Park National Q3 net income rises to $56.9M
At September 30, 2026, $60.3 million of Park’s $86.9 million in nonaccrual loans were current with contractual payments.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Park National Corporation (PRK) furnished an investor presentation that it may present to analysts and investors on or after November 3, 2026. At September 30, 2026, Park reported $12.6 billion in assets, $10.6 billion in deposits and $9.77 billion in loans. Park completed its acquisition of First Citizens Bancshares, Inc. on February 1, 2026; First Citizens Bancshares was the parent of First Citizens National Bank, a Tennessee-headquartered bank with $2.6 billion in assets.
For Q3 2026, GAAP net income was $56.932 million, compared with $47.158 million in Q3 2025, and adjusted diluted earnings per common share were $3.37. Adjusted net interest margin was 4.76% for Q3, compared with 4.73% for Q2. Non-interest-bearing deposits were 29% of total deposits. Park also reported a $113.1 million net unrealized loss on securities, equal to 8.5% of the portfolio, at September 30, 2026, and a 13.9% Common Equity Tier 1 ratio.
1 point · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointQ3 GAAP net income was $56.932 million, versus $47.158 million in Q3 2025.
Negative
- Moderate pointNet unrealized securities loss: $113.1 million, or 8.5% of the portfolio. 3.4% of market cap
Filing Explained
The furnished presentation adds a deposit-structure detail: at
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Total assets: $12.6 billion
Total deposits: $10.6 billion
Total loans: $9.77 billion
+5 more
8 metrics
Total assets
$12.6 billion
At September 30, 2026
Total deposits
$10.6 billion
At September 30, 2026
Total loans
$9.77 billion
At September 30, 2026
GAAP net income
$56.932 million
Q3 2026; $47.158 million in Q3 2025
Adjusted diluted earnings per common share
$3.37
Q3 2026
Common Equity Tier 1 ratio
13.9%
At September 30, 2026
Net unrealized loss on securities
$113.1 million; 8.5% of the portfolio
At September 30, 2026
Nonaccrual loans
$86.9 million
At September 30, 2026
Key Terms
Common Equity Tier 1, Allowance for Credit Losses, Pre-Tax, Pre-Provision Income, Fully taxable equivalent, +1 more
5 terms
Common Equity Tier 1 financial
"Common Equity Tier 1 $1,486.2"
Common Equity Tier 1 is the highest-quality capital a bank holds—mainly common shares and retained profits—that acts as the primary cushion against losses. Investors use the CET1 level and ratio to judge a bank’s financial strength and regulatory standing: a bigger cushion means the bank is better able to absorb shocks, sustain payouts and borrow cheaply, much like an emergency fund for a household.
Allowance for Credit Losses financial
"Allowance for Credit Losses / Loans"
Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.
Pre-Tax, Pre-Provision Income financial
"Adjusted pre-tax, pre-provision income"
Pre-tax, pre-provision income is a measure of a financial firm's earnings before deducting taxes and the money it sets aside to cover potential loan losses. Think of it as the company’s operating profit before accounting for future bad debts and taxes; like a shop’s sales minus running costs but before any emergency savings for damaged goods. Investors use it to see core profitability and to compare operating performance across periods or firms without the noise of loan-loss reserves and tax effects.
Fully taxable equivalent financial
"Net interest margin shown on a fully taxable equivalent basis"
A fully taxable equivalent converts a tax-free yield into the pretax yield you would need from a taxable investment to get the same after-tax return, using an investor’s marginal tax rate. Think of it like inflating a discounted price to the full sticker price so you can compare items side‑by‑side; investors use it to fairly compare tax-exempt securities with taxable alternatives and choose the better after-tax income.
Nonaccrual loans financial
"Of the $86.9 million in nonaccrual loans"
Nonaccrual loans are loans a lender has stopped counting toward interest income because the borrower is overdue or unlikely to pay; the lender only records cash payments received and may set aside extra funds to cover potential losses. For investors, a rising number or amount of nonaccrual loans signals weaker credit quality, lower future interest revenue and larger potential write-downs — similar to pausing expected subscription income when many customers stop paying.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What was Park National’s net income in Q3 2026?
Park reported GAAP net income of $56.932 million for Q3 2026, compared with $47.158 million for Q3 2025. Adjusted net income for Q3 2026 was $61.241 million, and adjusted diluted earnings per common share were $3.37.
How much of Park National’s deposits were uninsured?
Uninsured deposits totaled approximately $2.3 billion, or 22% of total deposits. That amount included $635 million in deposits above $250,000 that were fully collateralized by Park’s investment securities portfolio.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
| Date of Report (Date of earliest event reported) | |||||
| (Exact name of registrant as specified in its charter) | ||
| (State or other jurisdiction | (Commission | (IRS Employer | ||||||
| of incorporation) | File Number) | Identification No.) | ||||||
| (Address of principal executive offices) (Zip Code) | ||||||||||||||
| | |||||
| (Registrant’s telephone number, including area code) | |||||
| Not Applicable | |||||
| (Former name or former address, if changed since last report.) | |||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
1
Item 7.01 - Regulation FD Disclosure
Park National Corporation ("Park"), hereby furnishes the Investor Presentation that Park may present to analysts and investors on or after November 3, 2026. The slides are furnished in this Current Report on Form 8-K, pursuant to this Item 7.01, as Exhibit 99.1, and are incorporated herein by reference. The slides are also available in the "SEC Filings" section of Park's web site at www.parknationalcorp.com.
Without limiting the generality of the foregoing, the text of the slide entitled "Safe Harbor Statement" is incorporated by reference into this Item 7.01.
No part of this Current Report on Form 8-K shall be deemed incorporated by reference into any registration statement filed by Park under the Securities Act of 1933.
Item 9.01 - Financial Statements and Exhibits.
(a)Not applicable
(b)Not applicable
(c)Not applicable
(d)Exhibits. The following exhibits are included with this Current Report on Form 8-K:
Exhibit No. Description
99.1 Park National Corporation Investor Presentation (furnished pursuant to Item 7.01 hereof).
104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PARK NATIONAL CORPORATION | ||||||||
| Dated: November 3, 2026 | By: | /s/ Brady T. Burt | ||||||
| Brady T. Burt | ||||||||
| Chief Financial Officer, Secretary and Treasurer | ||||||||
3
Park National Corporation P A R K N A T I O N A L C O R P O R A T I O N
Safe Harbor Statement P A R K N A T I O N A L C O R P O R A T I O N 2 This presentation contains forward-looking statements that are provided to assist in the understanding of anticipated future financial performance of Park National Corporation (“Park”). Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties, including those described in Park's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as updated by our subsequent filings with the SEC. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ include, without limitation: (1) the ability to execute our business plan successfully and manage strategic initiatives; (2) the impact of current and future economic and financial market conditions, including unemployment rates, inflation, interest rates, supply-demand imbalances, and geopolitical matters; (3) factors impacting the performance of our loan portfolio, including real estate values, financial health of borrowers, and loan concentrations; (4) the effects of monetary and fiscal policies, including interest rates, money supply, and inflation; (5) changes in federal, state, or local tax laws; (6) the impact of changes in governmental policy and regulatory requirements on our operations; (7) changes in consumer spending, borrowing, and saving habits; (8) changes in the performance and creditworthiness of customers, suppliers, and counterparties; (9) increased credit risk and higher credit losses due to loan concentrations; (10) volatility in mortgage banking income due to interest rates and demand; (11) adequacy of our internal controls and risk management programs; (12) competitive pressures among financial services organizations; (13) uncertainty regarding changes in banking regulations and other regulatory requirements; (14) our ability to meet heightened supervisory requirements and expectations; (15) the impact of changes in accounting policies and practices on our financial condition; (16) the reliability and accuracy of assumptions and estimates used in applying critical accounting estimates; (17) the potential for higher future credit losses due to changes in economic assumptions; (18) the ability to anticipate and respond to technological changes and our reliance on third-party vendors; (19) operational issues related to and capital spending necessitated by the implementation of information technology systems on which we are highly dependent; (20) the ability to secure confidential information and deliver products and services through computer systems and telecommunications networks; (21) the impact of security breaches or failures in operational systems; (22) the impact of geopolitical instability and trade policies on our operations including the imposition of tariffs and retaliatory tariffs; (23) the impact of changes in credit ratings of government debt and financial stability of sovereign governments; (24) the effect of stock market price fluctuations on our asset and wealth management businesses; (25) litigation and regulatory compliance exposure; (26) availability of earnings and excess capital for dividend declarations; (27) the impact of fraud, scams, and schemes on our business; (28) the impact of natural disasters, pandemics, and other emergencies on our operations; (29) potential deterioration of the economy due to financial, political, or other shocks; (30) impact of healthcare laws and potential changes on our costs and operations; (31) the ability to grow deposits and maintain adequate deposit levels, including by mitigating the effect of unexpected deposit outflows on our financial condition; (32) risks related to the completed acquisition of First Citizens Bancshares, Inc., including the possibility that anticipated benefits are not realized as expected, difficulties integrating the two companies, and potential adverse reactions to customer, business, or employee relationships; and (33) other risk factors related to the banking industry.
Disclaimer Non-GAAP Financial Measures This presentation contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the U.S. (“GAAP”). Management believes that the disclosure of these “non-GAAP” financial measures presents additional information which, when read in conjunction with Park’s consolidated financial statements prepared in accordance with 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, while eliminating certain non-operational effects of acquisitions. Additionally, Park believes this financial information is utilized by regulators and market analysts to evaluate a company’s financial condition, and therefore, such information is useful to investors. The non-GAAP financial measures should not be viewed as substitutes for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. A reconciliation from the most directly comparable GAAP financial measures to the non-GAAP financial measures used in this presentation is provided on pages 32-34 of this presentation. P A R K N A T I O N A L C O R P O R A T I O N 3
Snapshot • As of September 30, 2026, Park National Corporation (NYSE American: PRK) was a $12.6 billion asset financial holding company headquartered in Newark, OH, conducting banking operations through its wholly-owned subsidiary, The Park National Bank. • On February 1, 2026, Park closed the previously announced deal to acquire First Citizens Bancshares, Inc., the parent company of First Citizens National Bank, a Tennessee headquartered bank with $2.6 billion in assets. • Long-tenured management team helps sustain unique culture. Our senior leaders have been with Park for an average of 20 years. • Consistently in the top quartile of profitability. For the nine months ended September 30, 2026, Park generated an adjusted(2) 1.89% return on average assets(1) and an adjusted(2) 16.84% return on average tangible common equity(1). • High-quality funding base. 29% of Park’s total deposits are non-interest bearing. Park’s low-cost, core deposit funding profile supports durable net interest margin and extended trend of stable operating results. • Diversified revenue sources. For the nine months ended September 30, 2026, over 21% of Park’s revenues come from non-interest income. • Historically strong credit quality. Park’s net charge-offs have historically been and are currently well below peer levels. • Strong capital base. Park has a 13.9% CET1 ratio (600+ bps above the minimum regulatory requirement). P A R K N A T I O N A L C O R P O R A T I O N 4 (1) See “Reconciliation of Non-GAAP Financial Measures” shown on pages 32 and 33. (2) Adjusted figures contain non-U.S. GAAP (generally accepted accounting principles in the United States or "U.S. GAAP") financial measures where management believes them to be helpful in understanding Park’s results of operations or financial position. Where non-U.S. GAAP financial measures are used, the comparable U.S. GAAP financial measures, can be found on slide 34. Note: Financial data as of September 30, 2026 unless otherwise noted; Source: S&P Global Market Intelligence.
P A R K N A T I O N A L C O R P O R A T I O N Overview of Park National Corporation
Overview of Park National Corporation P A R K N A T I O N A L C O R P O R A T I O N 6 • The Park National Bank, is headquartered in Newark, Ohio and was founded in 1908. • $12.6 billion total assets and $9.9 billion assets under management(1) at September 30, 2026. • Park common shares are publicly traded under the symbol “PRK” on NYSE American. • Diversified revenue base with approximately 21% non-interest income to operating revenue(5) ratio for the nine months ended September 30, 2026. • Diversified loan portfolio funded with customer deposits. • Historical net charge-offs well below Proxy Peer Group average. • Low-cost funding profile supports durable net interest margin and extended trend of stable operating results. • Park had $10.6 billion in total deposits at September 30, 2026; 29% of those were non-interest bearing. (1) Market value of assets under management. (2) See “Reconciliation of Non-GAAP Financial Measures” shown on pages 32 and 33. (3) NPAs exclude loans 90+ days past due. (4) Net interest margin shown on a fully taxable equivalent basis assuming a 21% corporate federal income tax rate. (5) Definitions: TE – Tangible Shareholder’s Equity; TA – Tangible Assets; ACL – Allowance for Credit Losses; NPA – Non-Performing Assets, ROAA – Return on Average Assets; ROATE – Return on Average Tangible Shareholder’s Equity; Operating Revenue = Non-Interest Income + Net Interest Income (6) For the purpose of calculating the 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. (7) Ratios presented YTD through September 30, 2026 are shown on an annualized basis. (8) Only 09/30/2026 is adjusted above. Adjusted figures contain non-U.S. GAAP (generally accepted accounting principles in the United States or "U.S. GAAP") financial measures where management believes them to be helpful in understanding Park’s results of operations or financial position. Where non-U.S. GAAP financial measures are used, the comparable U.S. GAAP financial measures, can be found on slide 34. Note: Financial data as of September 30, 2026 unless otherwise noted; Source: S&P Global Market Intelligence. Company Overview $ in millions 12/31/2024 12/31/2025 9/30/2026 Total Assets 9,805$ 9,805$ 12,646$ Total Loans (Gross) 7,817 8,051 9,773 Total Deposits 8,144 8,244 10,624 Total Shareholders' Equity 1,244 1,353 1,713 Total Equity / Total Assets 12.69% 13.80% 13.55% TE / TA (2) (5) 11.21% 12.35% 11.42% ACL / Loans (5) 1.13% 1.15% 1.12% NPAs / Total Assets (3) (5) 0.70% 0.69% 0.83% Net Interest Margin (4) (7) (8) 4.41% 4.75% 4.75% ROAA (5) (7) (8) 1.53% 1.78% 1.89% Return on Average Equity (7) (8) 12.65% 13.80% 14.00% ROATE (2) (5) (6) (7) (8) 14.65% 15.76% 16.84% At or Year to Date
Attractive Geographic Footprint P A R K N A T I O N A L C O R P O R A T I O N 7 Ohio North Carolina South Carolina Kentucky OfficesCounties Served Full-Time(2) EmployeesTrust AUM(1)DepositsLoansRegion 206159$1.66B$1.65B$951MWestern Ohio 207188$1.60B$1.95B$1.36BNorthern Ohio 136194$1.39B$1.13B$2.79BMetro 154184$3.89B$2.13B$1.05BCentral Ohio 9483$1.05B$966M$606MEastern Ohio 7674$60M$693M$789MCarolina 2711226$289M$2.00B$1.60BTennessee Overview • Distinct operating regions provide for attractive mix of customers and demographic opportunities. • Park entered several new geographic markets in the last 6-7 years via acquisitions and de novo branch openings. • These new markets have strong population growth and low rates of unemployment(3). • Combined with Park’s strong deposit franchise, these expansion markets present a promising opportunity for customer and revenue growth. September 2026 Unemployment Rate (%)(3) (1) Market value of assets under management. (2) Full-time employees do not include 851 full-time employees at Park’s operational support centers. (3) Source: Bureau of Labor Statistics; National unemployment data as of September 30, 2026. (4) State loan/deposit data as of June 30, 2026. Deposits reported based on FDIC Summary of Deposits and loans reported by mailing address. Loans with customer addresses outside above states are not reported. Note: Financial data as of September 30, 2026 unless otherwise noted. Tennessee (4)Loans: $798MM Deposits: $356MM (4)Loans: $494MM Deposits: $531MM (4)Loans: $360MM Deposits: $54MM (4)Loans: $1.38B Deposits: $2.10B (4)Loans: $5.61B Deposits: $7.76B 2.8% 3.3% 3.6% 3.3% 4.4% 2.8% 4.2% ASHEVILLE, NC CHARLOTTE, NC CINCINNATI, OH COLUMBUS, OH LOUISVILLE, KY NASHVILLE, TN USA
• Strong history of operating in Park’s regional bank model. • Regional leadership team averages approximately 29 years of banking experience and 21 years of leadership tenure with Park. P A R K N A T I O N A L C O R P O R A T I O N 8 Community Bank Regions Years in Industry Years with PNB (1)AgePositionName 434365CEO - Tennessee Region and PRK Board MemberJeff D. Agee 353557Market President - Central Ohio Region & Chief Retail Banking OfficerJohn A. Brown 372060Market President - Carolina RegionJames T. (Tim) Camp 131338Market President – Cincinnati Division Bryant W. Fox 13358Market President – Tennessee RegionChristian E. Heckler 202043Market President - Northern Ohio Region & Chief Retail Lending OfficerChris R. Hiner 30851Market President – Louisville DivisionW. Andrew Holden 35965Market President – Charlotte DivisionTim J. Ignasher 393962Market President - Eastern Ohio RegionPatrick L. Nash 212148Market President - Western Ohio RegionPatrick K. Rastatter 331955Market President - Columbus & Chief Commercial Banking OfficerBrady E. Waltz (1) Years with PNB includes years served at an acquired bank.
Park M&A Strategy Two-prong strategy guidelines: 1. Traditional M&A • Strong franchise, good reputation and asset quality • Competitive market share • Continuity of management and leadership • Traditional community bank structure • Sticky, low-cost core deposits • Disciplined approach to pricing and credit diligence 2. Metro Strategy • Certain attractive markets in the Midwest, Southeast, and Mid- Atlantic regions • De novo branching – mirror successful Columbus, Ohio and Louisville, Kentucky de novo offices • Partner with banks that have the following characteristics: • Consistent loan growth • Acceptable asset quality • Existing trust and wealth management business, or the potential to grow the business in those areas • Commercial focus with potential to grow consumer • Proven leadership team P A R K N A T I O N A L C O R P O R A T I O N 9 • What We Seek: Opportunities that align with our Traditional M&A and Metro Strategy expansion guidelines. • Crossing $10B Assets: Park has been preparing to cross $10 billion in assets for over 5 years. The acquisition of First Citizens cemented Park’s asset size at over $10 billion. • Market Expansion: Expansion to Louisville, KY and acquisitions in Charlotte, Asheville, NC, and upstate SC (Spartanburg, Greenville), and more recently in Tennessee reflect Park's consistent strategy of market extension into attractive new markets with strong local leadership.
P A R K N A T I O N A L C O R P O R A T I O N Financial Summary
2026 Third Quarter Highlights P A R K N A T I O N A L C O R P O R A T I O N 11 • Park’s Consolidated Capital Ratios at September 30, 2026: – Total Shareholders’ Equity to Total Assets of 13.55% – Tangible Common Equity to Tangible Assets of 11.42%(1) – Leverage Ratio of 12.03% – Total Risk-Based Capital Ratio of 15.06% • Book value per common share of $94.83 at September 30, 2026 from $95.58 at June 30, 2026. • Tangible book value per common share(1) of $78.03 at September 30, 2026 compared to $78.92 at June 30, 2026. • Adjusted(2) net income was reported at $61.2 million for Q3 2026 compared to $61.8 million for Q2 2026. • Adjusted(2) net interest margin was reported at 4.76% at September 30, 2026 compared to 4.73% at June 30, 2026, quarter to date. • Adjusted(2) pre-tax, pre-provision income (“PTPP”)(1) was reported at $75.3 million for Q3 2026 compared to $81.3 million for Q2 2026. • (Recovery of) provision for credit losses of ($1.0 million) for Q3 2026 compared to $4.6 million for Q2 2026. • Loans grew to $9.77 billion at September 30, 2026 from $9.73 billion at June 30, 2026. • ACL / Loans was reported at 1.12% at September 30, 2026 and 1.14% at June 30, 2026. Park Performance Summary (1) See “Reconciliation of Non-GAAP Financial Measures” shown on pages 32 and 33. (2) Adjusted figures contain non-U.S. GAAP (generally accepted accounting principles in the United States or "U.S. GAAP") financial measures where management believes them to be helpful in understanding Park’s results of operations or financial position. Where non-U.S. GAAP financial measures are used, the comparable U.S. GAAP financial measures, can be found on slide 34.
Strong Balance Sheet P A R K N A T I O N A L C O R P O R A T I O N 12 Total Assets Total Loans (excluding PPP) (1) Total Deposits (includes off balance sheet) (2) Total Shareholders’ Equity (Dollars in millions) (Dollars in millions) (Dollars in millions) (Dollars in millions) (1) Excludes PPP loans of $0.1MM, $0.2MM, $1MM, $2MM and $4MM at end of 2026Q3, 2025Y, 2024Y, 2023Y and 2022Y, respectively. (2) Includes off balance sheet deposits of $0MM, $105MM, $115MM, $1MM and $196MM at end of 2026Q3, 2025Y, 2024Y, 2023Y, and 2022Y, respectively. $9,855 $9,837 $9,805 $9,805 $12,646 2022Y 2023Y 2024Y 2025Y 2026Q3 $7,138 $7,474 $7,816 $8,051 $9,773 2022Y 2023Y 2024Y 2025Y 2026Q3 $1,069 $1,145 $1,244 $1,353 $1,713 2022Y 2023Y 2024Y 2025Y 2026Q3 $8,431 $8,044 $8,259 $8,349 $10,624 2022Y 2023Y 2024Y 2025Y 2026Q3
Efficiency Ratio & Non-Int. Exp. / Avg. Assets(1)(3) Strong Earnings – Adjusted 2026YTD(3) 13 (Dollars in millions) Net Income, ROAA & ROATE(1)(3) Non-Interest Income / Operating Revenue (2)(3) Pre-Tax, Pre-Provision Income / Avg. Assets(1)(3) (1) See Reconciliation of Non-GAAP Financial Measures shown on pages 32 and 33. (2) The decrease of non-interest income for 2023 includes a loss on sale of debt securities of $7.9MM. (3) Only 2026YTD is adjusted above. Adjusted figures contain non-U.S. GAAP (generally accepted accounting principles in the United States or "U.S. GAAP") financial measures where management believes them to be helpful in understanding Park’s results of operations or financial position. Where non-U.S. GAAP financial measures are used, the comparable U.S. GAAP financial measures, can be found on slide 34. Note: Financial data as of September 30, 2026 unless otherwise noted. Note: Ratios are annualized for 2026 (Dollars in millions) (Dollars in millions) $153.9 61.2% 65.9% 61.4% 57.9% 55.1% 2.97% 3.11% 3.25% 3.21% 3.02% 2022Y 2023Y 2024Y 2025Y 2026YTD Efficiency Ratio Non-Int. Exp. / Avg. Assets $148.4 $126.7 $151.4 $180.1 $176.5 1.5% 1.3% 1.5% 1.8% 1.9% 16.3% 13.6% 14.7% 15.8% 16.8% – $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 $140.0 $160.0 $180.0 $200.0 2022Y 2023Y 2024Y 2025Y 2026YTD – 4.0% 8.0% 12.0% 16.0% 20.0% Net Income ROAA ROATE $185.0 $156.5 $199.3 $232.8 $225.9 1.84% 1.57% 2.01% 2.30% 2.42% ($40.0) $10.0 $60.0 $110.0 $160.0 $210.0 $260.0 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% 2.20% 2.40% 2.60% 2022Y 2023Y 2024Y 2025Y 2026YTD PPNR PPNR/Avg. Assets $135.9 $92.6 $122.6 $119.9 $107.6 $347.1 $373.1 $398.0 $437.3 $399.7 28.1% 19.9% 23.5% 21.5% 21.2% 2022Y 2023Y 2024Y 2025Y 2026YTD Net Interest Income Non-Interest Income Non-Interest Income / Op. Rev.
Stable Net Interest Margin P A R K N A T I O N A L C O R P O R A T I O N 14 Asset Yields, Liability Costs, and Net Interest Margin(1)(2) (1) Net interest margin shown on a fully taxable equivalent basis assuming a 21% corporate federal income tax rate. See “Reconciliation of Non-GAAP Financial Measures” shown on pages 32 and 33. (2) 2026 is presented as annualized. 4.14% 5.18% 5.78% 5.90% 5.94% 3.80% 4.11% 4.41% 4.75% 4.82% 0.54% 1.67% 2.08% 1.77% 1.68% 0.25% 1.01% 1.36% 1.18% 1.19% 0.39% 1.52% 1.97% 1.71% 1.67% – 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% FY2022 FY2023 FY2024 FY2025 2026 YTD Interest Earning Asset Yield (%) Net Interest Margin (%) Interest Bearing Liability Cost (%) All Deposit Cost (%) Interest Bearing Deposit Cost (%)
Diverse Fee Income P A R K N A T I O N A L C O R P O R A T I O N 15 Overview • The business lines responsible for generating the majority of fee income are wealth management, mortgage banking, and retail banking (interchange fees). • Diversified revenue base with approximately 21.3% non-interest income to operating revenue ratio for the nine months ended September 30, 2026. • Anchored by wealth management business line, that had aggregate assets under management of $9.9 billion(1) at September 30, 2026. Sources of Non-Interest Income (YTD) Non-Interest Income / Operating Revenue (1) Market value of assets under management. (2) Fluctuations in 2022 included $12.0MM of OREO valuation markups and $5.6MM of OREO gains related to Vision Bank. 2023 included a loss on sale of debt securities of $7.9MM. 2024 included a pension settlement gain of $6.1MM and a 19.8% increase from wealth management compared to the prior year. Note: Financial data as of September 30, 2026 unless otherwise noted. (Dollars in millions) (2) Fiduciary Activities 36% Service Charges 10% Other Service Income 11% Interchange Income 21% BOLI 5% Other Fee Income 17% $135.9 $92.6 $122.6 $119.9 $109.9 $347.1 $373.1 $398.0 $437.3 $405.4 28.1% 19.9% 23.5% 21.5% 21.3% 2022Y 2023Y 2024Y 2025Y 2026YTD Net Interest Income Non-Interest Income Non-Interest Income / Op. Rev.
Disciplined Approach to Managing Operating Expenses P A R K N A T I O N A L C O R P O R A T I O N 16 Efficiency Ratio(1) & Non-interest Expense Non-interest Expense Composition (YTD) Note: Financial data as of September 30, 2026 unless otherwise noted. (Dollars in millions) • Significant investment in people, processes, and technology over the last five years to prepare for crossing $10 billion. • Well positioned for growth. • Engaged third-party to help with a framework for investments in Enterprise Risk Management, Compliance and Operating efficiency. • Includes investments in digital, data science and customer experience to position the organization for growth. (1) Only 2026YTD Efficiency Ratio is adjusted above. Adjusted figures contain non-U.S. GAAP (generally accepted accounting principles in the United States or "U.S. GAAP") financial measures where management believes them to be helpful in understanding Park’s results of operations or financial position. Where non-U.S. GAAP financial measures are used, the comparable U.S. GAAP financial measures, can be found on slide 34. $298.0 $309.2 $321.3 $324.4 $313.7 61.2% 65.9% 61.4% 57.9% 55.1% 2022 2023 2024 2025 2026YTD Non-interest Expense Efficiency Ratio Salaries & Benefits 57% Occupancy 4% FF&E 3% Data Processing 14% Professional Fees 11% Other Non- interest Expense 11%
High Quality Capital Structure P A R K N A T I O N A L C O R P O R A T I O N 17 Tier 1 Capital Allowance for Credit Losses Note: Financial data as of September 30, 2026 unless otherwise noted. The ACL balance above is different that SEC disclosures because purchase credit deteriorated loans in nonaccrual status are excluded from capital. ACL $111.3 Common Equity Tier 1 $1,486.2 1 Regulatory Capital at September 30, 2026 (Dollars in millions) Trust Preferred $15.0
Robust Capital Ratios P A R K N A T I O N A L C O R P O R A T I O N 18 (1) Adequately capitalized thresholds plus capital conservation buffer of 2.5%. (2) Regional Peer Group was used, as defined in the 2026 proxy. Park’s 2026 Q3 data above is compared to peer median data as of 2026 Q2. (3) The decline in Total Risk-based Capital in 2025 was due to the payoff of $175MM of subordinated debt and $15MM of trust preferred securities. Note: All ratios presented are as of the end of the period. Note: Financial data as of September 30, 2026 unless otherwise noted. Tier 1 Leverage Ratio Common Equity Tier 1 Ratio Tier 1 Risk-based Capital Ratio Total Risk-based Capital Ratio (3) Regulatory Minimums(1) (1) (1) (1) (1) Peer Median Data(2) 9.9% 10.7% 11.5% 12.1% 12.0% 4.0% – 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 2022Q4 2023 Q4 2024 Q4 2025 Q4 2026 Q3 12.6% 12.8% 13.3% 14.0% 13.9% 7.0% – 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 2022Q4 2023 Q4 2024 Q4 2025 Q4 2026 Q3 12.8% 13.0% 13.5% 14.0% 14.0% 8.5% – 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 2022Q4 2023 Q4 2024 Q4 2025 Q4 2026 Q3 16.1% 16.2% 16.6% 15.1% 15.1% 10.5% 9.0% 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% 16.0% 17.0% 2022Q4 2023 Q4 2024 Q4 2025 Q4 2026 Q3
High-Quality and Diversified Loan Portfolio P A R K N A T I O N A L C O R P O R A T I O N 19 • Park has a well-secured loan portfolio with geographic and asset class diversity. • Out-of-market portfolio is largely limited to specialty lending, which has conservative underwriting and is subject to intensive loan monitoring. • Included in commercial, financial, and agricultural loans were loans originated through two specialty business lines: • $333.0 million in loans originated through Scope Leasing, Inc. • $256.9 million in structured finance loans. • 3% of total loans were agriculture related(1). • 34% of commercial real estate loans were owner-occupied. • $402.1 million of commercial real estate loans were fully or partially collateralized by non-owner-occupied office space. Of this amount, $397.8 million were accruing. Total Loan Portfolio: $9.77B QTD Yield on Loans: 6.42% (1) Agriculture related loans include farm loans and agricultural production loans. Note: Financial data as of September 30, 2026 unless otherwise noted. Commercial, Financial, and Agricultural 14% Commercial Real Estate 32% Construction Real Estate 7% Residential Real Estate 28% Consumer 19% Leases 0%
Healthy Allowance Levels Safeguard Shareholders’ Equity P A R K N A T I O N A L C O R P O R A T I O N 20 Allowance / Total LoansOverview • Allowance for credit losses was 1.12% of total loans as of September 30, 2026. • Conservative classification of commercial loans and prudent identification of problem credits. Provision / Net Charge-Offs $7,142 $7,476 $7,817 $8,051 $9,773 1.20% 1.12% 1.13% 1.15% 1.12% 2022 Q4 2023 Q4 2024 Q4 2025 Q4 2026 Q3 (Dollars in millions) Total Loans ACL / Loans 1.9x 0.6x 1.4x 1.8x 0.8x FY 2022 FY 2023 FY 2024 FY 2025 2026 YTD $ in thousands Net Charge-Off as % of Average Loans Net Charge-Off 2026 YTD 0.11% 7,895$ FY 2025 0.08% 6,481 FY 2024 0.14% 10,322 FY 2023 0.07% 4,921 FY 2022 0.03% 2,375
Stable Asset Quality P A R K N A T I O N A L C O R P O R A T I O N 21 Classified Loans(2) / Tier 1 Capital + ACL Overview • Conservative underwriting and strong asset quality. • Of the $86.9 million in nonaccrual loans, $60.3 million, or about 69.3%, were current with contractual payments at September 30, 2026. NPAs / Total Assets (1) (1) NPAs exclude accruing troubled debt restructuring loans and loans 90+ days past due. (2) Classified loans are defined as those rated substandard or individually evaluated - nonaccrual, excluding certain accruing PCD loans associated with the acquisitions of NewDominion Bank and CAB Financial Corporation. 0.82% 0.62% 0.70% 0.69% 0.83% 2022Q4 2023Q4 2024Q4 2025Q4 2026Q3 7.27% 4.25% 4.61% 3.77% 5.11% 2022Q4 2023Q4 2024Q4 2025Q4 2026Q3
Stable, Low-Cost Core Deposits P A R K N A T I O N A L C O R P O R A T I O N 22 • With minimal reliance on costly time deposits and a relatively high level of non-interest bearing deposits, Park has cultivated a loyal and low-cost source of funds. • Non-interest bearing deposits represented 29% of total deposits. • Public funds made up $1.8 billion, or approximately 17%, of total deposits. • Uninsured deposits totaled approximately $2.3 billion, or 22% of total deposits. This $2.3 billion included $635 million of deposits which were over $250,000, but were fully collateralized by Park’s investment securities portfolio. Total Deposits: $10.6 billion QTD Cost of Interest Bearing Deposits: 1.68% QTD Cost of Total Deposits: 1.19% Non-CD/Brokered Deposits over Total Deposits: 88% Note: Financial data as of September 30, 2026 unless otherwise noted. Non-interest Bearing 29% Transaction 29% Savings 30% Brokered/BID Deposits 0% CDs 12%
High Quality Securities Portfolio P A R K N A T I O N A L C O R P O R A T I O N 23 • Park’s investment securities portfolio is highly rated(1): • 80.1% are AAA rated or Agency Backed • 17.1% are AA+, AA, AA-, or A- rated • 2.8% are BBB, BBB-, or Not Rated • All mortgage-backed securities and collateralized mortgage obligations are U.S. government agency issued, and are primarily collateralized by 15-year residential mortgage loans. • All state and political subdivision securities are investment grade rated, many with credit enhancements. • The expected weighted average life of Park’s investment securities portfolio was 6.70 years at September 30, 2026. • $419.5 million of the securities portfolio is unpledged. • Park had a net unrealized loss on securities of $113.1 million, or 8.5% of the portfolio at September 30, 2026. • Park did not hold any held-to-maturity securities at September 30, 2026.QTD Yield on Securities: 3.61% Total Debt Securities: $1.22 billion (1) Securities portfolio ratings as of September 30, 2026. Note: Financial data as of September 30, 2026 unless otherwise noted Obligations of U.S. Government sponsored entities 7% States & Political Subdivisions 24% Agency Mortgage- Backed Securities 64% Collateralized Loan Obligations 2% Corporate Debt Securities 3%
P A R K N A T I O N A L C O R P O R A T I O N Appendix
Senior Management P A R K N A T I O N A L C O R P O R A T I O N 25 David L. Trautman – Chairman of the Board – Age: 65 (43 years with Park) • Chairman of the Board since May 2019. • CEO from January 2014 of Park and Park National Bank until December 2025. • President of Park and Park National Bank from January 2005 through April 2019. • President of First-Knox National Bank, a division of Park National Bank, from 1997 through 2002, and its Chairman of the Board from 2001 to 2006. • Holds an MBA with honors from The Ohio State University. • Earned an A.B. from Duke University and joined Park immediately following graduation. Matthew R. Miller – CEO and President – Age: 48 (17 years with Park) • CEO of Park and Park National Bank since January 2026. • President of Park and Park National Bank since May 2019. • Executive Vice President of Park and Park National Bank from April 2017 through April 2019. • Chief Accounting Officer of Park and Park National Bank from December 2012 through March 2017. • Vice President of Accounting at Park National Bank from March 2009 through December 2012. • Prior to joining Park, worked for eight years at Deloitte LLP, primarily serving clients in the financial services industry. • Earned a B.A. in accounting, graduating summa cum laude, from University of Akron.
Senior Management (continued) P A R K N A T I O N A L C O R P O R A T I O N 26 Brady T. Burt – Chief Financial Officer – Age: 54 (19 years with Park) • Chief Financial Officer of Park and Park National Bank since December 2012. • Chief Accounting Officer of Park and Park National Bank from April 2007 to December 2012. • Worked at Vail Banks, Inc. in various capacities from 2002 to 2006, including as CFO. • Earned a B.S. in accounting from Miami University. • Member of Board of Directors of Federal Home Loan Bank of Cincinnati, serving on each of the Audit Committee and the Risk Committee.
Experienced Management Team • Park National Bank’s management team consists of leaders with deep market knowledge. • The management team averages 26 years of banking experience. • The average team tenure with Park National Bank is approximately 19 years. P A R K N A T I O N A L C O R P O R A T I O N 27 Years in Industry Years with PNBAgePositionName 381058Chief Operations OfficerTodd M. Bogdan 271358Chief AuditorAdrienne M. Brokaw 202042Chief Credit OfficerBryan M. Campolo 292757Chief Wealth & Trust OfficerThomas M. Cummiskey 23453Chief Information OfficerMalory Dcosta 101044Corporate Services DirectorMark H. Miller 222245Chief Banking OfficerLaura F. Tussing 302260Chief Risk OfficerJeffrey A. Wilson
Installment Lending Portfolio P A R K N A T I O N A L C O R P O R A T I O N 28 Note: Financial data as of September 30, 2026 • Park National Bank’s installment portfolio includes $1.7B of indirect loans and $206MM of direct loans. Of which, $3.7MM is nonaccrual or 90+ days delinquent and the portfolio has experienced $5.5MM in net charge-offs during 2026. • Balances have nearly doubled since first exceeding $1B in 2017. • Weighted average FICO credit score of the portfolio is over 782.
Installment Lending Portfolio (continued) P A R K N A T I O N A L C O R P O R A T I O N 29 Note: Financial data as of September 30, 2026
Specialty Lending • Park has successfully operated in the specialty finance area for many years, specifically focusing on turbo-prop and light jets and structured finance lending to non-bank consumer finance companies. Net charge-offs in specialty lending have not materially impacted Park’s overall net charge-off rates over the last 10 years. • Park acquired Scope Leasing, Inc. in the mid-1990’s. Scope follows the same conservative underwriting posture as the commercial loan portfolio. Its lending team has years of industry experience and maintains a narrow focus as to acceptable aircraft underlying loans. Scope had loans of $333.0 million, or 3.41% of total loans, outstanding as of September 30, 2026. Scope offers aircraft loans from $200,000 to $5 million to individuals, small businesses, and major corporations across the country. • Park entered the structured finance lending business in 2008. It features a traditional asset-based lending line of business with daily cash collections, periodic customer audits, and an attractive risk/reward dynamic. The structured finance loans consist of loans to non-bank consumer finance companies throughout the nation. These asset-based loans are collateralized by cash flows from individuals, typically from auto loans financed by the non-bank consumer finance company. These loans have conservative underwriting and are subject to intensive loan monitoring. Structured finance loans represented $256.9 million, or 2.63% of total loans, outstanding as of September 30, 2026. P A R K N A T I O N A L C O R P O R A T I O N 30 Note: Financial data as of September 30, 2026 unless otherwise noted. Structured Finance 2.63% Scope Aircraft Finance 3.41% All Other Loans 93.96%
Insured Deposits Trend 81.9% 81.5% 78.4% 78.5% 78.0% 4.8% 4.6% 6.7% 6.6% 6.0% 13.3% 13.8% 14.9% 14.9% 16.1% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Insured Collateralized Uninsured & Uncollateralized 31
Reconciliation of Non-GAAP Financial Measures P A R K N A T I O N A L C O R P O R A T I O N 32 Reconciliation of Average Shareholders' Equity to Average Tangible Equity For the Twelve Months Ended For the Three Months Ended For the Nine Months Ended 12/31/2022 12/31/2023 12/31/2024 12/31/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 9/30/2026 Average Shareholders' Equity 1,076,879$ 1,097,143$ 1,197,120$ 1,305,225$ 1,318,277$ 1,341,399$ 1,585,084$ 1,721,078$ 1,748,647$ 1,685,535$ Less: Average Goodwill and Other Intangible Assets 166,337 164,960 163,669 162,536 162,400 162,152 247,015 301,545 301,740 283,634 Average Tangible Equity 910,542$ 932,183$ 1,033,451$ 1,142,689$ 1,155,877$ 1,179,247$ 1,338,069$ 1,419,533$ 1,446,907$ 1,401,901$ Reconciliation of Total Shareholders' Equity to Tangible Equity As of As of 12/31/2022 12/31/2023 12/31/2024 12/31/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 Total Shareholders' Equity 1,069,226$ 1,145,293$ 1,243,848$ 1,352,793$ 1,331,821$ 1,352,793$ 1,699,759$ 1,726,576$ 1,712,960$ Less: Goodwill and Other Intangible Assets 165,570 164,247 163,032 161,990 162,237 161,990 302,565 300,986 303,382 Tangible Equity 903,656$ 981,046$ 1,080,816$ 1,190,803$ 1,169,584$ 1,190,803$ 1,397,194$ 1,425,590$ 1,409,578$ Reconciliation of Total Assets to Tangible Assets As of As of 12/31/2022 12/31/2023 12/31/2024 12/31/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 Total Assets 9,854,993$ 9,836,453$ 9,805,350$ 9,805,013$ 9,862,068$ 9,805,013$ 12,983,967$ 12,677,010$ 12,646,245$ Less: Goodwill and Other Intangible Assets 165,570 164,247 163,032 161,990 162,237 161,990 302,565 300,986 303,382 Tangible Assets 9,690,746$ 9,672,206$ 9,642,318$ 9,643,023$ 9,699,831$ 9,643,023$ 12,681,402$ 12,376,024$ 12,342,863$
Reconciliation of Non-GAAP Financial Measures (continued) P A R K N A T I O N A L C O R P O R A T I O N 33 Reconciliation of Fully Taxable Equivalent Net Interest Income to Net Interest Income For the Twelve Months Ended For the Three Months Ended For the Nine Months Ended 12/31/2022 12/31/2023 12/31/2024 12/31/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 9/30/2026 Interest Income 378,247$ 471,670$ 522,965$ 544,540$ 138,952$ 136,892$ 154,777$ 172,327$ 173,854$ 500,958$ Fully Taxable Equivalent Adjustment 3,541 3,726 2,432 2,654 685 687 985 933 1,119 3,037 Fully Taxable Equivalent Interest Income 381,788$ 475,396$ 425,397$ 547,194$ 139,637$ 137,579$ 155,762$ 173,260$ 174,973$ 503,995$ Less: Interest Expense 31,188 98,557 124,946 107,229 27,935 23,966 28,997 33,470 33,111 95,578 Fully Taxable Equivalent Net Interest Income 350,600$ 376,839$ 400,451$ 439,965$ 111,702$ 113,613$ 126,765$ 139,790$ 141,862$ 408,417$ Reconciliation of Pre-Tax, Pre-Provision Net Income For the Twelve Months Ended For the Three Months Ended 12/31/2022 12/31/2023 12/31/2024 12/31/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 9/30/2026 Net Income 148,351$ 126,734$ 151,420$ 180,073$ 47,158$ 42,639$ 41,687$ 58,752$ 56,932$ 157,371$ Plus: Income Taxes 32,108 26,870 33,305 41,250 10,940 10,036 9,990 14,110 13,869 37,969 Plus: Provision for (Recovery of) Credit Losses 4,557 2,904 14,543 11,488 4,030 3,849 2,672 4,575 (964) 6,283 Pre-Tax, Pre-Provision Net Income 185,016$ 156,508$ 199,268$ 232,811$ 62,128$ 56,524$ 54,349$ 77,437$ 69,837$ 201,623$ Calculation of Allowance for Credit Losses / Loans As of As of 12/31/2022 12/31/2023 12/31/2024 12/31/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 Allowance for Credit Losses 85,379$ 83,745$ 87,966$ 92,973$ 91,758$ 92,973$ 108,590$ 110,686$ 109,869$ Loans 7,141,891 7,476,221 7,817,128 8,051,242 7,992,753 8,051,242 9,667,260 9,731,356 9,772,923 Allowance for Credit Losses / Loans 1.20% 1.12% 1.13% 1.15% 1.15% 1.15% 1.12% 1.14% 1.12% *Tangible book value = Tangible equity divided by common shares outstanding at period end. Tangible equity equals total shareholders' equity less goodwill and other intangible assets, in each case at the end of the period. *Average tangible assets equal average assets less average goodwill and other intangible assets, in each case during the applicable period. *Net interest margin is calculated on a fully taxable equivalent basis by dividing fully taxable equivalent net interest income by average interest earning assets, in each case during the applicable period. *Efficiency ratio is calculated by dividing total other expense by the sum of fully taxable equivalent net interest income and other income. Fully taxable equivalent net interest income reconciliation is shown assuming a 21% corporate federal income tax rate. *Return on Average Tangible Equity = Net income for each period divided by average tangible equity during the period. For the Nine Months Ended
Reconciliation of Non-GAAP Financial Measures (continued) 34 Financial Reconciliations NON-GAAP RECONCILIATIONS (in thousands, except share and per share data) 6/30/2026 9/30/2026 9/30/2026 Net interest income $ 138,857 $ 140,743 $ 405,380 less purchase accounting accretion 2,147 2,342 5,301 less interest income on former Vision Bank relationships - - 396 Net interest income - adjusted $ 136,710 $ 138,401 $ 399,683 Provision for (recovery of) credit losses $ 4,575 $ (964) $ 6,283 less recoveries on former Vision Bank relationships - - (7) Provision for (recovery of) credit losses - adjusted $ 4,575 $ (964) $ 6,290 Other income $ 39,540 $ 36,638 $ 109,906 less gain on sale of debt securities, net - - 1,084 less impact of strategic initiatives 148 - 148 less merger-related losses related to First Citizens acquisition - (295) (295) less Vision related OREO valuation adjustments, net - 1,257 1,561 less other service income related to former Vision Bank relationships - - (202) Other income - adjusted $ 39,392 $ 35,676 $ 107,610 Other expense $ 100,960 $ 107,544 $ 313,663 less intangible asset amortization 2,072 1,937 5,288 less merger-related expenses related to First Citizens acquisition 4,118 6,658 26,250 less impact of strategic initiatives (71) - 291 less purchase accounting amortization 36 34 90 less direct expenses related to collection of payments on former Vision Bank loan relationships - 130 324 Other expense - adjusted $ 94,805 $ 98,785 $ 281,420 Tax effect of adjustments to net income identified above $ 811 $ 1,146 $ 5,091 Net income - reported $ 58,752 $ 56,932 $ 157,371 Net income - adjusted $ 61,801 $ 61,241 $ 176,523 Diluted earnings per common share $ 3.23 $ 3.13 $ 8.77 Diluted earnings per common share, adjusted $ 3.40 $ 3.37 $ 9.84 Annualized return on average assets 1.84% 1.77% 1.69% Annualized return on average assets, adjusted 1.94% 1.91% 1.89% Annualized return on average tangible assets 1.89% 1.81% 1.73% Annualized return on average tangible assets, adjusted 1.99% 1.95% 1.94% Annualized return on average shareholders' equity 13.69% 12.92% 12.48% Annualized return on average shareholders' equity, adjusted 14.40% 13.89% 14.00% Annualized return on average tangible equity 16.60% 15.61% 15.01% Annualized return on average tangible equity, adjusted 17.46% 16.79% 16.84% Efficiency ratio 56.30% 60.25% 60.51% Efficiency ratio, adjusted 53.55% 56.39% 55.14% Annualized net interest margin 4.81% 4.84% 4.82% Annualized net interest margin, adjusted 4.73% 4.76% 4.75% PARK NATIONAL CORPORATION THREE MONTHS ENDED NINE MONTHS ENDED
Park National Corporation P A R K N A T I O N A L C O R P O R A T I O N