987 
Time deposits5,501 7,073 18,092 21,936 
Interest on borrowings:  
Short-term borrowings305 492 896 2,767 
Subordinated notes1,630 2,367 6,285 7,088 
Total interest expense27,935 32,694 83,263 94,778 
Net interest income111,017 101,114 324,385 294,574 
Provision for credit losses4,030 5,315 7,639 10,608 
Net interest income after provision for credit losses$106,987 $95,799 $316,746 $283,966 
Other income:  
Income from fiduciary activities$11,315 $10,615 $33,931 $31,367 
Service charges on deposit accounts2,578 2,362 7,499 6,682 
Other service income3,716 3,036 10,383 8,466 
Debit card fee income6,604 6,539 19,300 19,362 
Bank owned life insurance income1,559 2,057 4,833 6,251 
ATM fees371 471 1,073 1,425 
Pension settlement gain— 5,783 — 5,783 
Gain (loss) on the sale of OREO, net50 2 (152)115 
Loss on the sale of debt securities, net— — — (398)
(Loss) gain on equity securities, net(549)1,557 1,069 1,228 
Other components of net periodic pension benefit income2,344 2,204 7,032 6,612 
Miscellaneous2,586 1,904 3,538 4,631 
Total other income$30,574 $36,530 $88,506 $91,524 
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PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Income (Unaudited) (Continued)
(in thousands, except common share and per common share data)

Three Months Ended
September 30, 		Nine Months Ended
September 30,
 2025202420252024
Other expense:  
Salaries$38,644 $38,370 $113,420 $110,057 
Employee benefits9,892 10,162 29,516 31,595 
Occupancy expense3,242 3,731 10,030 9,887 
Furniture and equipment expense2,219 2,571 6,754 7,608 
Data processing fees11,531 11,764 33,081 30,114 
Professional fees and services7,475 7,842 22,177 20,681 
Marketing1,507 1,464 4,330 4,369 
Insurance1,468 1,640 4,821 5,135 
Communication1,239 955 3,382 2,993 
State tax expense1,182 1,116 3,718 3,355 
Amortization of intangible assets248 287 795 927 
Foundation contributions— 2,000 — 2,000 
Miscellaneous816 3,779 4,580 9,377 
Total other expense$79,463 $85,681 $236,604 $238,098 
Income before income taxes$58,098 $46,648 $168,648 $137,392 
Income taxes10,940 8,431 31,214 24,602 
Net income$47,158 $38,217 $137,434 $112,790 
Earnings per common share:
Basic$2.93 $2.37 $8.53 $6.99 
Diluted$2.92 $2.35 $8.48 $6.95 
Weighted average common shares outstanding:  
Basic16,071,347 16,151,640 16,120,213 16,139,335 
Diluted16,173,271 16,264,393 16,209,261 16,231,766 
Regular cash dividends declared per common share$1.07 $1.06 $3.21 $3.18 
 
SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
 


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PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income (Unaudited)
(in thousands)

Three Months Ended
September 30, 		Nine Months Ended
September 30,
 2025202420252024
Net income$47,158 $38,217 $137,434 $112,790 
Other comprehensive income, net of tax:
Defined benefit pension plan:
Amortization of prior service cost, net of income tax effect of $8 for the three months and nine months ended September 30, 2024
— 29 — 29 
Unrealized net actuarial gain, net of income tax effect of $4,702 for the three months and nine months ended September 30, 2024
— 17,687 — 17,687 
Gain recognition on partial settlement of vested benefits, net of income tax effect of $(1,214) for the three months and nine months ended September 30, 2024
— (4,569)— (4,569)
Change in funded status of defined benefit pension plan, net of income tax effect— 13,147 — 13,147 
Debt securities available-for-sale:
Unrealized net holding gain on debt securities available-for-sale, net of income tax effect of $1,544 and $5,482 for the three months ended September 30, 2025 and 2024, respectively, and $5,444 and $4,797 for the nine months ended September 30, 2025 and 2024, respectively.
5,811 20,623 20,479 18,046 
Net loss realized on sale of debt securities, AFS, net of income tax effect of $84 for the nine months ended September 30, 2024
— — — 314 
Unrealized net holding gain on debt securities available-for-sale, net of income tax effect5,811 20,623 20,479 18,360 
Other comprehensive income $5,811 $33,770 $20,479 $31,507 
Comprehensive income $52,969 $71,987 $157,913 $144,297 
 
SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

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PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Changes in Shareholders' Equity (Unaudited) (Continued)
(in thousands, except common share and per common share data)
  
Preferred
Shares		Common
Shares		Retained
Earnings		Treasury
Shares		Accumulated
Other
Comprehensive
Loss
Balance at December 31, 2024$— $463,706 $977,599 $(151,282)$(46,175)
Net income42,157 
Other comprehensive income, net of tax11,516 
Dividends on common shares at $1.07 per common share
(17,538)
Issuance of 32,365 common shares under share-based compensation awards, net of 19,468 common shares withheld to pay employee income taxes
(6,184)(108)3,344 
Share-based compensation expense2,007 
Balance at March 31, 2025$— $459,529 $1,002,110 $(147,938)$(34,659)
Net income48,119 
Other comprehensive income, net of tax3,152 
Dividends on common shares at $1.07 per common share
(17,436)
Repurchase of 120,000 common shares to be held as treasury shares
(20,134)
Share-based compensation expense1,737 
Balance at June 30, 2025$— $461,266 $1,032,793 $(168,072)$(31,507)
Net income47,158 
Other comprehensive income, net of tax5,811 
Dividends on common shares at $1.07 per common share
(17,394)
Share-based compensation expense1,766 
Balance at September 30, 2025$— $463,032 $1,062,557 $(168,072)$(25,696)

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PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Changes in Shareholders' Equity (Unaudited)
(in thousands, except common share and per common share data)
Preferred
Shares		Common
Shares		Retained
Earnings		Treasury
Shares		Accumulated
Other
Comprehensive
Loss
Balance at December 31, 2023$— $463,280 $903,877 $(155,673)$(66,191)
Net income35,204 
Other comprehensive loss, net of tax (204)
Dividends on common shares at $1.06 per common share
(17,287)
Issuance of 33,044 common shares under share-based compensation awards, net of 21,937 common shares withheld to pay employee income taxes
(5,701)(693)3,414 
Share-based compensation expense1,953 
Balance at March 31, 2024$— $459,532 $921,101 $(152,259)$(66,395)
Net income39,369 
Other comprehensive loss, net of tax(2,059)
Dividends on common shares at $1.06 per common share
(17,321)
Share-based compensation expense1,289 
Balance at June 30, 2024$— $460,821 $943,149 $(152,259)$(68,454)
Net income38,217 
Other comprehensive income, net of tax33,770 
Dividends on common shares at $1.06 per common share
(17,322)
Issuance of 2,117 common shares under share-based compensation awards, net of 958 common shares withheld to pay employee income taxes
(319)(36)219 
Share-based compensation expense1,627 
Balance at September 30, 2024$— $462,129 $964,008 $(152,040)$(34,684)

SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

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PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Cash Flows (Unaudited)
(in thousands)
Nine Months Ended
September 30,
 20252024
Operating activities:  
Net income$137,434 $112,790 
Adjustments to reconcile net income to net cash provided by operating activities:  
Provision for credit losses7,639 10,608 
Accretion of loan fees and costs, net(7,282)(6,663)
Depreciation of premises and equipment8,566 9,114 
Amortization of investment securities, net690 1,203 
Pension settlement gain— (5,783)
Loss on the sale of debt securities, net— 398 
Gain on equity securities, net(1,069)(1,228)
Loan originations to be sold in secondary market(127,142)(82,416)
Proceeds from sale of loans in secondary market131,305 82,113 
Gain on sale of loans in secondary market(2,064)(1,484)
Share-based compensation expense5,510 4,869 
Loss (gain) on the sale of OREO, net152 (115)
Bank owned life insurance income(4,833)(6,251)
Investment in qualified affordable housing tax credits amortization6,826 6,416 
Changes in assets and liabilities:
Decrease in prepaid dealer premiums1,525 115 
(Increase) decrease in other assets(1,810)2,542 
(Decrease) increase in other liabilities(15,343)3,395 
Net cash provided by operating activities$140,104 $129,623 
Investing activities:  
Proceeds from the redemption/repurchase of FHLB stock1,088 15,989 
Proceeds from sale of:
Debt securities AFS— 30,797 
Equity securities1,196 — 
Proceeds from calls and maturities of:  
Debt securities AFS291,365 196,410 
Purchases of:  
Debt securities AFS(87,221)(2,100)
Equity securities(4,742)(8,046)
FHLB stock(494)(9,225)
Net increase in other investments(806)(2,110)
Net loan originations, portfolio loans(175,046)(254,937)
Investment in qualified affordable housing tax credits(13,358)(8,080)
Proceeds from the sale of OREO768 987 
Bank owned life insurance death benefits3,746 5,171 
Purchases of bank owned life insurance(2,763)(9,933)
Purchases of premises and equipment(3,892)(7,092)
Net cash provided by (used in) investing activities$9,841 $(52,169)
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PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Cash Flows (Unaudited) (Continued)
(in thousands)
Nine Months Ended
September 30,
 20252024
Financing activities:  
Net increase in deposits$222,034 $170,920 
Net (increase) decrease in off-balance sheet deposits(35,636)1,185 
Net decrease in short-term borrowings(12,306)(210,740)
Repayment of subordinated notes(190,000)— 
Value of common shares withheld to pay employee income taxes(2,948)(3,116)
Repurchase of common shares to be held as Treasury shares(20,134)— 
Cash dividends paid(52,615)(52,288)
Net cash used in financing activities$(91,605)$(94,039)
Increase (decrease) in cash and cash equivalents58,340 (16,585)
Cash and cash equivalents at beginning of year160,566 218,268 
Cash and cash equivalents at end of period$218,906 $201,683 
Supplemental disclosures of cash flow information:  
Cash paid for:  
Interest$86,491 $95,288 
Federal income tax$24,280 $19,010 
Non-cash items:
Loans transferred to OREO$757 $1,008 
ROU assets obtained in exchange for lease obligations1,598 2,654 
New commitments in affordable housing tax credits12,000 11,000 
New commitments in other investment securities157 2,500 

SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

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PARK NATIONAL CORPORATION
NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

Note 1 – Basis of Presentation
 
The accompanying unaudited consolidated condensed financial statements included in this report have been prepared for Park In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the results of operations for the interim periods included herein have been made. The results of operations for the three-month and nine-month periods ended September 30, 2025 are not necessarily indicative of the operating results to be anticipated for the year ending December 31, 2025.
 
The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with the instructions for Quarterly Reports on Form 10-Q and Article 10 of Regulation S-X of the SEC. Therefore, they do not include all information and footnotes necessary for a fair presentation of the consolidated condensed balance sheets, consolidated condensed statements of income, consolidated condensed statements of comprehensive income, consolidated condensed statements of changes in shareholders’ equity and consolidated condensed statements of cash flows in conformity with U.S. GAAP. These financial statements should be read in conjunction with the consolidated financial statements included in Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA in Park's 2024 Form 10-K. Certain prior period amounts have been reclassified to conform to the current period presentation.
 
Park’s significant accounting policies are described in Note 1. Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements included in Park’s 2024 Form 10-K. For interim reporting purposes, Park follows the same basic accounting policies, as updated by the information contained in this report, and considers each interim period an integral part of an annual period. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated condensed financial statements and accompanying notes. Actual results could differ materially from those estimates.

Note 2 - Adoption of New Accounting Pronouncements and Issued But Not Yet Effective Accounting Standards

The following is a summary of new accounting pronouncements impacting Park's consolidated condensed financial statements:

Adoption of New Accounting Pronouncements

ASU 2024-02 - Codification Improvements - Amendments to Remove References to Concepts Statements: In March 2024, FASB issued ASU 2024-02 - Codification Improvements - Amendments to Remove References to the Concepts Statements. ASU 2024-02 contains amendments to the Codification that remove references to various Concepts Statements. In most cases the references were extraneous and not required to understand or apply the guidance. In other instances, the references were used in previous Statements to provide guidance on certain topical areas.

ASU 2024-02 is effective for public business entities for fiscal years beginning after December 15, 2024. The adoption of ASU 2024-02 did not have an impact on Park's consolidated financial statements.

Issued But Not Yet Effective Accounting Standards

ASU 2023-09- Income Taxes (Topic 740) Improvement to Income Tax Disclosures
In December 2023, FASB issued ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 will require entities to disclose more detailed information in the reconciliation of their statutory tax rate to their effective tax rate. ASU 2023-09 also requires entities to disclose more detailed information about income taxes paid, including by jurisdiction.

ASU 2023-09 is effective for public business entities for annual reporting periods beginning after December 15, 2024 and interim periods beginning after December 15, 2025. The adoption of the provisions of ASU 2023-09 is not expected to have an impact on Park's consolidated financial statements, but will impact disclosures.



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ASU 2024-03 - Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): In November 2024, FASB issued ASU 2024-03 - Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). ASU 2024-03 requires disaggregated disclosure of income statement expenses for public business entities in disclosures within the footnotes to the financial statements. The disclosures will require a footnote disclosure about specific expenses to disaggregate, in a tabular presentation, each relevant expense caption on the income statement that includes any of the following natural expenses: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depreciation, depletion and amortization recognized as part of oil and gas producing activities and other types of depletion expenses. The tabular disclosure would also include certain other expenses, as applicable.

ASU 2024-03 is effective for public business entities for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted and public business entities are required to adopt ASU 2024-03 prospectively; however, entities are permitted to apply the amendments retrospectively. The adoption of the provisions of ASU 2024-03 is not expected to have an impact on Park's consolidated financial statements, but will impact disclosures.

ASU 2025-06 - Intangibles-Goodwill and Other-Internal Use Software-Targeted Improvements to the Accounting for Internal Use Software (Subtopic 350-40): In September 2025, FASB issued ASU 2025-06 Intangibles-Goodwill and Other-Internal Use Software-Targeted Improvements to the Accounting for Internal Use Software (Subtopic 350-40). ASU 2025-06 updates the guidance on accounting for internal-use software costs to better align with current software development methods. ASU 2025-06 also clarifies which disclosure framework applies to capitalized software costs.

ASU 2025-06 is effective for all entities for annual periods beginning after December 15, 2027 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted and entities may adopt using a prospective, modified or retrospective transition approach. The adoption of the provisions of ASU 2025-06 is not expected to have a material impact on Park's consolidated financial statements.

Note 3 – Investment Securities
 
Investment securities at September 30, 2025 and at December 31, 2024, were as follows:

Debt securities AFS (In thousands)Amortized
Cost		Gross
Unrealized
Holding 
Gains		Gross
Unrealized
Holding 
Losses		Fair Value
September 30, 2025:
Obligations of states and political subdivisions$220,700 $362 $15,274 $205,788 
U.S. Government sponsored entities' asset-backed securities536,113 460 38,411 498,162 
Collateralized loan obligations94,569 81 14 94,636 
Corporate debt securities20,065 101 1,039 19,127 
Total$871,447 $1,004 $54,738 $817,713 
 
Debt securities AFS (In thousands)Amortized
Cost		Gross
Unrealized
Holding 
Gains		Gross
Unrealized
Holding 
Losses		Fair Value
December 31, 2024:
Obligations of U.S. Government sponsored entities$250 $— $1 $249 
Obligations of states and political subdivisions203,438 88 16,643 186,883 
U.S. Government sponsored entities' asset-backed securities580,268 2 61,694 518,576 
Collateralized loan obligations271,572 288 27 271,833 
Corporate debt securities20,753 50 1,720 19,083 
Total$1,076,281 $428 $80,085 $996,624 
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Investment securities in an unrealized loss position at September 30, 2025, were as follows:

Unrealized loss position for less than 12 monthsUnrealized loss position for 12 months or longerTotal
(In thousands)Fair valueUnrealized
losses		Fair valueUnrealized
losses		Fair
value		Unrealized
losses
Debt securities AFS:
Obligations of states and political subdivisions$39,905 $870 $138,936 $14,404 $178,841 $15,274 
U.S. Government sponsored entities' asset-backed securities12,696 164 449,051 38,247 461,747 38,411 
Collateralized loan obligations17,402 13 202 1 17,604 14 
Corporate debt securities— — 16,611 1,039 16,611 1,039 
Total$70,003 $1,047 $604,800 $53,691 $674,803 $54,738 
 
 Investment securities in an unrealized loss position at December 31, 2024, were as follows:

 
Unrealized loss position for less than 12 monthsUnrealized loss position for 12 months or longerTotal
(In thousands)Fair valueUnrealized
losses		Fair valueUnrealized
losses		Fair
value		Unrealized
losses
Debt securities AFS:
Obligations of U.S. Government sponsored entities$249 $1 $— $— $249 $1 
Obligations of states and political subdivisions34,256 528 137,471 16,115 171,727 16,643 
U.S. Government sponsored entities' asset-backed securities6,555 249 510,846 61,445 517,401 61,694 
Collateralized loan obligations44,935 14 36,223 13 81,158 27 
Corporate debt securities— — 15,929 1,720 15,929 1,720 
Total$85,995 $792 $700,469 $79,293 $786,464 $80,085 

At September 30, 2025, Park’s debt securities portfolio consisted of $817.7 million of securities, $674.8 million of which were in an unrealized loss position with aggregate unrealized losses of $54.7 million. Of the $674.8 million of securities in an unrealized loss position, $604.8 million were in an unrealized loss position for 12 months or longer. Of the $54.7 million in unrealized losses, $38.4 million were related to Park's "U.S. Government sponsored entities' asset-backed securities" portfolios. For non-agency debt securities, Park verified that the current credit ratings remain above investment grade. On a quarterly basis, management reviews the credit profile of each non-agency debt security and assesses whether any impairment to the contractually obligated cash flow is likely to occur. Based on these reviews, management has concluded that the underlying creditworthiness for each security remains sufficient to maintain required payment obligations and that changes in value are largely the result of changes in the yield curve, therefore, unrealized losses have not been recognized into net income. Management does not intend to sell, and it is not more likely than not that management would be required to sell, the securities prior to their anticipated recovery in respect of the unrealized losses. Management believes the value will recover as the securities approach maturity or market interest rates change.

There was no ACL recorded for debt securities AFS at either September 30, 2025 or December 31, 2024. Additionally, for the three and nine months ended September 30, 2025 and 2024, there were no credit-related investment impairment losses recognized.





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The amortized cost and estimated fair value of investments in debt securities AFS at September 30, 2025, are shown in the following table by contractual maturity, except for asset-backed securities and collateral loan obligations, which are shown as a single total due to the unpredictability of the timing of principal repayments. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

 (In thousands)Amortized
cost		Fair value
Tax equivalent yield (1)
Debt Securities AFS
Obligations of state and political subdivisions:
Due five through ten years$100,371 $94,927 2.84 %
Due over ten years120,329 110,861 3.87 %
Total (1)
$220,700 $205,788 3.40 %
U.S. Government sponsored entities' asset-backed securities$536,113 $498,162 2.05 %
Collateralized loan obligations$94,569 $94,636 5.94 %
Corporate debt securities
Due one through five years$2,000 $1,984 4.00 %
Due five through ten years18,065 17,143 4.17 %
Total$20,065 $19,127 4.15 %
(1) The tax equivalent yield for certain obligations of state and political subdivisions includes the effect of a taxable equivalent adjustment using a 21% federal corporate income tax rate.

There were no sales of debt securities AFS during the three-month or nine-month periods ended September 30, 2025. During the nine-month period ended September 30, 2024, Park sold certain AFS debt securities with a book value of $31.2 million at a gross loss of $398,000. There were no sales of debt securities AFS during the three-month period ended September 30, 2024.

Investment securities having a fair value of $622.2 million and $599.2 million at September 30, 2025 and December 31, 2024, respectively, were pledged to collateralize government and public fund deposits, to secure repurchase agreements and as collateral for FHLB advance borrowings.

Note 4 – Other Investment Securities
 
Other investment securities consist of restricted stock investments in the FHLB and the FRB, and equity securities. The restricted FHLB and FRB stock investments are carried at their redemption value. Equity securities with a readily determinable fair value are carried at fair value. Equity securities without a readily determinable fair value are recorded at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions ("modified cost"). Park's portfolio of equity investments in limited partnerships which provide mezzanine funding ("Partnership Investments") are valued using the NAV practical expedient in accordance with ASC 820.

The carrying amounts of other investment securities at September 30, 2025 and December 31, 2024 were as follows:
 
(In thousands)September 30, 2025December 31, 2024
FHLB stock$8,013 $8,607 
FRB stock14,653 14,653 
Equity investments carried at fair value16,086 11,488 
Equity investments carried at modified cost (1)
18,347 19,347 
Equity investments carried at NAV52,122 50,142 
Total other investment securities$109,221 $104,237 
(1) There have been no impairments or downward adjustments made to equity investments carried at modified cost. Cumulatively, upward adjustments of $1.4 million have been recorded as a result of observable price changes. There were no adjustments recorded during the three or nine months ended September
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30, 2025 as a result of observable price changes. There were $571,000 in upward adjustments recorded during the nine months ended September 30, 2024 as a result of observable price changes. There were no adjustments recorded during the three months ended September 30, 2024 as a result of observable price changes.

During the nine months ended September 30, 2025, Park purchased 4,940 shares of FHLB stock with a book value of $494,000. There were no purchases of FHLB stock during the three months ended September 30, 2025. During the three months ended September 30, 2024, Park purchased 27,233 shares of FHLB stock with a book value of $2.7 million. During the nine months ended September 30, 2024, Park purchased 92,245 shares of FHLB stock with a book value of $9.2 million.

During the nine months ended September 30, 2025, the FHLB repurchased 10,878 shares of FHLB stock with a book value of $1.1 million. There were no repurchases of FHLB stock during the three months ended September 30, 2025. During the three months ended September 30, 2024, the FHLB repurchased 23,548 shares of FHLB stock with a book value of $2.4 million. During the nine months ended September 30, 2024, the FHLB repurchased 159,886 shares of FHLB stock with a book value of $16.0 million.

No shares of FRB stock were purchased or sold during the three months or nine months ended September 30, 2025 or 2024.

During the three months ended September 30, 2025 and 2024, $(1.7) million and $700,000, respectively, of (losses) gains on equity investments carried at fair value were recorded within "(Loss) gain on equity securities, net" on the Consolidated Condensed Statements of Income. During the nine months ended September 30, 2025 and 2024, $51,000 and $1.2 million, respectively, of gains on equity investments carried at fair value were recorded within "Loss (gain) on equity securities, net" on the Consolidated Condensed Statements of Income.

During the three months ended September 30, 2025 and 2024, $1.1 million and $857,000, respectively, of gains on equity investments carried at NAV were recorded within “(Loss) gain on equity securities, net” on the Consolidated Condensed Statements of Income. During the nine months ended September 30, 2025 and 2024, $1.0 million and $75,000, respectively, of gains on equity investments carried at NAV were recorded within "(Loss) gain on equity securities, net” on the Consolidated Condensed Statements of Income.

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Note 5 – Loans
 
The composition of the loan portfolio at September 30, 2025 and at December 31, 2024 was as follows:
 
September 30, 2025December 31, 2024
(In thousands)Amortized CostAmortized Cost
Commercial, financial and agricultural: (1)
Commercial, financial and agricultural (1)
$1,191,148 $1,268,110 
Overdrafts1,056 1,475 
Commercial real estate (1)
2,126,156 1,994,332 
Construction real estate:  
Commercial335,487 311,122 
Retail98,425 101,455 
Residential real estate:  
Commercial712,510 644,418 
Mortgage1,397,361 1,346,543 
HELOC230,074 203,459 
Installment5,882 6,013 
Consumer:
Consumer1,860,866 1,908,473 
Check loans1,810 1,899 
Leases31,978 29,829 
Total$7,992,753 $7,817,128 
Allowance for credit losses(91,758)(87,966)
Net loans$7,900,995 $7,729,162 
(1) Included within each of commercial, financial and agricultural loans and commercial real estate loans is an immaterial amount of consumer loans that were not broken out by class.

Loans are shown net of deferred origination fees, costs and unearned income of $20.6 million at September 30, 2025, and of $20.4 million at December 31, 2024, which represented a net deferred income position at both dates. At September 30, 2025 and December 31, 2024, loans included purchase accounting adjustments of $161,000 and $669,000, respectively, which represented a net deferred income position at each date. This fair market value purchase accounting adjustment is expected to be recognized into interest income on a level yield basis over the remaining expected life of the loans.

Overdrawn deposit accounts of $1.1 million and $1.5 million were reclassified to loans at September 30, 2025 and at December 31, 2024, respectively.

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Credit Quality
Nonperforming loans consist of nonaccrual loans and loans past due 90 days or more and still accruing.

The following tables present the amortized cost of nonaccrual loans and loans past due 90 days or more and still accruing, by class of loan, at September 30, 2025 and December 31, 2024.
 
 September 30, 2025
(In thousands)Nonaccrual
Loans		Loans Past Due
90 Days
 or More
and Accruing		Total
Nonperforming
Loans
Commercial, financial and agricultural:
Commercial, financial and agricultural$46,013 $— $46,013 
Overdrafts— — — 
Commercial real estate24,783 — 24,783 
Construction real estate:   
Commercial21 — 21 
Retail58 18 76 
Residential real estate:   
Commercial1,394 — 1,394 
Mortgage13,456 — 13,456 
HELOC1,101 27 1,128 
Installment26 20 46 
Consumer:
Consumer2,501 913 3,414 
Check loans— — — 
Leases240 — 240 
Total loans$89,593 $978 $90,571 
 

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 December 31, 2024
(In thousands)Nonaccrual
Loans		Loans Past Due 90 Days or More and AccruingTotal
Nonperforming
Loans
Commercial, financial and agricultural
Commercial, financial and agricultural$24,241 $— $24,241 
Overdrafts— — — 
Commercial real estate23,230 — 23,230 
Construction real estate:  
Commercial8 — 8 
Retail22 — 22 
Residential real estate:   
Commercial5,700 — 5,700 
Mortgage11,368 913 12,281 
HELOC918 15 933 
Installment31 — 31 
Consumer
Consumer2,643 826 3,469 
Check loans— — — 
Leases17 — 17 
Total loans$68,178 $1,754 $69,932 

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The following tables provide additional detail on nonaccrual loans and the related ACL, by class of loan, at September 30, 2025 and December 31, 2024:

September 30, 2025
(In thousands)Nonaccrual Loans With No ACLNonaccrual Loans With an ACLRelated ACL
Commercial, financial and agricultural:
Commercial, financial and agricultural$38,067 $7,946 $2,427 
Overdrafts— — — 
Commercial real estate23,801 982 124 
Construction real estate:
Commercial21 — — 
Retail— 58 39 
Residential real estate:
Commercial1,394 — — 
Mortgage— 13,456 169 
HELOC— 1,101 79 
Installment— 26 19 
Consumer
Consumer— 2,501 772 
Check loans— — — 
Leases69 171 30 
Total loans$63,352 $26,241 $3,659 



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December 31, 2024
(In thousands)Nonaccrual Loans With No ACLNonaccrual Loans With an ACLRelated ACL
Commercial, financial and agricultural:
Commercial, financial and agricultural$18,778 $5,463 $1,261 
Overdrafts— — — 
Commercial real estate23,230 — — 
Construction real estate:
Commercial8 — — 
Retail— 22 1 
Residential real estate:
Commercial3,755 1,945 39 
Mortgage— 11,368 128 
HELOC— 918 154 
Installment— 31 1 
Consumer
Consumer— 2,643 786 
Check loans— — — 
Leases17 — — 
Total$45,788 $22,390 $2,370 

Nonaccrual commercial loans are evaluated on an individual basis and are excluded from the collective evaluation. Additionally, accruing collateral dependent commercial loans to borrowers experiencing financial difficulty are individually evaluated. Management’s general practice is to proactively charge down nonaccrual loans individually evaluated to the fair value of the underlying collateral. Nonaccrual consumer loans are collectively evaluated based on similar risk characteristics.

The following tables provide the amortized cost basis of collateral-dependent loans by class of loan, at September 30, 2025 and at December 31, 2024:

 September 30, 2025
(In thousands)Real EstateBusiness AssetsOtherTotal
Commercial, financial and agricultural
Commercial, financial and agricultural$5,455 $15,483 $24,820 $45,758 
Commercial real estate25,424 679 — 26,103 
Construction real estate:
Commercial569 — — 569 
Residential real estate:
Commercial1,443 — — 1,443 
Mortgage76 — — 76 
Leases— 240 — 240 
Total loans$32,967 $16,402 $24,820 $74,189 

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 December 31, 2024
(In thousands)Real EstateBusiness AssetsOtherTotal
Commercial, financial and agricultural
Commercial, financial and agricultural$5,583 $11,423 $22,187 $39,193 
Commercial real estate24,539 8 — 24,547 
Construction real estate:
Commercial589 — — 589 
Residential real estate:
Commercial5,898 — — 5,898 
Mortgage78 — — 78 
Leases— 17 — 17 
Total loans$36,687 $11,448 $22,187 $70,322 

Interest income on nonaccrual loans is recognized on a cash basis only when Park expects to receive the entire recorded investment in the loans. The following table presents interest income recognized on nonaccrual loans for the three-month and nine-month periods ended September 30, 2025 and 2024:

Interest Income Recognized
(In thousands)Three Months Ended
September 30, 2025		Three Months Ended
September 30, 2024		Nine Months Ended
September 30, 2025		Nine Months Ended
September 30, 2024
Commercial, financial and agricultural:
Commercial, financial and agricultural$746 441 $1,365 $1,018 
Overdrafts— — — — 
Commercial real estate389 257 1,004 822 
Construction real estate:
Commercial— — 3 38 
Retail— 1 — 1 
Residential real estate:
Commercial19 62 59 169 
Mortgage97 85 285 238 
HELOC7 2 20 9 
Installment1 — 3 — 
Consumer:
Consumer41 32 130 90 
Check loans— — — — 
Leases9 — 9 — 
Total loans$1,309 $880 $2,878 $2,385 




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The following tables present the aging of the amortized cost in past due loans at September 30, 2025 and at December 31, 2024 by class of loan:

 September 30, 2025
(In thousands)Accruing 
Loans
Past Due 
30-89 Days
Past Due 
Nonaccrual
Loans and Loans
Past Due 90 Days
or More and 
Accruing (1)
Total Past 
Due
Total
Current (2)
Total 
Amortized Cost
Commercial, financial and agricultural:
Commercial, financial and agricultural$497 $10,270 $10,767 $1,180,381 $1,191,148 
Overdrafts— — — 1,056 1,056 
Commercial real estate1,236 1,412 2,648 2,123,508 2,126,156 
Construction real estate:
Commercial496 — 496 334,991 335,487 
Retail161 76 237 98,188 98,425 
Residential real estate:
Commercial62 291 353 712,157 712,510 
Mortgage15,348 6,797 22,145 1,375,216 1,397,361 
HELOC54 727 781 229,293 230,074 
Installment27 22 49 5,833 5,882 
Consumer:
Consumer8,934 1,288 10,222 1,850,644 1,860,866 
Check loans1 — 1 1,809 1,810 
Leases— — — 31,978 31,978 
Total loans$26,816 $20,883 $47,699 $7,945,054 $7,992,753 
(1) Includes an aggregate of $978,000 of loans past due 90 days or more and accruing. The remaining loans were past due nonaccrual loans.
(2) Includes an aggregate of $69.7 million of nonaccrual loans which were current with respect to contractual principal and interest payments.

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 December 31, 2024
(in thousands)Accruing 
Loans
Past Due 
30-89 Days
Past Due 
Nonaccrual
Loans and Loans Past
Due 90 Days or
More and 
Accruing (1)
Total Past 
Due
Total
Current (2)
Total 
Amortized Cost
Commercial, financial and agricultural
Commercial, financial and agricultural$1,901 $13,234 $15,135 $1,252,975 $1,268,110 
Overdrafts— — — 1,475 1,475 
Commercial real estate458 2,594 3,052 1,991,280 1,994,332 
Construction real estate:
Commercial— — — 311,122 311,122 
Retail100 22 122 101,333 101,455 
Residential real estate:
Commercial— 2,164 2,164 642,254 644,418 
Mortgage13,403 5,946 19,349 1,327,194 1,346,543 
HELOC438 620 1,058 202,401 203,459 
Installment39 22 61 5,952 6,013 
Consumer
Consumer10,309 1,195 11,504 1,896,969 1,908,473 
Check loans3 — 3 1,896 1,899 
Leases— — — 29,829 29,829 
Total loans$26,651 $25,797 $52,448 $7,764,680 $7,817,128 
(1) Includes an aggregate of $1.8 million of loans past due 90 days or more and accruing. The remaining loans were past due nonaccrual loans.
(2) Includes an aggregate of $44.1 million of nonaccrual loans which were current with respect to contractual principal and interest payments.

Credit Quality Indicators
Management utilizes past due information as a credit quality indicator across the loan portfolio. Past due information at September 30, 2025 and December 31, 2024 is included in the previous tables. The past due information is the primary credit quality indicator within the following classes of loans: (1) overdrafts in the commercial, financial and agricultural portfolio segment; (2) retail loans in the construction real estate portfolio segment; (3) mortgage loans, HELOC and installment loans in the residential real estate portfolio segment; and (4) consumer loans and check loans in the consumer portfolio segment. The primary credit indicator for commercial loans is based on an internal grading system that grades all commercial loans on a scale from 1 to 8. Credit grades are continuously monitored by the responsible loan officer and adjustments are made when appropriate. A grade of 1 indicates little or no credit risk and a grade of 8 is considered a loss. Commercial loans that are pass-rated (graded a 1 through a 4) are considered to be of acceptable credit risk. Commercial loans graded a 5 (special mention) are considered to be watch list credits and a higher PD is applied to these loans. Loans classified as special mention have potential weaknesses that require management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of Park’s credit position at some future date. Commercial loans graded a 6 (substandard), also considered watch list credits, are considered to represent higher credit risk and, as a result, a higher PD is applied to these loans. Loans classified as substandard are inadequately protected by the current sound worth and paying capacity of the obligor or the value of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that Park will sustain some loss if the weaknesses are not corrected. Commercial loans graded a 7 (doubtful) are shown as nonaccrual and Park generally charges these loans down to their fair value by taking a partial charge-off or recording an individual reserve. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Certain 6-rated loans and all 7-rated loans are placed on nonaccrual status and included within the individually evaluated category. A commercial loan is deemed nonaccrual, and is individually evaluated, when management determines the borrower's ability to perform in accordance with the contractual loan agreement is in doubt. Any commercial loan graded an 8 (loss) is completely charged off.

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Based on the most recent analysis performed, the risk category of commercial loans by class of loans at September 30, 2025 and at December 31, 2024 are detailed in the tables below. Also included in the tables detailing loan balances are gross charge offs for the nine months ended September 30, 2025 and for the year ended December 31, 2024.

September 30, 2025Term Loans Amortized Cost Basis by Origination Year
(In thousands)20252024202320222021PriorRevolving Loans Amortized Cost BasisTotal
Commercial, financial and agricultural: Commercial, financial and agricultural (1)
Risk rating
Pass$188,427 $188,252 $117,486 $64,743 $62,432 $66,034 $433,371 $1,120,745 
Special Mention1,473 1,978 978 3,125 714 418 15,327 24,013 
Substandard1,583 1,088 816 4,502 1,980 5,441 29,422 44,832 
Doubtful258 330 602 50 33 201 84 1,558 
Total $191,741 $191,648 $119,882 $72,420 $65,159 $72,094 $478,204 $1,191,148 
Current period gross charge-offs$26 $3 $137 $111 $— $1 $6 $284 

Commercial real estate (1)
Risk rating
Pass$267,676 $363,286 $232,641 $281,547 $280,264 $608,956 $33,177 $2,067,547 
Special Mention2,066 3,792 6,417 11,688 1,899 5,819 960 32,641 
Substandard783 2,713 2,364 4,396 1,680 10,360 3,672 25,968 
Doubtful— — — — — — — — 
Total$270,525 $369,791 $241,422 $297,631 $283,843 $625,135 $37,809 $2,126,156 
Current period gross charge-offs$— $— $68 $— $— $— $— $68 

Construction real estate: Commercial
Risk rating
Pass$87,225 $148,914 $43,356 $18,708 $1,299 $4,082 $29,062 $332,646 
Special Mention777 — — — — — 1,495 2,272 
Substandard— — 569 — — — — 569 
Doubtful— — — — — — — — 
Total$88,002 $148,914 $43,925 $18,708 $1,299 $4,082 $30,557 $335,487 
Current period gross charge-offs$— $— $— $— $— $— $— $— 

Residential Real Estate: Commercial
Risk rating
Pass$139,924 $113,630 $100,359 $83,261 $84,427 $153,002 $27,975 $702,578 
Special Mention581 1,203 525 562 1,086 1,409 2,829 8,195 
Substandard73 197 83 445 308 485 146 1,737 
Doubtful— — — — — — — — 
Total$140,578 $115,030 $100,967 $84,268 $85,821 $154,896 $30,950 $712,510 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
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September 30, 2025Term Loans Amortized Cost Basis by Origination Year
(In thousands)20252024202320222021PriorRevolving Loans Amortized Cost BasisTotal
Leases
Risk rating
Pass$13,213 $11,274 $4,319 $1,925 $600 $407 $— $31,738 
Special Mention— — — — — — — — 
Substandard— — 38 193 — 9 — 240 
Doubtful— — — — — — — — 
Total$13,213 $11,274 $4,357 $2,118 $600 $416 $— $31,978 
Current period gross charge-offs$— $— $— $— $— $— $— $— 

Total Commercial Loans
Risk rating
Pass$696,465 $825,356 $498,161 $450,184 $429,022 $832,481 $523,585 $4,255,254 
Special Mention4,897 6,973 7,920 15,375 3,699 7,646 20,611 67,121 
Substandard2,439 3,998 3,870 9,536 3,968 16,295 33,240 73,346 
Doubtful258 330 602 50 33 201 84 1,558 
Total$704,059 $836,657 $510,553 $475,145 $436,722 $856,623 $577,520 $4,397,279 
Current period gross charge-offs$26 $3 $205 $111 $— $1 $6 $352 
(1) Included within each of commercial, financial and agricultural loans and commercial real estate loans is an immaterial amount of consumer loans that are not broken out by class.


December 31, 2024Term Loans Amortized Cost Basis by Origination Year
(In thousands)20242023202220212020PriorRevolving Loans Amortized Cost BasisTotal
Commercial, financial and agricultural: Commercial, financial and agricultural (1)
Risk rating
Pass$239,260 $150,007 $97,761 $80,956 $66,332 $53,327 $506,998 $1,194,641 
Special Mention2,709 1,222 3,819 314 818 1,467 37,447 47,796 
Substandard1,574 633 264 1,879 817 5,232 12,417 22,816 
Doubtful371 944 256 104 336 — 846 2,857 
Total $243,914 $152,806 $102,100 $83,253 $68,303 $60,026 $557,708 $1,268,110 
Current period gross charge-offs$— $104 $143 $20 $1,317 $2,872 $50 $4,506 

Commercial real estate (1)
Risk rating
Pass$329,203 $252,923 $289,622 $296,745 $276,181 $459,856 $30,203 $1,934,733 
Special Mention3,054 2,779 11,978 4,071 5,728 7,416 1,165 36,191 
Substandard2,083 1,477 3,037 3,310 2,223 7,850 2,985 22,965 
Doubtful— — 443 — — — — 443 
Total$334,340 $257,179 $305,080 $304,126 $284,132 $475,122 $34,353 $1,994,332 
Current period gross charge-offs$— $99 $— $— $— $— $— $99 
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December 31, 2024Term Loans Amortized Cost Basis by Origination Year
(In thousands)20242023202220212020PriorRevolving Loans Amortized Cost BasisTotal
Construction real estate: Commercial
Risk rating
Pass$158,403 $83,233 $32,035 $2,623 $3,014 $2,783 $22,896 $304,987 
Special Mention5,084 — 374 — — — 88 5,546 
Substandard8 581 — — — — — 589 
Doubtful— — — — — — — — 
Total$163,495 $83,814 $32,409 $2,623 $3,014 $2,783 $22,984 $311,122 
Current period gross charge-offs$— $— $— $— $— $— $— $— 

Residential Real Estate: Commercial
Risk rating
Pass$120,873 $111,577 $88,292 $92,240 $102,999 $93,918 $20,455 $630,354 
Special Mention1,403 540 661 437 831 941 3,165 7,978 
Substandard351 91 2,790 324 1,262 1,123 145 6,086 
Doubtful— — — — — — — — 
Total$122,627 $112,208 $91,743 $93,001 $105,092 $95,982 $23,765 $644,418 
Current period gross charge-offs$— $— $— $— $— $— $— $— 

Leases
Risk rating
Pass$17,537 $5,868 $3,557 $1,243 $967 $315 $— $29,487 
Special Mention— 46 251 — 28 — — 325 
Substandard17 — — — — — — 17 
Doubtful— — — — — — — — 
Total$17,554 $5,914 $3,808 $1,243 $995 $315 $— $29,829 
Current period gross charge-offs$8 $— $— $— $— $— $— $8 

Total Commercial Loans
Risk rating
Pass$865,276 $603,608 $511,267 $473,807 $449,493 $610,199 $580,552 $4,094,202 
Special Mention12,250 4,587 17,083 4,822 7,405 9,824 41,865 97,836 
Substandard4,033 2,782 6,091 5,513 4,302 14,205 15,547 52,473 
Doubtful371 944 699 104 336 — 846 3,300 
Total$881,930 $611,921 $535,140 $484,246 $461,536 $634,228 $638,810 $4,247,811 
Current period gross charge-offs$8 $203 $143 $20 $1,317 $2,872 $50 $4,613 
(1) Included within each of commercial, financial and agricultural loans and commercial real estate loans is an immaterial amount of consumer loans that are not broken out by class.

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Park considers the performance of the loan portfolio and its impact on the ACL. For residential and consumer loan classes, Park also evaluates credit quality based on the aging status of the loan, which was previously presented, and by performing status. The following tables present the amortized cost in residential and consumer loans based on performing status and gross charge offs for the nine months ended September 30, 2025 and for the year ended December 31, 2024. Nonperforming loans consisted of nonaccrual loans and loans past due 90 days or more and still accruing.

September 30, 2025Term Loans Amortized Cost Basis by Origination Year
(In thousands)20252024202320222021PriorRevolving Loans Amortized Cost BasisTotal
Commercial, financial and agricultural: Overdrafts
Performing$1,056 $— $— $— $— $— $— $1,056 
Nonperforming
— — — — — — — — 
Total $1,056 $— $— $— $— $— $— $1,056 
Current period gross charge-offs$764 $— $— $— $— $— $— $764 

Construction Real Estate: Retail
Performing$31,080 $34,071 $13,799 $7,343 $5,078 $6,912 $66 $98,349 
Nonperforming
— — — — 18 58 — 76 
Total $31,080 $34,071 $13,799 $7,343 $5,096 $6,970 $66 $98,425 
Current period gross charge-offs$— $— $— $— $— $— $— $— 

Residential Real Estate: Mortgage
Performing$143,802 $203,622 $229,605 $230,773 $174,589 $401,514 $— $1,383,905 
Nonperforming
— 1,633 2,677 1,728 1,187 6,231 — 13,456 
Total $143,802 $205,255 $232,282 $232,501 $175,776 $407,745 $— $1,397,361 
Current period gross charge-offs$— $100 $52 $— $— $— $— $152 

Residential Real Estate: HELOC
Performing$— $121 $513 $464 $298 $846 $226,704 $228,946 
Nonperforming
— 16 63 91 29 654 275 1,128 
Total $— $137 $576 $555 $327 $1,500 $226,979 $230,074 
Current period gross charge-offs$— $— $— $— $— $— $— $— 

Residential Real Estate: Installment
Performing$905 $977 $1,308 $81 $— $2,565 $— $5,836 
Nonperforming
— 19 — — — 27 — 46 
Total $905 $996 $1,308 $81 $— $2,592 $— $5,882 
Current period gross charge-offs$— $— $— $— $— $— $— $— 

Consumer: Consumer
Performing$473,356 $467,378 $334,718 $308,385 $138,050 $124,305 $11,260 $1,857,452 
Nonperforming215 603 778 844 442 532 — 3,414 
Total $473,571 $467,981 $335,496 $309,229 $138,492 $124,837 $11,260 $1,860,866 
Current period gross charge-offs$202 $2,179 $3,521 $2,524 $1,020 $744 $8 $10,198 
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September 30, 2025Term Loans Amortized Cost Basis by Origination Year
(In thousands)20252024202320222021PriorRevolving Loans Amortized Cost BasisTotal
Consumer: Check loans
Performing$— $— $— $— $— $— $1,810 $1,810 
Nonperforming
— — — — — — — — 
Total $— $— $— $— $— $— $1,810 $1,810 
Current period gross charge-offs$— $— $— $— $— $— $24 $24 

Total Consumer Loans
Performing$650,199 $706,169 $579,943 $547,046 $318,015 $536,142 $239,840 $3,577,354 
Nonperforming
215 2,271 3,518 2,663 1,676 7,502 275 18,120 
Total $650,414 $708,440 $583,461 $549,709 $319,691 $543,644 $240,115 $3,595,474 
Current period gross charge-offs$966 $2,279 $3,573 $2,524 $1,020 $744 $32 $11,138 

December 31, 2024Term Loans Amortized Cost Basis by Origination Year
(In thousands)20242023202220212020PriorRevolving Loans Amortized Cost BasisTotal
Commercial, financial and agricultural: Overdrafts
Performing$1,475 $— $— $— $— $— $— $1,475 
Nonperforming
— — — — — — — — 
Total 1,475 $— $— $— $— $— $— $1,475 
Current period gross charge-offs$937 $— $— $— $— $— $— $937 

Construction Real Estate: Retail
Performing$51,109 $26,237 $8,517 $6,233 $3,571 $5,306 $460 $101,433 
Nonperforming
— — — — 22 — — 22 
Total $51,109 $26,237 $8,517 $6,233 $3,593 $5,306 $460 $101,455 
Current period gross charge-offs$— $— $— $— $— $— $— $— 

Residential Real Estate: Mortgage
Performing$194,883 $236,260 $250,132 $192,193 $157,438 $303,356 $— $1,334,262 
Nonperforming
536 721 1,324 729 1,508 7,463 — 12,281 
Total $195,419 $236,981 $251,456 $192,922 $158,946 $310,819 $— $1,346,543 
Current period gross charge-offs$— $— $— $— $— $22 $— $22 

Residential Real Estate: HELOC
Performing$13 $153 $577 $333 $56 $1,048 $200,346 $202,526 
Nonperforming
— 39 14 56 — 610 214 933 
Total $13 $192 $591 $389 $56 $1,658 $200,560 $203,459 
Current period gross charge-offs$— $— $— $— $— $9 $— $9 
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December 31, 2024Term Loans Amortized Cost Basis by Origination Year
(In thousands)20232022202120202019PriorRevolving Loans Amortized Cost BasisTotal
Residential Real Estate: Installment
Performing$1,198 $1,704 $133 $— $— $2,947 $— $5,982 
Nonperforming
— — — — 2 29 — 31 
Total $1,198 $1,704 $133 $— $2 $2,976 $— $6,013 
Current period gross charge-offs$— $— $— $— $— $— $— $— 

Consumer: Consumer
Performing$607,783 $454,403 $427,982 $204,806 $126,075 $76,707 $7,248 $1,905,004 
Nonperforming
337 1,035 928 452 310 404 3 3,469 
Total $608,120 $455,438 $428,910 $205,258 $126,385 $77,111 $7,251 $1,908,473 
Current period gross charge-offs$683 $3,532 $4,596 $2,328 $809 $743 $2 $12,693 

Consumer: Check loans
Performing$— $— $— $— $— $— $1,899 $1,899 
Nonperforming
— — — — — — — — 
Total $— $— $— $— $— $— $1,899 $1,899 
Current period gross charge-offs$— $— $— $— $— $— $60 $60 

Total Consumer Loans
Performing$856,461 $718,757 $687,341 $403,565 $287,140 $389,364 $209,953 $3,552,581 
Nonperforming
873 1,795 2,266 1,237 1,842 8,506 217 16,736 
Total $857,334 $720,552 $689,607 $404,802 $288,982 $397,870 $210,170 $3,569,317 
Current period gross charge-offs$1,620 $3,532 $4,596 $2,328 $809 $774 $62 $13,721 


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Loans and Leases Acquired with Deteriorated Credit Quality
PCD loans are individually evaluated on a quarterly basis to determine if a reserve is necessary. At September 30, 2025 and at December 31, 2024, there was no ACL on PCD loans. The carrying amount of accruing loans acquired with deteriorated credit quality at September 30, 2025 and at December 31, 2024 was $2.0 million and $2.2 million, respectively. The carrying amount of nonaccrual loans acquired with deteriorated credit quality was $525,000 and $551,000 at September 30, 2025 and at December 31, 2024, respectively.

Modifications to Borrowers Experiencing Financial Difficulty
Management identifies loans as modifications to borrowers experiencing financial difficulty when a borrower is experiencing financial difficulties and Park has altered the cash flow of the loan as part of a modification or in the loan renewal process. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of the borrower's debt in the foreseeable future without the modification. This evaluation is performed in accordance with the Company’s internal underwriting policy. Park modifies loans to borrowers experiencing financial difficulty by providing principal forgiveness, a term extension, an other-than-insignificant payment delay or an interest rate reduction.

In some cases, Park provides multiple types of modifications on one loan. Typically, one type of modification, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another modification, such as principal forgiveness, may be granted. For the loans included in the combination columns below, multiple types of modifications have been made on the same loan within the current reporting period. The combination is at least two of the following: a term extension, principal forgiveness, an other-than-insignificant payment delay and/or an interest rate reduction.

The starting point for the estimate of the ACL is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. As a result, the effect of most modifications made to borrowers experiencing financial difficulty is already included in the ACL and a change to the ACL is generally not recorded upon modification. When principal forgiveness is provided, the amount of forgiveness is charged off against the ACL.


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The following tables present the amortized cost basis of loans at September 30, 2025 and 2024 that were both experiencing financial difficulty and modified during the three months and the nine months ended September 30, 2025 and 2024 by class and type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial difficulty as compared to the amortized cost basis of each class of financing receivable is also presented below.

Three Months Ended
September 30, 2025
(Dollars in thousands)Principal ForgivenessPayment DelayTerm ExtensionInterest Rate ReductionCombination Term Extension and Interest Rate ReductionCombination Term Extension and Payment DelayTotalPercent of Total Class of Financing Receivable
Commercial, financial and agricultural:
Commercial, financial and agricultural $— $— $4,164 $593 $6,765 $— $11,522 0.97 %
Overdrafts— — — — — — — — %
Commercial real estate — — 5,192 — 479 — 5,671 0.27 %
Construction real estate:
Commercial— — — — 777 — 777 0.23 %
Retail— — — — — — — — %
Residential real estate:
Commercial— — — — 398 — 398 0.06 %
Mortgage— — — — — — — %
HELOC— — — — — — — — %
Installment— — 6 — — — 6 0.10 %
Consumer:
Consumer— — — — — — — — %
Check loans— — — — — — — — %
Leases— — — — — — — — %
Total$— $— $9,362 $593 $8,419 $— $18,374 0.23 %
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Three Months Ended
September 30, 2024
(Dollars in thousands)Principal ForgivenessPayment DelayTerm ExtensionInterest Rate ReductionCombination Term Extension and Interest Rate ReductionCombination Term Extension and Payment DelayTotalPercent of Total Class of Financing Receivable
Commercial, financial and agricultural:
Commercial, financial and agricultural $— $— $6,137 $416 $— $— $6,553 0.50 %
Overdrafts— — — — — — — — %
Commercial real estate — — 1,750 128 15 — 1,893 0.10 %
Construction real estate:
Commercial— — — — — — — — %
Retail— — — — — — — — %
Residential real estate:
Commercial— — 278 — — — 278 0.04 %
Mortgage— — 175 89 81 — 345 0.03 %
HELOC— — — — — — — — %
Installment— — 104 — — — 104 1.69 %
Consumer:
Consumer— — — 11 — — 11 — %
Check loans— — — — — — — — %
Leases— — — — — — — — %
Total$— $— $8,444 $644 $96 $— $9,184 0.12 %
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Nine Months Ended
September 30, 2025
(Dollars in thousands)Principal ForgivenessPayment DelayTerm ExtensionInterest Rate ReductionCombination Term Extension and Interest Rate ReductionCombination Term Extension and Payment DelayTotalPercent of Total Class of Financing Receivable
Commercial, financial and agricultural:
Commercial, financial and agricultural $— $916 $23,145 $145 $7,359 $— $31,565 2.65 %
Overdrafts— — — — — — — — %
Commercial real estate — 4,670 3,385 1,445 1,334 1,976 12,810 0.60 %
Construction real estate:
Commercial— — — — 777 — 777 0.23 %
Retail— — — — — — — — %
Residential real estate:
Commercial— 898 503 — 398 — 1,799 0.25 %
Mortgage— — — — — 971 971 0.07 %
HELOC— — — — — — — — %
Installment— — 194 — 38 — 232 3.94 %
Consumer:
Consumer— — — 35 — — 35 — %
Check loans— — — — — — — — %
Leases— — — — — — — — %
Total$— $6,484 $27,227 $1,625 $9,906 $2,947 $48,189 0.60 %
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Nine Months Ended
September 30, 2024
(Dollars in thousands)Principal ForgivenessPayment DelayTerm ExtensionInterest Rate ReductionCombination Term Extension and Interest Rate ReductionCombination Term Extension and Payment DelayTotalPercent of Total Class of Financing Receivable
Commercial, financial and agricultural:
Commercial, financial and agricultural $— $54 $16,320 $423 $— $— 16,797 1.29 %
Overdrafts— — — — — — — — %
Commercial real estate — 160 6,141 456 135 — 6,892 0.35 %
Construction real estate:
Commercial— — — — — — — — %
Retail— — — — — — — — %
Residential real estate:
Commercial— — 819 — 238 — 1,057 0.17 %
Mortgage— — 268 89 81 — 438 0.03 %
HELOC— — — — — — — — %
Installment— — 208 — 75 — 283 4.60 %
Consumer:
Consumer— — — 15 — — 15 — %
Check loans— — — — — — — — %
Leases— — — — — — — — %
Total$— $214 $23,756 $983 $529 $— $25,482 0.33 %
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At September 30, 2025, Park had commitments to lend $5.4 million related to loans which were both experiencing financial difficulty and modified during the nine months ended September 30, 2025.

The following tables present the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the three months and the nine months ended September 30, 2025 and 2024:

Three Months Ended
September 30, 2025
(Dollars in thousands)Principal ForgivenessWeighted Average Interest Rate ReductionWeighted Average Term Extension (years)Weighted Average Payment Delay (years)
Commercial, financial and agricultural:
Commercial, financial and agricultural$— (4.75)%0.90.0
Overdrafts— — %0.00.0
Commercial real estate— (0.74)%1.10.0
Construction real estate:
Commercial— (0.31)%0.80.0
Retail— — %0.00.0
Residential real estate:
Commercial— (1.03)%3.00.0
Mortgage— — %0.00.0
HELOC— — %0.00.0
Installment— — %10.00.0
Consumer:
Consumer— — %0.00.0
Check loans— — %0.00.0
Leases— — %0.00.0
Total$— (3.99)%1.00.0

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Three Months Ended
September 30, 2024
(Dollars in thousands)Principal ForgivenessWeighted Average Interest Rate ReductionWeighted Average Term Extension (years)Weighted Average Payment Delay (years)
Commercial, financial and agricultural:
Commercial, financial and agricultural$— (2.68)%0.50.0
Overdrafts— — %0.00.0
Commercial real estate— (1.01)%5.60.0
Construction real estate:
Commercial— — %0.00.0
Retail— — %0.00.0
Residential real estate:
Commercial— — %0.30.0
Mortgage— (2.30)%6.50.0
HELOC— — %0.00.0
Installment— — %7.60.0
Consumer:
Consumer— (2.79)%0.00.0
Check loans— — %0.00.0
Leases— — %0.00.0
Total$— (2.27)%1.80.0


Nine Months Ended
September 30, 2025
(Dollars in thousands)Principal ForgivenessWeighted Average Interest Rate ReductionWeighted Average Term Extension (years)Weighted Average Payment Delay (years)
Commercial, financial and agricultural:
Commercial, financial and agricultural$— (4.66)%1.10.4
Overdrafts— — %0.00.0
Commercial real estate— (0.70)%2.50.5
Construction real estate:
Commercial— (0.31)%0.80.0
Retail— — %0.00.0
Residential real estate:
Commercial— (1.03)%2.70.5
Mortgage— — %0.50.5
HELOC— — %0.00.0
Installment— (0.31)%11.10.0
Consumer:
Consumer— (0.29)%0.00.0
Check loans— — %0.00.0
Leases— — %0.00.0
Total$— (3.26)%1.40.5

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Nine Months Ended
September 30, 2024
(Dollars in thousands)Principal ForgivenessWeighted Average Interest Rate ReductionWeighted Average Term Extension (years)Weighted Average Payment Delay (years)
Commercial, financial and agricultural:
Commercial, financial and agricultural$— (2.65)%0.40.4
Overdrafts— — %0.00.0
Commercial real estate— (1.68)%3.70.4
Construction real estate:
Commercial— — %0.00.0
Retail— — %0.00.0
Residential real estate:
Commercial— (1.00)%2.30.0
Mortgage— (2.30)%5.90.0
HELOC— — %0.00.0
Installment— (1.22)%8.90.0
Consumer:
Consumer— (4.18)%0.00.0
Check loans— — %0.00.0
Leases— — %0.00.0
Total$— (1.92)%1.50.4
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Park closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of Park's modification efforts. The following tables provide the performance of loans as of the period end date, of modifications made to borrowers experiencing financial difficulty during the twelve months preceding September 30, 2025 and September 30, 2024, respectively:

Twelve Months Ended September 30, 2025
(Dollars in thousands)Current30-59 days past due60-89 days past due90 days or more past dueTotal
Commercial, financial and agricultural:
Commercial, financial and agricultural$35,274 $— $262 $— $35,536 
Overdrafts— — — — — 
Commercial real estate13,201 — 175 147 13,523 
Construction real estate:
Commercial777 — — — 777 
Retail— — — — — 
Residential real estate:
Commercial1,799 — — — 1,799 
Mortgage1,038 89 — 151 1,278 
HELOC— — — — — 
Installment258 — — 20 278 
Consumer:
Consumer35 — — 35 
Check loans— — — — — 
Leases— — — — — 
Total$52,382 $89 $437 $318 $53,226 


Twelve Months Ended September 30, 2024
(Dollars in thousands)Current30-59 days past due60-89 days past due90 days or more past dueTotal
Commercial, financial and agricultural:
Commercial, financial and agricultural$10,939 $— $6 $7,624 $18,569 
Overdrafts— — — — — 
Commercial real estate7,266 — — — 7,266 
Construction real estate:
Commercial— — — — — 
Retail— — — — — 
Residential real estate:
Commercial1,057 — — — 1,057 
Mortgage547 — — 89 636 
HELOC— — — — — 
Installment623 — — 19 642 
Consumer:
Consumer15 — — — 15 
Check loans— — — — — 
Leases— — — — — 
Total$20,447 $— $6 $7,732 $28,185 
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The following tables present the amortized cost basis of loans that had a payment default subsequent to modification during the three months and the nine months ended September 30, 2025 and 2024 and were modified in the twelve months prior to that default to borrowers experiencing financial difficulty. For these tables, a loan is considered to be in default when it becomes 30 days contractually past due under the modified terms:

Three Months Ended
September 30, 2025
Term ExtensionInterest Rate ReductionCombination Term Extension and Interest Rate ReductionCombination Term Extension and Payment Delay
Commercial, financial and agricultural:
Commercial, financial and agricultural$800 $— $262 $— 
Overdrafts— — — — 
Commercial real estate147 — 175 — 
Construction real estate:
Commercial— — — — 
Retail— — — — 
Residential real estate:
Commercial— — — — 
Mortgage— — — 240 
HELOC— — — — 
Installment— — 20 — 
Consumer:
Consumer— — — — 
Check loans— — — — 
Leases— — — — 
Total loans$947 $— $457 $240 



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Three Months Ended
September 30, 2024
Term ExtensionInterest Rate ReductionCombination Term Extension and Interest Rate ReductionPayment Delay
Commercial, financial and agricultural:
Commercial, financial and agricultural$7,577 $— $— $54 
Overdrafts— — — — 
Commercial real estate— — — — 
Construction real estate:
Commercial— — — — 
Retail— — — — 
Residential real estate:
Commercial— — — — 
Mortgage— 89 70 — 
HELOC— — — — 
Installment19 — — — 
Consumer:
Consumer— — — — 
Check loans— — — — 
Leases— — — — 
Total loans$7,596 $89 $70 $54 
Nine Months Ended
September 30, 2025
Term ExtensionInterest Rate ReductionCombination Term Extension and Interest Rate ReductionCombination Term Extension and Payment Delay
Commercial, financial and agricultural:
Commercial, financial and agricultural$800 $— 262 $— 
Overdrafts— — — — 
Commercial real estate147 — 175 — 
Construction real estate:
Commercial— — — — 
Retail— — — — 
Residential real estate:
Commercial— — — — 
Mortgage— — 240 
HELOC— — — — 
Installment— — 20 — 
Consumer:
Consumer— — — 
Check loans— — — — 
Leases— — — — 
Total loans$947 $— $457 $240 
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Nine Months Ended
September 30, 2024
Term ExtensionInterest Rate ReductionCombination Term Extension and Interest Rate ReductionPayment Delay
Commercial, financial and agricultural:
Commercial, financial and agricultural$10,164 $— $— $54 
Overdrafts— — — — 
Commercial real estate— — — — 
Construction real estate:
Commercial— — — — 
Retail— — — — 
Residential real estate:
Commercial— — — — 
Mortgage48 89 70 — 
HELOC— — — — 
Installment19 — — — 
Consumer:
Consumer— — — — 
Check loans— — — — 
Leases— — — — 
Total loans$10,231 $89 $70 $54 

Upon the determination that a modified loan (or a portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is charged-off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the ACL is adjusted by the same amounts.

Note 6 – Allowance for Credit Losses

The ACL is an estimate of the expected credit losses on financial assets measured at amortized cost, which is measured using relevant information about past events, including historical credit loss experience on financial assets with similar risk characteristics, current conditions, and reasonable and supportable forecasts that affect the collectability of the remaining cash flows over the contractual term of the financial assets. A provision for credit losses is charged to operations based on management’s periodic evaluation of these and other pertinent factors.

Quantitative Considerations
The ACL is primarily calculated utilizing a DCF model. Key inputs and assumptions used in this model are discussed below:

•Forecast model - For each portfolio segment, a LDA was performed in order to identify appropriate loss drivers and create a regression model for use in forecasting cash flows. The LDA analysis utilized Park's own FFIEC Call Report data for the commercial, financial and agricultural and residential real estate portfolio segments. Peer data was incorporated into the analysis for the commercial real estate, construction real estate, and consumer portfolio segments. Park updated the LDA in the fourth quarter of 2024. During the COVID-19 pandemic, macroeconomic indicators showed significant deterioration, however, Park, along with most financial institutions, observed little to no meaningful increase in default activity. This can be attributed to external intervention in the form of deferral programs and government stimulus which is unlikely to reoccur in future downturns. For these reasons, management has excluded data from 2020-2022 in the LDA by using indicator variables during this time period.
•Probability of default – PD is the probability that an asset will be in default within a given time frame. Park has defined default to be when a charge-off has occurred, a loan is placed on nonaccrual, or a loan is greater than 90 days past due. Whenever possible, Park utilizes its own loan-level PDs for the reasonable and supportable forecast period. When loan-level data is not available reflecting the forecasted economic conditions, the LDA is utilized to estimate
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PDs. In all cases, the LDA is then utilized to determine the long-term historical average, which is reached over the reversion period.
•Loss given default – LGD is the percentage of the asset not expected to be collected due to default. Whenever possible, Park utilizes its own loan-level LGDs for the reasonable and supportable forecast period. When it is not possible to use Park's own LGDs, the LGD is derived using a method referred to as Frye Jacobs. In all cases, the Frye Jacobs method is utilized to calculate LGDs during the reversion period and long-term historical average.
•Prepayments and curtailments – Prepayments and curtailments are calculated based on Park’s own data utilizing a three-year average. This analysis is updated annually in the fourth quarter and was last updated in the fourth quarter of 2024.
•Forecast and reversion – Park has established a one-year reasonable and supportable forecast period with a one-year straight line reversion to the long-term historical average.
•Economic forecast - Park utilizes a third party to provide economic forecasts under various scenarios, which are weighted in order to reflect model risk in the current economic environment. The scenario weighting is evaluated by management on a quarterly basis.
◦As of September 30, 2024, the "most likely" scenario forecasted Ohio unemployment between 4.64% and 4.70% during the next four quarters. In determining the appropriate weighting of scenarios at September 30, 2024, management considered the range of forecasted unemployment as well as a number of economic indicators. The low and volatile levels of consumer confidence, increased unemployment rates, the impact of elevated inflation for several years, the interest rate environment, financial system stress, and geopolitical conflict (including the conflicts between Russia and Ukraine and between Israel and Hamas) and stress in the commercial real estate sector, continued to cause uncertainty as to the overall economic environment. Considering these factors, management determined it was appropriate to maintain the existing weighting, and weigh the "most likely" scenario 50% and the "moderate recession" scenario 50% at September 30, 2024.
◦As of December 31, 2024, the "most likely" scenario forecasted Ohio unemployment between 4.48% and 4.60% during the next four quarters. In determining the appropriate weighting of scenarios at December 31, 2024, management considered the range of forecasted unemployment as well as a number of economic indicators. While some economic indications are showing improvement and stabilization, volatile levels of consumer confidence, higher unemployment rates, the impact of elevated inflation for several years with no immediate indications of sustained decline, the interest rate environment, financial system stress, and geopolitical conflict (including the conflicts between Russia and Ukraine and between Israel and Hamas) and stress in the commercial real estate sector, continued to cause uncertainty as to the overall economic environment. Considering these factors, management determined it was appropriate to maintain the existing weighting, and weigh the "most likely" scenario 50% and the "moderate recession" scenario 50% at December 31, 2024.
◦As of March 31, 2025, the "most likely" scenario forecasted Ohio unemployment between 4.51% and 4.85% during the next four quarters. In determining the appropriate weighting of scenarios at March 31, 2025, management considered the range of forecasted unemployment as well as a number of economic indicators. While some economic indications are showing stabilization, lower levels of consumer confidence, higher unemployment rates, the impact of elevated inflation for several years with no immediate signs of sustained decline, the interest rate environment, financial system stress, geopolitical conflict, uncertainty regarding fiscal policy of the new political administration, including tariffs, and stress in the commercial real estate sector cause uncertainty to the overall economic environment. Considering these factors, management determined it was appropriate to maintain the existing weighting, and weigh the "most likely" scenario 50% and the "moderate recession" scenario 50% at March 31, 2025.
◦As of June 30, 2025, the "most likely" scenario forecasted Ohio unemployment between 5.02% and 5.35% during the next four quarters. In determining the appropriate weighting of scenarios at June 30, 2025, management considered the range of forecasted unemployment as well as a number of economic indicators. While some economic indications are showing stabilization or slight improvement, volatile and low levels of consumer confidence, higher unemployment rates, the impact of elevated inflation for several years with the impact of tariffs being unknown, the interest rate environment, financial system stress, geopolitical conflict (including conflict related to tariffs), uncertainty regarding fiscal policy of the new political administration, including tariffs, and stress in the commercial real estate sector cause uncertainty to the overall economic environment. Considering these factors, management determined it was appropriate to maintain the existing weighting, and weigh the "most likely" scenario 50% and the "moderate recession" scenario 50% at June 30, 2025.
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◦As of September 30, 2025, the "most likely" scenario forecasted Ohio unemployment between 5.05% and 5.49% during the next four quarters. In determining the appropriate weighting of scenarios at September 30, 2025, management considered the range of forecasted unemployment as well as a number of economic indicators. While some economic indications are showing stabilization or slight improvement, volatile and low levels of consumer confidence, higher unemployment rates, the impact of elevated inflation for several years with the impact of tariffs being unknown, the interest rate environment, geopolitical conflict (including conflict related to tariffs), uncertainty regarding fiscal policy of the current political administration, including tariffs, and continued stress in the commercial real estate sector cause uncertainty to the overall economic environment. Considering these factors, management determined it was appropriate to maintain the existing weighting, and weigh the "most likely" scenario 50% and the "moderate recession" scenario 50% at September 30, 2025.

Qualitative Considerations
Park reviews various internal and external factors to consider the need for any qualitative adjustments to the quantitative model. Factors considered include the following:
•The nature and volume of Park’s financial assets; the existence, growth, and effect of any concentrations of credit and the volume and severity of past due financial assets, the volume of nonaccrual assets, and the volume and severity of adversely classified or graded assets. Specifically, management considers:
◦Trends (e.g., growth, reduction) in specific categories of the loan portfolio, as well as adjustments to the types of loans offered by Park.
◦Level of and trend in loan delinquencies, troubled loans, commercial watch list loans and nonperforming loans.
◦Level of and trend in new nonaccrual loans.
◦Level of and trend in loan charge-offs and recoveries.
•Park's lending policies and procedures, including changes in lending strategies, underwriting standards and practices for collections, charge-offs, and recoveries.
•The quality of Park’s credit review function.
•The experience, ability, and depth of Park’s lending, investment, collection, and other relevant management and staff.
•The effect of other external factors such as the regulatory, legal and technological environments; competition; geopolitical conflict; and events such as natural disasters or pandemics.
•Actual and expected changes in international, national, regional, and local economic and business conditions and developments in the markets in which Park operates that affect the collectability of financial assets.
•Where the U.S. economy is within a given credit cycle.
•The extent that there is government assistance (stimulus).

Qualitative adjustments amounted to $2.2 million and $1.2 million at September 30, 2025 and December 31, 2024, respectively. Qualitative adjustments included a $760,000 and $757,000 reserve at September 30, 2025 and December 31, 2024, respectively, related to Hurricane Helene which impacted borrowers in Park's Carolina region. This reserve considers the overall population of loans to borrowers in this area. While Helene impacted this region in October 2024, many borrowers are still navigating the insurance claim process and local businesses are waiting to see the full economic impact on tourist season. Management will continue to evaluate potential losses as a result of Hurricane Helene as additional information becomes available. Qualitative adjustments also included a $1.1 million reserve at September 30, 2025 related to several special purpose mortgage loan programs to assist borrowers in attaining home ownership. As of September 30, 2025, the total loans in these special purpose mortgage loan programs totaled $225.0 million. Delinquency rates within these special purpose mortgage loan programs have become higher than those of Park's traditional 30-year mortgage portfolio loans. These special purpose mortgage loan programs require very little, if any, down payment, and the loan-to-value on these loans are generally at 90% or above. For these reasons, management expects that the PD and LGD related to loans within these programs will be higher than that of Park's standard 30-year portfolio loans and established a qualitative factor related to the increased risk of loss on mortgage loans within these programs. Management will continue to evaluate this portfolio as additional information becomes available.
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ACL Activity
The activity in the ACL for the three-month and nine-month periods ended September 30, 2025 and September 30, 2024 is summarized in the following tables:

 Three Months Ended
September 30, 2025
(In thousands)Commercial,
financial and
agricultural		Commercial
real estate		Construction
real estate		Residential
real estate		ConsumerLeasesTotal
ACL:       
Beginning balance$11,103 $20,499 $7,765 $24,510 $25,716 $192 $89,785 
Charge-offs475 — — 27 3,424 — 3,926 
Recoveries195 52 4 14 1,604 — 1,869 
Net charge-offs/(recoveries)$280 $(52)$(4)$13 $1,820 $— $2,057 
Provision for (recovery of) credit losses2,536 (36)(650)537 1,579 64 4,030 
Ending balance$13,359 $20,515 $7,119 $25,034 $25,475 $256 $91,758 
 
 Three Months Ended
September 30, 2024
(In thousands)Commercial,
financial and
agricultural		Commercial
real estate		Construction
real estate		Residential
real estate		ConsumerLeasesTotal
ACL:       
Beginning balance$16,663 $16,855 $5,867 $19,450 $27,579 $161 $86,575 
Charge-offs3,151 40 — — 3,363 — 6,554 
Recoveries79 223 25 40 1,534 — 1,901 
Net charge-offs/(recoveries)$3,072 $(183)$(25)$(40)$1,829 $— $4,653 
Provision for credit losses284 1,818 194 768 2,247 4 5,315 
Ending balance$13,875 $18,856 $6,086 $20,258 $27,997 $165 $87,237 

 Nine Months Ended
September 30, 2025
(In thousands)Commercial,
financial and
agricultural		Commercial
real estate		Construction
real estate		Residential
real estate		ConsumerLeasesTotal
ACL:       
Beginning balance$12,683 $19,571 $7,125 $22,355 $26,081 $151 $87,966 
Charge-offs1,048 68 — 152 10,222 — $11,490 
Recoveries719 850 1,115 114 4,845 — $7,643 
Net charge-offs/(recoveries)$329 $(782)$(1,115)$38 $5,377 $— $3,847 
Provision for (recovery of) credit losses1,005 162 (1,121)2,717 4,771 105 $7,639 
Ending balance$13,359 $20,515 $7,119 $25,034 $25,475 $256 $91,758 

 Nine Months Ended
September 30, 2024
(In thousands)Commercial,
financial and
agricultural		Commercial
real estate		Construction
real estate		Residential
real estate		ConsumerLeasesTotal
ACL:       
Beginning balance$15,496 $16,374 $5,227 $18,818 $27,713 $117 $83,745 
Charge-offs3,657 40 — 31 9,163 — 12,891 
Recoveries340 250 1,058 307 3,820 — 5,775 
Net charge-offs/(recoveries)$3,317 $(210)$(1,058)$(276)$5,343 $— $7,116 
Provision for (recovery of) credit losses1,696 2,272 (199)1,164 5,627 48 10,608 
Ending balance$13,875 $18,856 $6,086 $20,258 $27,997 $165 $87,237 

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Note 7 – Loans Held For Sale
 
Mortgage loans held for sale are carried at their fair value. At September 30, 2025 and at December 31, 2024, respectively, Park had $3.5 million and $5.6 million in mortgage loans held for sale. These amounts are included in loans on the Consolidated Condensed Balance Sheets and in the residential real estate loan portfolio segment in Note 5 - Loans, and Note 6 - Allowance for Credit Losses. The contractual balance was $3.4 million and $5.5 million at September 30, 2025 and at December 31, 2024, respectively. The gain expected upon sale was $54,000 and $72,000 at September 30, 2025 and at December 31, 2024, respectively. None of these loans were 90 days or more past due or on nonaccrual status at September 30, 2025 or at December 31, 2024.

Note 8 – Goodwill and Other Intangible Assets

The following table shows the activity in goodwill and other intangible assets for the three-month and nine-month periods ended September 30, 2025 and 2024.

(in thousands)GoodwillOther
intangible assets		Total
July 1, 2024$159,595 $4,012 $163,607 
Amortization— 287 287 
September 30, 2024$159,595 $3,725 $163,320 
July 1, 2025$159,595 $2,890 $162,485 
Amortization— 248 248 
September 30, 2025$159,595 $2,642 $162,237 

(in thousands)GoodwillOther
intangible assets		Total
December 31, 2023$159,595 $4,652 $164,247 
Amortization— 927 927 
September 30, 2024$159,595 $3,725 $163,320 
December 31, 2024$159,595 $3,437 $163,032 
Amortization— 795 795 
September 30, 2025$159,595 $2,642 $162,237 
   
Park evaluates goodwill for impairment during the second quarter of each year, with financial data as of the immediately prior March 31. Based on the qualitative analysis performed as of April 1, 2025, the Company determined that goodwill for Park's reporting unit, PNB, was not impaired.

Acquired Intangible Assets

The following table shows the balance of acquired intangible assets at September 30, 2025 and at December 31, 2024:

September 30, 2025
December 31, 2024
(in thousands)Gross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization
Other intangible assets:
Core deposit intangible assets$14,456 $11,814 $14,456 $11,019 

Core deposit intangible assets are being amortized, on an accelerated basis, over a period of ten years. Aggregate amortization expense was $248,000 and $287,000 for the three months ended September 30, 2025 and 2024, respectively, and was $795,000 and $927,000 for the nine months ended September 30, 2025 and 2024, respectively.

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Estimated amortization expense related to core deposit intangible assets for the remainder of 2025 and the next four years follows:

(in thousands)Total
Three months ending December 31, 2025$247 
2026887 
2027754 
2028618 
2029136 

Note 9 – Investment in Qualified Affordable Housing

Park makes certain equity investments in various limited partnerships that sponsor affordable housing projects. The purposes of these investments are to achieve a satisfactory return on capital, help create affordable housing opportunities, and assist the Company to achieve its goals associated with the Community Reinvestment Act.

The table below details the balances of Park’s affordable housing tax credit investments and related unfunded commitments at September 30, 2025 and December 31, 2024.

(in thousands)
September 30, 2025
December 31, 2024
Affordable housing tax credit investments$71,251 $66,077 
Unfunded commitments28,319 29,677 

Commitments are funded when capital calls are made by the general partner. Park expects that the current commitments will be funded between the remainder of 2025 through 2039.

Park recognized amortization expense of $2.3 million and $2.1 million for the three months ended September 30, 2025 and 2024, respectively, and $6.8 million and $6.4 million for the nine months ended September 30, 2025 and 2024, respectively, which were included within "Income taxes" in the consolidated condensed statements of income. Additionally, during the three months ended September 30, 2025 and 2024, Park recognized tax credits and other benefits from its affordable housing tax credit investments of $2.9 million and $2.7 million, respectively, and during the nine months ended September 30, 2025 and 2024, recognized $8.5 million and $7.9 million, respectively, which were included within "Income taxes" in the consolidated condensed statements of income.

Note 10 – Foreclosed and Repossessed Assets

Park typically transfers a loan to OREO at the time that Park takes deed/title to the real estate property asset. The carrying amounts of foreclosed real estate properties held at September 30, 2025 and December 31, 2024 are listed below, as well as the recorded investment of loans secured by residential real estate properties for which formal foreclosure proceedings were in process at those dates.

(in thousands)September 30, 2025December 31, 2024
OREO:
Commercial real estate$— $938 
Construction real estate638 — 
Total OREO$638 $938 
Loans in process of foreclosure:
Residential real estate$2,740 $2,225 

In addition to real estate, Park may also repossess different types of collateral. At both September 30, 2025 and December 31, 2024, Park had $1.2 million in other repossessed assets which are included in "Other assets" on the Consolidated Condensed Balance Sheets.
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Note 11 – Loan Servicing
 
Park serviced sold mortgage loans of $1.83 billion at September 30, 2025, $1.86 billion at December 31, 2024 and $1.87 billion at September 30, 2024. At September 30, 2025, $2.4 million of the sold mortgage loans were sold with recourse, compared to $2.5 million at December 31, 2024 and $2.6 million at September 30, 2024. Management closely monitors the delinquency rates on the mortgage loans sold with recourse. At September 30, 2025 and December 31, 2024, management had established reserves of $18,000 and $50,000, respectively, to account for expected losses on loan repurchases.
 
When Park sells mortgage loans with servicing rights retained, these servicing rights are initially recorded at fair value. Park has selected the “amortization method” as permissible within U.S. GAAP, whereby the servicing rights capitalized are amortized in proportion to and over the period of estimated future servicing income with respect to the underlying loan. At the end of each reporting period, the carrying value of MSRs is assessed for impairment with a comparison to fair value. MSRs are carried at the lower of their amortized cost or fair value. The amortization of MSRs is included within "Other service income" in the consolidated condensed statements of income.

Activity for MSRs and the related valuation allowance follows:
 
Three Months Ended
September 30, 		Nine Months Ended
September 30,
(In thousands)2025202420252024
MSRs:
Carrying amount, net, beginning of period$13,729 $14,271 $13,918 $14,656 
Additions374 286 1,037 684 
Amortization(454)(494)(1,302)(1,343)
Change in valuation allowance18 — 14 66 
Carrying amount, net, end of period$13,667 $14,063 $13,667 $14,063 
Valuation allowance:
Beginning of period$23 $28 $19 $94 
Change in valuation allowance(18)— (14)(66)
End of period$5 $28 $5 $28 
 
Servicing fees included in "Other service income" were $1.2 million for both the three months ended September 30, 2025 and 2024, respectively, and $3.6 million and $3.7 million for the nine months ended September 30, 2025 and 2024, respectively.

Note 12 - Leases

Park is a lessee in several noncancellable operating lease arrangements, primarily for retail branches, administrative and warehouse buildings, ATMs, and certain office equipment within its Ohio, North Carolina, South Carolina, and Kentucky markets. Certain of these leases contain renewal options for periods ranging from one year to five years. Park’s leases generally do not include termination options for either party to the lease or restrictive financial or other covenants. Payments due under the lease arrangements include fixed payments plus, for many of Park’s real estate leases, variable payments such as Park's proportionate share of property taxes, insurance and common area maintenance.

Park's operating lease ROU asset and lease liability are presented in “Operating lease ROU asset" and "Operating lease liability," respectively, on Park's Consolidated Condensed Balance Sheets. The carrying amounts of Park's ROU asset and lease liability at September 30, 2025 were $15.9 million and $17.3 million, respectively. At December 31, 2024, the carrying amounts of Park's ROU asset and lease liability were $15.7 million and $16.5 million, respectively. Park's operating lease expense is recorded in "Occupancy expense" on the Company's Consolidated Condensed Statements of Income.

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Other information related to operating leases for the three-month and nine-month periods ended September 30, 2025 and 2024 follows:

Three Months EndedNine Months Ended
(in thousands)September 30, 2025September 30, 2024September 30, 2025September 30, 2024
Lease cost
Operating lease cost$660 $640 $1,957 $1,880 
Sublease income— — — (10)
Total lease cost$660 $640 $1,957 $1,870 
Other information
Cash paid for amounts included in the measurement of lease liabilities:
      Operating cash flows from operating leases (1)
$639 $573 $1,323 $1,944 
ROU assets obtained in exchange for new operating lease liabilities$226 $204 $1,598 $2,654 
Reductions to ROU assets resulting from reductions to lease obligations$(470)$(435)$(1,352)$(1,530)
(1) Includes a tenant improvement allowance of $524,000 related to the reimbursement of leasehold expenditures for the nine-month period ended September 30, 2025.

Park's operating leases had a weighted average remaining term of 9.4 years and 9.8 years at September 30, 2025 and December 31, 2024, respectively. The weighted average discount rate of Park's operating leases was 4.0% and 3.8% at September 30, 2025 and at December 31, 2024, respectively.

Undiscounted cash flows included in lease liabilities have expected contractual payments as follows:

(in thousands)September 30, 2025
Three months ending December 31, 2025$644 
20262,592 
20272,511 
20282,483 
20292,501 
Thereafter10,501 
Total undiscounted minimum lease payments$21,232 
Present value adjustment(3,952)
Total lease liabilities$17,280 

Note 13 – Repurchase Agreement Borrowings

Securities sold under agreements to repurchase ("repurchase agreements") with customers represent funds deposited by customers, generally on an overnight basis, that are collateralized by investment securities owned by Park. Repurchase agreements with customers are included in "Short-term borrowings" on the consolidated condensed balance sheets.

All repurchase agreements are subject to terms and conditions of repurchase/security agreements between Park and the customer and are accounted for as secured borrowings. Park's repurchase agreements consist of customer accounts and securities which are pledged on an individual security basis.

At September 30, 2025 and at December 31, 2024, Park's repurchase agreement borrowings totaled $78.1 million and $90.4 million, respectively. These borrowings were collateralized with U.S. Government sponsored entities' asset-backed securities with a fair value of $107.1 million and $124.1 million at September 30, 2025 and at December 31, 2024, respectively. Declines in the value of the collateral would require Park to pledge additional securities. At September 30, 2025 and at December 31, 2024, Park had $289.1 million and $440.2 million, respectively, of available unpledged securities.
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The table below shows the remaining contractual maturity of repurchase agreements by collateral pledged at September 30, 2025 and at December 31, 2024:

September 30, 2025
(in thousands)Remaining Contractual Maturity of the Agreements
Overnight and ContinuousUp to 30 days30 - 90 daysGreater than 90 daysTotal
U.S. government sponsored entities' asset-backed securities$78,126 $— $— $— $78,126 
December 31, 2024
(in thousands)Remaining Contractual Maturity of the Agreements
Overnight and ContinuousUp to 30 days30 - 90 daysGreater than 90 daysTotal
U.S. government sponsored entities' asset-backed securities$90,432 $— $— $— $90,432 

Note 14 - Subordinated Notes

As part of the acquisition of Vision's parent bank holding company ("Vision Parent") on March 9, 2007, Park became the successor to Vision Parent under (i) the Amended and Restated Trust Agreement of Vision Bancshares Trust I (the “Trust”), dated as of December 5, 2005, (ii) the Junior Subordinated Indenture, dated as of December 5, 2005, and (iii) the Guarantee Agreement, also dated as of December 5, 2005.

On December 1, 2005, Vision Parent formed a wholly-owned Delaware statutory business trust, Vision Bancshares Trust I (“Trust I”), which issued $15.0 million of Trust I's floating rate preferred securities (the “Trust Preferred Securities”) to institutional investors. All of the common securities of Trust I were owned by Park. The proceeds from the issuance of the common securities and the Trust Preferred Securities were used by Trust I to purchase $15.5 million of junior subordinated notes, which, following the cessation of LIBOR on June 30, 2023, carried a floating rate based on three-month CME Term SOFR plus 174 basis points. The junior subordinated notes represented the sole asset of Trust I. The Trust Preferred Securities accrued and paid distributions at a floating rate of three-month CME Term SOFR plus 174 basis points per annum. Since December 30, 2010, Park has had the right to redeem the junior subordinated notes purchased by Trust I in whole or in part. On September 30, 2025, Park redeemed in full, $15.0 million in Trust Preferred Securities at a redemption price in cash equal to 100% of the principal amount of the Trust Preferred Securities, plus accrued and unpaid interest.

On August 20, 2020, Park completed the issuance and sale of $175.0 million aggregate principal amount of its 4.50% Fixed-to-Floating Rate Subordinated Notes due 2030 (the "Subordinated Notes"). Beginning on September 1, 2025, Park had the right to redeem the Subordinated Notes, in whole or in part. On September 1, 2025, Park redeemed in full, $175.0 million outstanding of the Subordinated Notes at a redemption price in cash equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest.

The repayments were made using available cash on hand and did not involve any refinancing or issuance of new debt.

As of September 30, 2025, Park has no subordinated debt outstanding.

Note 15 - Derivatives

Park uses certain derivative financial instruments (or "derivatives") to meet the needs of its customers while managing the interest rate risk associated with certain transactions. Park does not use derivatives for speculative purposes. A summary of derivative financial instruments utilized by Park follows.

Interest Rate Swaps
Park utilizes interest rate swap agreements (or "interest rate swaps") as part of its asset-liability management strategy to help manage its interest rate risk position and as a means to meet the financing, interest rate and other risk management needs of qualifying commercial banking customers. The notional amount of the interest rate swaps does not represent the amount
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exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate swap agreements.

In conjunction with the Carolina Alliance acquisition, Park acquired interest rate swaps related to certain commercial loans. Simultaneously with borrowers entering into interest rate swaps, Carolina Alliance entered into offsetting interest rate swaps executed with a third party, such that Carolina Alliance minimized its net interest rate risk exposure resulting from such transactions. These interest rate swaps had a notional amount totaling $13.4 million and $15.4 million at September 30, 2025 and at December 31, 2024, respectively.

All of the Company's interest rate swaps were determined to be fully effective during each of the nine-month periods ended September 30, 2025 and September 30, 2024. As such, no amount of ineffectiveness has been included in net income. Therefore, the aggregate fair value of the interest rate swaps is recorded in "Other assets" and "Other liabilities" with changes in fair value recorded in "Other comprehensive income". The amount included in "Accumulated other comprehensive loss, net of tax" would be reclassified to net income should the hedges no longer be considered effective. Park expects the outstanding hedges to remain fully effective during the remaining respective terms of the interest rate swaps.

Summary information about Park's interest rate swaps at September 30, 2025 and at December 31, 2024 follows:

September 30, 2025December 31, 2024
(In thousands, except weighted average data)Loan
Derivatives		Loan
Derivatives
Notional amounts$13,436 $15,445 
Weighted average pay rates4.525 %4.504 %
Weighted average receive rates4.525 %4.504 %
Weighted average maturity (years)5.15.4
Unrealized losses$— $— 

The following table reflects the interest rate swaps included in the consolidated condensed balance sheets at September 30, 2025 and at December 31, 2024.

(In thousands)September 30, 2025December 31, 2024
Notional AmountFair ValueNotional AmountFair Value
Included in "Other assets":
Loan derivatives - instruments associated with loans
 Matched interest rate swaps with borrower $— $— $— $— 
 Matched interest rate swaps with counterparty13,436 570 15,445 1,009 
   Total included in "Other assets"$13,436 $570 $15,445 $1,009 
Included in "Other liabilities":
Loan derivatives - instruments associated with loans
 Matched interest rate swaps with borrower $13,436 $(570)$15,445 $(1,009)
 Matched interest rate swaps with counterparty— — — — 
    Total included in "Other liabilities"$13,436 $(570)$15,445 $(1,009)

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Mortgage Banking Derivatives
Commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as free-standing derivatives. In order to hedge the change in interest rates resulting from its commitments to fund the loans, the Company enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into. These mortgage banking derivatives are not designated as hedge relationships. The fair value of an interest rate lock is recorded at the time the commitment to fund the mortgage loan is executed and is adjusted for the expected exercise of the commitment before the loan is funded. Fair values of these mortgage banking derivatives are estimated based on changes in mortgage interest rates from the date the interest on the loan is locked. Changes in the fair values of these derivatives are included in "Other service income" in the condensed consolidated statements of income.

At September 30, 2025 and at December 31, 2024, Park had $7.0 million and $4.2 million, respectively, of interest rate lock commitments. The fair value of these mortgage banking derivatives was reflected by a derivative asset of $131,000 and $85,000 at September 30, 2025 and at December 31, 2024, respectively.

Other Derivatives
In connection with the sale of Park’s Class B Visa shares during 2009, Park entered into a swap agreement with the purchaser of the shares. The swap agreement adjusts for dilution in the conversion ratio of Class B Visa shares resulting from certain Visa litigation. At September 30, 2025 and December 31, 2024, the fair value of the swap agreement liability of $269,000 and $103,000, respectively, represented an estimate of the exposure based upon probability-weighted potential Visa litigation losses.

Note 16 – Accumulated Other Comprehensive Loss

Other comprehensive income components, net of tax, are shown in the following tables for the three-month and nine-month periods ended September 30, 2025 and 2024:


(in thousands)		Changes in pension plan assets and benefit obligationsUnrealized (losses) gains on debt securities AFSTotal
Beginning balance at July 1, 2025$16,754 $(48,261)$(31,507)
Other comprehensive income before reclassifications— 5,811 5,811 
Net current period other comprehensive income— 5,811 5,811 
Ending balance at September 30, 2025$16,754 $(42,450)$(25,696)
Beginning balance at July 1, 2024$1,692 (70,146)$(68,454)
Other comprehensive income before reclassifications 17,687 20,623 38,310 
Amounts reclassified from accumulated other comprehensive loss(4,540)— (4,540)
Net current period other comprehensive income13,147 20,623 33,770 
Ending balance at September 30, 2024$14,839 $(49,523)$(34,684)
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(in thousands)		Changes in pension plan assets and benefit obligationsUnrealized (losses) gains on debt securities AFSTotal
Beginning balance at January 1, 2025$16,754 $(62,929)$(46,175)
Other comprehensive income before reclassifications— 20,479 20,479 
Net current period other comprehensive income— 20,479 20,479 
Ending balance at September 30, 2025$16,754 $(42,450)$(25,696)
Beginning balance at January 1, 2024$1,692 $(67,883)$(66,191)
Other comprehensive income before reclassifications 17,687 18,046 35,733 
Amounts reclassified from accumulated other comprehensive loss(4,540)314 (4,226)
Net current period other comprehensive income13,147 18,360 31,507 
Ending balance at September 30, 2024$14,839 $(49,523)$(34,684)

The following table provides information concerning amounts reclassified out of accumulated other comprehensive loss for the three-month and the nine-month periods ended September 30, 2025 and 2024:

Three Months Ended
September 30, 		Nine Months Ended
September 30,
(In thousands)2025202420252024Affected Line Item in the Consolidated Condensed Statements of Income
Change in funded status of defined benefit pension items
Amortization of prior service costs$— $37 $— $37 Other components of net periodic pension benefit income
Gain recognition on partial settlement of vested benefits— (5,783)— (5,783)Pension settlement gain
Income before income taxes— (5,746)— (5,746)Income before income taxes
Income tax effect— (1,206)— (1,206)Income taxes
   Net of income tax$— $(4,540)$— $(4,540)Net income
Unrealized losses on AFS debt securities
Net loss on the sale of debt securities$— $— $— $398 Loss on the sale of debt securities, net
Loss before income taxes— — — 398 Income before income taxes
Income tax effect— — — 84 Income taxes
  Net of income tax $— $— $— $314 Net income

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Note 17 – Earnings Per Common Share
 
The following table sets forth the computation of basic and diluted earnings per common share for the three months and nine months ended September 30, 2025 and 2024.

 
Three Months Ended
September 30, 		Nine Months Ended
September 30,
(In thousands, except common share and per common share data)2025202420252024
Numerator:
Net income$47,158 $38,217 $137,434 $112,790 
Denominator:
Weighted-average common shares outstanding16,071,347 16,151,640 16,120,213 16,139,335 
Effect of dilutive PBRSUs101,924 112,753 89,048 92,431 
Weighted-average common shares outstanding adjusted for the effect of dilutive PBRSUs16,173,271 16,264,393 16,209,261 16,231,766 
Earnings per common share:
Basic earnings per common share$2.93 $2.37 $8.53 $6.99 
Diluted earnings per common share$2.92 $2.35 $8.48 $6.95 

Park awarded 49,350 PBRSUs and 59,165 PBRSUs to certain employees during the nine months ended September 30, 2025 and 2024, respectively. No PBRSUs were awarded during either of the three months ended September 30, 2025 and 2024.

Park repurchased an aggregate of 120,000 common shares during nine months ended September 30, 2025, to fund the PBRSUs and the common shares to be awarded to directors of Park and to directors of Park's subsidiary PNB (and its divisions) as well as pursuant to Park's previously announced stock repurchase authorizations. No common shares were repurchased during the three months ended September 30, 2025 or the three months or nine months ended September 30, 2024.

Note 18 - Share-Based Compensation

The 2017 Employees LTIP was adopted by the Board of Directors of Park on January 23, 2017 and was approved by Park's shareholders at the Annual Meeting of Shareholders on April 24, 2017. The 2017 Employees LTIP makes equity-based awards and cash-based awards available for grant to employee participants in the form of incentive stock options, nonqualified stock options, SARs, restricted stock, restricted stock units, other stock-based awards and cash-based awards. Under the 2017 Employees LTIP, 750,000 common shares are authorized to be delivered in connection with grants under the 2017 Employees LTIP. The common shares to be delivered under the 2017 Employees LTIP are to consist of either common shares currently held or common shares subsequently acquired by Park as treasury shares, including common shares purchased in the open market or in private transactions. At September 30, 2025, 175,650 common shares were available for future grants under the 2017 Employees LTIP.

The 2017 Non-Employee Directors LTIP was adopted by the Board of Directors of Park on January 23, 2017 and was approved by Park's shareholders at the Annual Meeting of Shareholders on April 24, 2017. The 2017 Non-Employee Directors LTIP makes equity-based awards and cash-based awards available for grant to non-employee director participants in the form of nonqualified stock options, SARs, restricted stock, restricted stock units, other stock-based awards, and cash-based awards. Under the 2017 Non-Employee Directors LTIP, 150,000 common shares are authorized to be delivered in connection with grants under the 2017 Non-Employee Directors LTIP. The common shares to be delivered under the 2017 Non-Employee Directors LTIP are to consist of either common shares currently held or common shares subsequently acquired by Park as treasury shares, including common shares purchased in the open market or in private transactions. At September 30, 2025, 45,000 common shares were available for future grants under the 2017 Non-Employee Directors LTIP.

During the nine months ended September 30, 2025 and 2024, the Compensation Committee of the Board of Directors of Park granted awards of PBRSUs, under the 2017 Employees LTIP, covering an aggregate of 49,350 common shares and 59,165 common shares, respectively, to certain employees of Park and its subsidiaries.

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At September 30, 2025, Park reported 183,024 nonvested PBRSUs. The number of PBRSUs earned or settled will depend on the level of achievement with respect to certain performance criteria over a three-year period. The PBRSUs are also subject to subsequent service-based vesting.

A summary of changes in the common shares subject to nonvested PBRSUs for the nine months ended September 30, 2025 and 2024 follows. PBRSUs herein represent the maximum number of nonvested PBRSUs. The fair value of the PBRSUs was determined using the quoted price of Park stock on the date of grant.

Common shares subject to PBRSUsWeighted-Average Grant-Date Fair Value
Nonvested at January 1, 2024186,936 $122.68 
Granted59,165 131.30 
Vested(58,056)103.70 
Forfeited(2,025)135.55 
Adjustment for performance conditions of PBRSUs (1)
— — 
Nonvested at September 30, 2024186,020 $131.20 
Nonvested at January 1, 2025186,020 $131.20 
Granted49,350 170.72 
Vested(51,833)119.31 
Forfeited(513)152.68 
Adjustment for performance conditions of PBRSUs (1)
— — 
Nonvested at September 30, 2025 (2)
183,024 $145.17 
(1) The number of PBRSUs earned depends on the level of achievement with respect to certain performance criteria. Adjustment herein, if any, represents the difference between the maximum number of common shares which could be earned and the actual number earned for those PBRSUs as to which the performance period was completed.
(2) Nonvested amount herein represents the maximum number of nonvested PBRSUs. As of September 30, 2025, an aggregate of 181,933 PBRSUs were expected to vest.

A summary of awards vested during the three months and nine months ended September 30, 2025 and 2024 follows:

Three Months Ended
September 30, 		Nine Months Ended
September 30,
2025202420252024
PBRSUs vested—3,075 51,83358,056 
Common shares withheld to satisfy employee income tax withholding obligations—958 19,46822,895 
Net common shares issued—2,11732,36535,161

Share-based compensation expense of $1.8 million and $1.6 million was recognized for the three-month periods ended September 30, 2025 and 2024, respectively, and share-based compensation expense of $5.5 million and $4.9 million was recognized for the nine-month periods ended September 30, 2025 and 2024, respectively.

The following table details expected additional share-based compensation expense related to PBRSUs outstanding at September 30, 2025:

(In thousands)
Three months ending December 31, 2025$1,740 
20265,585 
20273,662 
20281,532 
2029242 
Total$12,761 

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Note 19 – Benefit Plans
 
Park has a noncontributory defined benefit pension plan (the "Pension Plan") covering substantially all of its employees. The Pension Plan provides benefits based on an employee’s years of service and compensation.
 
There were no Pension Plan contributions for any of the three-month or the nine-months periods ended September 30, 2025 or 2024. Additionally, no contributions are expected to be made during the remainder of 2025.
 
The following table shows the components of net periodic pension benefit income:

Three Months Ended
September 30, 		Nine Months Ended
September 30,		Affected Line Item in the Consolidated
Condensed Statements of Income
(In thousands)2025202420252024
Service cost$1,632 $1,750 $4,896 $5,250 Employee benefits
Interest cost1,478 1,719 4,434 5,157 Other components of net
periodic pension benefit income
Expected return on plan assets(3,834)(3,936)(11,502)(11,806)Other components of net
periodic pension benefit income
Recognized prior service cost12 13 36 37 Other components of net
periodic pension benefit income
Pension settlement gain— (5,783)— (5,783)Pension settlement gain
Net periodic pension benefit income$(712)$(6,237)$(2,136)$(7,145)

During the three months and nine months ended September 30, 2024, Park recognized a $5.8 million pension settlement gain due to a combination of lump sum payouts as well as the purchase of a nonparticipating annuity contract which will provide ongoing benefits to vested participants. To calculate the gain, the PBO was remeasured as of September 30, 2024. In calculating the September 30, 2024 PBO, a discount rate of 5.17% was used which was a 3 basis point increase from the discount rate utilized to calculate the December 31, 2023 PBO. There were no changes between December 31, 2023 and September 30, 2024 to the assumptions utilized for the long-term rate of return on plan assets, salaries increases, turnover rates or mortality. There was no pension settlement gain recognized during the three months or the nine months ended September 30, 2025.

Park has entered into Supplemental Executive Retirement Plan Agreements (the “SERP Agreements”) with certain key officers of Park and its subsidiaries which provide defined pension benefits in excess of limits imposed by federal tax law. The expense for the Corporation related to the SERP Agreements for the three months and nine months ended September 30, 2025 and 2024 was as follows:

Three Months Ended
September 30, 		Nine Months Ended
September 30,		Affected Line Item in the Consolidated
Condensed Statements of Income
(In thousands)2025202420252024
Service cost$195 $216 $583 $1,201 Employee benefits
Interest cost183 154 547 464 Miscellaneous expense
Total SERP expense$378 $370 $1,130 $1,665 

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Note 20 – Fair Value
 
The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that Park uses to measure fair value are as follows:

•Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that Park has the ability to access as of the measurement date.
•Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
•Level 3: Significant unobservable inputs that reflect Park's own assumptions about the assumptions that market participants would use in pricing an asset or liability. This could include the use of internally developed models, financial forecasting and similar inputs.
 
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the balance sheet date. When possible, the Company looks to active and observable markets to price identical assets or liabilities. When identical assets and liabilities are not traded in active markets, the Company looks to observable market data for similar assets and liabilities. However, certain assets and liabilities are not traded in observable markets and Park must use other valuation methods to develop a fair value. The fair value of individually evaluated collateral dependent loans is typically based on the fair value of the underlying collateral, which is estimated through third-party appraisals in accordance with Park's valuation requirements under its commercial and real estate loan policies.

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Assets and Liabilities Measured at Fair Value on a Recurring Basis:
 
The following table presents assets and liabilities measured at fair value on a recurring basis:
 
Fair Value Measurements at September 30, 2025 using:
(In thousands)Level 1Level 2Level 3Balance at September 30, 2025
Assets    
Investment securities:    
Obligations of states and political subdivisions$— $205,788 $— $205,788 
U.S. Government sponsored entities’ asset-backed securities— 498,162 — 498,162 
Collateralized loan obligations— 94,636 — 94,636 
Corporate debt securities— 12,252 6,875 19,127 
Equity securities15,465 — 621 16,086 
Mortgage loans held for sale— 3,451 — 3,451 
Mortgage IRLCs— 131 — 131 
Loan interest rate swaps— 570 — 570 
Liabilities    
Fair value swap$— $— $269 $269 
Loan interest rate swaps— 570 — 570 
 
Fair Value Measurements at December 31, 2024 using:
(In thousands)Level 1Level 2Level 3Balance at December 31, 2024
Assets    
Investment securities:    
Obligations of U.S. Government sponsored entities$— $249 $— $249 
Obligations of states and political subdivisions— 186,883 — 186,883 
U.S. Government sponsored entities’ asset-backed securities— 518,576 — 518,576 
Collateralized loan obligations— 271,833 — 271,833 
Corporate debt securities— 12,419 6,664 19,083 
Equity securities10,885 — 603 11,488 
Mortgage loans held for sale— 5,550 — 5,550 
Mortgage IRLCs— 85 — 85 
Loan interest rate swaps— 1,009 — 1,009 
Liabilities    
Fair value swap$— $— $103 $103 
Loan interest rate swaps— 1,009 — 1,009 
 
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The following methods and assumptions were used by the Company in determining the fair value of the financial assets and financial liabilities discussed above:

Fair value swap: The fair value of the swap agreement entered into with the purchaser of the Visa Class B shares represents an internally developed estimate of the exposure based upon probability-weighted potential Visa litigation losses and is classified as Level 3.

Interest rate swaps:  The fair values of interest rate swaps are based on valuation models using observable market data as of the measurement date (Level 2).

Investment securities: Fair values for investment securities are based on quoted market prices, where available (Level 1). If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments (Level 2). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using DCF (Level 3).

Mortgage interest rate lock commitments: Mortgage IRLCs are based on current secondary market pricing and are classified as Level 2.
 
Mortgage loans held for sale: Mortgage loans held for sale are carried at their fair value. Mortgage loans held for sale are estimated using market prices for similar product types and, therefore, are classified in Level 2.

The following tables present a reconciliation of the beginning and ending balances of the Level 3 inputs for the three-month and nine-month periods ended September 30, 2025 and 2024, for financial instruments measured on a recurring basis and classified as Level 3:

Level 3 Fair Value Measurements
Three months ended September 30, 2025 and 2024
(In thousands)Corporate debt securitiesEquity securitiesFair value
swap
Balance at July 1, 2025$6,780 $613 $(109)
Transfer into (out of) level 3, net— — — 
Total gains / (losses)
Included in other income / other (expense)— 8 (160)
    Included in other comprehensive income95 — — 
Balance at September 30, 2025$6,875 $621 $(269)
Balance at July 1, 2024$6,427 $495 $(123)
Transfers into (out of) level 3, net— — — 
Total gains / (losses)
Included in other income / other (expense)— 18 (500)
Included in other comprehensive income153 — — 
Balance at September 30, 2024$6,580 $513 $(623)

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Level 3 Fair Value Measurements
Nine months ended September 30, 2025 and 2024
(In thousands)Corporate debt securitiesEquity securitiesFair value
swap
Balance at January 1, 2025$6,664 $603 $(103)
Transfer into (out of) level 3, net— — — 
Total gains / (losses)
Included in other income / other (expense)— 18 (290)
    Included in other comprehensive income211 — — 
Purchases, sales, issuances and settlements, other, net— — 124 
Balance at September 30, 2025$6,875 $621 $(269)
Balance at January 1, 2024$6,349 $473 $(123)
Transfers into (out of) level 3, net— — — 
Total gains / (losses)
Included in other income / other (expense)— 40 (500)
Included in other comprehensive income231 — — 
Balance at September 30, 2024$6,580 $513 $(623)

Level 3 corporate debt securities consist of a single debt security at both September 30, 2025 and December 31, 2024 which was valued using a discounted cash flow calculation. Significant unobservable inputs include the credit spread assumption which was 3.67% at both September 30, 2025 and December 31, 2024.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis:
 
The following methods and assumptions were used by the Company in determining the fair value of assets and liabilities measured at fair value on a nonrecurring basis as described below:

Individually evaluated collateral dependent loans: When a loan is individually evaluated, it is valued at the lower of cost or fair value. Collateral dependent loans which are individually evaluated and carried at fair value have been partially charged off or receive allocations of the allowance for credit losses. For collateral dependent loans, fair value is generally based on real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including the comparable sales approach and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments result in a Level 3 classification of the inputs for determining fair value. Collateral is then adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the customer and the customer’s business, resulting in a Level 3 fair value classification. Individually evaluated loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly. Additionally, valuations for all collateral dependent loans are updated annually, either through independent valuations by a licensed appraiser or a VOV performed by an internal licensed appraiser, in accordance with Company policy. A VOV can only be used in select circumstances and verifies that the original appraised value has not deteriorated through property inspection, consideration of market conditions, and performance of all valuation methods utilized in a prior valuation.

Loans individually evaluated for impairment include all internally classified commercial nonaccrual loans and accruing collateral dependent loans to borrowers experiencing financial difficulty.

OREO: Assets acquired through or in lieu of loan foreclosure are initially recorded at fair value less costs to sell when acquired. The carrying value of OREO is not re-measured to fair value on a recurring basis, but is subject to fair value adjustments when the carrying value exceeds the fair value, less estimated selling costs. Fair value is based on recent real estate appraisals and is updated at least annually. These appraisals may utilize a single valuation approach or a combination of approaches including the comparable sales approach and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments result in a Level 3 classification of the inputs for determining fair value.
 
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Appraisals for both individually evaluated collateral dependent loans and OREO are performed by licensed appraisers. Appraisals are generally obtained to support the fair value of collateral. In general, there are three types of appraisals received by the Company: real estate appraisals, income approach appraisals, and lot development loan appraisals. These are discussed below:
 
•Real estate appraisals typically incorporate measures such as recent sales prices for comparable properties. Appraisers may make adjustments to the sales prices of the comparable properties as deemed appropriate based on the age, condition or general characteristics of the subject property. Management generally applies a 15% discount to real estate appraised values which management expects will cover all disposition costs (including selling costs). This 15% discount is based on historical discounts to appraised values on sold OREO.

•Income approach appraisals typically incorporate the annual net operating income of the business divided by an appropriate capitalization rate, as determined by the appraiser. Management generally applies a 15% discount to income approach appraised values which management expects will cover all disposition costs (including selling costs).

•Lot development loan appraisals are typically performed using a DCF analysis. Appraisers determine an anticipated absorption period and a discount rate that takes into account an investor’s required rate of return based on recent comparable sales. Management generally applies a 6% discount to lot development appraised values, which is an additional discount above the net present value calculation included in the appraisal, to account for selling costs.

MSRs: MSRs are carried at the lower of cost or fair value. MSRs do not trade in active, open markets with readily observable prices. For example, sales of MSRs do occur, but precise terms and conditions typically are not readily available. As such, management, with the assistance of a third-party specialist, determines fair value based on the discounted value of the future cash flows estimated to be received. Significant inputs include the discount rate and assumed prepayment speeds. The calculated fair value is then compared to market values where possible to ascertain the reasonableness of the valuation in relation to current market expectations for similar products. Accordingly, MSRs are classified as Level 2.

The following tables present assets and liabilities measured at fair value on a nonrecurring basis. Individually evaluated collateral dependent loans secured by real estate are carried at fair value if they have been charged down to fair value or if a specific valuation allowance has been established. At September 30, 2025 and December 31, 2024, there were no PCD loans carried at fair value. Additionally, there were no accruing, individually evaluated, collateral-dependent loans carried at fair value. A new cost basis is established at the time a property is initially recorded in OREO. OREO properties are carried at fair value if a devaluation has been taken with respect to the property's value subsequent to the initial measurement. There were no OREO properties recorded at fair value as of September 30, 2025.

Fair Value Measurements at September 30, 2025 using:
(In thousands)Level 1Level 2Level 3Balance at September 30, 2025
Nonaccrual, individually evaluated, collateral-dependent loans recorded at fair value:    
Commercial real estate$— $— $1,054 $1,054 
Residential real estate— — 18 18 
Total nonaccrual, individually evaluated, collateral-dependent loans recorded at fair value$— $— $1,072 $1,072 
MSRs$— $52 $— $52 

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Fair Value Measurements at December 31, 2024 using:
(In thousands)Level 1Level 2Level 3Balance at December 31, 2024
Nonaccrual, individually evaluated, collateral-dependent loans recorded at fair value:    
Commercial real estate$— $— $1,022 $1,022 
Residential real estate— — 1,924 1,924 
Total nonaccrual, individually evaluated, collateral-dependent loans recorded at fair value$— $— $2,946 $2,946 
MSRs$— $371 $— $371 
OREO recorded at fair value:
Commercial real estate$— $— $938 $938 
Total OREO recorded at fair value$— $— $938 $938 

The tables below provide additional detail on those nonaccrual individually evaluated loans which are recorded at fair value as well as the remaining nonaccrual individually evaluated loan portfolio not included above. The remaining nonaccrual individually evaluated loans consist of 1) loans which are not collateral dependent, 2) loans which are not secured by real estate, and 3) loans carried at cost as the fair value of the underlying collateral or the present value of expected future cash flows on each of the loans exceeded the book value for each respective credit.

September 30, 2025
(In thousands)Loan BalancePrior Charge-OffsSpecific Valuation AllowanceCarrying Balance
Total nonaccrual, individually evaluated, collateral-dependent loans recorded at fair value$1,196 $165 $124 $1,072 
Remaining nonaccrual, individually evaluated loans71,222 2,962 2,456 68,766 
Total nonaccrual, individually evaluated loans$72,418 $3,127 $2,580 $69,838 

December 31, 2024
(In thousands)Loan BalancePrior Charge-OffsSpecific Valuation AllowanceCarrying Balance
Total nonaccrual, individually evaluated, collateral-dependent loans recorded at fair value$2,986 $488 $40 $2,946 
Remaining nonaccrual, individually evaluated loans50,163 4,521 1,259 48,904 
Total nonaccrual, individually evaluated loans$53,149 $5,009 $1,299 $51,850 

The expense from credit adjustments related to nonaccrual individually evaluated loans carried at fair value was $124,000 and $14,000 for the three-month periods ended September 30, 2025 and 2024, respectively, and was $76,000 and $71,000 for the nine-month periods ended September 30, 2025 and 2024, respectively.

MSRs totaled $13.7 million at September 30, 2025. Of this $13.7 million MSR carrying balance, $0.1 million was recorded at fair value and included a valuation allowance of $5,000. The remaining $13.6 million was recorded at cost, as the fair value exceeded cost at September 30, 2025. At December 31, 2024, MSRs totaled $13.9 million. Of this $13.9 million MSR carrying balance, $0.4 million was recorded at fair value and included a valuation allowance of $19,000. The remaining $13.5 million was recorded at cost, as the fair value exceeded cost at December 31, 2024. The income related to MSRs carried at fair value during the three-month period ended September 30, 2025 was $18,000, and was $14,000 and $66,000 for the nine-month periods ended September 30, 2025 and 2024, respectively. There was no income or expense related to MSRs carried at fair value during the three-month period ended September 30, 2024.

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Total OREO held by Park at September 30, 2025 and December 31, 2024 was $0.6 million and $0.9 million, respectively. At September 30, 2025, there was no OREO held by Park that was carried at fair value due to fair value adjustments made subsequent to the initial OREO measurement. At December 31, 2024, there was $938,000 of OREO held by Park that was carried at fair value due to fair value adjustments made subsequent to the initial OREO measurement. There was no expense related to OREO carried at fair value during the three-month period ended September 30, 2025, or the three-month and the nine-month periods ended September 30, 2024. The expense related to OREO fair value adjustments was $60,000 for the nine-month period ended September 30, 2025.

The following tables present qualitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at September 30, 2025 and December 31, 2024:

September 30, 2025
(In thousands)Fair ValueValuation TechniqueUnobservable Input(s)Range
(Weighted Average)
Nonaccrual, individually evaluated, collateral-dependent loans:  
Commercial real estate$1,054 Sales comparison approachAdj to comparables
0.0% - 69.6% (41.3%)
Income approachCapitalization rate
9.5% - 10.0% (9.6%)
Residential real estate$18 Sales comparison approachAdj to comparables
11.9% - 38.9% (25.4%)

December 31, 2024
(In thousands)Fair ValueValuation TechniqueUnobservable Input(s)Range
(Weighted Average)
Nonaccrual, individually evaluated, collateral-dependent loans:  
Commercial real estate$1,022 Sales comparison approachAdj to comparables
0.0% - 30.0% (15.2%)
Income approachCapitalization rate
9.5% - 10.0% (9.6%)
Residential real estate$1,924 Sales comparison approachAdj to comparables
4.7% - 45.5% (21.6%)
Income approachCapitalization rate
6.3% (6.3%)
Other real estate owned:
Commercial real estate$938 Sales comparison approachAdj to comparables
5.0% - 10.0% (7.5%)
Cost approachEntrepreneurial profit
5.0% (5.0%)
Cost approachAccumulated depreciation
50.0% (50.0%)



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Assets Measured at Net Asset Value:

Park's portfolio of Partnership Investments is valued using the NAV practical expedient in accordance with ASC 820.

At September 30, 2025 and at December 31, 2024, Park had Partnership Investments with a NAV of $39.1 million and $32.6 million, respectively. At September 30, 2025 and at December 31, 2024, Park had $13.0 million and $17.6 million, respectively, in unfunded commitments related to these Partnership Investments. For the three-month periods ended September 30, 2025 and 2024, Park recognized income of $1.1 million and $0.9 million, respectively, and for nine-month periods ended September 30, 2025 and 2024, Park recognized of $1.0 million and $0.1 million, respectively, related to these Partnership Investments.

Fair Value Balance Sheet:

The fair value of certain financial instruments at September 30, 2025 and at December 31, 2024, was as follows:

September 30, 2025
  Fair Value Measurements
(In thousands)Carrying valueLevel 1Level 2Level 3Total fair value
Financial assets:
Cash and money market instruments$218,906 $218,906 $— $— $218,906 
Investment securities (1)
817,713 — 810,838 6,875 817,713 
Other investment securities (2)
16,086 15,465 — 621 16,086 
Mortgage loans held for sale3,451 — 3,451 — 3,451 
Mortgage IRLCs131 — 131 — 131 
Individually evaluated loans carried at fair value1,072 — — 1,072 1,072 
Other loans, net7,896,341 — — 7,778,902 7,778,902 
Loans receivable, net$7,900,995 $— $3,582 $7,779,974 $7,783,556 
Financial liabilities:     
Time deposits$773,514 $— $774,166 $— $774,166 
Brokered deposits and Bid Ohio CDs19,900 — 19,900 — 19,900 
Other4,350 4,350 — — 4,350 
Deposits (excluding demand deposits)$797,764 $4,350 $794,066 $— $798,416 
Short-term borrowings$78,126 $— $78,126 $— $78,126 
Derivative financial instruments - assets:
Loan interest rate swaps$570 $— $570 $— $570 
Derivative financial instruments - liabilities:     
Fair value swap$269 $— $— $269 $269 
Loan interest rate swaps570 — 570 — 570 
(1) Includes debt securities AFS.
(2) Excludes FHLB stock and FRB stock which are carried at their respective redemption values, investment securities accounted for at modified cost as these investments do not have a readily determinable fair value, and Partnership Investments valued using the NAV practical expedient.
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December 31, 2024
  Fair Value Measurements
(In thousands)Carrying valueLevel 1Level 2Level 3Total fair value
Financial assets:
Cash and money market instruments$160,566 $160,566 $— $— $160,566 
Investment securities (1)
996,624 — 989,960 6,664 996,624 
Other investment securities (2)
11,488 10,885 — 603 11,488 
Mortgage loans held for sale5,550 — 5,550 — 5,550 
Mortgage IRLCs85 — 85 — 85 
Individually evaluated loans carried at fair value2,946 — — 2,946 2,946 
Other loans, net7,720,581 — — 7,586,111 7,586,111 
Loans receivable, net$7,729,162 $— $5,635 $7,589,057 $7,594,692 
Financial liabilities:     
Time deposits$735,297 $— $736,188 — $736,188 
Brokered deposits and Bid Ohio CDs176,486 — 176,522 — 176,522 
Other1,265 1,265 — — 1,265 
Deposits (excluding demand deposits)$913,048 $1,265 $912,710 $— $913,975 
Short-term borrowings$90,432 $— $90,432 $— $90,432 
Subordinated notes189,651 — 185,599 — 185,599 
Derivative financial instruments - assets:     
Loan interest rate swaps$1,009 $— $1,009 $— $1,009 
Derivative financial instruments - liabilities:
Fair value swap$103 $— $— $103 $103 
Loan interest rate swaps1,009 — 1,009 — 1,009 
(1) Includes debt securities AFS.
(2) Excludes FHLB stock and FRB stock which are carried at their respective redemption values, investment securities accounted for at modified cost as these investments do not have a readily determinable fair value, and Partnership Investments valued using the NAV practical expedient.


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Note 21 - Segment Information

Park's chief operating decision maker is Park's Chairman and Chief Executive Officer. While the chief decision maker monitors the operating results of its lines of business, operations are managed and financial performance is evaluated on a consolidated basis. Accordingly, all of the financial service operations are considered by management to be aggregated in one reportable operating segment.

The segment is determined by the level of information provided to the chief operating decision maker, who uses such information to review performance of various components of the business, which are then aggregated if operating performance, products, and services are similar. The chief operating decision maker will evaluate the financial performance of Park's business components such as by evaluating interest income, interest expense, other revenue streams, significant expenses, and budget to actual results in assessing Park's segment and in the determination of allocation resources. The chief operating decision maker uses consolidated net income to benchmark Park against its peers. The benchmarking analysis coupled with monitoring of budget to actual results are used in assessment of performance and in establishing compensation. Loans, investments, deposits, and fiduciary income provide the revenues in the banking operation. Interest expense, provisions for credit losses, and payroll/benefits provide the significant expenses in the banking operation. All operations are domestic.

Accounting policies for Park's reportable segment are the same as described in Note 1 - Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements included in Park’s 2024 Form 10-K. Segment performance is evaluated using consolidated net income. Information reported internally for performance assessment by the chief operating decision maker follows, inclusive of reconciliations of significant segment totals to the financial statements.
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Banking Segment
Three Months Ended and At
September 30,
(in thousands)20252024
Interest Income$138,952 $133,808 
Reconciliation of Revenue
Other revenues$30,574 $36,530 
Total consolidated revenues$169,526 $170,338 
Less:
Interest expense$27,935 $32,694 
Segment net interest income and noninterest income$141,591 $137,644 
Less:
Provision for credit losses4,0305,315
Salaries38,64438,370
Employee benefits9,89210,162
Occupancy expense3,2423,731
Furniture and equipment expense2,2192,571
Data processing fees11,53111,764
Professional fees and services7,4757,842
Marketing1,5071,464
Insurance1,4681,640
Communication1,239955
State tax expense1,1821,116
Amortization of intangible assets248287
Foundation contributions—2,000
Miscellaneous8163,779
Income taxes10,9408,431
Segment net income/consolidated net income$47,158 $38,217 
Other segment disclosures
Interest income138,952133,808
Interest expense27,93532,694
Depreciation2,8252,976
Amortization248287
Other significant noncash items:
Provision for credit losses4,0305,315
Segment assets9,862,0689,903,049
Reconciliation of assets
Total assets for reportable segments$9,862,068 9,903,049
Other assets——
Total consolidated assets$9,862,068 $9,903,049 

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Banking Segment
Nine Months Ended
September 30,
(in thousands)20252024
Interest Income$407,648 $389,352 
Reconciliation of Revenue
Other revenues$88,506 $91,524 
Total consolidated revenues$496,154 $480,876 
Less:
Interest expense$83,263 $94,778 
Segment net interest income and noninterest income$412,891 $386,098 
Less:
Provision for credit losses7,63910,608
Salaries113,420110,057
Employee benefits29,51631,595
Occupancy expense10,0309,887
Furniture and equipment expense6,7547,608
Data processing fees33,08130,114
Professional fees and services22,17720,681
Marketing4,3304,369
Insurance4,8215,135
Communication3,3822,993
State tax expense3,7183,355
Amortization of intangible assets795927
Foundation contributions— 2,000
Miscellaneous4,5809,377
Income taxes31,21424,602
Segment net income/consolidated net income$137,434 $112,790 
Other segment disclosures
Interest income407,648389,352
Interest expense83,26394,778
Depreciation8,5669,114
Amortization795927
Other significant noncash items:
Provision for credit losses7,63910,608
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Note 22 - Revenue from Contracts with Customers

All of Park's revenue from contracts with customers within the scope of ASC 606 is recognized within "Other income" in the consolidated condensed statements of income. All of Park's operations are considered by management to be aggregated in one reportable segment.

The following table presents the Corporation's sources of other income by revenue stream for the three-month and nine-month periods ended September 30, 2025 and September 30, 2024:

Three Months Ended
September 30,
Revenue by Operating Segment (in thousands)20252024
Income from fiduciary activities
   Personal trust and agency accounts$3,311 $3,124 
   Employee benefit and retirement-related accounts2,973 2,766 
   Investment management and investment advisory agency accounts4,410 4,142 
   Other621 583 
Service charges on deposit accounts
    NSF fees756 867 
    DDA charges1,653 1,380 
    Other169 115 
Other service income (1)
    Credit card704 693 
    HELOC116 112 
    Installment71 53 
    Real estate2,216 1,869 
    Commercial609 309 
Debit card fee income6,604 6,539 
Bank owned life insurance income (2)
1,559 2,057 
ATM fees371 471 
Pension settlement gain (2)
— 5,783 
Gain on the sale of OREO, net50 2 
Loss on the sale of debt securities, net (2)
— — 
(Loss) gain on equity securities, net (2)
(549)1,557 
Other components of net periodic pension benefit income (2)
2,344 2,204 
Miscellaneous (3)
2,586 1,904 
Total other income$30,574 $36,530 
(1) "Other Service Income" totaled $3.7 million and $3.0 million for the three months ended September 30, 2025 and 2024, respectively. Of this aggregate revenue approximately $1.9 million and $1.4 million was within the scope of ASC 606, with the remaining $1.8 million and $1.6 million consisting primarily of certain residential real estate loan fees which were out of scope for the three months ended September 30, 2025 and 2024, respectively.
(2) Not within the scope of ASC 606.
(3) "Miscellaneous Income" included brokerage income, safe deposit box rentals, gains/losses on asset sales and miscellaneous bank fees totaling $2.6 million and $1.9 million for the three months ended September 30, 2025 and 2024, respectively, all of which were within the scope of ASC 606.

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Nine Months Ended
September 30,
Revenue by Operating Segment (in thousands)20252024
Income from fiduciary activities
   Personal trust and agency accounts$10,439 $9,558 
   Employee benefit and retirement-related accounts8,777 8,092 
   Investment management and investment advisory agency accounts12,857 11,959 
   Other1,858 1,758 
Service charges on deposit accounts
    NSF fees2,234 2,436 
    DDA charges4,783 3,919 
    Other482 327 
Other service income (1)
    Credit card2,094 1,974 
    HELOC334 308 
    Installment198 113 
    Real estate6,536 5,219 
    Commercial1,221 852 
Debit card fee income19,300 19,362 
Bank owned life insurance income (2)
4,833 6,251 
ATM fees1,073 1,425 
Pension settlement gain (2)
— 5,783 
(Loss) gain on the sale of OREO, net(152)115 
Loss on the sale of debt securities, net (2)
— (398)
Gain on equity securities, net (2)
1,069 1,228 
Other components of net periodic pension benefit income (2)
7,032 6,612 
Miscellaneous (3)
3,538 4,631 
Total other income$88,506 $91,524 
(1) "Other Service Income" totaled $10.4 million and $8.5 million for the nine months ended September 30, 2025 and 2024, respectively. Of this aggregate revenue approximately $5.1 million and $4.0 million was within the scope of ASC 606, with the remaining $5.3 million and $4.5 million consisting primarily of certain residential real estate loan fees which were out of scope for the nine months ended September 30, 2025 and 2024, respectively.
(2) Not within the scope of ASC 606.
(3) "Miscellaneous Income" included brokerage income, safe deposit box rentals, gains/losses on asset sales and miscellaneous bank fees totaling $3.5 million and $4.6 million for the nine months ended September 30, 2025 and 2024, respectively, all of which were within the scope of ASC 606.

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A description of Park's material revenue streams accounted for under ASC 606 follows:

Income from fiduciary activities (gross): Park earns fiduciary fee income and investment brokerage fees from its contracts with wealth management customers for various fiduciary and investment-related services. These fees are earned over time as the Company provides the contracted monthly and quarterly services and are generally assessed based on the market value of the trust assets.

Service charges on deposit accounts and ATM fees: The Corporation earns fees from the Corporation's deposit customers for transaction-based, account maintenance, and overdraft services. Fees for transaction-based services, which include services such as ATM use fees, stop payment charges, statement rendering fees, and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Corporation fulfills the customer's request. Account maintenance fees, which relate primarily to monthly maintenance, are generally recognized at the end of the month, representing the period over which the Corporation satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer's account balance.

Other service income: Other service income includes income from (1) the sale and servicing of loans sold to the secondary market, (2) incentive income from third-party credit card issuers, and (3) loan customers for various loan-related activities and services. Income related to the sale and servicing of loans sold to the secondary market is included within "Other service income", but is not within the scope of ASC 606. Services that fall within the scope of ASC 606 are recognized as revenue when the Company satisfies the Company's performance obligation to the customer.

Debit card fee income: Park earns interchange fees from debit cardholder transactions conducted primarily through the Visa payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, net of card network fees, concurrently with the transaction processing services provided to the cardholder.

Gain or loss on sale of OREO, net: The Corporation records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of delivery of an executed deed. When Park finances the sale of OREO to the buyer, the Corporation assesses whether the buyer is committed to perform the buyer's obligation under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Corporation adjusts the transaction price and related gain (loss) on sale if a significant financing component is present.

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Note 23 - Subsequent Events

On October 27, 2025, Park, entered into an Agreement and Plan of Merger (the “Merger Agreement”) with First Citizens Bancshares, Inc., a Tennessee corporation (“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.

Upon the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share of common stock, no par value per share, of First Citizens, issued and outstanding immediately prior to the Effective Time, will be converted into the right to receive 0.52 of a share of common stock, no par value, of Park (the “Park Common Stock”) (the “Merger Consideration”).

The Merger Agreement contains customary representations and warranties from Park and First Citizens, and each party has agreed to customary covenants.

The completion of the Merger is subject to customary conditions, including, among others, (a) approval of the Merger by First Citizens' shareholders, (b) authorization for listing on the NYSE American stock exchange of the shares of Park Common Stock to be issued in connection with the Merger, subject to official notice of issuance, (c) effectiveness of the Registration Statement on Form S-4 for the Park Common Stock to be issued in the Merger, (d) the receipt of specified governmental consents and approvals that are necessary to consummate the transactions contemplated by the Merger Agreement, including from the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency, and termination or expiration of all applicable waiting periods in respect thereof, in each case without the imposition of a Materially Burdensome Regulatory Condition, and (e) the absence of any order, injunction, decree or other legal restraint preventing the consummation of the Merger or the Bank Merger or making the completion of the Merger or the Bank Merger illegal.

The Merger Agreement provides certain termination rights for each party and further provides that a termination fee of $12.5 million will be payable by First Citizens to Park following termination of the Merger Agreement under certain circumstances.

Concurrently with the execution and delivery of the Merger Agreement, Park entered into voting agreements (the “Voting Agreements”) with certain shareholders of First Citizens (collectively, the “Significant Shareholders”), pursuant to which, among other things, each Significant Shareholder has agreed, subject to the terms of the Voting Agreement, to (i) vote the common stock of First Citizens over which such Significant Shareholder is entitled to vote (the “First Citizens' Shares”) in favor of the approval and adoption of the Merger Agreement and the other transactions contemplated thereby, and (ii) until the Effective Time, refrain from transferring the First Citizens' Shares, with certain limited exceptions.


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ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
 
Non-U.S. GAAP Financial Measures

This Management's Discussion and Analysis of Financial Condition and Results of Operations (or "MD&A") contains non-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 herein.

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/(recovery of) 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 and pre-tax, pre-provision net income.

Management has included in the tables included within the "Items Impacting Comparability" section of this MD&A information relating to the annualized return on average tangible equity, the annualized return on average tangible assets and pre-tax, pre-provision net income for the three months ended September 30, 2025 and September 30, 2024 and for the nine months ended September 30, 2025 and September 30, 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 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.

Management believes that the disclosure of the annualized return on average tangible equity, the annualized return on average tangible assets and pre-provision net income presents additional information to the reader of the condensed consolidated financial statements, which, when read in conjunction with the condensed 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 tables included within the "Items Impacting Comparability" section of this MD&A, Park has provided a reconciliation of average tangible equity from average shareholders' equity, average tangible assets from average 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
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annualized return on average tangible equity, the annualized return on average tangible assets and pre-tax, pre-provision net income are substitutes for the annualized return on average equity, the annualized return on average assets 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 federal corporate income tax rate of 21 percent. In the tables included within the "Items Impacting Comparability" section of this MD&A, 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.

Critical Accounting Estimates
 
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from those estimates.
 
Allowance for Credit Losses: Park believes the determination of the allowance for credit losses involves a higher degree of judgment and complexity than its other significant accounting estimates. The ACL is calculated with the objective of maintaining a reserve level believed by management to be sufficient to absorb estimated credit losses over the life of an asset or an off-balance sheet credit exposure. Management’s determination of the adequacy of the allowance for credit losses is based on periodic evaluations of past events, including historical credit loss experience on financial assets with similar risk characteristics, current conditions, and reasonable and supportable forecasts that affect the collectability of the remaining cash flows over the contractual term of the financial assets. However, this evaluation has subjective components requiring material estimates, including expected default probabilities, the expected loss given default, the amounts and timing of expected future cash flows on individually evaluated loans, and estimated losses based on historical loss experience and forecasted economic conditions. All of these factors may be susceptible to significant change. To the extent that actual results differ from management estimates, additional provisions for credit losses may be required that would adversely impact earnings in future periods.

One of the significant judgments impacting the ACL is the economic forecasts for Ohio unemployment, Ohio GDP, and Ohio HPI. These economic forecasts inform the regression model used to calculate cash flows during the reasonable and supportable forecast period. Additionally, multiple economic forecast scenarios are weighted to arrive at the quantitative reserve. Changes in the economic forecast or weighting could significantly affect the estimated credit losses which could potentially lead to materially different allowance levels from one reporting period to the next.

As noted above, in calculating the ACL, management weighs different scenarios, including a baseline (most likely) scenario and an adverse scenario. At September 30, 2025, management applied a 50% weighting to the baseline scenario and applied a 50% weighting to the adverse scenario. To create hypothetical sensitivity analyses, management calculated a quantitative allowance using a 100% weighting applied to a baseline scenario and a quantitative allowance using a 100% weighting applied to an adverse scenario. The adverse scenario assumes among other things that: (1) Worries that the Israel-Hamas conflict will widen and Russia's invasion of the Ukraine will persist longer than expected. Risk grows that China may block the Taiwan Strait, causing business and consumer confidence to decline. Retaliatory tariffs reduce U.S. exports and lead to a global downturn. (2) Due to continuing concerns about rising inflation, the Federal Reserve raises federal funds rates. However, the Federal Reserve resumes easing rates as the recession persists. (3) Europe goes into a recession as increased tariffs lower exports. Populism in Europe rises, raising uncertainties about the longevity of the Euro zone and causing financial stress to highly indebted nations. These developments further lower U.S. exports and the corporate earnings of foreign subsidiaries of U.S. companies. (4) Impacts of Trump tariffs and deportations are significantly worse than expected. Tariff rates rise from about 2% to 26% and remain at those rates through the end of 2028. Retaliatory tariffs reduce U.S. exports and lead to global turn-down. Tax revenues are lower than in the baseline creating a higher deficit. (5) A recession occurs in the fourth quarter of 2025 and lasts through the second quarter of 2026 resulting in real GDP declining by 2.6%, unemployment rates rising to a peak of 8.4% in the fourth quarter of 2026, and the stock market falling 35% from the third quarter of 2025 to the second quarter of 2026. The adverse scenario also forecasts Ohio unemployment for the next twelve months to range from 7.0% to 9.7%. Excluding consideration of qualitative adjustments, this sensitivity analysis would result in a hypothetical increase in Park's ACL of $30.2 million as of September 30, 2025 if only the adverse scenario was used. Excluding consideration of qualitative adjustments, a corresponding $30.2 million decrease in Park's ACL would occur in a hypothetical scenario if only the baseline (most likely) scenario was used.
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Refer to the "Credit Metrics and Provision for Credit Losses" section of this MD&A for additional discussion.

Pension Plan: The determination of Pension Plan obligations and related expenses requires the use of assumptions to estimate the amount of benefits that employees will earn while working, as well as the present value of those benefits. Annual pension income/expense is principally based on four components: (1) the value of benefits earned by employees for working during the year (service cost), (2) the increase in the liability due to the passage of time (interest cost), and (3) other gains and losses, reduced by (4) the expected return on plan assets for our Pension Plan.

Significant assumptions used to measure our annual pension expense include:

•the interest rate used to determine the present value of liabilities (discount rate);
•certain employee-related factors, such as turnover, retirement age and mortality;
•the expected return on assets in our funded Pension Plan; and
•the rate of salary increases where benefits are based on earnings.

Our assumptions reflect our historical experience and management’s best judgment regarding future expectations. Due to the significant management judgment involved, our assumptions could have a material impact on the measurement of our Pension Plan income/expense and obligation.

Recent Developments

On October 27, 2025, Park entered into an Agreement and Plan of Merger (the “Merger Agreement”) with First Citizens Bancshares, Inc., a Tennessee corporation (“First Citizens”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, First Citizens will 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, to merge with and into PNB, with PNB continuing as the surviving bank.

As of September 30, 2025, First Citizens had $2.6 billion in assets. After the Merger, Park will have more than 100 branches in Kentucky, Ohio, the Carolinas and Tennessee.

Under the terms and subject to the conditions of the Merger Agreement, which has been unanimously approved by the Boards of Directors of both companies, each share of common stock of First Citizens that is issued and outstanding immediately prior to the Merger, will be converted into the right to receive 0.52 common shares of Park. Based upon Park’s market close price of October 24, 2025, the aggregate transaction value is approximately $317.3 million.

The Merger is expected to close in the first quarter of 2026, subject to customary closing conditions, regulatory approvals and approval of First Citizens’ shareholders.

Comparison of Results of Operations
For the Three and Nine Months Ended September 30, 2025 and 2024
 
Summary Discussion of Results

Net income for the three months ended September 30, 2025 of $47.2 million represented a $8.9 million, or 23.4%, increase compared to $38.2 million for the three months ended September 30, 2024. Pre-tax, pre-provision net income for the three months ended September 30, 2025 of $62.1 million represented a $10.2 million, or 19.6%, increase compared to $52.0 million for the three months ended September 30, 2024.

Net income for the nine months ended September 30, 2025 of $137.4 million represented a $24.6 million, or 21.8%, increase compared to $112.8 million for the nine months ended September 30, 2024. Pre-tax, pre-provision net income for the nine months ended September 30, 2025 of $176.3 million represented a $28.3 million, or 19.1%, increase compared to $148.0 million for the nine months ended September 30, 2024.

The following discussion provides additional information regarding Park.

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Overview

The following table reflects Park's net income for the first, second and third quarters of 2025, for the first nine months of 2025 and 2024 (the nine months ended September 30), and for the year ended December 31, 2024.

(In thousands)Q3 2025Q2 2025Q1 2025Nine months YTD 2025Nine months YTD 20242024
Net interest income$111,017 $108,991 $104,377 $324,385 $294,574 $398,019 
Provision for credit losses 4,030 2,853 756 7,639 10,608 14,543 
Other income30,574 32,186 25,746 88,506 91,524 122,588 
Other expense79,463 78,977 78,164 236,604 238,098 321,339 
Income before income taxes$58,098 $59,347 $51,203 $168,648 $137,392 $184,725 
    Income tax expense10,940 11,228 9,046 31,214 24,602 33,305 
Net income$47,158 $48,119 $42,157 $137,434 $112,790 $151,420 

Net interest income of $324.4 million for the nine months ended September 30, 2025 represented a $29.8 million, or 10.1%, increase compared to $294.6 million for the nine months ended September 30, 2024. The increase was a result of a $18.3 million increase in interest income and a $11.5 million decrease in interest expense.

The $18.3 million increase in interest income was due to a $26.1 million increase in interest income on loans, partially offset by a $7.8 million decrease in investment income. The $26.1 million increase in interest income on loans was primarily the result of a $315.6 million (or 4.16%) increase in average loans, from $7.58 billion for the nine months ended September 30, 2024 to $7.90 billion for the nine months ended September 30, 2025, as well as an increase in the yield on loans, which increased 20 basis points to 6.32% for the nine months ended September 30, 2025, compared to 6.12% for the nine months ended September 30, 2024. The $7.8 million decrease in investment income was primarily the result of a $86.8 million (or 5.90%) decrease in average investments, including money market investments, from $1.47 billion for the nine months ended September 30, 2024 to $1.38 billion for the nine months ended September 30, 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 3.47% for the nine months ended September 30, 2025, compared to 3.97% for the nine months ended September 30, 2024.

The $11.5 million decrease in interest expense was due to a $8.8 million decrease in interest expense on deposits, as well as a $2.7 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 2.00% for the nine months ended September 30, 2024 to 1.74% for the nine months ended September 30, 2025. This decrease was partially offset by a $153.1 million (or 2.70%) increase in average on-balance sheet interest bearing deposits from $5.68 billion for the nine months ended September 30, 2024, to $5.83 billion for the nine months ended September 30, 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 29 basis points, from 4.11% for the nine months ended September 30, 2024 to 3.82% for the nine months ended September 30, 2025 as well as a $69.1 million (or 21.56%) decrease in average borrowings from $320.4 million for the nine months ended September 30, 2024, to $251.3 million for the nine months ended September 30, 2025. The balance of average borrowings was impacted by the redemption of subordinated debt. On September 1, 2025, $175 million of subordinated debt was repaid, followed by an additional repayment of $15 million of subordinated debt on September 30, 2025.

The provision for credit losses of $7.6 million for the nine months ended September 30, 2025 represented a decrease of $3.0 million, compared to $10.6 million for the nine months ended September 30, 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.

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The table below reflects Park's total other income for the nine months ended September 30, 2025 and 2024.

(Dollars in thousands)20252024$ change% change
Other income:
Income from fiduciary activities$33,931 $31,367 $2,564 8.2 %
Service charges on deposit accounts7,499 6,682 817 12.2 %
Other service income10,383 8,466 1,917 22.6 %
Debit card fee income19,300 19,362 (62)(0.3)%
Bank owned life insurance income4,833 6,251 (1,418)(22.7)%
ATM fees1,073 1,425 (352)(24.7)%
Pension settlement gain— 5,783 (5,783)N.M.
(Loss) gain on the sale of OREO, net(152)115 (267)N.M.
Loss on sale of debt securities, net— (398)398 N.M.
Gain on equity securities, net1,069 1,228 (159)(12.9)%
Other components of net periodic benefit income7,032 6,612 420 6.4 %
Miscellaneous3,538 4,631 (1,093)(23.6)%
Total other income$88,506 $91,524 $(3,018)(3.3)%

Other income of $88.5 million for the nine months ended September 30, 2025 represented a decrease of $3.0 million, or 3.3%, compared to $91.5 million for the nine months ended September 30, 2024. The $2.6 million increase in income from fiduciary activities was largely due to an increase in the market value of assets under management. The $817,000 increase in service charges on deposits was largely due to an increase in maintenance fees on deposits. The $1.9 million increase in other service income was mainly due to an increase in mortgage and commercial related other service income. The $1.4 million decrease in bank owned life insurance income was primarily related to a decrease in death benefits received during the nine months ended September 30, 2025. The change in pension settlement gain was due to a $5.8 million pension settlement gain during the nine months ended September 30, 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 nine months ended September 30, 2025. The change in loss on sale of debt securities, net was due to net losses on the sale of debt securities of $398,000 recorded during the nine months ended September 30, 2024 compared to no net losses on sale of debt securities during the nine months ended September 30, 2025. The change in gain on equity securities, net was mostly due to increases in the net gain on capital investments which was more than offset by a decrease in net gains (losses) in equity securities carried at fair value during the nine months ended September 30, 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.

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The table below reflects Park's total other expense for the nine months ended September 30, 2025 and 2024.

(Dollars in thousands)20252024$ change% change
Other expense:
Salaries$113,420 $110,057 $3,363 3.1 %
Employee benefits29,516 31,595 (2,079)(6.6)%
Occupancy expense10,030 9,887 143 1.4 %
Furniture and equipment expense6,754 7,608 (854)(11.2)%
Data processing fees33,081 30,114 2,967 9.9 %
Professional fees and services22,177 20,681 1,496 7.2 %
Marketing4,330 4,369 (39)(0.9)%
Insurance4,821 5,135 (314)(6.1)%
Communication3,382 2,993 389 13.0 %
State tax expense3,718 3,355 363 10.8 %
Amortization of intangible assets795 927 (132)(14.2)%
Foundation contributions— 2,000 (2,000)N.M.
Miscellaneous4,580 9,377 (4,797)(51.2)%
Total other expense$236,604 $238,098 $(1,494)(0.6)%

Total other expense of $236.6 million for the nine months ended September 30, 2025 represented a decrease of $1.5 million compared to $238.1 million for the nine months ended September 30, 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 decreases 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 increase in professional fees and services expense was primarily due to increases in consulting expenses and trust system provider expense, partially offset by decreases in other fees, recruiting expense, director fees and appraisal fees. The decrease in foundation contributions was the result of a $2.0 million contribution made during the nine months ended September 30, 2024, with no contribution being made during the nine months ended September 30, 2025. 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 nine months ended September 30, 2025 and 2024 and the year ended December 31, 2024.

(Dollars in thousands)September 30, 2025December 31, 2024September 30, 2024% change from 12/31/24% change from 9/30/24
Loans 7,992,753 7,817,128 7,730,984 2.25 %3.39 %
Allowance for credit losses91,758 87,966 87,237 4.31 %5.18 %
Net loans7,900,995 7,729,162 7,643,747 2.22 %3.37 %
Investment securities926,934 1,100,861 1,233,297 (15.80)%(24.84)%
Total assets9,862,068 9,805,350 9,903,049 0.58 %(0.41)%
Total deposits8,329,924 8,143,526 8,214,671 2.29 %1.40 %
Average assets (1)
10,120,742 9,901,264 9,865,315 2.22 %2.59 %
Efficiency ratio (2)
57.03 %61.44 %61.38 %(7.18)%(7.09)%
Return on average assets (3)
1.82 %1.53 %1.53 %18.95 %18.95 %
(1) Average assets for the nine months ended September 30, 2025 and 2024 and for the year ended December 31, 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 $2.0 million, $1.8 million and $2.4 million for the nine months ended September 30, 2025 and 2024 and the year ended December 31, 2024, respectively.
(3) Annualized for the nine months ended September 30, 2025 and 2024.

Loans

Loans outstanding at September 30, 2025 were $7.99 billion, compared to (i) $7.82 billion at December 31, 2024, an increase of $175.6 million, and (ii) $7.73 billion at September 30, 2024, an increase of $261.8 million. The table below breaks out the change in loans outstanding, by loan type.

(Dollars in thousands)September 30, 2025December 31, 2024September 30, 2024$ change from 12/31/24% change from 12/31/24$ change from 09/30/24% change from 09/30/24
Home equity$230,141 $203,927 $197,470 $26,214 12.9 %$32,671 16.5 %
Installment1,876,977 1,927,168 1,961,680 (50,191)(2.6)%(84,703)(4.3)%
Real estate1,500,903 1,452,833 1,423,120 48,070 3.3 %77,783 5.5 %
Commercial4,383,732 4,230,399 4,146,473 153,333 3.6 %237,259 5.7 %
Other1,000 2,801 2,241 (1,801)(64.3)%(1,241)(55.4)%
Total loans
$7,992,753 $7,817,128 $7,730,984 $175,625 2.2 %$261,769 3.4 %

Park's allowance for credit losses was $91.8 million at September 30, 2025, compared to $88.0 million at December 31, 2024, an increase of $3.8 million, or 4.3%. 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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Deposits

Total deposits at September 30, 2025 were $8.33 billion, compared to (i) $8.14 billion at December 31, 2024, an increase of $186.4 million and (ii) $8.21 billion at September 30, 2024, an increase of $115.3 million. Total deposits including off balance sheet deposits at September 30, 2025 were $8.48 billion, compared to (i) $8.26 billion at December 31, 2024, an increase of $222.0 million and (ii) $8.21 billion at September 30, 2024, an increase of $266.1 million.

(Dollars in thousands)September 30, 2025December 31, 2024September 30, 2024$ change from 12/31/24% change from 12/31/24$ change from 09/30/24% change from 09/30/24
Non-interest bearing deposits$2,601,666 $2,612,708 $2,516,722 $(11,042)(0.4)%$84,944 3.4 %
Transaction accounts2,141,681 1,939,755 2,141,208 201,926 10.4 %473 — %
Savings2,793,163 2,679,280 2,743,507 113,883 4.3 %49,656 1.8 %
Certificates of deposit773,514 735,297 722,236 38,217 5.2 %51,278 7.1 %
Brokered and bid CD deposits19,900 176,486 90,998 (156,586)(88.7)%(71,098)(78.1)%
Total deposits$8,329,924 $8,143,526 $8,214,671 $186,398 2.3 %$115,253 1.4 %
Off balance sheet deposits$150,823 $115,186 $— 35,637 30.9 %150,823 N.M.
Total deposits including off balance sheet deposits$8,480,747 $8,258,712 $8,214,671 222,035 2.7 %266,076 3.2 %

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.

(Dollars in thousands)September 30, 2025December 31, 2024September 30, 2024$ change from 12/31/24% change from 12/31/24$ change from 09/30/24% change from 09/30/24
Retail deposits$3,963,727 $4,035,351 $3,943,537 $(71,624)(1.8)%$20,190 0.5 %
Commercial deposits4,346,297 3,931,689 4,180,136 414,608 10.5 %$166,161 4.0 %
Brokered and bid CD deposits19,900 176,486 90,998 (156,586)(88.7)%$(71,098)(78.1)%
Total deposits$8,329,924 $8,143,526 $8,214,671 $186,398 2.3 %$115,253 1.4 %
Off balance sheet deposits150,823 115,186 — $35,637 30.9 %$150,823 N.M.
Total deposits including off balance sheet deposits$8,480,747 $8,258,712 $8,214,671 $222,035 2.7 %$266,076 3.2 %
Noninterest bearing deposits to total deposits31.2 %32.1 %30.6 %

During the nine months ended September 30, 2025, total deposits including off balance sheet deposits increased by $222.0 million, or 2.7%. This increase consisted of a $414.6 million increase in total commercial deposits and a $35.6 million increase in off balance sheet deposits, partially offset by a $156.6 million decrease in brokered and bid CD deposits and a $71.6 million decrease in retail 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)September 30, 2025December 31, 2024September 30, 2024$ change from 12/31/24% change from 12/31/24$ change from 09/30/24% change from 09/30/24
Public funds included in commercial deposits$1,499,941 $1,278,325 $1,467,432 $221,616 17.3 %$32,509 2.2 %
Bid Ohio CDs19,900 76,497 90,998 $(56,597)(74.0)%$(71,098)(78.1)%
Total public fund deposits$1,519,841 $1,354,822 $1,558,430 $165,019 12.2 %$(38,589)(2.5)%
Cost of public fund deposits1.97 %2.36 %2.44 %
Cost of total interest bearing deposits 1.74 %1.97 %2.00 %

As of September 30, 2025, Park had approximately $1.5 billion of uninsured deposits, which was 18.1% of total deposits. Uninsured deposits of $1.5 billion included $398.0 million of deposits that were over $250,000, but were fully collateralized by Park's investment securities portfolio.

Net Interest Income

Park’s principal source of earnings is net interest income, the difference between total interest income and total interest expense. Net interest income results from average balances outstanding for interest earning assets and interest bearing liabilities in conjunction with the average rates earned and paid on them.

Comparison for the Third Quarters of 2025 and 2024
 
Net interest income increased by $9.9 million, or 9.8%, to $111.0 million for the third quarter of 2025, compared to $101.1 million for the third quarter of 2024. See the discussion under the table below.
 
Three months ended 
September 30, 2025		Three months ended 
September 30, 2024
(Dollars in thousands)Average
balance		InterestTax
equivalent 
yield/cost		Average
balance		InterestTax
equivalent 
yield/cost
Loans (1)
$7,941,709 $126,929 6.34 %$7,680,657 $120,430 6.24 %
Taxable investments762,877 5,644 2.94 %1,052,977 10,228 3.86 %
Tax-exempt investments (2)
224,810 1,924 3.39 %219,252 1,748 3.17 %
Money market instruments458,912 5,140 4.44 %147,708 1,996 5.38 %
Interest earning assets$9,388,308 $139,637 5.90 %$9,100,594 $134,402 5.88 %
Interest bearing deposits$5,931,591 $26,000 1.74 %$5,765,082 $29,835 2.06 %
Short-term borrowings81,494 305 1.48 %97,303 492 2.01 %
Long-term debt134,646 1,630 4.80 %189,460 2,367 4.97 %
Interest bearing liabilities$6,147,731 $27,935 1.80 %$6,051,845 $32,694 2.15 %
Excess interest earning assets$3,240,577 $3,048,749 
Tax equivalent net interest income$111,702 $101,708 
Net interest spread 4.10 %3.73 %
Net interest margin 4.72 %4.45 %
(1) Loan interest income includes the effects of taxable equivalent adjustments using a 21% federal corporate income tax rate. The taxable equivalent adjustment was $281,000 for the three months ended September 30, 2025 and $227,000 for the same period of 2024.
(2) Interest income on tax-exempt investment securities includes the effects of taxable equivalent adjustments using a 21% federal corporate income tax rate. The taxable equivalent adjustment was $404,000 for the three months ended September 30, 2025 and $367,000 for the same period of 2024.
 
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Average interest earning assets for the third quarter of 2025 increased by $287.7 million, or 3.2%, to $9,388 million for the third quarter of 2025, compared to $9,101 million for the third quarter of 2024. The average yield on interest earning assets increased by 2 basis points to 5.90% for the third quarter of 2025, compared to 5.88% for the third quarter of 2024.

Average interest bearing liabilities for the third quarter of 2025 increased by $95.9 million, or 1.6%, to $6,148 million, compared to $6,052 million for the third quarter of 2024. The average cost of interest bearing liabilities decreased by 35 basis points to 1.80% for the third quarter of 2025, compared to 2.15% for the third quarter of 2024.

Yield on Loans: Average loan balances increased $261.1 million, or 3.4%, to $7,942 million for the third quarter of 2025, compared to $7,681 million for the third quarter of 2024. The average yield on the loan portfolio increased by 10 basis points to 6.34% for the third quarter of 2025, compared to 6.24% for the third quarter of 2024.

The table below shows the average balance and tax equivalent yield by type of loan for the three months ended September 30, 2025 and 2024.
Three months ended 
September 30, 2025		Three months ended 
September 30, 2024
(Dollars in thousands)Average
balance		Tax
equivalent 
yield		Average
balance		Tax
equivalent 
yield
Home equity loans$225,180 7.43 %$189,792 8.52 %
Installment loans1,883,610 7.02 %1,947,453 6.59 %
Real estate loans1,496,300 5.55 %1,403,590 5.18 %
Commercial loans (1)
4,333,667 6.26 %4,131,749 6.33 %
Other2,952 10.42 %8,073 4.23 %
Total loans before allowance$7,941,709 6.34 %$7,680,657 6.24 %
(1) Commercial loan interest income includes the effects of taxable equivalent adjustments using a 21% federal corporate income tax rate. The taxable equivalent adjustment was $281,000 for the three months ended September 30, 2025 and $227,000 for the same period of 2024.


Cost of Deposits: Average interest bearing deposit balances increased $166.5 million, or 2.9%, to $5,932 million for the third quarter of 2025, compared to $5,765 million for the third quarter of 2024. The average cost of funds on deposit balances decreased by 32 basis points to 1.74% for the third quarter of 2025, compared to 2.06% for the third quarter of 2024. The table below shows for the three months ended September 30, 2025 and 2024, the average balance and cost of funds by type of deposit.

Three months ended 
September 30, 2025		Three months ended 
September 30, 2024
(Dollars in thousands)Average
balance		Cost of fundsAverage
balance		Cost of funds
Transaction accounts$2,210,310 1.43 %$2,198,472 1.78 %
Savings deposits and clubs2,924,172 1.70 %2,750,688 1.87 %
Time deposits776,167 2.70 %701,588 3.17 %
Brokered/bid CD deposits20,942 4.28 %114,334 5.18 %
Total interest bearing deposits$5,931,591 1.74 %$5,765,082 2.06 %
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Comparison for the First Nine Months of 2025 and 2024
 
Net interest income increased by $29.8 million, or 10.1%, to $324.4 million for the first nine months of 2025, compared to $294.6 million for the first nine months of 2024. See the discussion under the table below.
 
Nine months ended 
September 30, 2025		Nine months ended 
September 30, 2024
(Dollars in thousands)Average
balance		InterestTax
equivalent 
yield/cost		Average
balance		InterestTax
equivalent 
yield/cost
Loans (1)
$7,899,466 $373,665 6.32 %$7,583,833 $347,438 6.12 %
Taxable investments833,423 19,467 3.12 %1,118,077 33,077 3.95 %
Tax-exempt investments (2)
217,161 5,433 3.34 %220,809 5,282 3.20 %
Money market instruments334,171 11,050 4.42 %132,681 5,370 5.41 %
Interest earning assets$9,284,221 $409,615 5.90 %$9,055,400 $391,167 5.77 %
Interest bearing deposits$5,831,973 $76,082 1.74 %$5,678,898 $84,923 2.00 %
Short-term borrowings80,098 896 1.49 %131,018 2,767 2.82 %
Long-term debt171,201 6,285 4.91 %189,335 7,088 5.00 %
Interest bearing liabilities$6,083,272 $83,263 1.83 %$5,999,251 $94,778 2.11 %
Excess interest earning assets$3,200,949 $3,056,149 
Tax equivalent net interest income$326,352 $296,389 
Net interest spread 4.07 %3.66 %
Net interest margin 4.70 %4.37 %
(1) Loan interest income includes the effects of taxable equivalent adjustments using a 21% federal corporate income tax rate. The taxable equivalent adjustment was $826,000 for the nine months ended September 30, 2025 and $706,000 for the same period of 2024.
(2) Interest income on tax-exempt investment securities includes the effects of taxable equivalent adjustments using a 21% federal corporate income tax rate. The taxable equivalent adjustment was $1.1 million for the both the nine months ended September 30, 2025 and September 30, 2024, respectively.

Average interest earning assets for the first nine months of 2025 increased by $228.8 million, or 2.5%, to $9,284 million for the first nine months of 2025, compared to $9,055 million for the first nine months of 2024. The average yield on interest earning assets increased by 13 basis points to 5.90% for the first nine months of 2025, compared to 5.77% for the first nine months of 2024.

Loan interest income for the nine months ended September 30, 2025, included $2.0 million in interest related to payments received on certain SEPH nonaccrual loan relationships. Excluding the impact of this interest, for the nine months ended September 30, 2025, the average yield on total loans was 6.29%, the average yield on interest earning assets was 5.87% and the net interest margin was 4.67%.

Average interest bearing liabilities for the first nine months of 2025 increased by $84.0 million, or 1.4%, to $6,083 million, compared to $5,999 million for the first nine months of 2024. The average cost of interest bearing liabilities decreased by 28 basis points to 1.83% for the first nine months of 2025, compared to 2.11% for the first nine months of 2024.

Yield on Loans: Average loan balances increased $315.6 million, or 4.2%, to $7,899 million for the first nine months of 2025, compared to $7,584 million for the first nine months of 2024. The average yield on the loan portfolio increased by 20 basis points to 6.32% for the first nine months of 2025, compared to 6.12% for the first nine months of 2024.
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The table below shows the average balance and tax equivalent yield by type of loan for the nine months ended September 30, 2025 and 2024.
Nine months ended 
September 30, 2025		Nine months ended 
September 30, 2024
(Dollars in thousands)Average
balance		Tax
equivalent 
yield		Average
balance		Tax
equivalent 
yield
Home equity loans$215,308 7.45 %$181,596 8.53 %
Installment loans1,895,584 6.90 %1,946,036 6.38 %
Real estate loans1,477,048 5.47 %1,374,653 5.01 %
Commercial loans (1)
4,308,308 6.31 %4,076,275 6.26 %
Other3,218 9.68 %5,273 6.41 %
Total loans before allowance$7,899,466 6.32 %$7,583,833 6.12 %
(1) Commercial loan interest income includes the effects of taxable equivalent adjustments using a 21% federal corporate income tax rate. The taxable equivalent adjustment was $826,000 for the nine months ended September 30, 2025 and $706,000 for the same period of 2024.

Commercial loan interest income for the nine months ended September 30, 2025, included $2.0 million in interest related to payments received on certain SEPH nonaccrual loan relationships. Excluding the impact of this interest, the average tax equivalent yield on commercial loans was 6.25% for the nine months ended September 30, 2025 and the average tax equivalent yield on total loans was 6.29% for the nine months ended September 30, 2025.

Cost of Deposits: Average interest bearing deposit balances increased $153.1 million, or 2.7%, to $5,832 million for the first nine months of 2025, compared to $5,679 million for the first nine months of 2024. The average cost of funds on deposit balances decreased by 26 basis points to 1.74% for the first nine months of 2025, compared to 2.00% for the first nine months of 2024. The table below shows for the nine months ended September 30, 2025 and 2024, the average balance and cost of funds by type of deposit.

Nine months ended 
September 30, 2025		Nine months ended 
September 30, 2024
(Dollars in thousands)Average
balance		Cost of fundsAverage
balance		Cost of funds
Transaction accounts$2,160,270 1.42 %$2,176,184 1.74 %
Savings deposits and clubs2,854,183 1.64 %2,669,962 1.74 %
Time deposits763,516 2.86 %677,702 3.14 %
Brokered/bid CD deposits54,004 4.34 %155,050 5.19 %
Total interest bearing deposits$5,831,973 1.74 %$5,678,898 2.00 %

Yield on Average Interest Earning Assets: The following table shows the tax equivalent yield on average interest earning assets for the nine months ended September 30, 2025 and for the years ended December 31, 2024, 2023 and 2022.

Loans (1)
Investments (2)
Money Market
Instruments		Total
2022 - year4.65 %2.66 %2.07 %4.14 %
2023 - year5.55 %3.73 %5.00 %5.18 %
2024 - year6.14 %3.74 %5.16 %5.78 %
2025 - first nine months6.32 %3.17 %4.42 %5.90 %
(1) Loan interest income includes the effects of taxable equivalent adjustments using a 21% federal corporate income tax rate. The taxable equivalent adjustment was $826,000 for the nine months ended September 30, 2025, and $964,000, $811,000 and $627,000 for the years ended December 31, 2024, 2023 and 2022, respectively.
(2) Interest income on tax-exempt investment securities includes the effects of taxable equivalent adjustments using a 21% federal corporate income tax rate. The taxable equivalent adjustment was $1.1 million for the nine months ended September 30, 2025, and $1.5 million, $2.9 million and $2.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.

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Cost of Average Interest Bearing Liabilities: The following table shows the cost of funds on average interest bearing liabilities for the nine months ended September 30, 2025 and for the years ended December 31, 2024, 2023 and 2022.

Interest bearing deposits Short-term borrowingsLong-term debtTotal
2022 - year0.39 %0.67 %4.69 %0.54 %
2023 - year1.52 %2.58 %4.97 %1.67 %
2024 - year1.97 %2.60 %4.98 %2.08 %
2025 - first nine months1.74 %1.49 %4.91 %1.83 %

Credit Metrics and Provision for Credit Losses

The provision for credit losses is the amount subtracted from/added to the allowance for credit losses to ensure the allowance is sufficient to absorb estimated credit losses over the life of a loan. The amount of the provision for credit losses is determined by management based on relevant information about past events, including historical credit loss experience on financial assets with similar risk characteristics, current conditions, and reasonable and supportable forecasts that affect the collectability of the remaining cash flows over the contractual term of the financial assets.

The table below provides additional information on the provision for credit losses for the three-month and nine-month periods ended September 30, 2025 and 2024.

Three Months Ended
September 30,		Nine Months Ended
September 30,
(Dollars in thousands)2025202420252024
Allowance for credit losses:
Beginning balance$89,785 $86,575 $87,966 $83,745 
Charge-offs
3,926 6,554 11,490 12,891 
Recoveries1,869 1,901 7,643 5,775 
Net charge-offs 2,057 4,653 3,847 7,116 
Provision for credit losses4,030 5,315 7,639 10,608 
Ending balance$91,758 $87,237 $91,758 $87,237 
Net charge-offs as a % of average loans (annualized)0.10 %0.24 %0.07 %0.13 %
Net charge-offs were $2.1 million or 0.10% annualized, of total average loans, for the three months ended September 30, 2025, compared to $4.7 million, or 0.24% annualized, of total average loans, for the three months ended September 30, 2024. Net charge-offs were $3.8 million or 0.07% annualized, of total average loans, for the nine months ended September 30, 2025, compared to $7.1 million, or 0.13% annualized, of total average loans, for the nine months ended September 30, 2024.

Included in recoveries for the three months ended September 30, 2025 was $3,000 in recoveries from former Vision Bank loan relationships compared to $234,000 in recoveries for the three months ended September 30, 2024. Included in recoveries for the nine months ended September 30, 2025 was $1.8 million in recoveries from former Vision Bank loan relationships compared to $1.3 million in recoveries for the nine months ended September 30, 2024.

Included in net charge-offs for the three months and nine months ended September 30, 2024 was a $2.9 million charge-off related to one relationship that previously carried a specific reserve.

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The following table provides additional information related to the allowance for credit losses for Park including information related to individual reserves and general reserves, at September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024. Park has determined that any commercial loans which have been placed on nonaccrual status are to be individually evaluated. Additionally, accruing collateral dependent commercial loans to borrowers experiencing financial difficulty are also to be individually evaluated.

(Dollars in thousands)9/30/20256/30/20253/31/202512/31/20249/30/2024
Total allowance for credit losses$91,758 $89,785 $88,130 $87,966 $87,237 
Allowance on accruing PCD loans — — — — — 
Reserves on individually evaluated loans - accruing— — — — — 
Reserves on individually evaluated loans - nonaccrual2,580 774 1,044 1,299 2,489 
General reserves on collectively evaluated loans$89,178 $89,011 $87,086 $86,667 $84,748 
Total loans$7,992,753 $7,963,221 $7,883,735 $7,817,128 $7,730,984 
Accruing PCD loans 1,9932,0042,1392,1742,191
Individually evaluated loans - accrual—14,01913,93515,290—
Individually evaluated loans - nonaccrual72,41846,54747,71853,14953,573
Collectively evaluated loans$7,918,342 $7,900,651 $7,819,943 $7,746,515 $7,675,220 
Allowance for credit losses as a % of period end loans1.15 %1.13 %1.12 %1.13 %1.13 %
General reserve as a % of collectively evaluated loans 1.13 %1.13 %1.11 %1.12 %1.10 %

The total allowance for credit losses of $91.8 million at September 30, 2025 represented a $2.0 million, or 2.2%, increase compared to $89.8 million at June 30, 2025. The increase was due to a $1.8 million increase in individual reserves on nonaccrual loans and a $167,000 increase in general reserves.

The total allowance for credit losses of $91.8 million at September 30, 2025 represented a $3.8 million, or 4.3%, increase compared to $88.0 million at December 31, 2024. The increase was due to a $2.5 million increase in general reserves and a $1.3 million increase in individual reserves on nonaccrual loans.

The increase in general reserves at September 30, 2025 compared to December 31, 2024 included a $1.1 million additional qualitative reserve related to several special purpose mortgage loan programs to assist borrowers in attaining home ownership. As of September 30, 2025, the loans in these special purpose mortgage loan programs totaled $225.0 million. Delinquency rates within these special purpose mortgage loan programs have become higher than those of Park's traditional 30-year mortgage portfolio loans. These special purpose mortgage loan programs require very little, if any, down payment, and the loan-to-value on these loans are generally at 90% or above. For these reasons, management expects that the PD and LGD related to loans within these programs will be higher than that of Park's standard 30-year portfolio loans and established a qualitative factor related to the increased risk of loss on mortgage loans within these programs. Management will continue to evaluate this portfolio as additional information becomes available.
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The composition of the ACL by class of loan at September 30, 2025 and at December 31, 2024 was as follows:
 
 September 30, 2025
(In thousands)Commercial,
financial and
agricultural		Commercial
real estate		Construction
real estate		Residential
real estate		ConsumerLeasesTotal
ACL:       
Ending allowance balance attributed to loans:       
Individually evaluated for impairment - nonaccrual$2,426$124$—$—$—$30$2,580
Individually evaluated for impairment - accrual———————
Collectively evaluated for impairment10,93320,3917,11925,03425,47522689,178
Accruing loans acquired with deteriorated credit quality———————
Total ending allowance balance$13,359$20,515$7,119$25,034$25,475$256$91,758
Loan balance:       
Individually evaluated for impairment - nonaccrual$45,980$24,783$21$1,394$—$240$72,418
Individually evaluated for impairment - accrual—— — — — — —
Loans collectively evaluated for impairment1,146,2242,100,053433,3432,344,3081,862,67631,7387,918,342
Accruing loans acquired with deteriorated credit quality—1,320548125——1,993
Total ending loan balance$1,192,204$2,126,156$433,912$2,345,827$1,862,676$31,978$7,992,753
ACL as a percentage of loan balance:       
Individually evaluated for impairment - nonaccrual5.28 %0.50 %— %— %— %12.50 %3.56 %
Individually evaluated for impairment - accrual— %— %— %— %— %— %— %
Loans collectively evaluated for impairment0.95 %0.97 %1.64 %1.07 %1.37 %0.71 %1.13 %
Accruing loans acquired with deteriorated credit quality— %— %— %— %— %— %— %
Total1.12 %0.96 %1.64 %1.07 %1.37 %0.80 %1.15 %
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 December 31, 2024
(In thousands)Commercial,
financial and
agricultural		Commercial
real estate		Construction
real estate		Residential
real estate		ConsumerLeasesTotal
ACL:       
Ending allowance balance attributed to loans:       
Individually evaluated for impairment - nonaccrual$1,259$—$—$40$—$—$1,299
Individually evaluated for impairment - accrual———————
Collectively evaluated for impairment11,42419,5717,12522,31526,08115186,667
Accruing loans acquired with deteriorated credit quality———————
Total ending allowance balance$12,683$19,571$7,125$22,355$26,081$151$87,966
Loan balance:       
Individually evaluated for impairment - nonaccrual$24,194$23,230$8$5,700$—$17$53,149
Individually evaluated for impairment - accrual15,290—————15,290
Loans collectively evaluated for impairment1,230,1011,969,785411,9882,194,4571,910,37229,8127,746,515
Accruing loans acquired with deteriorated credit quality—1,317581276——2,174
Total ending loan balance$1,269,585$1,994,332$412,577$2,200,433$1,910,372$29,829$7,817,128
ACL as a percentage of loan balance:       
Individually evaluated for impairment - nonaccrual5.20 %— %— %0.70 %— %— %2.44 %
Individually evaluated for impairment - accrual— %— %— %— %— %— %— %
Loans collectively evaluated for impairment0.93 %0.99 %1.73 %1.02 %1.37 %0.51 %1.12 %
Accruing loans acquired with deteriorated credit quality— %— %— %— %— %— %— %
Total1.00 %0.98 %1.73 %1.02 %1.37 %0.51 %1.13 %

Nonperforming Assets: Non-performing assets include: (1) loans whose interest is accounted for on a nonaccrual basis; (2) loans which are contractually past due 90 days or more as to principal or interest payments but whose interest continues to accrue; and (3) OREO which results from taking possession of property that served as collateral for a defaulted loan.

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The following table compares Park’s nonperforming assets at September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024.
 
(In thousands)9/30/20256/30/20253/31/202512/31/20249/30/2024
Nonaccrual loans$89,593 $63,080 $61,929 $68,178 $67,991 
Loans past due 90 days or more978 2,427 1,219 1,754 3,550 
Total nonperforming loans$90,571 $65,507 $63,148 $69,932 $71,541 
OREO638 638 119 938 1,119 
Total nonperforming assets$91,209 $66,145 $63,267 $70,870 $72,660 
Percentage of nonaccrual loans to total loans1.12 %0.79 %0.79 %0.87 %0.88 %
Percentage of nonperforming loans to total loans 1.13 %0.82 %0.80 %0.89 %0.93 %
Percentage of nonperforming assets to total loans 1.14 %0.83 %0.80 %0.91 %0.94 %
Percentage of nonperforming assets to total assets 0.92 %0.66 %0.64 %0.72 %0.73 %

Nonperforming loans as of September 30, 2025 of $90.6 million represented a $25.1 million, or 38.3%, increase from $65.5 million at June 30, 2025. Nonperforming loans as of September 30, 2025 of $90.6 million represented a $20.7 million, or 29.5%, increase from $69.9 million at December 31, 2024. The increase for both the three months and nine month ended September 30, 2025 was primarily attributable to the downgrade of a $22.2 million loan to a non-bank consumer financial company.

Park classifies loans as nonaccrual when a loan (1) is maintained on a cash basis because of deterioration in the financial condition of the borrower, (2) payment in full of principal or interest is not expected, or (3) principal or interest has been in default for a period of 90 days for commercial loans and 120 days for all other loans. As a result, loans may be classified as nonaccrual despite being current with their contractual terms. The following table details the delinquency status of nonaccrual loans at September 30, 2025, December 31, 2024 and September 30, 2024. Loans are classified as current if they are less than 30 days past due.

September 30, 2025December 31, 2024September 30, 2024
(In thousands)BalancePercent of Total LoansBalancePercent of Total LoansBalancePercent of Total Loans
Nonaccrual loans - current$69,688 0.87 %$44,135 0.56 %$45,315 0.59 %
Nonaccrual loans - past due19,905 0.25 %24,043 0.31 %22,676 0.29 %
Total nonaccrual loans$89,593 1.12 %$68,178 0.87 %$67,991 0.88 %

Credit Quality Indicators: When determining the quarterly credit loss provision, Park reviews the grades of commercial loans. These loans are graded from 1 to 8. A grade of 1 indicates little or no credit risk and a grade of 8 is considered a loss. Commercial loans that are pass-rated (graded a 1 through a 4) are considered to be of acceptable credit risk. Commercial loans graded a 5 (special mention) are considered to be watch list credits and a higher PD is applied to these loans. Commercial loans graded a 6 (substandard), also considered to be watch list credits, represent higher credit risk than those rated special mention and, as a result, a higher PD is applied to these loans. Commercial loans that are graded a 7 (doubtful) are shown as nonperforming and Park charges these loans down to their fair value by taking a partial charge-off or recording an individual reserve. Certain 6-rated loans and all 7-rated loans are placed on nonaccrual status and included within the individually evaluated category. Any commercial loan graded an 8 (loss) is completely charged off.

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The following table highlights the credit trends within the commercial loan portfolio.

Commercial loans * (In thousands)September 30, 2025December 31, 2024September 30, 2024
Pass rated$4,254,941 $4,094,178 $4,038,013 
Special Mention67,121 81,090 70,116 
Substandard1,938 3,484 2,901 
Individually evaluated for impairment - accrual— 15,290 — 
Individually evaluated for impairment - nonaccrual
72,418 53,149 53,573 
Accruing PCD1,917 2,095 2,111 
Total$4,398,335 $4,249,286 $4,166,714 
* Commercial loans include (1) Commercial, financial and agricultural loans, (2) Commercial real estate loans, (3) Commercial related loans in the construction real estate portfolio, (4) Commercial related loans in the residential real estate portfolio and (5) Leases.

Park's watch list includes all criticized and classified commercial loans defined by Park as loans rated special mention or worse. Park had $69.1 million of accruing commercial loans included on the watch list at September 30, 2025, compared to $99.9 million at December 31, 2024, and $73.0 million at September 30, 2024. The existing conditions of these loans do not warrant classification as nonaccrual. However, these loans have shown some weakness and management performs additional analysis regarding each borrower's ability to comply with payment terms.

Park considers a loan delinquent when it reaches 30 days past due. Delinquent and accruing loans were $27.8 million, or 0.35%, of total loans at September 30, 2025, compared to $28.4 million, or 0.36% of total loans at December 31, 2024, and $24.9 million or 0.32% of total loans at September 30, 2024.

Individually Evaluated Loans: Loans that do not share risk characteristics are evaluated on an individual basis. Park has determined that any commercial loans which have been placed on nonaccrual status will be individually evaluated. Additionally, accruing collateral dependent commercial loans to borrowers experiencing financial difficulty will be individually evaluated. Individual analysis will establish a reserve for loans in scope.  Reserves on individually evaluated commercial loans are typically based on management’s best estimate of the fair value of collateral securing these loans. The amount ultimately charged off for these loans may be different from the reserve as the ultimate liquidation of the collateral may be for an amount different from management’s estimate.

Nonaccrual individually evaluated commercial loans were $72.4 million at September 30, 2025, an increase of $19.3 million, compared to $53.1 million at December 31, 2024 and an increase of $18.8 million, compared to $53.6 million at September 30, 2024. Accruing individually evaluated commercial loans were $15.3 million at December 31, 2024. There were no accruing individually evaluated commercial loans at September 30, 2025 and September 30, 2024, respectively.

At September 30, 2025, Park had taken partial charge-offs of $3.1 million related to the $72.4 million of nonaccrual individually evaluated commercial loans, compared to partial charge-offs of $5.0 million related to the $53.1 million of nonaccrual individually evaluated commercial loans at December 31, 2024.

Loans Acquired with Deteriorated Credit Quality: PCD loans are individually evaluated on a quarterly basis to determine if a reserve is necessary. At September 30, 2025 and at December 31, 2024, there was no allowance for credit losses on PCD loans. The carrying amount of accruing loans acquired with deteriorated credit quality at September 30, 2025 and at December 31, 2024 was $2.0 million and $2.2 million, respectively. The carrying amount of nonaccrual loans acquired with deteriorated credit quality at September 30, 2025 and at December 31, 2024 was $525,000 and $551,000, respectively.

Additional Considerations: As part of its quarterly allowance process, Park evaluates certain industries which are more likely to be under economic stress in the current environment. The office sector continues to face challenges from adjustments companies have made as a result of the pandemic. Nationally, office properties in downtown and urban business districts are seeing the most stress. As of September 30, 2025, Park had $286.1 million of loans which were fully or partially secured by non-owner-occupied office space, $283.7 million of which were accruing. This portfolio is not currently exhibiting signs of stress, but Park continues to monitor this portfolio, and others, for signs of deterioration.

Additionally, in calculating the allowance, management considered the geopolitical environment and uncertainty regarding the fiscal policy of the current political administration, including tariffs. While it is too early to assess the impact of increased tariffs on individual borrowers, management continues to weigh a baseline ("most likely" scenario) forecast with a "moderate
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recession" scenario in calculating the general reserve. The "moderate recession" scenario considers the impact of tariffs being higher for longer than considered in the "most likely" scenario.

Other Income
 
Other income decreased by $5.9 million to $30.6 million for the quarter ended September 30, 2025, compared to $36.5 million for the third quarter of 2024 and decreased $3.0 million to $88.5 million for the first nine months of 2025 compared to $91.5 million for the first nine months of 2024.

The following table provides a summary of the changes in the components of other income:

Three months ended
September 30,		Nine months ended
September 30,
(In thousands)20252024Change20252024Change
Income from fiduciary activities$11,315 $10,615 $700 $33,931 $31,367 $2,564 
Service charges on deposit accounts2,578 2,362 216 7,499 6,682 817 
Other service income3,716 3,036 680 10,383 8,466 1,917 
Debit card fee income6,604 6,539 65 19,300 19,362 (62)
Bank owned life insurance income1,559 2,057 (498)4,833 6,251 (1,418)
ATM fees371 471 (100)1,073 1,425 (352)
Pension settlement gain— 5,783 (5,783)— 5,783 (5,783)
Gain (loss) on the sale of OREO, net50 2 48 (152)115 (267)
Loss on the sale of debt securities, net— — — — (398)398 
(Loss) gain on equity securities, net(549)1,557 (2,106)1,069 1,228 (159)
Other components of net periodic pension benefit income2,344 2,204 140 7,032 6,612 420 
Miscellaneous2,586 1,904 682 3,538 4,631 (1,093)
Total other income$30,574 $36,530 $(5,956)$88,506 $91,524 $(3,018)

Income from fiduciary activities increased by $700,000, or 6.6%, to $11.3 million for the three months ended September 30, 2025, compared to $10.6 million for the same period of 2024 and increased $2.6 million, or 8.2%, to $33.9 million for the nine months ended September 30, 2025 compared to $31.4 million for the same period of 2024. The increase in income from fiduciary activities was largely due to an increase in the market value of assets under management. The average market value of assets under management for the three months ended September 30, 2025 was $9,303 million compared to $8,733 million for the same period in 2024. The average market value of assets under management for the nine months ended September 30, 2025 was $8,969 million compared to $8,493 million for the same period in 2024.

Service charges on deposit accounts increased by $216,000, or 9.1%, to $2.6 million for the three months ended September 30, 2025, compared to $2.4 million for the same period of 2024 and increased by $817,000, or 12.2%, to $7.5 million for the nine months ended September 30, 2025 compared to $6.7 million for the same period of 2024. The increase for the three months ended September 30, 2025 compared to the same period of 2024 was primarily due to a $317,000 increase in maintenance fees on deposit accounts, partially offset by a decline of $111,000 in NSF income. The increase for the nine months ended September 30, 2025 compared to the same period of 2024 was primarily due to a $1.0 million increase in maintenance fees on deposit accounts, partially offset by a decline of $202,000 in NSF income.

Other service income increased by $680,000, or 22.4%, to $3.7 million for the three months ended September 30, 2025, compared to $3.0 million for the same period of 2024 and increased $1.9 million, or 22.6%, to $10.4 million for the nine months ended September 30, 2025 compared to $8.5 million for the same period for the same period of 2024. The primary reasons for the increase for the three months ended September 30, 2025 compared to the same period of 2024 was a $347,000 increase in income related to mortgage loans due to an increase in origination volume and an increase in other commercial loan fee income of $300,000. The primary reasons for the increase for the nine months ended September 30, 2025 compared to the same period of 2024 was a $1.3 million increase in income related to mortgage loans due to an increase in origination volume and an increase in other commercial loan fee income of $369,000.

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Bank owned life insurance income decreased by $498,000, or 24.2%, to $1.6 million for the three months ended September 30, 2025, compared to $2.1 million for the same period of 2024. Bank owned life insurance income decreased by $1.4 million, or 22.7%, to $4.8 million for the nine months ended September 30, 2025, compared to $6.3 million for the same period of 2024. The decrease for the three-month and nine-month periods ended September 30, 2025 compared to the three-month and nine-month period ended September 30, 2024 was primarily due to a decrease in death benefits received.

During the three months and nine months ended September 30, 2024, Park recognized a $5.8 million pension settlement gain due to a combination of lump sum payouts as well as the purchase of a nonparticipating annuity contract which will provide ongoing benefits to vested participants. There was no pension settlement gain recognized during the three months or the nine months ended September 30, 2025.

During the nine-month period ended September 30, 2024, Park sold certain AFS debt securities with a book value of $31.2 million at a gross loss of $398,000. There were no sales of debt securities during the three-month period ended September 30, 2024 or the three-month and nine-month periods ended September 30, 2025.

(Loss) gain on equity securities, net, changed by $2.1 million, to a net loss of $549,000 for the three months ended September 30, 2025 compared to a net gain of $1.6 million for the same period in 2024. The $2.1 million change for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 was related to a $2.4 million change in the (loss) gain on other equity securities which went from a net gain of $700,000 for the three months ended September 30, 2024 to a net loss of $1.7 million for the three months ended September 30, 2025, and a $278,000 change in the gain on equity securities held at NAV, which went from a $857,000 net gain for the three months ended September 30, 2024 to a $1.1 million net gain for the three months ended September 30, 2025.

(Loss) gain on equity securities, net, changed by $159,000, to a net gain of $1.1 million for the nine months ended September 30, 2025 compared to a net gain of $1.2 million for the same period in 2024. The $159,000 change for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was related to a $1.1 million change in the gain on other equity securities which went from a net gain of $1.2 million for the nine months ended September 30, 2024 to a net gain of $51,000 for the nine months ended September 30, 2025, and a $943,000 change in the gain on equity securities held at NAV, which went from a $75,000 net gain for the nine months ended September 30, 2024 to a $1.0 million net gain for the nine months ended September 30, 2025.

Miscellaneous income increased $682,000, or 35.8%, to $2.6 million for the three months ended September 30, 2025, compared to $1.9 million for the same period in 2024. The increase for the three-month period ended September 30, 2025 compared to the same period of 2024 was largely due to an increase in the net gain on the sale and disposal of assets, which increased from a net loss of $253,000 for the three months ended September 30, 2024 to a net gain of $790,000 for the same period in 2025, largely due to strategic initiatives. The increase was partially offset by an increase in the net loss on repossessed assets of $198,000 for the three-month period ended September 30, 2025 compared to the same period of 2024.

Miscellaneous income decreased $1.1 million, or 23.6%, to $3.5 million for the nine months ended September 30, 2025, compared to $4.6 million for the same period in 2024. The decrease was largely due to an increase in the net loss on the sale and disposal of assets which went from a net gain of $378,000 for the nine months ended September 30, 2024 to a net loss of $59,000 for the nine months ended September 30, 2025, largely related to strategic initiatives, along with the net loss on repossessed assets increasing $349,000 for the nine-month period ended September 30, 2025 compared to the same period of 2024.

Other Expense

Other expense decreased by $6.2 million, or 7.3%, to $79.5 million for the three months ended September 30, 2025 compared to $85.7 million for the same period of 2024 and decreased $1.5 million, or 0.6%, to $236.6 million for the nine months ended September 30, 2025 compared to $238.1 million for the same period of 2024.

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The following table is a summary of the changes in the components of other expense:

 Three months ended
September 30,		Nine months ended
September 30,
(In thousands)20252024Change20252024Change
Salaries$38,644 $38,370 $274 $113,420 $110,057 $3,363 
Employee benefits9,892 10,162 (270)29,516 31,595 (2,079)
Occupancy expense3,242 3,731 (489)10,030 9,887 143 
Furniture and equipment expense2,219 2,571 (352)6,754 7,608 (854)
Data processing fees11,531 11,764 (233)33,081 30,114 2,967 
Professional fees and services7,475 7,842 (367)22,177 20,681 1,496 
Marketing1,507 1,464 43 4,330 4,369 (39)
Insurance1,468 1,640 (172)4,821 5,135 (314)
Communication1,239 955 284 3,382 2,993 389 
State tax expense1,182 1,116 66 3,718 3,355 363 
Amortization of intangible assets248 287 (39)795 927 (132)
Foundation contributions— 2,000 (2,000)— 2,000 (2,000)
Miscellaneous816 3,779 (2,963)4,580 9,377 (4,797)
Total other expense$79,463 $85,681 $(6,218)$236,604 $238,098 $(1,494)

Salaries increased by $3.3 million, or 3.1%, to $113.4 million for the nine months ended September 30, 2025, compared to $110.1 million for the same period in 2024. The increase was primarily due to an increase of $2.0 million in base salaries expense, an increase of $640,000 in share-based compensation expense, and an increase of $534,000 in incentive compensation expense.

Employee benefits decreased $2.1 million, or 6.6%, to $29.5 million for the nine months ended September 30, 2025, compared to $31.6 million for the same period in 2024. The decrease was due to a decrease in group insurance costs of $1.9 million, a decrease in SERP expense of $618,000, and a decrease in pension plan expense of $355,000, partially offset by an increase in other employee benefits of $346,000, an increase in company match KSOP contributions of $251,000, and an increase in employer payroll tax expense of $219,000.

Occupancy expense decreased $489,000, or 13.1%, to $3.2 million for the three months ended September 30, 2025, compared to $3.7 million for the same period in 2024. The decrease was primarily due to a decrease in maintenance and repairs expense of $289,000 and a decrease in expense for the rental of leased space of $259,000, partially offset by an increase in depreciation expense of $140,000.

Furniture and equipment expense decreased $352,000, or 13.7%, to $2.2 million for the three months ended September 30, 2025 compared to $2.6 million for the same period in 2024 and decreased $854,000, or 11.2%, to $6.8 million for the nine months ended September 30, 2025 compared to $7.6 million for the same period in 2024. The decrease for both the three-month and nine-month periods ended September 30, 2025 compared to the three-month and nine-month periods ended September 30, 2024 was due to a decrease in depreciation expense.

Data processing expense increased $3.0 million, or 9.9%, to $33.1 million for the nine months ended September 30, 2025 compared to $30.1 million for the same period in 2024. The increase for the nine-month period ended September 30, 2025 compared to the same period in 2024 related to an increase of $4.0 million in software expense, partially offset by a decline in debit card and ATM processing costs of $1.0 million.

Professional fees and services expense decreased $367,000 or 4.7%, to $7.5 million for the three months ended September 30, 2025 compared to $7.8 million for the same period in 2024. The decrease for the three-month period ended September 30, 2025 compared to the same period in 2024 primarily related to a $729,000 decrease in legal fees, a $295,000 decrease in audit and tax service expense, and a $222,000 decrease in other fees, partially offset by a $698,000 increase in consulting expense, and a $213,000 increase in temporary wage expense.
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Professional fees and services expense increased $1.5 million, or 7.2%, to $22.2 million for the nine months ended September 30, 2025 compared to $20.7 million for the same period in 2024. The increase for the nine-month period ended September 30, 2025 compared to the same period in 2024 primarily related to a $1.6 million increase in consulting expense, an increase of $285,000 in trust systems provider expense, and a $230,000 increase in temporary wage expense, partially offset by a decrease in other fees of $387,000, a decrease of $276,000 in recruiting expense, and a decrease of $234,000 in loan appraisal and inspection costs.

During the three months and the nine months ended September 30, 2024, a $2.0 million contribution was made to Park's charitable foundation. There was no contribution made by Park to its charitable foundation during the three months and the nine months ended September 30, 2025.

The subcategory "miscellaneous" other expense includes expenses for supplies, travel and other miscellaneous expense. The subcategory miscellaneous other expense decreased $3.0 million, or 78.4%, to $816,000 for the three-month period ended September 30, 2025, compared to $3.8 million for the same period in 2024. This $3.0 million decrease in expense was primarily related to a decrease of $1.5 million in the provision for unfunded credit losses, a $937,000 decrease in other expense, and a $814,000 decrease in non-loan related losses.

The subcategory miscellaneous other expense decreased $4.8 million, or 51.2%, to $4.6 million for the nine-month period ended September 30, 2025, compared to $9.4 million for the same period in 2024. This $4.8 million decrease in expense was primarily related to a decrease of $2.4 million in the provision for unfunded credit losses, a decrease of $1.4 million in other expenses, and a $1.3 million decrease in non-loan related losses.

Items Impacting Comparability (Non-U.S. GAAP)

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 outsized 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 relate 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.

The following table details those items which management believes impact the comparability of current and prior period amounts.
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THREE MONTHS ENDEDNINE MONTHS ENDED
(in thousands except per common share data)September 30, 2025September 30, 2024September 30, 2025September 30, 2024Affected Line Item
Net interest income$111,017 $101,114 $324,385 $294,574 
less purchase accounting accretion related to NewDominion and Carolina Alliance acquisitions164 281 507 904 Interest and fees on loans
less interest income on former Vision Bank relationships5 9 2,030 16 Interest and fees on loans
Net interest income - adjusted$110,848 $100,824 $321,848 $293,654 
Provision for credit losses$4,030 $5,315 $7,639 $10,608 
less recoveries on former Vision Bank relationships(3)(234)(1,817)(1,304)Provision for credit losses
Provision for credit losses - adjusted$4,033 $5,549 $9,456 $11,912 
Total other income$30,574 $36,530 $88,506 $91,524 
less loss on sale of debt securities, net— — — (398)Loss on the sale of debt securities, net
less pension settlement gain— 5,783 — 5,783 Pension settlement gain
less impact of strategic initiatives778 — (118)658 Miscellaneous
less Vision related (loss) gain on the sale of OREO, net— 1 (229)115 Gain (loss) on the sale of OREO, net
less other service income related to former Vision Bank relationships325 — 328 13 Other service income
Total other income - adjusted$29,471 $30,746 $88,525 $85,353 
Total other expense$79,463 $85,681 $236,604 $238,098 
less building demolition costs— 349 — 414 Occupancy expense
less Foundation contribution— 2,000 — 2,000 Foundation contributions
less direct expenses related to collection of payments on former Vision Bank loan relationships— — 515 — Professional fees and services
less core deposit intangible amortization related to NewDominion and Carolina Alliance acquisitions248 287 795 927 Amortization of intangible assets
Total other expense - adjusted$79,215 $83,045 $235,294 $234,757 
Tax effect of adjustments to net income identified above (7)
$(216)$(771)$(635)$(1,061)
Net income - reported$47,158 $38,217 $137,434 $112,790 
Net income - adjusted (6)
$46,347 $35,316 $135,044 $108,797 
Diluted EPS$2.92 $2.35 $8.48 $6.95 
Diluted EPS- adjusted (6)
$2.87 $2.17 $8.33 $6.70 
Annualized return on average assets (1)(2)
1.83 %1.53 %1.82 %1.53 %
Annualized return on average assets- adjusted (1)(2)(6)
1.80 %1.42 %1.78 %1.47 %
Annualized return on average tangible assets (1)(2)(4)
1.86 %1.56 %1.85 %1.55 %
Annualized return on average tangible assets- adjusted (1)(2)(4)(6)
1.83 %1.44 %1.81 %1.50 %
Annualized return on average shareholders' equity (1)(2)
14.19 %12.56 %14.21 %12.77 %
Annualized return on average shareholders' equity- adjusted (1)(2)(6)
13.95 %11.61 %13.96 %12.31 %
Annualized return on average tangible equity (1)(2)(3)
16.19 %14.52 %16.26 %14.82 %
Annualized return on average tangible equity- adjusted (1)(2)(3)(6)
15.91 %13.42 %15.97 %14.30 %
Efficiency ratio (5)
55.85 %61.98 %57.03 %61.38 %
Efficiency ratio- adjusted (5)(6)
56.18 %62.83 %57.06 %61.64 %
Annualized net interest margin (5)
4.72 %4.45 %4.70 %4.37 %
Annualized net interest margin- adjusted (5)(6)
4.71 %4.43 %4.66 %4.36 %

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Financial Reconciliations
(1) Reported measure uses net income.
(2) Averages are for the three months and the nine months ended September 30, 2025 and September 30. 2024, as appropriate.
(3) 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 TO AVERAGE SHAREHOLDERS' EQUITY OF AVERAGE TANGIBLE EQUITY:
THREE MONTHS ENDEDNINE MONTHS ENDED
September 30, 2025September 30, 2024September 30, 2025September 30, 2024
AVERAGE SHAREHOLDERS' EQUITY$1,318,277 $1,210,565 $1,293,035 $1,180,143 
Less: Average goodwill and other intangible assets162,400 163,509 162,666 163,820 
AVERAGE TANGIBLE EQUITY$1,155,877 $1,047,056 $1,130,369 $1,016,323 
(4) Net income for each period divided by average tangible assets during the period. Average tangible assets equals average assets less average goodwill and other intangible assets, in each case during the applicable period.
RECONCILIATION TO AVERAGE ASSETS OF AVERAGE TANGIBLE ASSETS:
THREE MONTHS ENDEDNINE MONTHS ENDED
September 30, 2025September 30, 2024September 30, 2025September 30, 2024
AVERAGE ASSETS$10,236,065 $9,920,633 $10,120,742 $9,865,315 
Less: Average goodwill and other intangible assets162,400 163,509 162,666 163,820 
AVERAGE TANGIBLE ASSETS$10,073,665 $9,757,124 $9,958,076 $9,701,495 
(5) Efficiency ratio is calculated by dividing total other expense by the sum of FTE net interest income and other income. The reconciliation of FTE net interest income to net interest income is shown below assuming a 21% federal corporate income tax rate. Additionally, net interest margin is calculated on a fully taxable equivalent basis by dividing FTE net interest income by average interest earning assets, in each case during the applicable period.
RECONCILIATION TO FTE NET INTEREST INCOME OF NET INTEREST INCOME
THREE MONTHS ENDEDNINE MONTHS ENDED
September 30, 2025September 30, 2024September 30, 2025September 30, 2024
Interest income$138,952 $133,808 $407,648 $389,352 
FTE adjustment685 594 1,967 1,815 
FTE interest income$139,637 $134,402 $409,615 $391,167 
Interest expense27,935 32,694 83,263 94,778 
FTE net interest income$111,702 $101,708 $326,352 $296,389 
(6) Adjustments to net income for each period presented are detailed in the non-GAAP reconciliations of net interest income, provision for credit losses, total other income, and total other expense, as well as the disclosure of the "Tax effect of adjustments to net income identified above."
(7) The tax effect of adjustments to net income was calculated assuming a 21% federal corporate income tax rate.
(8) 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 TO NET INCOME OF PRE-TAX, PRE-PROVISION NET INCOME
THREE MONTHS ENDEDNINE MONTHS ENDED
September 30, 2025September 30, 2024September 30, 2025September 30, 2024
Net income$47,158 $38,217 $137,434 $112,790 
Plus: Income taxes10,940 8,431 31,214 24,602 
Plus: Provision for credit losses4,030 5,315 7,639 10,608 
Pre-tax, pre-provision net income$62,128 $51,963 $176,287 $148,000 

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Income Tax
 
Income tax expense was $10.9 million for the third quarter of 2025 and consisted of federal income tax expense of $10.5 million and state income tax expense of $436,000. This compares to income tax expense of $8.4 million for the third quarter of 2024, which consisted of federal income tax expense of $8.2 million and state income tax expense of $273,000. The effective income tax rate for the third quarter of 2025 was 18.8%, compared to 18.1% for the same period in 2024. Income tax expense was $31.2 million for the first nine months of 2025 and consisted of federal income tax expense of $30.0 million and state income tax expense of $1.2 million. This compares to income tax expense of $24.6 million for the first nine months of 2024, which consisted of federal income tax expense of $23.7 million and state income tax expense of $868,000. The effective income tax rate for the first nine months of 2025 was 18.5%, compared to 17.9% for the same period in 2024.

The difference between the statutory federal corporate income tax rate of 21% and Park's effective income tax rate reflects permanent tax differences, primarily consisting of tax-exempt interest income from municipal investments and loans, qualified affordable housing and historical tax credits, bank owned life insurance income, and dividends paid on the common shares held within Park's KSOP, offset by the impact of state income taxes. Park expects permanent federal income tax differences for the 2025 year will be approximately $6.8 million.

Comparison of Financial Condition
At September 30, 2025 and at December 31, 2024
 
Changes in Financial Condition
 
Total assets increased by $56.7 million during the first nine months of 2025 to $9,862 million at September 30, 2025, compared to $9,805 million at December 31, 2024. This increase was primarily due to the following:

•Cash and cash equivalents increased by $58.3 million, or 36.3%, to $218.9 million at September 30, 2025, compared to $160.6 million at December 31, 2024. Money market instruments increased by $59.1 million and cash and due from banks decreased by $0.8 million.
•Loans increased by $175.6 million, or 2.2%, to $7,993 million at September 30, 2025, compared to $7,817 million at December 31, 2024.
•Total investment securities decreased by $173.9 million, or 15.8%, to $927 million at September 30, 2025, compared to $1,101 million at December 31, 2024.

Total liabilities decreased by $31.3 million, or 0.4%, during the first nine months of 2025 to $8,530 million at September 30, 2025, compared to $8,562 million at December 31, 2024. This change was primarily due to the following:

•Total deposits increased by $186.4 million, or 2.3%, to $8,330 million at September 30, 2025, compared to $8,144 million at December 31, 2024.
•Short-term borrowings decreased by $12.3 million, or 13.6%, to $78.1 million at September 30, 2025, compared to $90.4 million at December 31, 2024.
•Subordinated notes decreased $189.7 million to zero at September 30, 2025 due to the repayment in full of subordinated notes on September 1, 2025 and September 30, 2025.
•Other liabilities decreased by $10.6 million, or 13.6%, to $67.4 million at September 30, 2025, compared to $78.0 million at December 31, 2024.

Total shareholders’ equity increased by $88.0 million, or 7.1%, to $1,332 million at September 30, 2025, from $1,244 million at December 31, 2024. This change was primarily due to the following:

•Retained earnings increased by $85.0 million during the period primarily as a result of net income of $137.4 million, partially offset by cash dividends on common shares of $52.4 million.
•Accumulated other comprehensive loss, net of taxes decreased by $20.5 million during the period primarily as a result of a $20.5 million unrealized net holding gain on debt securities available-for-sale, net of income tax effect.
•Treasury shares increased by $16.8 million during the period as a result of the repurchase of common shares to be held as treasury shares, partially offset by the issuance of treasury shares under share-based compensation awards (net of common shares withheld to pay employee income taxes).

Increases or decreases in the investment securities portfolio, short-term borrowings and long-term debt are greatly dependent upon the growth in loans and deposits. The primary objective of management is to grow loan and deposit totals. To the extent that management is unable to grow loan totals at a desired growth rate, additional investment securities may be acquired.
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Likewise, both short-term borrowings and long-term debt are utilized to fund the growth in earning assets if the growth in deposits and cash flow from operations are not sufficient to do so.

Liquidity

Cash provided by operating activities was $140.1 million and $129.6 million for the nine months ended September 30, 2025 and 2024, respectively. Net income was the primary source of cash from operating activities for each of the nine-months periods ended September 30, 2025 and 2024.

Cash provided by investing activities was $9.8 million and cash used in investing activities was $52.2 million for the nine months ended September 30, 2025 and 2024, respectively. Proceeds from the sale, repayment, or maturity of investment securities provide cash and purchases of investment securities use cash. Net investment securities transactions provided cash of $200.4 million for the nine months ended September 30, 2025 and $221.7 million for the nine months ended September 30, 2024. Another major use or source of cash in investing activities is the net increase or decrease in the loan portfolio. Cash used by the net increase in the loan portfolio was $175.0 million and $254.9 million for the nine months ended September 30, 2025 and 2024, respectively.

Cash used in financing activities was $91.6 million for the nine months ended September 30, 2025 and was $94.0 million for the nine months ended September 30, 2024. A major source of cash for financing activities is the net change in deposits. Deposits (net of off-balance sheet deposits) increased and provided $186.4 million and $172.1 million of cash for the nine months ended September 30, 2025 and 2024, respectively. Another major source/use of cash from financing activities is borrowings in the form of short-term borrowings, long-term debt and subordinated notes. For the nine months ended September 30, 2025, net short-term borrowings and subordinated notes decreased and used $202.3 million in cash. For the nine months ended September 30, 2024, net short-term borrowings decreased and used $210.7 million in cash. For the nine months ended September 30, 2025, cash declined by $20.1 million due to the repurchase of common shares to be held as treasury shares; while there were no repurchases of common shares during the nine months ended September 30, 2024. Finally, cash declined by $52.6 million and $52.3 million for the nine months ended September 30, 2025 and 2024, respectively, from the payment of dividends.

Effective liquidity management ensures that the cash flow requirements of depositors and borrowers, as well as the operating cash needs of the Corporation, are met. Funds are available from a number of sources, including the capital markets, the investment securities portfolio, the core deposit base, FHLB borrowings and the capability to securitize or package loans for sale. The most easily accessible forms of liquidity, Fed Funds Sold, unpledged investment securities and available FHLB borrowing capacity, totaled $1.98 billion at September 30, 2025. The Corporation’s loan to asset ratio was 81.04% at September 30, 2025, compared to 79.72% at December 31, 2024 and 78.07% at September 30, 2024. Cash and cash equivalents were $218.9 million at September 30, 2025, compared to $160.6 million at December 31, 2024 and $201.7 million at September 30, 2024. Management believes that the present funding sources provide more than adequate liquidity for the Corporation to meet its cash flow needs in the short-term (next 12 months) and the long-term (beyond the next 12 months).
  
Capital Resources
 
Total shareholders’ equity at September 30, 2025 was $1,332 million, or 13.5% of total assets, compared to $1,244 million, or 12.7% of total assets, at December 31, 2024 and $1,239 million, or 12.5% of total assets, at September 30, 2024.
 
Financial institution regulators have established guidelines for minimum capital ratios for banks, thrifts and bank holding companies. Park has elected not to include the net unrealized gain or loss on debt securities AFS in computing regulatory capital. Park has adopted the Basel III regulatory capital framework as approved by the federal banking agencies. Under the Basel III regulatory capital framework, in order to avoid limitations on capital distributions, including dividend payments and stock repurchases, and certain discretionary bonus payments to executive officers, Park must hold a capital conservation buffer of 2.5% above the adequately capitalized risk-based capital ratios. The amounts shown below as the adequately capitalized ratio plus capital conservation buffer include the 2.50% buffer. The Federal Reserve Board has also adopted capital requirements Park must maintain to be deemed "well capitalized" and remain a financial holding company.

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Park and PNB met each of the well capitalized ratio guidelines applicable to them at September 30, 2025. The following table indicates the capital ratios for PNB and Park at September 30, 2025 and December 31, 2024.

At September 30, 2025
 LeverageTier 1
Risk-Based		Common Equity Tier 1Total
Risk-Based
PNB10.23 %12.06 %12.06 %13.48 %
Park11.82 %13.91 %13.91 %15.03 %
Adequately capitalized ratio4.00 %6.00 %4.50 %8.00 %
Adequately capitalized ratio plus capital conservation buffer4.00 %8.50 %7.00 %10.50 %
Well capitalized ratio (PNB)5.00 %8.00 %6.50 %10.00 %
Well capitalized ratio (Park)N/A6.00 %N/A10.00 %

As of December 31, 2024
 LeverageTier 1
Risk-Based		Common Equity Tier 1Total
Risk-Based
PNB9.80 %11.44 %11.44 %12.85 %
Park11.51 %13.46 %13.28 %16.63 %
Adequately capitalized ratio4.00 %6.00 %4.50 %8.00 %
Adequately capitalized ratio plus capital conservation buffer4.00 %8.50 %7.00 %10.50 %
Well capitalized ratio (PNB)5.00 %8.00 %6.50 %10.00 %
Well capitalized ratio (Park)N/A6.00 %N/A10.00 %

Contractual Obligations and Commitments
 
In the ordinary course of operations, Park enters into certain contractual obligations. Such obligations include the funding of operations through debt issuances as well as leases for premises. See page 67 of Park’s 2024 Form 10-K (Table 32) for disclosure concerning contractual obligations and commitments at December 31, 2024. There were no significant changes in contractual obligations and commitments during the first nine months of 2025 except for the repayment in full of Park's subordinated notes which eliminated this future obligation.
 
Financial Instruments with Off-Balance Sheet Risk
 
PNB is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include loan commitments and standby letters of credit. The instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated financial statements.
 
The exposure to credit loss (for PNB) in the event of nonperformance by the other party to the financial instrument for loan commitments and standby letters of credit is represented by the contractual amount of those instruments. PNB uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Since many of the loan commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan commitments to customers.
 
The total amounts of off-balance sheet financial instruments with credit risk were as follows:

(In thousands)September 30,
2025		December 31, 2024
Loan commitments$1,570,575 $1,525,435 
Standby letters of credit$61,299 $33,545 
 
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ITEM 3 – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 
Management reviews interest rate sensitivity on a quarterly basis by modeling the consolidated financial statements under various interest rate scenarios. The primary reason for these efforts is to guard Park from adverse impacts of unforeseen changes in interest rates. With the shift in deposit mix and other balance sheet composition changes, Park has experienced a moderation in earnings risk exposure to either rising or falling interest rate environments, and management views its risk profile as being relatively interest rate risk neutral. Management actively monitors changes in the sensitivity position and has ample tools to adjust exposure as needed. As a result, management expects further changes in interest rates to have a modest impact on net income.
 
On page 66 (Table 31) of Park’s 2024 Form 10-K, management reported that Park’s twelve-month cumulative rate sensitivity gap was a positive (assets exceeding liabilities) $301.6 million or 3.4% of total interest earning assets at December 31, 2024. At September 30, 2025, Park’s twelve-month cumulative rate sensitivity gap was a positive (assets exceeding liabilities) $313.1 million or 3.47% of total interest earning assets.
 
Management supplements the interest rate sensitivity gap analysis with periodic simulations of balance sheet sensitivity under various interest rate and what-if scenarios to better forecast and manage the net interest margin. Management uses a 50 basis point change in market interest rates per quarter for a total of 200 basis points per year in evaluating the impact of changing interest rates on net interest income and net income over a twelve-month horizon.
 
On page 67 of Park’s 2024 Form 10-K, management reported that at December 31, 2024, the earnings simulation model projected that net income would increase by 1.3% using a rising interest rate scenario and decrease by 1.3% using a declining interest rate scenario over the next year. At September 30, 2025, the earnings simulation model projected that net income would increase by 1.1% using a rising interest rate scenario and would decrease by 1.7% in a declining interest rate scenario. At September 30, 2025, management continues to believe that it has the tools necessary to mitigate gradual changes in interest rates (50 basis points per quarter for a total of 200 basis points per year) such that the overall impact to net income will be modest.
 
ITEM 4 – CONTROLS AND PROCEDURES
 
Evaluation of Disclosure Controls and Procedures
 
With the participation of the Chairman of the Board and Chief Executive Officer (the principal executive officer) and the Chief Financial Officer, Secretary and Treasurer (the principal financial officer) of Park, Park’s management has evaluated the effectiveness of Park’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of September 30, 2025 (the end of the quarterly period covered by this Quarterly Report on Form 10-Q). Based on that evaluation, Park’s Chairman of the Board and Chief Executive Officer and Park’s Chief Financial Officer, Secretary and Treasurer have concluded that:
 
•information required to be disclosed by Park in this Quarterly Report on Form 10-Q and the other reports that Park files or submits under the Exchange Act would be accumulated and communicated to Park’s management, including its principal executive officer and its principal financial officer, as appropriate to allow timely decisions regarding required disclosure;
•information required to be disclosed by Park in this Quarterly Report on Form 10-Q and the other reports that Park files or submits under the Exchange Act would be recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms; and
•Park’s disclosure controls and procedures were effective as of September 30, 2025 (the end of the quarterly period covered by this Quarterly Report on Form 10-Q).

Changes in Internal Control Over Financial Reporting

There were no changes in Park's internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during Park's fiscal quarter ended September 30, 2025, that have materially affected, or are reasonably likely to materially affect, Park's internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1.       Legal Proceedings

    We are routinely engaged in various litigation and other legal matters that are part of, or incidental to, our ordinary course of business and we have a number of unresolved lawsuits and open matters pending resolution. While the ultimate liability with respect to these matters and claims cannot be determined at this time, we believe that losses, damages, or liabilities, if any, and other amounts relating to pending matters, individually or in the aggregate, are not likely to have a material adverse effect on our business, consolidated financial position, results of operations, or cash flows.

Item 1A.     Risk Factors
 
The following information updates our risk factors and should be read in conjunction with the risk factors disclosed in “ITEM 1A. RISK FACTORS” of Part I of Park’s 2024 Form 10-K.

Risks Related to the Merger

Following the Merger, we may be unable to integrate the business of Park and First Citizens successfully or realize the anticipated benefits of the Merger.

The Merger involves the combination of two companies that currently operate as independent companies. The combination of two independent businesses is complex, costly and time-consuming, and we will be required to devote significant management attention and resources to integrating the business practices and operations of First Citizens into ours. Potential difficulties that we may encounter as part of the integration process include the following:

•the inability to successfully combine our business and First Citizens’ business in a manner that permits us to achieve, on a timely basis, or at all, the enhanced revenue opportunities and cost savings and other benefits anticipated to result from the Merger;
•complexities associated with managing the combined businesses, including difficulty addressing possible differences in operational philosophies and the challenge of integrating complex systems, technology, networks and other assets of each of the companies in a seamless manner that minimizes any adverse impact on depositors, borrowers, employees and other constituencies;
•the inability to retain the service of key management and other key personnel;
•the assumption of contractual obligations with less favorable or more restrictive terms; and
•potential unknown liabilities and unforeseen increased expenses or delays associated with the Merger.

In addition, we and First Citizens have operated and, until the completion of the Merger, will continue to operate, independently. It is possible that the integration process could result in diversion of the attention of each company’s management and the disruption of, or the loss of momentum in, each company’s ongoing businesses or inconsistencies in standards, controls, procedures and policies.

Any of these issues could adversely affect each company’s ability to maintain relationships with depositors, borrowers, employees and other constituencies or achieve the anticipated benefits of the Merger or could reduce each company’s earnings or otherwise adversely affect our business, results of operations and financial condition following the Merger.

We have incurred, and will incur, significant transaction-related costs in connection with the Merger.

We have incurred and will incur substantial expenses in connection with the negotiation and completion of the transactions contemplated by the Merger Agreement, as well as the costs and expenses of filing, printing and mailing a joint proxy statement/prospectus, and filing and other fees to be paid to the SEC and other regulatory agencies in connection with the Merger. These fees and costs will be significant. If the Merger is not completed, we may have to recognize these expenses without realizing the expected benefits of the Merger.

In addition, we also expect to incur a number of non-recurring transaction-related costs associated with combining the operations of the two companies and achieving desired synergies. Additional unanticipated costs may be incurred in the integration of our business with the business of First Citizens. There can be no assurance that the elimination of certain duplicative costs, as well as the realization of other efficiencies related to the integration of the two businesses, will offset the incremental transaction-related costs over time. Thus, any net benefit may not be achieved in the near term, the long term or at all.
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We may not consummate the Merger on the terms currently contemplated or at all.

We may not consummate the Merger, which is subject to the satisfaction of customary closing conditions. These conditions include, but are not limited to, (i) approval of the Merger by First Citizens’ shareholders, (ii) authorization of listing on the NYSE American stock exchange of the Park common shares to be issued in connection with the Merger, (iii) the effectiveness of a Registration Statement on Form S-4 with respect to the common shares to be issued in connection with the Merger, (iv) the receipt of specified governmental consents and approvals, including from the Federal Reserve Board and the Office of the Comptroller of the Currency, and termination or expiration of all applicable waiting periods in respect thereof, in each case without the imposition of a materially burdensome regulatory condition, and (v) the absence of any order, injunction, decree or other legal restraint preventing or making illegal the consummation of the Merger. Neither we nor First Citizens can predict when, or if, these conditions will be satisfied. If any of these conditions are not satisfied or waived prior to October 27, 2026, it is possible that the Merger may be terminated. In addition, satisfying the conditions to and completion of the Merger may take longer, and could cost more, than we currently expect. There can be no assurance that such conditions will be satisfied or that the Merger will be consummated on the terms currently contemplated or at all.

Failure to complete the Merger could negatively impact the price of our common shares and have a material adverse effect on our results of operations, cash flows and financial position.

If the Merger is not completed for any reason, including as a result of failure to obtain all requisite regulatory approvals, we may be materially adversely affected and, without realizing any of the benefits of having completed the Merger, we would be subject to a number of risks, including the following:

•we may experience negative reactions from the financial markets, including negative impacts on the price of our common shares;
•we will still be required to pay certain significant costs relating to the Merger, such as legal, accounting and financial advisor fees;
•matters relating to the Merger (including integration planning) require substantial commitments of time and resources by our management, which may have resulted in the distraction of our management from ongoing business operations and pursuing other opportunities that could have been beneficial to us; and
•litigation related to any failure to complete the Merger or related to any enforcement proceeding commenced against us to perform our obligations pursuant to the Merger Agreement.

If the Merger is not completed, the risks described above may materialize and they may have a material adverse effect on our results of operations, liquidity, financial condition and the price of our common shares.

Securities class action and derivative lawsuits may be brought against us in connection with the Merger, which could result in substantial costs.

Securities class action lawsuits and derivative lawsuits are often brought against public companies that have entered into acquisition, merger or other business combination agreements. Even if such a lawsuit is without merit, defending against these claims can result in substantial costs and divert management time and resources. An adverse judgment could result in monetary damages, which could have a negative impact on our liquidity and financial condition.

The synergies attributable to the Merger may vary from expectations.

We may fail to realize the anticipated benefits and synergies expected from the Merger, which could adversely affect our business, financial condition and results of operations. The success of the Merger will depend, in significant part, on our ability to successfully integrate the acquired business, grow our revenue and realize the anticipated strategic benefits and synergies from the combination. However, achieving these goals requires, among other things, realization of the targeted cost synergies expected from the Merger. This growth and the anticipated benefits of the transaction may not be realized fully, or at all, or may take longer to realize than expected. Actual operating, strategic and revenue opportunities, if achieved at all, may be less significant than expected or may take longer to achieve than anticipated. If we are not able to achieve these objectives and realize the anticipated benefits and synergies expected from the Merger within the anticipated timing or at all, our business, financial condition and results of operations may be adversely affected.

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The market price for our common shares may decline in the future as a result of the Merger.

The market price of our common shares may decline in the future as a result of the Merger for a number of reasons, including due to:

•an unsuccessful integration of First Citizens (including for the reasons set forth in the preceding risk factors); or

•the failure of the combined company to achieve the perceived benefits of the Merger, including financial results, as rapidly as or to the extent anticipated by financial or industry analysts.

These factors are, to some extent, beyond our control. As a consequence, our shareholders could lose the value of their investment in our common shares.

Item 2.       Unregistered Sales of Equity Securities and Use of Proceeds

(a)Not applicable
(b)Not applicable
(c)The following table provides information concerning purchases of Park’s common shares ("Common Shares") made by or on behalf of Park or any “affiliated purchaser” as defined in Rule 10b-18(a)(3) under the Exchange Act, during the three months ended September 30, 2025, as well as the maximum number of Common Shares that may be purchased under Park’s previously announced stock repurchase authorizations to fund the 2017 Employees LTIP and the 2017 Non-Employee Directors LTIP and Park's previously announced 2017 and 2019 stock repurchase authorizations:

PeriodTotal number of
Common Shares
purchased		Average price
paid per
Common
Share		Total number of Common
Shares purchased as part of
publicly announced plans
or programs		Maximum number of
Common Shares that may
yet be purchased under the
plans or programs (1)
July 1 through July 31, 2025— $— — 876,088 
August 1 through August 31, 2025— $— — 876,088 
September 1 through September 30, 2025— — — 876,088 
Total— $— — 876,088 
(1)The number shown represents, as of the end of each period, the maximum number of common shares that may yet be purchased as part of Park’s publicly announced stock repurchase authorizations to fund the 2017 Employees LTIP and the 2017 Non-Employee Directors LTIP, both of which became effective on April 24, 2017; Park's stock repurchase authorization covering 500,000 common shares which was announced on January 23, 2017; and Park's stock repurchase authorization covering 500,000 common shares which was announced on January 28, 2019. Such authorizations are not subject to a fixed expiration date.
    
Purchases may be made through NYSE American, in the over-the-counter market or in privately negotiated transactions, in each case in compliance with the Ohio General Corporation Law, applicable federal and state securities laws, the rules applicable to issuers having securities listed on NYSE American, regulations promulgated by the Federal Reserve Board and all applicable laws and regulations, each as in effect at the time of each such purchase. Purchases will be made upon such terms and conditions and at such times and in such amounts as any one or more of the authorized officers of Park deem to be appropriate, subject to market conditions, regulatory requirements, any contractual obligations of Park and Park's subsidiaries and other factors, and in the best interest of Park and Park's shareholders. The January 23, 2017 stock repurchase authorization and the January 28, 2019 stock repurchase authorization are distinct from the stock repurchase authorizations to fund the 2017 Employees LTIP and the 2017 Non-Employee Directors LTIP.

Item 3.      Defaults Upon Senior Securities
 
Not applicable.
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Item 4.      Mine Safety Disclosures
 
Not applicable.

Item 5.      Other Information
 
(a)None
(b)None
(c)During the three months (the quarterly period) ended September 30, 2025, no director and no officer of Park (as defined in Rule 16a-1(f) under the Exchange Act) of Park adopted, modified, or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of SEC Regulation S-K.

Item 6.      Exhibits

3.1
Articles of Incorporation of Park National Corporation [This document represents the Articles of Incorporation of Park National Corporation in compiled form incorporating all amendments. This compiled document has not been filed with the Ohio Secretary of State.] (Incorporated herein by reference to Exhibit 3.1 to Park National Corporation's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025)
3.2
Regulations of Park National Corporation [This document represents the Regulations of Park National Corporation in compiled form incorporating all amendments, including the amendments adopted and approved by the Board of Directors of Park National Corporation on October 23, 2023.] (Incorporated herein by reference to Exhibit 3.1(b) to Park National Corporation's Current Report on Form 8-K dated and filed October 27, 2023)
31.1
Rule 13a – 14(a) / 15d – 14(a) Certifications (Principal Executive Officer)
31.2
Rule 13a – 14(a) / 15d – 14(a) Certifications (Principal Financial Officer)
32.1
Certifications Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code (Principal Executive Officer)
32.2
Certifications Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code (Principal Financial Officer)
101The following information from Park National Corporation's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 formatted in Inline XBRL (eXtensible Business Reporting Language) pursuant to Rule 405 of Regulation S-T: (i) the Consolidated Condensed Balance Sheets as of September 30, 2025 and December 31, 2024 (unaudited); (ii) the Consolidated Condensed Statements of Income for the three months and the nine months ended September 30, 2025 and 2024 (unaudited); (iii) the Consolidated Condensed Statements of Comprehensive Income for the three months and the nine months ended September 30, 2025 and 2024 (unaudited); (iv) the Consolidated Condensed Statements of Changes in Shareholders’ Equity for the three months and the nine months ended September 30, 2025 and 2024 (unaudited); (v) the Consolidated Condensed Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (unaudited); and (vi) the Notes to Unaudited Consolidated Condensed Financial Statements. *
104Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document with applicable taxonomy extension information contained in Exhibit 101)
______________________________________
* The instance document does not appear in the interactive data file because its XBRL tags are imbedded within the Inline XBRL document.

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SIGNATURES
 
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 thereunto duly authorized.
 
  PARK NATIONAL CORPORATION
   
November 3, 2025 /s/ David L. Trautman
  David L. Trautman
  Chairman of the Board and Chief Executive Officer
  (Principal Executive Officer and Duly Authorized Officer)
   
November 3, 2025 /s/ Brady T. Burt
  Brady T. Burt
  Chief Financial Officer, Secretary and Treasurer
(Principal Financial Officer and Duly Authorized Officer)


108

Source: View Original Filing on SEC EDGAR

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Park National

NYSE:PRK

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PRK Latest News

Nov 4, 2025
KBRA Comments on Park National Corporation’s Acquisition of First Citizens Bancshares, Inc.
Oct 27, 2025
Park National Bank welcomes First Citizens National Bank in strategic partnership
Oct 27, 2025
Park National Corporation reports financial results for third quarter and first nine months of 2025
Jul 29, 2025
Park National Corporation names Matthew R. Miller Chief Executive Officer; David L. Trautman to continue as Board Chair
Jul 28, 2025
Park National Corporation reports financial results for second quarter and first half of 2025

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Oct 29, 2025
[Form 4] PARK NATIONAL CORP /OH/ Insider Trading Activity
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[Form 4] PARK NATIONAL CORP /OH/ Insider Trading Activity
Oct 29, 2025
[Form 4] PARK NATIONAL CORP /OH/ Insider Trading Activity
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[Form 4] PARK NATIONAL CORP /OH/ Insider Trading Activity

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