Park National declares $1.30 special dividend
Both the $1.10 quarterly and $1.30 special dividends are payable December 10, 2026, to shareholders of record November 20.
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 reported third-quarter 2026 net income of $56.9 million, up 20.7% from $47.2 million a year earlier; diluted earnings per common share were $3.13 versus $2.92. For the first nine months, net income was $157.4 million, up 14.5% from $137.4 million, and net interest income was $405.4 million, up 25.0% from $324.4 million.
The third quarter included $7.0 million ($5.5 million after tax) in expenses related to First Citizens; the first nine months included $26.5 million ($21.0 million after tax) in merger-related expenses and other income-reducing charges. Park completed its acquisition of First Citizens Bancshares on February 1, 2026, issuing 1,988,131 common shares as consideration in a transaction valued at $324.1 million.
The board declared a $1.10 quarterly dividend and a $1.30 special dividend per common share, both payable December 10, 2026, to holders of record November 20, 2026. Total loans increased $1.72 billion during 2026, including $1.58 billion acquired in the First Citizens transaction; deposits rose $2.38 billion, including $2.22 billion acquired.
2 points · 0 major0 major · 0 points
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.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointNet income increased 20.7% in Q3 and 14.5% for the first nine months.
- Minor point. Forward-looking: it has not happened yet and may not happen.Special dividend of $1.30 per common share payable December 10, 2026.
Negative
- None.
Filing Explained
Outside the acquired Tennessee region, loans rose $137.9 million and deposits $339.0 million from year-end through September 30, 2026.
Park says the First Citizens acquisition-date fair-value estimates remained preliminary at
Excluding the Tennessee region, loans rose
8-K Event Classification
4 items: 2.02, 7.01, 8.01, 9.01
4 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Third-quarter net income: $56.9 million
Nine-month net income: $157.4 million
Third-quarter diluted earnings per common share: $3.13 per common share
+5 more
8 metrics
Third-quarter net income
$56.9 million
Three months ended September 30, 2026; $47.2 million in the same period of 2025
Nine-month net income
$157.4 million
Nine months ended September 30, 2026; $137.4 million in 2025
Third-quarter diluted earnings per common share
$3.13 per common share
Three months ended September 30, 2026; $2.92 in the same period of 2025
Nine-month net interest income
$405.4 million
Nine months ended September 30, 2026; $324.4 million in 2025
Cash dividends declared
$1.10 quarterly and $1.30 special per common share
Both payable December 10, 2026, to holders of record November 20, 2026
First Citizens acquisition value
$324.1 million
Acquisition completed February 1, 2026
Common shares issued as merger consideration
1,988,131 shares
First Citizens acquisition
Nine-month merger-related expenses and other income-reducing charges
$26.5 million
Nine months ended September 30, 2026; $21.0 million after tax
Key Terms
pre-tax, pre-provision net income, fully taxable equivalent, purchase accounting accretion, acquisition method of accounting
4 terms
pre-tax, pre-provision net income financial
"pre-tax, pre-provision net income for the three months ended"
A bank profitability measure that shows earnings before income taxes and before the reserves set aside for potential loan losses (provisions). It isolates core operating profit so investors can see how the business is performing before one-time tax effects and anticipated credit problems, much like checking an engine’s horsepower before loading the car — useful for comparing performance across periods and peers and judging resilience to loan losses.
fully taxable equivalent financial
"fully taxable equivalent net interest income"
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.
purchase accounting accretion financial
"including purchase accounting accretion of $1.6 million"
Purchase accounting accretion describes how an acquisition’s required accounting adjustments change a company’s reported earnings per share after the deal. When the purchase price is reallocated to the acquired assets and liabilities, certain items (like tax effects, depreciation or amortization) are recorded differently, and those changes can make reported earnings per share rise over time — showing whether the transaction boosts or dilutes per-share results. Investors use it like checking whether two merged household budgets will increase the amount left over each month after relabeling expenses.
acquisition method of accounting financial
"The First Citizens acquisition was accounted for under the acquisition method of accounting."
An accounting method used when one company obtains control of another; the acquirer records the purchase by measuring the fair value of the consideration it gives up, identifying and measuring the acquiree’s identifiable assets and liabilities at their fair values, and recognizing either goodwill for excess purchase price or a gain if the fair value of net assets exceeds consideration. Measurement-period adjustments are allowed to revise provisional amounts as more information becomes available; the method applies only when control is obtained and replaces earlier approaches that combined owners’ interests without fair-value measurement.
Earnings Snapshot
Third-quarter net income: $56.9 million
Third quarter and nine months ended September 30, 2026
Third-quarter net income
$56.9 million
+20.7% from $47.2 million
Nine-month net income
$157.4 million
+14.5% from $137.4 million
Nine-month net interest income
$405.4 million
+25.0% from $324.4 million
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much did PRK earn in the third quarter of 2026?
Park reported $56.9 million in net income for the three months ended September 30, 2026, up 20.7% from $47.2 million for the same period in 2025. Diluted earnings per common share were $3.13, compared with $2.92.
What dividends did PRK declare, and when are they payable?
The board declared a $1.10 quarterly dividend and a $1.30 special dividend per common share. Both are payable December 10, 2026, to common shareholders of record as of November 20, 2026.
How is Park finalizing its First Citizens acquisition accounting?
Park accounted for the acquisition under the acquisition method of accounting. Fair-value estimates, including initial deferred-tax accounting, were preliminary as of September 30, 2026, and subject to adjustment for up to one year after the acquisition date. The measurement period ends earlier if Park concludes it has obtained all necessary information about facts and circumstances existing on the acquisition date.
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 2.02 - Results of Operations and Financial Condition
On October 26, 2026, Park National Corporation (“Park”) issued a news release (the “Financial Results News Release”) announcing financial results for the three and nine months ended September 30, 2026. A copy of the Financial Results News Release is included as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.
Non-U.S. GAAP Financial Measures
Item 7.01 of this Current Report on Form 8-K as well as the Financial Results News Release contain non-U.S. GAAP (generally accepted accounting principles in the United States or "U.S. GAAP") financial measures where management believes them to be helpful in understanding Park’s results of operations or financial position. Where non-U.S. GAAP financial measures are used, the comparable U.S. GAAP financial measures, as well as the reconciliation from the comparable U.S. GAAP financial measures, can be found in the Financial Results News Release.
Items Impacting Comparability of Period Results
From time to time, revenue, expenses and/or taxes are impacted by items judged by management of Park to be outside of ordinary banking activities and/or by items that, while they may be associated with ordinary banking activities, are so unusually large that their impact is believed by management of Park at that time to be infrequent or short-term in nature. Most often, these items impacting comparability of period results are due to merger and acquisition activities and revenue and expenses related to former Vision Bank loan relationships. In other cases, they may result from management's decisions associated with significant corporate actions outside of the ordinary course of business.
Even though certain revenue and expense items are naturally subject to more volatility than others due to changes in market and economic environment conditions, as a general rule, volatility alone does not result in the inclusion of an item as one impacting comparability of period results. For example, changes in the provision for credit losses (aside from those related to former Vision Bank loan relationships), gains (losses) on equity securities, net, and asset valuation adjustments, reflect ordinary banking activities and are, therefore, typically excluded from consideration as items impacting comparability of period results.
Management believes the disclosure of items impacting comparability of period results provides a better understanding of Park's performance and trends and allows management to ascertain which of such items, if any, to include or exclude from an analysis of Park's performance; i.e., within the context of determining how that performance differed from expectations, as well as how, if at all, to adjust estimates of future performance taking such items into account.
Items impacting comparability of the results of particular periods are not intended to be a complete list of items that may materially impact current or future period performance.
Calculation of Non-U.S. GAAP Financial Measures
Park's management uses certain non-U.S. GAAP financial measures to evaluate Park's performance. Specifically, management reviews the return on average tangible equity, the return on average tangible assets, the tangible equity to tangible assets ratio, tangible book value per common share and pre-tax, pre-provision net income.
Management has included in the Financial Results News Release information relating to the annualized return on average tangible equity, the annualized return on average tangible assets, the tangible equity to tangible assets ratio, tangible book value per common share and pre-tax, pre-provision net income for the three months ended and at September 30, 2026, June 30, 2026, and September 30, 2025 and for the nine months ended September 30, 2026 and September 30, 2025. For the purpose of calculating the annualized return on average tangible equity, a non-U.S. GAAP financial measure, net income for each period is divided by average tangible equity during the period. Average tangible equity equals average shareholders' equity during the applicable period less average goodwill and other intangible assets during the applicable period. For the purpose of calculating the annualized return on average tangible assets, a non-U.S. GAAP financial measure, net income for each period is divided by average tangible assets during the period. Average tangible assets equals average assets during the applicable period less average goodwill and other intangible assets during the applicable period. For the purpose of calculating the tangible equity to tangible assets ratio, a non-U.S. GAAP financial measure, tangible equity is divided by tangible assets. Tangible equity equals total shareholders' equity less goodwill and other intangible assets, in each case at period end. Tangible assets equal total assets less goodwill and other intangible assets, in each case at period end. For the purpose of calculating tangible book value per common share, a non-U.S. GAAP financial measure, tangible equity is divided by the number of common shares outstanding, in each case at period end. For the purpose of calculating pre-tax, pre-provision net income, a non-U.S. GAAP financial measure, income taxes and the provision for credit losses are added back to net income, in each case during the applicable period.
2
Management believes that the disclosure of the annualized return on average tangible equity, the annualized return on average tangible assets, the tangible equity to tangible assets ratio, tangible book value per common share and pre-tax, pre-provision net income presents additional information to the reader of the consolidated financial statements, which, when read in conjunction with the consolidated financial statements prepared in accordance with U.S. GAAP, assists in analyzing Park's operating performance, ensures comparability of operating performance from period to period, and facilitates comparisons with the performance of Park's peer financial holding companies and bank holding companies, while eliminating certain non-operational effects of acquisitions. In the Financial Results News Release, Park has provided a reconciliation of average tangible equity from average shareholders' equity, average tangible assets from average assets, tangible equity from total shareholders' equity, tangible assets from total assets, and pre-tax, pre-provision net income from net income solely for the purpose of complying with SEC Regulation G and not as an indication that the annualized return on average tangible equity, the annualized return on average tangible assets, the tangible equity to tangible assets ratio, tangible book value per common share and pre-tax, pre-provision net income are substitutes for the annualized return on average equity, the annualized return on average assets, the total shareholders' equity to total assets ratio, book value per common share and net income, respectively, as determined in accordance with U.S. GAAP.
FTE (fully taxable equivalent) Financial Measures
Interest income, yields, and ratios on a FTE basis are considered non-U.S. GAAP financial measures. Management believes net interest income on a FTE basis provides an insightful picture of the interest margin for comparison purposes. The FTE basis also allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The FTE basis assumes a corporate federal statutory tax rate of 21 percent. In the Financial Results News Release, Park has provided a reconciliation of FTE interest income solely for the purpose of complying with SEC Regulation G and not as an indication that FTE interest income, yields and ratios are substitutes for interest income, yields and ratios, as determined in accordance with U.S. GAAP.
Information Furnished Under Items 2.02 and 7.01
The information contained in Item 2.02 and Item 7.01 of this Current Report on Form 8‑K, including Exhibit 99.1, shall not be deemed 'filed' for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act except as expressly set forth by specific reference in such filing.
3
Item 7.01 - Regulation FD Disclosure
On February 1, 2026, First Citizens Bancshares, Inc., a Tennessee corporation (“First Citizens”) merged into Park, with Park continuing as the surviving corporation. Immediately following the merger, First Citizens National Bank ("FCNB"), a national banking association and a wholly-owned subsidiary of First Citizens, merged into The Park National Bank ("PNB"), with PNB as the surviving bank. FCNB’s former operations now comprise Park’s newly established Tennessee region.
On the acquisition date, First Citizens had $2.6 billion in total assets, $1.6 billion in total loans, and $2.2 billion in total deposits. The acquisition was valued at $324.1 million and resulted in Park issuing 1,988,131 Park common shares as merger consideration in exchange for First Citizens outstanding common stock. For the nine months ended September 30, 2026, Park recorded $26.5 million of merger-related expenses and other income reducing charges associated with the First Citizens acquisition.
The First Citizens acquisition was accounted for under the acquisition method of accounting. Assets acquired and liabilities assumed in the acquisition were recorded at their estimated fair values as of the acquisition date. These estimates were recorded based on preliminary valuations, and these estimates, including the initial accounting for deferred taxes, are considered preliminary as of September 30, 2026, and subject to adjustment for up to one year after the acquisition date. Accordingly, the preliminary estimates and assumptions are subject to change and the final acquisition accounting may differ materially from the amounts presented herein.
In many cases, the determination of fair value required management to make estimates about discount rates, expected future cash flows, market conditions and other future events that are highly subjective in nature and subject to change. While Park believes that the information available on the acquisition date provided a reasonable basis for estimating fair value, additional information may be obtained during the measurement period that would result in changes to the estimated fair value amounts. The measurement period ends on the earlier of one year after the acquisition date or the date Park concludes that all necessary information about the facts and circumstances that existed as of the acquisition date have been obtained. Management anticipates that facts obtained during the measurement period could result in adjustments to the valuation amounts.
Financial Results
Net income for the three months ended September 30, 2026 of $56.9 million represented a $9.8 million, or 20.7%, increase compared to $47.2 million for the three months ended September 30, 2025. Pre-tax, pre-provision net income for the three months ended September 30, 2026 of $69.8 million represented a $7.7 million, or 12.4%, increase compared to $62.1 million for the three months ended September 30, 2025.
Net income for the nine months ended September 30, 2026 of $157.4 million represented a $19.9 million, or 14.5%, increase compared to $137.4 million for the nine months ended September 30, 2025. Pre-tax, pre-provision net income for the nine months ended September 30, 2026 of $201.6 million represented a $25.3 million, or 14.4%, increase compared to $176.3 million for the nine months ended September 30, 2025.
Net income for each of the three months ended September 30, 2026, June 30, 2026 and September 30, 2025 and for the nine months ended September 30, 2026 and September 30, 2025 included several items of income and expense, including merger-related expenses, that impacted comparability of period results. These items are detailed in the "Financial Reconciliations" section within the Financial Results News Release.
4
The following discussion provides additional information regarding Park's financial results for the third quarter and first nine months of 2026.
Overview
The following table reflects Park's net income for the first, second and third quarters of 2026, for the first nine months of 2026 and 2025 (the nine months ended September 30), and for the year ended December 31, 2025.
| (In thousands) | Q3 2026 | Q2 2026 | Q1 2026 | Nine months YTD 2026 | Nine months YTD 2025 | 2025 | ||||||||||||||
| Net interest income | $ | 140,743 | $ | 138,857 | $ | 125,780 | $ | 405,380 | $ | 324,385 | $ | 437,311 | ||||||||
| (Recovery of) provision for credit losses | (964) | 4,575 | 2,672 | 6,283 | 7,639 | 11,488 | ||||||||||||||
| Other income | 36,638 | 39,540 | 33,728 | 109,906 | 88,506 | 119,881 | ||||||||||||||
| Other expense | 107,544 | 100,960 | 105,159 | 313,663 | 236,604 | 324,381 | ||||||||||||||
| Income before income taxes | $ | 70,801 | $ | 72,862 | $ | 51,677 | $ | 195,340 | $ | 168,648 | $ | 221,323 | ||||||||
| Income tax expense | 13,869 | 14,110 | 9,990 | 37,969 | 31,214 | 41,250 | ||||||||||||||
| Net income | $ | 56,932 | $ | 58,752 | $ | 41,687 | $ | 157,371 | $ | 137,434 | $ | 180,073 | ||||||||
Net interest income of $405.4 million for the nine months ended September 30, 2026 represented a $81.0 million, or 25.0%, increase compared to $324.4 million for the nine months ended September 30, 2025. The increase was a result of a $93.3 million increase in interest income, partially offset by a $12.3 million increase in interest expense. The $93.3 million increase in interest income was due to a $81.0 million increase in interest income on loans and a $12.3 million increase in investment income.
The $81.0 million increase in interest income on loans was primarily the result of a $1.61 billion (or 20.34%) increase in average loans, from $7.90 billion for the nine months ended September 30, 2025 to $9.51 billion for the nine months ended September 30, 2026, as well as an increase in the yield on loans, which increased 8 basis points to 6.40% for the nine months ended September 30, 2026, compared to 6.32% for the nine months ended September 30, 2025. Interest income on loans was impacted by the acquisition of First Citizens on February 1, 2026. The newly formed Tennessee region contributed $68.7 million to loan interest income during the nine months ended September 30, 2026, including purchase accounting accretion of $1.6 million.
The $12.3 million increase in investment income was primarily the result of a $443.6 million (or 32.03%) increase in average investments, including money market investments, from $1.38 billion for the nine months ended September 30, 2025 to $1.83 billion for the nine months ended September 30, 2026. This increase was also impacted by an increase in the yield on investments, including money market investments, which increased 11 basis points to 3.58% for the nine months ended September 30, 2026, compared to 3.47% for the nine months ended September 30, 2025. The increase in average investments was primarily due to the acquisition of First Citizens'.
The $12.3 million increase in interest expense was due to a $17.1 million increase in interest expense on deposits, partially offset by a $4.8 million decrease in interest expense on borrowings.
The $17.1 million increase in interest expense on deposits was the result of a $1.65 billion (or 28.29%) increase in average on-balance sheet interest bearing deposits from $5.83 billion for the nine months ended September 30, 2025, to $7.48 billion for the nine months ended September 30, 2026. This increase was partially offset by a decrease in the cost of deposits of 7 basis points, from 1.74% for the nine months ended September 30, 2025 to 1.67% for the nine months ended September 30, 2026. Interest expense on deposits was impacted by the acquisition of First Citizens' which contributed $27.7 million to interest expense on deposits during the nine months ended September 30, 2026.
The $4.8 million decrease in interest expense on borrowings was the result of a decrease in the cost of borrowings of 153 basis points, from 3.82% for the nine months ended September 30, 2025 to 2.29% for the nine months ended September 30, 2026 as well as a $114.4 million (or 45.53%) decrease in average borrowings from $251.3 million for the nine months ended September 30, 2025, to $136.9 million for the nine months ended September 30, 2026. The balance of average borrowings was impacted by the redemption of subordinated debt. On September 1, 2025, $175.0 million of subordinated debt was repaid, followed by an additional repayment of $15.0 million of subordinated debt on September 30, 2025.
5
The provision for credit losses of $6.3 million for the nine months ended September 30, 2026 represented a decrease of $1.4 million, compared to $7.6 million for the nine months ended September 30, 2025. Refer to the “Credit Metrics and Provision for Credit Losses” section for additional details regarding the level of the provision for credit losses recognized in each period presented.
The table below reflects Park's total other income for the nine months ended September 30, 2026 and 2025.
| (Dollars in thousands) | 2026 | 2025 | $ change | % change | ||||||||||
| Other income: | ||||||||||||||
| Income from fiduciary activities | $ | 39,317 | $ | 33,931 | $ | 5,386 | 15.9 | % | ||||||
| Service charges on deposit accounts | 10,519 | 7,499 | 3,020 | 40.3 | % | |||||||||
| Other service income | 12,128 | 10,383 | 1,745 | 16.8 | % | |||||||||
| Debit card fee income | 23,337 | 19,300 | 4,037 | 20.9 | % | |||||||||
| Bank owned life insurance income | 5,697 | 4,833 | 864 | 17.9 | % | |||||||||
| ATM fees | 1,256 | 1,073 | 183 | 17.1 | % | |||||||||
| Gain on sale of debt securities, net | 1,084 | — | 1,084 | N.M. | ||||||||||
| Gain on equity securities, net | 6,318 | 1,069 | 5,249 | N.M. | ||||||||||
| Other components of net periodic benefit income | 7,390 | 7,032 | 358 | 5.1 | % | |||||||||
| Miscellaneous | 2,860 | 3,386 | (526) | (15.5) | % | |||||||||
| Total other income | $ | 109,906 | $ | 88,506 | $ | 21,400 | 24.2 | % | ||||||
Other income of $109.9 million for the nine months ended September 30, 2026 represented an increase of $21.4 million, or 24.2%, compared to $88.5 million for the nine months ended September 30, 2025. Total other income was impacted by the acquisition of First Citizens' which added $9.0 million to total other income for the nine months ended September 30, 2026.
The $5.4 million increase in income from fiduciary activities was largely due to a 10.2% increase in the average market value of assets under management. The market value of assets under management as of September 30, 2026 was $9.9 billion, of which $288.7 million was from the Tennessee region. The newly formed Tennessee region contributed $1.3 million to income from fiduciary activities for the nine months ended September 30, 2026.
The $3.0 million increase in service charges on deposits was largely due to an increase in non-sufficient funds fees and maintenance fees on deposits as a result of the acquisition of First Citizens.
The $1.7 million increase in other service income was mainly due to an increase in mortgage related other service income. The newly formed Tennessee region contributed $1.6 million to other service income for the nine months ended September 30, 2026.
The $4.0 million increase in debit card fee income was primarily related to an increase in sales and debit card transactions. The newly formed Tennessee region contributed $3.4 million to debit card fee income for the nine months ended September 30, 2026.
The change in gain on sale of debt securities, net was due to net gains on the sale of debt securities of $1.1 million recorded during the nine months ended September 30, 2026. There were no sales of debt securities for the nine months ended September 30, 2025. The securities sold during the nine months ended September 30, 2026 were acquired from First Citizens'.
The change in gain on equity securities, net was due to net gains on both equity securities carried at fair value and capital investments during the nine months ended September 30, 2026 compared to lower net gains on equity securities carried at fair value and on capital investments during the same period of 2025.
6
The table below reflects Park's total other expense for the nine months ended September 30, 2026 and 2025.
| (Dollars in thousands) | 2026 | 2025 | $ change | % change | ||||||||||
| Other expense: | ||||||||||||||
| Salaries | $ | 143,012 | $ | 113,420 | $ | 29,592 | 26.1 | % | ||||||
| Employee benefits | 36,224 | 29,516 | 6,708 | 22.7 | % | |||||||||
| Occupancy expense | 12,937 | 10,030 | 2,907 | 29.0 | % | |||||||||
| Furniture and equipment expense | 8,602 | 6,754 | 1,848 | 27.4 | % | |||||||||
| Data processing fees | 42,660 | 33,081 | 9,579 | 29.0 | % | |||||||||
| Professional fees and services | 34,730 | 22,177 | 12,553 | 56.6 | % | |||||||||
| Marketing | 4,714 | 4,330 | 384 | 8.9 | % | |||||||||
| Insurance | 6,067 | 4,821 | 1,246 | 25.8 | % | |||||||||
| Communication | 4,488 | 3,382 | 1,106 | 32.7 | % | |||||||||
| State tax expense | 4,400 | 3,718 | 682 | 18.3 | % | |||||||||
| Amortization of intangible assets | 5,288 | 795 | 4,493 | N.M. | ||||||||||
| Miscellaneous | 10,541 | 4,580 | 5,961 | 130.2 | % | |||||||||
| Total other expense | $ | 313,663 | $ | 236,604 | $ | 77,059 | 32.6 | % | ||||||
Total other expense of $313.7 million for the nine months ended September 30, 2026 represented an increase of $77.1 million compared to $236.6 million for the nine months ended September 30, 2025. Included within total other expense are merger-related costs, along with the expanded other expense base that stems from the acquisition of First Citizens. Total other expense for the nine months ended 2026 included $26.3 million in merger-related expenses and $38.4 million related to Park's newly formed Tennessee region and other acquired entities. The breakout of these expenses is detailed in the table below.
| (Dollars in thousands) | 2026 | Merger Related | TN Region | Adjusted 2026 * | 2025 | $ change (Adjusted 2026 to 2025) | % change (Adjusted 2026 to 2025) | ||||||||||||||||||||||
| Other expense: | |||||||||||||||||||||||||||||
| Salaries | $ | 143,012 | $ | 9,375 | $ | 16,366 | $ | 117,271 | $ | 113,420 | $ | 3,851 | 3.4 | % | |||||||||||||||
| Employee benefits | 36,224 | 130 | 4,107 | 31,987 | 29,516 | 2,471 | 8.4 | % | |||||||||||||||||||||
| Occupancy expense | 12,937 | — | 2,037 | 10,900 | 10,030 | 870 | 8.7 | % | |||||||||||||||||||||
| Furniture and equipment expense | 8,602 | 34 | 1,909 | 6,659 | 6,754 | (95) | (1.4) | % | |||||||||||||||||||||
| Data processing fees | 42,660 | 260 | 4,388 | 38,012 | 33,081 | 4,931 | 14.9 | % | |||||||||||||||||||||
| Professional fees and services | 34,730 | 15,619 | 541 | 18,570 | 22,177 | (3,607) | (16.3) | % | |||||||||||||||||||||
| Marketing | 4,714 | 20 | 430 | 4,264 | 4,330 | (66) | (1.5) | % | |||||||||||||||||||||
| Insurance | 6,067 | 33 | 1,525 | 4,509 | 4,821 | (312) | (6.5) | % | |||||||||||||||||||||
| Communication | 4,488 | 57 | 949 | 3,482 | 3,382 | 100 | 3.0 | % | |||||||||||||||||||||
| State tax expense | 4,400 | — | 561 | 3,839 | 3,718 | 121 | 3.3 | % | |||||||||||||||||||||
| Amortization of intangible assets | 5,288 | — | 4,174 | 1,114 | 795 | 319 | 40.1 | % | |||||||||||||||||||||
| Miscellaneous | 10,541 | 722 | 1,417 | 8,402 | 4,580 | 3,822 | 83.4 | % | |||||||||||||||||||||
| Total other expense | $ | 313,663 | $ | 26,250 | $ | 38,404 | $ | 249,009 | $ | 236,604 | $ | 12,405 | 5.2 | % | |||||||||||||||
*Non-GAAP
The $3.9 million increase in adjusted salaries expense was primarily related to increases in base salaries expense, incentive compensation and share based compensation expense. The $2.5 million increase in adjusted employee benefits expense was primarily related to increases in group insurance expense, partially offset by decreases in other employee benefit expenses. The $870,000 increase in adjusted occupancy expense was primarily related to increases in expenses connected to strategic
7
initiatives and increases in maintenance and repairs expense. The $4.9 million increase in adjusted data processing fees was mainly related to an increase in software related expenses and ATM and debit card processing expense. Data processing fees in the Tennessee region reflect the costs of running two core systems until operational conversion, which occurred in the third quarter of 2026. The $3.6 million decrease in adjusted professional fees and services was primarily due to decreases in consulting expenses, credit services expense, temporary wage expense and other professional fees, partially offset by increases in legal services expense and appraisal fee expense. The $3.8 million increase in adjusted miscellaneous expense is primarily due to an increase in other non-loan related losses and allowance for unfunded credit loss expense.
The table below provides certain balance sheet information and financial ratios for Park as of or for the nine months ended September 30, 2026 and 2025 and the year ended December 31, 2025.
| (Dollars in thousands) | September 30, 2026 | December 31, 2025 | September 30, 2025 | % change from 12/31/25 | % change from 9/30/25 | |||||||||||||||
| Loans | 9,772,923 | 8,051,242 | 7,992,753 | 21.38 | % | 22.27 | % | |||||||||||||
| Allowance for credit losses | 109,869 | 92,973 | 91,758 | 18.17 | % | 19.74 | % | |||||||||||||
| Net loans | 9,663,054 | 7,958,269 | 7,900,995 | 21.42 | % | 22.30 | % | |||||||||||||
| Investment securities | 1,334,410 | 802,142 | 926,934 | 66.36 | % | 43.96 | % | |||||||||||||
| Total assets | 12,646,245 | 9,805,013 | 9,862,068 | 28.98 | % | 28.23 | % | |||||||||||||
| Total deposits | 10,624,491 | 8,243,713 | 8,329,924 | 28.88 | % | 27.55 | % | |||||||||||||
Average assets (1) | 12,463,165 | 10,107,816 | 10,120,742 | 23.30 | % | 23.14 | % | |||||||||||||
Efficiency ratio (2) | 60.51 | % | 57.94 | % | 57.03 | % | 4.44 | % | 6.10 | % | ||||||||||
| Return on average assets | 1.69 | % | 1.78 | % | 1.82 | % | (5.06) | % | (7.14) | % | ||||||||||
(1) Average assets for the nine months ended September 30, 2026 and 2025 and for the year ended December 31, 2025.
(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 $3.0 million, $2.0 million and $2.7 million, respectively, for the nine months ended September 30, 2026 and 2025 and the year ended December 31, 2025, respectively.
Loans
Loans outstanding at September 30, 2026 were $9.77 billion, compared to (i) $8.05 billion at December 31, 2025, an increase of $1.72 billion, and (ii) $7.99 billion at September 30, 2025, an increase of $1.78 billion. The table below breaks out the change in loans outstanding, by loan type.
| (Dollars in thousands) | September 30, 2026 | December 31, 2025 | September 30, 2025 | $ change from 12/31/25 | % change from 12/31/25 | $ change from 9/30/25 | % change from 9/30/25 | ||||||||||||||||||||||
| Home equity | $ | 333,998 | $ | 241,478 | $ | 230,141 | $ | 92,520 | 38.3 | % | $ | 103,857 | 45.1 | % | |||||||||||||||
| Installment | 1,857,532 | 1,843,494 | 1,876,977 | 14,038 | 0.8 | % | (19,445) | (1.0) | % | ||||||||||||||||||||
| Real estate | 1,587,832 | 1,482,728 | 1,500,903 | 105,104 | 7.1 | % | 86,929 | 5.8 | % | ||||||||||||||||||||
| Commercial | 5,991,795 | 4,481,519 | 4,383,732 | 1,510,276 | 33.7 | % | 1,608,063 | 36.7 | % | ||||||||||||||||||||
| Other | 1,766 | 2,023 | 1,000 | (257) | (12.7) | % | 766 | 76.6 | % | ||||||||||||||||||||
Total loans | $ | 9,772,923 | $ | 8,051,242 | $ | 7,992,753 | $ | 1,721,681 | 21.4 | % | $ | 1,780,170 | 22.3 | % | |||||||||||||||
8
Excluding loans outstanding in Park's newly formed Tennessee region, loans outstanding at September 30, 2026 were $8.19 billion, compared to (i) $8.05 billion at December 31, 2025, an increase of $137.9 million, and (ii) $7.99 billion at September 30, 2025, an increase of $196.3 million. The table below breaks out the change in loans outstanding, by loan type.
| (Dollars in thousands) | September 30, 2026 | December 31, 2025 | September 30, 2025 | $ change from 12/31/25 | % change from 12/31/25 | $ change from 9/30/25 | % change from 9/30/25 | ||||||||||||||||||||||
| Home equity | $ | 264,809 | $ | 241,478 | $ | 230,141 | $ | 23,331 | 9.7 | % | $ | 34,668 | 15.1 | % | |||||||||||||||
| Installment | 1,841,310 | 1,843,494 | 1,876,977 | (2,184) | (0.1) | % | (35,667) | (1.9) | % | ||||||||||||||||||||
| Real estate | 1,406,131 | 1,482,728 | 1,500,903 | (76,597) | (5.2) | % | (94,772) | (6.3) | % | ||||||||||||||||||||
| Commercial | 4,675,412 | 4,481,519 | 4,383,732 | 193,893 | 4.3 | % | 291,680 | 6.7 | % | ||||||||||||||||||||
| Other | 1,435 | 2,023 | 1,000 | (588) | (29.1) | % | 435 | 43.5 | % | ||||||||||||||||||||
Total loans | $ | 8,189,097 | $ | 8,051,242 | $ | 7,992,753 | $ | 137,855 | 1.7 | % | $ | 196,344 | 2.5 | % | |||||||||||||||
Park's allowance for credit losses was $109.9 million at September 30, 2026, compared to $93.0 million at December 31, 2025, an increase of $16.9 million, or 18.2%. 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.
Deposits
Total deposits at September 30, 2026 were $10.62 billion, compared to (i) $8.24 billion at December 31, 2025, an increase of $2.38 billion and (ii) $8.33 billion at September 30, 2025, an increase of $2.29 billion. Total deposits including off balance sheet deposits at September 30, 2026 were $10.62 billion, compared to (i) $8.35 billion at December 31, 2025, an increase of $2.28 billion and (ii) $8.48 billion at September 30, 2025, an increase of $2.14 billion.
| (Dollars in thousands) | September 30, 2026 | December 31, 2025 | September 30, 2025 | $ change from 12/31/25 | % change from 12/31/25 | $ change from 9/30/25 | % change from 9/30/25 | ||||||||||||||||||||||
| Non-interest bearing deposits | $ | 3,054,899 | $ | 2,656,093 | $ | 2,601,666 | $ | 398,806 | 15.0 | % | $ | 453,233 | 17.4 | % | |||||||||||||||
| Transaction accounts | 3,119,717 | 2,032,497 | 2,141,681 | 1,087,220 | 53.5 | % | 978,036 | 45.7 | % | ||||||||||||||||||||
| Savings | 3,164,962 | 2,765,171 | 2,793,163 | 399,791 | 14.5 | % | 371,799 | 13.3 | % | ||||||||||||||||||||
| Certificates of deposit | 1,244,564 | 772,952 | 773,514 | 471,612 | 61.0 | % | 471,050 | 60.9 | % | ||||||||||||||||||||
| Brokered and bid CD deposits | 40,349 | 17,000 | 19,900 | 23,349 | 137.3 | % | 20,449 | 102.8 | % | ||||||||||||||||||||
| Total deposits | $ | 10,624,491 | $ | 8,243,713 | $ | 8,329,924 | $ | 2,380,778 | 28.9 | % | $ | 2,294,567 | 27.5 | % | |||||||||||||||
| Off balance sheet deposits | $ | — | $ | 105,265 | $ | 150,823 | (105,265) | (100.0) | % | (150,823) | (100.0) | % | |||||||||||||||||
| Total deposits including off balance sheet deposits | $ | 10,624,491 | $ | 8,348,978 | $ | 8,480,747 | 2,275,513 | 27.3 | % | 2,143,744 | 25.3 | % | |||||||||||||||||
9
Excluding total deposits in Park's newly formed Tennessee region, total deposits at September 30, 2026 were $8.58 billion, compared to (i) $8.24 billion at December 31, 2025, an increase of $339.0 million and (ii) $8.33 billion at September 30, 2025, an increase of $252.8 million. Total deposits, excluding total deposits in Park's newly formed Tennessee region, including off balance sheet deposits at September 30, 2026 were $8.58 billion, compared to (i) $8.35 billion at December 31, 2025, an increase of $233.8 million and (ii) $8.48 billion at September 30, 2025, an increase of $102.0 million.
| (Dollars in thousands) | September 30, 2026 | December 31, 2025 | September 30, 2025 | $ change from 12/31/25 | % change from 12/31/25 | $ change from 9/30/25 | % change from 9/30/25 | ||||||||||||||||||||||
| Non-interest bearing deposits | $ | 2,662,974 | $ | 2,656,093 | $ | 2,601,666 | $ | 6,881 | 0.3 | % | $ | 61,308 | 2.4 | % | |||||||||||||||
| Transaction accounts | 2,215,101 | 2,032,497 | 2,141,681 | 182,604 | 9.0 | % | 73,420 | 3.4 | % | ||||||||||||||||||||
| Savings | 2,997,253 | 2,765,171 | 2,793,163 | 232,082 | 8.4 | % | 204,090 | 7.3 | % | ||||||||||||||||||||
| Certificates of deposit | 707,427 | 772,952 | 773,514 | (65,525) | (8.5) | % | (66,087) | (8.5) | % | ||||||||||||||||||||
| Brokered and bid CD deposits | — | 17,000 | 19,900 | (17,000) | (100.0) | % | (19,900) | (100.0) | % | ||||||||||||||||||||
| Total deposits | $ | 8,582,755 | $ | 8,243,713 | $ | 8,329,924 | $ | 339,042 | 4.1 | % | $ | 252,831 | 3.0 | % | |||||||||||||||
| Off balance sheet deposits | $ | — | $ | 105,265 | $ | 150,823 | (105,265) | (100.0) | % | (150,823) | (100.0) | % | |||||||||||||||||
| Total deposits including off balance sheet deposits | $ | 8,582,755 | $ | 8,348,978 | $ | 8,480,747 | 233,777 | 2.8 | % | 102,008 | 1.2 | % | |||||||||||||||||
In order to manage the impact of deposit growth on its balance sheet, Park utilized a program where certain deposit balances were 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, 2026 | December 31, 2025 | September 30, 2025 | $ change from 12/31/25 | % change from 12/31/25 | $ change from 9/30/25 | % change from 9/30/25 | ||||||||||||||||
| Retail deposits | $ | 5,224,031 | $ | 4,081,871 | $ | 3,963,727 | $ | 1,142,160 | 28.0 | % | $ | 1,260,304 | 31.8 | % | |||||||||
| Commercial deposits | 5,359,282 | 4,144,842 | 4,346,297 | 1,214,440 | 29.3 | % | 1,012,985 | 23.3 | % | ||||||||||||||
| Brokered and bid CD deposits | 40,282 | 17,000 | 19,900 | 23,282 | 137.0 | % | 20,382 | 102.4 | % | ||||||||||||||
| Purchase accounting | 896 | — | — | 896 | N.M. | 896 | N.M. | ||||||||||||||||
| Total deposits | $ | 10,624,491 | $ | 8,243,713 | $ | 8,329,924 | $ | 2,380,778 | 28.9 | % | $ | 2,294,567 | 27.5 | % | |||||||||
| Off balance sheet deposits | — | 105,265 | 150,823 | (105,265) | (100.0) | % | (150,823) | (100.0) | % | ||||||||||||||
| Total deposits including off balance sheet deposits | $ | 10,624,491 | $ | 8,348,978 | $ | 8,480,747 | $ | 2,275,513 | 27.3 | % | $ | 2,143,744 | 25.3 | % | |||||||||
| Total deposits including off balance sheet deposits excluding Brokered and bid CD deposits | $ | 10,584,209 | $ | 8,331,978 | $ | 8,460,847 | $ | 2,252,231 | 27.0 | % | $ | 2,123,362 | 25.1 | % | |||||||||
| Noninterest bearing deposits to total deposits | 28.8 | % | 32.2 | % | 31.2 | % | |||||||||||||||||
During the nine months ended September 30, 2026, total deposits including off balance sheet deposits increased by $2.28 billion, or 27.3%. This increase consisted of a $1.21 billion increase in total commercial deposits, a $1.14 billion increase in retail deposits and a $23.3 million increase in brokered and bid CD deposits, partially offset by a $105.3 million decrease in off balance sheet deposits. The majority of off balance sheet deposits are commercial and thus impact the change in commercial deposits as the deposits are moved on or off the balance sheet.
10
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, 2026 | December 31, 2025 | September 30, 2025 | $ change from 12/31/25 | % change from 12/31/25 | $ change from 9/30/25 | % change from 9/30/25 | ||||||||||||||||
| Public funds included in commercial deposits | $ | 1,819,806 | $ | 1,320,070 | $ | 1,499,941 | $ | 499,736 | 37.9 | % | $ | 319,865 | 21.3 | % | |||||||||
| Bid Ohio CDs | — | 17,000 | 19,900 | $ | (17,000) | (100.0) | % | $ | (19,900) | (100.0) | % | ||||||||||||
| Total public fund deposits | $ | 1,819,806 | $ | 1,337,070 | $ | 1,519,841 | $ | 482,736 | 36.1 | % | $ | 299,965 | 19.7 | % | |||||||||
Cost of public fund deposits (1) | 1.90 | % | 1.94 | % | 1.97 | % | |||||||||||||||||
Cost of total interest bearing deposits (1) | 1.67 | % | 1.71 | % | 1.74 | % | |||||||||||||||||
1 Cost of funds for the nine months ended September 30, 2026 and 2025 and for the year ended December 31, 2025.
As of September 30, 2026, Park had approximately $2.3 billion of uninsured deposits, which was 22.0% of total deposits. Uninsured deposits of $2.3 billion included $635 million of deposits that were over $250,000, but were fully collateralized by Park's investment securities portfolio.
Credit Metrics and Provision for Credit Losses
Park reported a provision for credit losses for the nine months ended September 30, 2026 of $6.3 million, compared to $7.6 million for the nine months ended September 30, 2025. Net charge-offs were $7.9 million, or 0.11%, annualized, of total average loans, for the nine months ended September 30, 2026, compared to $3.8 million, or 0.07%, annualized, of total average loans, for the nine months ended September 30, 2025.
The table below provides additional information related to Park's allowance for credit losses as of September 30, 2026, December 31, 2025 and September 30, 2025.
| (Dollars in thousands) | 9/30/2026 | 12/31/2025 | 9/30/2025 | ||||||||
| Total allowance for credit losses | $ | 109,869 | $ | 92,973 | $ | 91,758 | |||||
| Specific reserves on individually evaluated loans - certain accruing purchased credit deteriorated ("PCD") loans | — | — | — | ||||||||
| Specific reserves on individually evaluated loans - accrual | — | — | — | ||||||||
| Specific reserves on individually evaluated loans - nonaccrual | 5,119 | 739 | 2,580 | ||||||||
| General reserves on collectively evaluated loans | $ | 104,750 | $ | 92,234 | $ | 89,178 | |||||
| Total loans | $ | 9,772,923 | $ | 8,051,242 | $ | 7,992,753 | |||||
| Individually evaluated loans - certain accruing PCD loans | — | 1,990 | 1,993 | ||||||||
| Individually evaluated loans - accrual | 8,800 | 18,365 | — | ||||||||
| Individually evaluated loans - nonaccrual | 60,467 | 46,924 | 72,418 | ||||||||
| Collectively evaluated loans | $ | 9,703,656 | $ | 7,983,963 | $ | 7,918,342 | |||||
| Total allowance for credit losses as a % of total loans | 1.12 | % | 1.15 | % | 1.15 | % | |||||
| General reserve as a % of collectively evaluated loans | 1.08 | % | 1.16 | % | 1.13 | % | |||||
11
The total allowance for credit losses of $109.9 million at September 30, 2026 represented a $16.9 million, or 18.2%, increase compared to $93.0 million at December 31, 2025. The increase reflected a $12.5 million increase in general reserves and a $4.4 million increase in specific reserves. The $12.5 million increase in general reserves was due to $16.3 million in general reserves related to the newly formed Tennessee region, partially offset by lower allowance requirements across other loan portfolios. The $4.4 million increase in specific reserves was primarily driven by $4.0 million in specific reserves related to the Tennessee region.
12
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Park cautions that any forward-looking statements contained in this Current Report on Form 8-K or made by management of Park are provided to assist in the understanding of anticipated future financial performance. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements.
Risks and uncertainties that could cause actual results to differ include, without limitation: (1) the ability to execute our business plan successfully and manage strategic initiatives; (2) the impact of current and future economic and financial market conditions, including unemployment rates, inflation, interest rates, supply-demand imbalances, and geopolitical matters; (3) factors impacting the performance of our loan portfolio, including real estate values, financial health of borrowers, and loan concentrations; (4) the effects of monetary and fiscal policies, including interest rates, money supply, and inflation; (5) changes in federal, state, or local tax laws; (6) the impact of changes in governmental policy and regulatory requirements on our operations; (7) changes in consumer spending, borrowing, and saving habits; (8) changes in the performance and creditworthiness of customers, suppliers, and counterparties; (9) increased credit risk and higher credit losses due to loan concentrations; (10) volatility in mortgage banking income due to interest rates and demand; (11) adequacy of our internal controls and risk management programs; (12) competitive pressures among financial services organizations; (13) uncertainty regarding changes in banking regulations and other regulatory requirements; (14) our ability to meet heightened supervisory requirements and expectations; (15) the impact of changes in accounting policies and practices on our financial condition; (16) the reliability and accuracy of assumptions and estimates used in applying critical accounting estimates; (17) the potential for higher future credit losses due to changes in economic assumptions; (18) the ability to anticipate and respond to technological changes and our reliance on third-party vendors; (19) operational issues related to and capital spending necessitated by the implementation of information technology systems on which we are highly dependent; (20) the ability to secure confidential information and deliver products and services through computer systems and telecommunications networks; (21) the impact of security breaches or failures in operational systems; (22) the impact of geopolitical instability and trade policies on our operations including the imposition of tariffs and retaliatory tariffs; (23) the impact of changes in credit ratings of government debt and financial stability of sovereign governments; (24) the effect of stock market price fluctuations on our asset and wealth management businesses; (25) litigation and regulatory compliance exposure; (26) availability of earnings and excess capital for dividend declarations; (27) the impact of fraud, scams, and schemes on our business; (28) the impact of natural disasters, pandemics, and other emergencies on our operations; (29) potential deterioration of the economy due to financial, political, or other shocks; (30) impact of healthcare laws and potential changes on our costs and operations; (31) the ability to grow deposits and maintain adequate deposit levels, including by mitigating the effect of unexpected deposit outflows on our financial condition; (32) risks related to the completed acquisition of First Citizens, including the possibility that anticipated benefits are not realized as expected, including the realization of anticipated cost savings and revenue generation, difficulties integrating the two companies, and potential adverse reactions to customer, business, or employee relationships; and (33) other risk factors related to the banking industry.
Park does not undertake, and specifically disclaims any obligation, to publicly release the results of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement was made, or reflect the occurrence of unanticipated events, except to the extent required by law.
13
Item 8.01 - Other Events
Declaration of Cash Dividend
As reported in the Financial Results News Release, on October 26, 2026, the Park Board of Directors declared a $1.10 per common share quarterly cash dividend in respect of Park's common shares and a special cash dividend of $1.30 per common share in respect of Park's common shares. The cash dividend and special cash dividend are payable on December 10, 2026 to common shareholders of record as of the close of business on November 20, 2026. A copy of the Financial Results News Release is included as Exhibit 99.1 and the portion thereof addressing the declaration of the quarterly cash dividend and special cash dividend by the Park Board is incorporated by reference herein.
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 News Release issued by Park National Corporation on October 26, 2026 addressing financial results for the three and nine months ended September 30, 2026 and declaration of quarterly cash dividend
104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)
14
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: October 26, 2026 | By: | /s/ Brady T. Burt | ||||||
| Brady T. Burt | ||||||||
| Chief Financial Officer, Secretary and Treasurer | ||||||||
15
October 26, 2026 Exhibit 99.1
Park National Corporation reports financial results
for third quarter and first nine months of 2026
NEWARK, Ohio ‒ Park National Corporation (Park) (NYSE American: PRK) today reported financial results for the third quarter and the first nine months of 2026. Park's board of directors declared a quarterly cash dividend of $1.10 per common share and a special cash dividend of $1.30 per common share, payable on December 10, 2026, to common shareholders of record as of November 20, 2026.
Park’s net income for the third quarter of 2026 was $56.9 million, a 20.7 percent increase from $47.2 million for the third quarter of 2025. The third quarter of 2026 included $7.0 million ($5.5 million after tax) in expenses related to the merger with First Citizens Bancshares, Inc. Third quarter 2026 net income per diluted common share was $3.13, compared to $2.92 for the third quarter of 2025. Park's net income for the first nine months of 2026 was $157.4 million, a 14.5 percent increase from $137.4 million for the first nine months of 2025. The first nine months of 2026 included $26.5 million ($21.0 million after tax) in merger-related expenses and other income reducing charges. Net income per diluted common share for the first nine months of 2026 was $8.77, compared to $8.48 for the first nine months of 2025.
“Our continued solid financial performance reflects the strength of our relationship-based approach to banking and the dedication of our colleagues who work every day to help things go right for our stakeholders,” said Park CEO and president Matthew R. Miller. “We are grateful for the trust our customers and communities place in us, including the communities we have recently welcomed in Tennessee.
“We are once again pleased to recognize the commitment of our shareholders with a special dividend payable in December. Their continued support enables us to advance our mission of helping those we serve achieve financial success and prosperity.”
Park’s total loans increased $1.72 billion, or 21.4 percent, during 2026. The increase to total loans included $1.58 billion in loans acquired through the First Citizens transaction. Park's total deposits increased $2.38 billion, or 28.9 percent, during 2026, with an increase of 27.3 percent including off balance sheet deposits. The increase in total deposits included $2.22 billion in deposits acquired through the First Citizens transaction. The combination of solid loan growth and steady deposits contributed to Park's success in 2026.
“Our results represent the compounded effect of our colleagues' best efforts every day,” said Park Chairman David L. Trautman. “From our newest team members to those who have dedicated more than 45 years to Park, our people pour themselves into serving others, trusting that if we do the right things consistently, the results will follow. So far this year, the scoreboard looks favorable.”
Headquartered in Newark, Ohio, Park National Corporation has $12.6 billion in total assets (as of September 30, 2026). Park's banking operations are conducted through its subsidiary, The Park National Bank. Other Park subsidiaries are Scope Leasing, Inc. (d.b.a. Scope Aircraft Finance), Park Investments, Inc., Park National Holdings, Inc., First Citizens Properties, Inc., First Citizens Risk Management, Inc., and SE Property Holdings, LLC.
Complete financial tables are listed below.
Category: Earnings
Media contact: Michelle Hamilton, 740.349.6014, media@parknationalbank.com
Investor contact: Brady Burt, 740.322.6844, investor@parknationalbank.com
Park National Corporation, 50 N. Third Street, Newark, Ohio 43055
Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Park cautions that any forward-looking statements contained in this news release or made by management of Park are provided to assist in the understanding of anticipated future financial performance. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties, including those described in Park's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as updated by our filings with the SEC. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements.
Risks and uncertainties that could cause actual results to differ include, without limitation: (1) the ability to execute our business plan successfully and manage strategic initiatives; (2) the impact of current and future economic and financial market conditions, including unemployment rates, inflation, interest rates, supply-demand imbalances, and geopolitical matters; (3) factors impacting the performance of our loan portfolio, including real estate values, financial health of borrowers, and loan concentrations; (4) the effects of monetary and fiscal policies, including interest rates, money supply, and inflation; (5) changes in federal, state, or local tax laws; (6) the impact of changes in governmental policy and regulatory requirements on our operations; (7) changes in consumer spending, borrowing, and saving habits; (8) changes in the performance and creditworthiness of customers, suppliers, and counterparties; (9) increased credit risk and higher credit losses due to loan concentrations; (10) volatility in mortgage banking income due to interest rates and demand; (11) adequacy of our internal controls and risk management programs; (12) competitive pressures among financial services organizations; (13) uncertainty regarding changes in banking regulations and other regulatory requirements; (14) our ability to meet heightened supervisory requirements and expectations; (15) the impact of changes in accounting policies and practices on our financial condition; (16) the reliability and accuracy of assumptions and estimates used in applying critical accounting estimates; (17) the potential for higher future credit losses due to changes in economic assumptions; (18) the ability to anticipate and respond to technological changes and our reliance on third-party vendors; (19) operational issues related to and capital spending necessitated by the implementation of information technology systems on which we are highly dependent; (20) the ability to secure confidential information and deliver products and services through computer systems and telecommunications networks; (21) the impact of security breaches or failures in operational systems; (22) the impact of geopolitical instability and trade policies on our operations including the imposition of tariffs and retaliatory tariffs; (23) the impact of changes in credit ratings of government debt and financial stability of sovereign governments; (24) the effect of stock market price fluctuations on our asset and wealth management businesses; (25) litigation and regulatory compliance exposure; (26) availability of earnings and excess capital for dividend declarations; (27) the impact of fraud, scams, and schemes on our business; (28) the impact of natural disasters, pandemics, and other emergencies on our operations; (29) potential deterioration of the economy due to financial, political, or other shocks; (30) impact of healthcare laws and potential changes on our costs and operations; (31) the ability to grow deposits and maintain adequate deposit levels, including by mitigating the effect of unexpected deposit outflows on our financial condition; (32) risks related to the completed acquisition of First Citizens, including the possibility that anticipated benefits are not realized as expected, including the realization of anticipated cost savings and revenue generation, difficulties integrating the two companies, and potential adverse reactions to customer, business, or employee relationships; and (33) other risk factors related to the banking industry.
Park does not undertake, and specifically disclaims any obligation, to publicly release the results of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement was made, or reflect the occurrence of unanticipated events, except to the extent required by law.
Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
| PARK NATIONAL CORPORATION | ||||||||||||||||||||
| Financial Highlights | ||||||||||||||||||||
| As of or for the three months ended September 30, 2026, June 30, 2026 and September 30, 2025 | ||||||||||||||||||||
| 2026 | 2026 | 2025 | Percent change 3Q '26 vs. | |||||||||||||||||
| (in thousands, except common share and per common share data and ratios) | 3rd QTR | 2nd QTR | 3rd QTR | 2Q '26 | 3Q '25 | |||||||||||||||
| INCOME STATEMENT: | ||||||||||||||||||||
| Net interest income | $ | 140,743 | $ | 138,857 | $ | 111,017 | 1.4 | % | 26.8 | % | ||||||||||
| (Recovery of) provision for credit losses | (964) | 4,575 | 4,030 | (121.1) | % | (123.9) | % | |||||||||||||
| Other income | 36,638 | 39,540 | 30,574 | (7.3) | % | 19.8 | % | |||||||||||||
| Other expense | 107,544 | 100,960 | 79,463 | 6.5 | % | 35.3 | % | |||||||||||||
| Income before income taxes | $ | 70,801 | $ | 72,862 | $ | 58,098 | (2.8) | % | 21.9 | % | ||||||||||
| Income taxes | 13,869 | 14,110 | 10,940 | (1.7) | % | 26.8 | % | |||||||||||||
| Net income | $ | 56,932 | $ | 58,752 | $ | 47,158 | (3.1) | % | 20.7 | % | ||||||||||
| MARKET DATA: | ||||||||||||||||||||
| Earnings per common share - basic (a) | $ | 3.15 | $ | 3.25 | $ | 2.93 | (3.1) | % | 7.5 | % | ||||||||||
| Earnings per common share - diluted (a) | 3.13 | 3.23 | 2.92 | (3.1) | % | 7.2 | % | |||||||||||||
| Quarterly cash dividend declared per common share | 1.10 | 1.10 | 1.07 | — | % | 2.8 | % | |||||||||||||
| Book value per common share at period end | 94.83 | 95.58 | 82.87 | (0.8) | % | 14.4 | % | |||||||||||||
| Market price per common share at period end | 178.66 | 182.99 | 162.53 | (2.4) | % | 9.9 | % | |||||||||||||
| Market capitalization at period end | 3,227,343 | 3,305,561 | 2,612,076 | (2.4) | % | 23.6 | % | |||||||||||||
| Weighted average common shares - basic (b) | 18,064,161 | 18,085,919 | 16,071,347 | (0.1) | % | 12.4 | % | |||||||||||||
| Weighted average common shares - diluted (b) | 18,182,939 | 18,181,868 | 16,173,271 | — | % | 12.4 | % | |||||||||||||
| Common shares outstanding at period end | 18,064,161 | 18,064,161 | 16,071,347 | — | % | 12.4 | % | |||||||||||||
| PERFORMANCE RATIOS: (annualized) | ||||||||||||||||||||
| Return on average assets (a)(b) | 1.77 | % | 1.84 | % | 1.83 | % | (3.8) | % | (3.3) | % | ||||||||||
| Return on average shareholders' equity (a)(b) | 12.92 | % | 13.69 | % | 14.19 | % | (5.6) | % | (8.9) | % | ||||||||||
| Yield on loans | 6.42 | % | 6.42 | % | 6.34 | % | — | % | 1.3 | % | ||||||||||
| Yield on investment securities | 3.61 | % | 3.53 | % | 3.04 | % | 2.3 | % | 18.8 | % | ||||||||||
| Yield on money market instruments | 3.81 | % | 4.09 | % | 4.44 | % | (6.8) | % | (14.2) | % | ||||||||||
| Yield on interest earning assets | 5.97 | % | 5.96 | % | 5.90 | % | 0.2 | % | 1.2 | % | ||||||||||
| Cost of interest bearing deposits | 1.68 | % | 1.70 | % | 1.74 | % | (1.2) | % | (3.4) | % | ||||||||||
| Cost of borrowings | 2.31 | % | 2.45 | % | 3.55 | % | (5.7) | % | (34.9) | % | ||||||||||
| Cost of paying interest bearing liabilities | 1.69 | % | 1.71 | % | 1.80 | % | (1.2) | % | (6.1) | % | ||||||||||
| Net interest margin (g) | 4.84 | % | 4.81 | % | 4.72 | % | 0.6 | % | 2.5 | % | ||||||||||
| Efficiency ratio (g) | 60.25 | % | 56.30 | % | 55.85 | % | 7.0 | % | 7.9 | % | ||||||||||
| OTHER DATA (NON-GAAP) AND BALANCE SHEET INFORMATION: | ||||||||||||||||||||
| Tangible book value per common share (d) | $ | 78.03 | $ | 78.92 | $ | 72.77 | (1.1) | % | 7.2 | % | ||||||||||
| Average interest earning assets | 11,620,536 | 11,664,671 | 9,388,308 | (0.4) | % | 23.8 | % | |||||||||||||
| Pre-tax, pre-provision net income (j) | 69,837 | 77,437 | 62,128 | (9.8) | % | 12.4 | % | |||||||||||||
| Total assets under management/assets under administration - market value at period end | 9,926,379 | 10,056,739 | 9,448,121 | (1.3) | % | 5.1 | % | |||||||||||||
| Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. | ||||||||||||||||||||
Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
| PARK NATIONAL CORPORATION | ||||||||||||||||||||
| Financial Highlights (continued) | ||||||||||||||||||||
| As of or for the three months ended September 30, 2026, June 30, 2026 and September 30, 2025 | ||||||||||||||||||||
| Percent change 3Q '26 vs. | ||||||||||||||||||||
| (in thousands, except ratios) | September 30, 2026 | June 30, 2026 | September 30, 2025 | 2Q '26 | 3Q '25 | |||||||||||||||
| BALANCE SHEET: | ||||||||||||||||||||
| Investment securities | $ | 1,334,410 | $ | 1,389,379 | $ | 926,934 | (4.0) | % | 44.0 | % | ||||||||||
| Loans | 9,772,923 | 9,731,356 | 7,992,753 | 0.4 | % | 22.3 | % | |||||||||||||
| Allowance for credit losses | 109,869 | 110,686 | 91,758 | (0.7) | % | 19.7 | % | |||||||||||||
| Goodwill and other intangible assets | 303,382 | 300,986 | 162,237 | 0.8 | % | 87.0 | % | |||||||||||||
| Other real estate owned (OREO) | 18,623 | 19,836 | 638 | (6.1) | % | N.M. | ||||||||||||||
| Total assets | 12,646,245 | 12,677,010 | 9,862,068 | (0.2) | % | 28.2 | % | |||||||||||||
| Total deposits | 10,624,491 | 10,670,284 | 8,329,924 | (0.4) | % | 27.5 | % | |||||||||||||
| Borrowings | 150,804 | 137,422 | 78,126 | 9.7 | % | 93.0 | % | |||||||||||||
| Total shareholders' equity | 1,712,960 | 1,726,576 | 1,331,821 | (0.8) | % | 28.6 | % | |||||||||||||
| Total equity | 1,715,015 | 1,728,631 | 1,331,821 | (0.8) | % | 28.8 | % | |||||||||||||
| Tangible equity (d) | 1,409,578 | 1,425,590 | 1,169,584 | (1.1) | % | 20.5 | % | |||||||||||||
| Total nonperforming loans | 90,398 | 83,763 | 90,571 | 7.9 | % | (0.2) | % | |||||||||||||
| Total nonperforming assets | 109,021 | 103,599 | 91,209 | 5.2 | % | 19.5 | % | |||||||||||||
| ASSET QUALITY RATIOS: | ||||||||||||||||||||
| Loans as a % of period end total assets | 77.28 | % | 76.76 | % | 81.05 | % | 0.7 | % | (4.7) | % | ||||||||||
| Total nonperforming loans as a % of period end loans | 0.92 | % | 0.86 | % | 1.13 | % | 7.0 | % | (18.6) | % | ||||||||||
| Total nonperforming assets as a % of period end loans + OREO + other nonperforming assets | 1.11 | % | 1.06 | % | 1.14 | % | 4.7 | % | (2.6) | % | ||||||||||
| Allowance for credit losses as a % of period end loans | 1.12 | % | 1.14 | % | 1.15 | % | (1.8) | % | (2.6) | % | ||||||||||
| Net loan charge-offs | $ | 2,788 | $ | 2,479 | $ | 2,057 | 12.5 | % | 35.5 | % | ||||||||||
| Annualized net loan charge-offs as a % of average loans (b) | 0.11 | % | 0.10 | % | 0.10 | % | 10.0 | % | 10.0 | % | ||||||||||
| CAPITAL & LIQUIDITY: | ||||||||||||||||||||
| Total shareholders' equity / Period end total assets | 13.55 | % | 13.62 | % | 13.50 | % | (0.5) | % | 0.4 | % | ||||||||||
| Tangible equity (d) / Tangible assets (f) | 11.42 | % | 11.52 | % | 12.06 | % | (0.9) | % | (5.3) | % | ||||||||||
| Average shareholders' equity / Average assets (b) | 13.71 | % | 13.46 | % | 12.88 | % | 1.9 | % | 6.4 | % | ||||||||||
| Average shareholders' equity / Average loans (b) | 17.97 | % | 17.76 | % | 16.60 | % | 1.2 | % | 8.3 | % | ||||||||||
| Average loans / Average deposits (b) | 90.92 | % | 89.75 | % | 92.68 | % | 1.3 | % | (1.9) | % | ||||||||||
| Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. | ||||||||||||||||||||
Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
| PARK NATIONAL CORPORATION | ||||||||||||||
| Financial Highlights | ||||||||||||||
| Nine months ended September 30, 2026 and September 30, 2025 | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| (in thousands, except common share and per common share data and ratios) | Nine months ended September 30 | Nine months ended September 30 | Percent change '26 vs '25 | |||||||||||
| INCOME STATEMENT: | ||||||||||||||
| Net interest income | $ | 405,380 | $ | 324,385 | 25.0 | % | ||||||||
| Provision for credit losses | 6,283 | 7,639 | (17.8) | % | ||||||||||
| Other income | 109,906 | 88,506 | 24.2 | % | ||||||||||
| Other expense | 313,663 | 236,604 | 32.6 | % | ||||||||||
| Income before income taxes | $ | 195,340 | $ | 168,648 | 15.8 | % | ||||||||
| Income taxes | 37,969 | 31,214 | 21.6 | % | ||||||||||
| Net income | $ | 157,371 | $ | 137,434 | 14.5 | % | ||||||||
| MARKET DATA: | ||||||||||||||
| Earnings per common share - basic (a) | $ | 8.82 | $ | 8.53 | 3.4 | % | ||||||||
| Earnings per common share - diluted (a) | 8.77 | 8.48 | 3.4 | % | ||||||||||
| Quarterly cash dividend declared per common share | 3.30 | 3.21 | 2.8 | % | ||||||||||
| Weighted average common shares - basic (b) | 17,844,001 | 16,120,213 | 10.7 | % | ||||||||||
| Weighted average common shares - diluted (b) | 17,940,951 | 16,209,261 | 10.7 | % | ||||||||||
| PERFORMANCE RATIOS: (annualized) | ||||||||||||||
| Return on average assets (a)(b) | 1.69 | % | 1.82 | % | (7.1) | % | ||||||||
| Return on average shareholders' equity (a)(b) | 12.48 | % | 14.21 | % | (12.2) | % | ||||||||
| Yield on loans | 6.40 | % | 6.32 | % | 1.3 | % | ||||||||
| Yield on investment securities | 3.43 | % | 3.17 | % | 8.2 | % | ||||||||
| Yield on money market instruments | 3.96 | % | 4.42 | % | (10.4) | % | ||||||||
| Yield on interest earning assets | 5.94 | % | 5.90 | % | 0.7 | % | ||||||||
| Cost of interest bearing deposits | 1.67 | % | 1.74 | % | (4.0) | % | ||||||||
| Cost of borrowings | 2.29 | % | 3.82 | % | (40.1) | % | ||||||||
| Cost of paying interest bearing liabilities | 1.68 | % | 1.83 | % | (8.2) | % | ||||||||
| Net interest margin (g) | 4.82 | % | 4.70 | % | 2.6 | % | ||||||||
| Efficiency ratio (g) | 60.51 | % | 57.03 | % | 6.1 | % | ||||||||
| ASSET QUALITY RATIOS: | ||||||||||||||
| Net loan charge-offs | $ | 7,895 | $ | 3,847 | 105.2 | % | ||||||||
| Net loan charge-offs as a % of average loans (b) | 0.11 | % | 0.07 | % | 57.1 | % | ||||||||
| CAPITAL & LIQUIDITY | ||||||||||||||
| Average shareholders' equity / Average Assets (b) | 13.52 | % | 12.78 | % | 5.8 | % | ||||||||
| Average shareholders' equity / Average loans (b) | 17.73 | % | 16.37 | % | 8.3 | % | ||||||||
| Average loans / Average deposits (b) | 90.52 | % | 93.53 | % | (3.2) | % | ||||||||
| OTHER DATA (NON-GAAP) AND BALANCE SHEET INFORMATION: | ||||||||||||||
| Average interest earning assets | 11,334,593 | 9,284,221 | 22.1 | % | ||||||||||
| Pre-tax, pre-provision net income (j) | 201,623 | 176,287 | 14.4 | % | ||||||||||
| Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. | ||||||||||||||
Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
| PARK NATIONAL CORPORATION | ||||||||||||||||||||||||||
| Consolidated Statements of Income | ||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
| September 30 | September 30 | |||||||||||||||||||||||||
| (in thousands, except share and per share data) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Interest income: | ||||||||||||||||||||||||||
| Interest and fees on loans | $ | 157,067 | $ | 126,648 | $ | 453,801 | $ | 372,839 | ||||||||||||||||||
| Interest on debt securities: | ||||||||||||||||||||||||||
| Taxable | 9,394 | 5,644 | 24,558 | 19,467 | ||||||||||||||||||||||
| Tax-exempt | 2,508 | 1,520 | 6,857 | 4,292 | ||||||||||||||||||||||
| Other interest income | 4,885 | 5,140 | 15,742 | 11,050 | ||||||||||||||||||||||
| Total interest income | 173,854 | 138,952 | 500,958 | 407,648 | ||||||||||||||||||||||
| Interest expense: | ||||||||||||||||||||||||||
| Interest on deposits: | ||||||||||||||||||||||||||
| Demand and savings deposits | 23,627 | 20,499 | 67,993 | 57,990 | ||||||||||||||||||||||
| Time deposits | 8,586 | 5,501 | 25,240 | 18,092 | ||||||||||||||||||||||
| Interest on borrowings | 898 | 1,935 | 2,345 | 7,181 | ||||||||||||||||||||||
| Total interest expense | 33,111 | 27,935 | 95,578 | 83,263 | ||||||||||||||||||||||
| Net interest income | 140,743 | 111,017 | 405,380 | 324,385 | ||||||||||||||||||||||
| (Recovery of) provision for credit losses | (964) | 4,030 | 6,283 | 7,639 | ||||||||||||||||||||||
| Net interest income after (recovery of) provision for credit losses | 141,707 | 106,987 | 399,097 | 316,746 | ||||||||||||||||||||||
| Other income | 36,638 | 30,574 | 109,906 | 88,506 | ||||||||||||||||||||||
| Other expense | 107,544 | 79,463 | 313,663 | 236,604 | ||||||||||||||||||||||
| Income before income taxes | 70,801 | 58,098 | 195,340 | 168,648 | ||||||||||||||||||||||
| Income taxes | 13,869 | 10,940 | 37,969 | 31,214 | ||||||||||||||||||||||
| Net income | $ | 56,932 | $ | 47,158 | $ | 157,371 | $ | 137,434 | ||||||||||||||||||
| Per common share: | ||||||||||||||||||||||||||
| Net income - basic | $ | 3.15 | $ | 2.93 | $ | 8.82 | $ | 8.53 | ||||||||||||||||||
| Net income - diluted | $ | 3.13 | $ | 2.92 | $ | 8.77 | $ | 8.48 | ||||||||||||||||||
| Weighted average common shares - basic | 18,064,161 | 16,071,347 | 17,844,001 | 16,120,213 | ||||||||||||||||||||||
| Weighted average common shares - diluted | 18,182,939 | 16,173,271 | 17,940,951 | 16,209,261 | ||||||||||||||||||||||
| Cash dividends declared: | ||||||||||||||||||||||||||
| Quarterly dividend | $ | 1.10 | $ | 1.07 | $ | 3.30 | $ | 3.21 | ||||||||||||||||||
Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
| PARK NATIONAL CORPORATION | ||||||||
| Consolidated Balance Sheets | ||||||||
| (in thousands, except share data) | September 30, 2026 | December 31, 2025 | ||||||
| Assets | ||||||||
| Cash and due from banks | $ | 151,081 | $ | 137,239 | ||||
| Money market instruments | 388,390 | 96,274 | ||||||
| Investment securities | 1,334,410 | 802,142 | ||||||
| Loans | 9,772,923 | 8,051,242 | ||||||
| Allowance for credit losses | (109,869) | (92,973) | ||||||
| Loans, net | 9,663,054 | 7,958,269 | ||||||
| Bank premises and equipment, net | 100,358 | 61,627 | ||||||
| Goodwill and other intangible assets | 303,382 | 161,990 | ||||||
| Other real estate owned | 18,623 | 729 | ||||||
| Other assets | 686,947 | 586,743 | ||||||
| Total assets | $ | 12,646,245 | $ | 9,805,013 | ||||
| Liabilities and Equity | ||||||||
| Deposits: | ||||||||
| Noninterest bearing | $ | 3,054,899 | $ | 2,656,093 | ||||
| Interest bearing | 7,569,592 | 5,587,620 | ||||||
| Total deposits | 10,624,491 | 8,243,713 | ||||||
| Borrowings | 150,804 | 81,711 | ||||||
| Other liabilities | 155,935 | 126,796 | ||||||
| Total liabilities | $ | 10,931,230 | $ | 8,452,220 | ||||
| Equity: | ||||||||
| Preferred shares (200,000 shares authorized; no shares outstanding at September 30, 2026 or December 31, 2025) | $ | — | $ | — | ||||
| Common shares (No par value; 40,000,000 shares authorized at September 30, 2026 and December 31, 2025; 19,611,235 shares issued at September 30, 2026 and 17,623,104 at December 31, 2025) | 786,942 | 465,032 | ||||||
| Accumulated other comprehensive loss, net of taxes | (69,705) | (12,739) | ||||||
| Retained earnings | 1,165,308 | 1,067,823 | ||||||
| Treasury shares (1,547,074 shares at September 30, 2026 and 1,544,842 shares at December 31, 2025) | (169,585) | (167,323) | ||||||
| Total shareholders' equity | $ | 1,712,960 | $ | 1,352,793 | ||||
| Non-controlling interest in consolidated subsidiary | 2,055 | — | ||||||
| Total equity | $ | 1,715,015 | $ | 1,352,793 | ||||
| Total liabilities and equity | $ | 12,646,245 | $ | 9,805,013 | ||||
Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
| PARK NATIONAL CORPORATION | |||||||||||||||||
| Consolidated Average Balance Sheets | |||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| September 30, | September 30, | ||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Assets | |||||||||||||||||
| Cash and due from banks | $ | 149,028 | $ | 123,603 | $ | 176,496 | $ | 121,804 | |||||||||
| Money market instruments | 509,358 | 458,912 | 531,874 | 334,171 | |||||||||||||
| Investment securities | 1,376,119 | 979,815 | 1,302,710 | 1,036,714 | |||||||||||||
| Loans | 9,730,264 | 7,941,709 | 9,506,237 | 7,899,466 | |||||||||||||
| Allowance for credit losses | (111,619) | (90,522) | (108,937) | (89,380) | |||||||||||||
| Loans, net | 9,618,645 | 7,851,187 | 9,397,300 | 7,810,086 | |||||||||||||
| Bank premises and equipment, net | 99,802 | 63,863 | 92,140 | 66,200 | |||||||||||||
| Goodwill and other intangible assets | 301,740 | 162,400 | 283,634 | 162,666 | |||||||||||||
| Other real estate owned | 20,137 | 651 | 19,054 | 536 | |||||||||||||
| Other assets | 676,265 | 595,634 | 659,957 | 588,565 | |||||||||||||
| Total assets | $ | 12,751,094 | $ | 10,236,065 | $ | 12,463,165 | $ | 10,120,742 | |||||||||
| Liabilities and Equity | |||||||||||||||||
| Deposits: | |||||||||||||||||
| Noninterest bearing | $ | 3,091,553 | $ | 2,636,936 | $ | 3,020,284 | $ | 2,614,215 | |||||||||
| Interest bearing | 7,609,925 | 5,931,591 | 7,481,895 | 5,831,973 | |||||||||||||
| Total deposits | 10,701,478 | 8,568,527 | 10,502,179 | 8,446,188 | |||||||||||||
| Borrowings | 153,917 | 216,140 | 136,879 | 251,299 | |||||||||||||
| Other liabilities | 144,997 | 133,121 | 136,750 | 130,220 | |||||||||||||
| Total liabilities | $ | 11,000,392 | $ | 8,917,788 | $ | 10,775,808 | $ | 8,827,707 | |||||||||
| Equity: | |||||||||||||||||
| Preferred shares | $ | — | $ | — | $ | — | $ | — | |||||||||
| Common shares | 785,499 | 461,869 | 748,871 | 462,043 | |||||||||||||
| Accumulated other comprehensive loss, net of taxes | (24,549) | (29,893) | (16,590) | (34,672) | |||||||||||||
| Retained earnings | 1,157,282 | 1,054,373 | 1,120,830 | 1,024,908 | |||||||||||||
| Treasury shares | (169,585) | (168,072) | (167,576) | (159,244) | |||||||||||||
| Total shareholders' equity | $ | 1,748,647 | $ | 1,318,277 | $ | 1,685,535 | $ | 1,293,035 | |||||||||
| Non-controlling interest in consolidated subsidiary | 2,055 | — | 1,822 | — | |||||||||||||
| Total equity | $ | 1,750,702 | $ | 1,318,277 | $ | 1,687,357 | $ | 1,293,035 | |||||||||
| Total liabilities and equity | $ | 12,751,094 | $ | 10,236,065 | $ | 12,463,165 | $ | 10,120,742 | |||||||||
Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
| PARK NATIONAL CORPORATION | |||||||||||||||||
| Consolidated Statements of Income - Linked Quarters | |||||||||||||||||
| 2026 | 2026 | 2026 | 2025 | 2025 | |||||||||||||
| (in thousands, except per share data) | 3rd QTR | 2nd QTR | 1st QTR | 4th QTR | 3rd QTR | ||||||||||||
| Interest income: | |||||||||||||||||
| Interest and fees on loans | $ | 157,067 | $ | 154,692 | $ | 142,042 | $ | 127,443 | $ | 126,648 | |||||||
| Interest on debt securities: | |||||||||||||||||
| Taxable | 9,394 | 9,320 | 5,844 | 4,267 | 5,644 | ||||||||||||
| Tax-exempt | 2,508 | 2,123 | 2,226 | 1,487 | 1,520 | ||||||||||||
| Other interest income | 4,885 | 6,192 | 4,665 | 3,695 | 5,140 | ||||||||||||
| Total interest income | 173,854 | 172,327 | 154,777 | 136,892 | 138,952 | ||||||||||||
| Interest expense: | |||||||||||||||||
| Interest on deposits: | |||||||||||||||||
| Demand and savings deposits | 23,627 | 23,517 | 20,849 | 18,431 | 20,499 | ||||||||||||
| Time deposits | 8,586 | 9,122 | 7,532 | 5,267 | 5,501 | ||||||||||||
| Interest on borrowings | 898 | 831 | 616 | 268 | 1,935 | ||||||||||||
| Total interest expense | 33,111 | 33,470 | 28,997 | 23,966 | 27,935 | ||||||||||||
| Net interest income | 140,743 | 138,857 | 125,780 | 112,926 | 111,017 | ||||||||||||
| (Recovery of) provision for credit losses | (964) | 4,575 | 2,672 | 3,849 | 4,030 | ||||||||||||
| Net interest income after (recovery of) provision for credit losses | 141,707 | 134,282 | 123,108 | 109,077 | 106,987 | ||||||||||||
| Other income | 36,638 | 39,540 | 33,728 | 31,375 | 30,574 | ||||||||||||
| Other expense | 107,544 | 100,960 | 105,159 | 87,777 | 79,463 | ||||||||||||
| Income before income taxes | 70,801 | 72,862 | 51,677 | 52,675 | 58,098 | ||||||||||||
| Income taxes | 13,869 | 14,110 | 9,990 | 10,036 | 10,940 | ||||||||||||
| Net income | $ | 56,932 | $ | 58,752 | $ | 41,687 | $ | 42,639 | $ | 47,158 | |||||||
| Per common share: | |||||||||||||||||
| Net income - basic | $ | 3.15 | $ | 3.25 | $ | 2.40 | $ | 2.65 | $ | 2.93 | |||||||
| Net income - diluted | $ | 3.13 | $ | 3.23 | $ | 2.39 | $ | 2.63 | $ | 2.92 | |||||||
Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
| PARK NATIONAL CORPORATION | |||||||||||||||||
| Detail of other income and other expense - Linked Quarters | |||||||||||||||||
| 2026 | 2026 | 2026 | 2025 | 2025 | |||||||||||||
| (in thousands) | 3rd QTR | 2nd QTR | 1st QTR | 4th QTR | 3rd QTR | ||||||||||||
| Other income: | |||||||||||||||||
| Income from fiduciary activities | $ | 13,540 | $ | 13,434 | $ | 12,343 | $ | 11,839 | $ | 11,315 | |||||||
| Service charges on deposit accounts | 3,381 | 3,790 | 3,348 | 2,552 | 2,578 | ||||||||||||
| Other service income | 4,318 | 4,124 | 3,686 | 4,099 | 3,716 | ||||||||||||
| Debit card fee income | 8,257 | 8,107 | 6,973 | 6,493 | 6,604 | ||||||||||||
| Bank owned life insurance income | 1,865 | 2,125 | 1,707 | 1,777 | 1,559 | ||||||||||||
| ATM fees | 426 | 450 | 380 | 333 | 371 | ||||||||||||
| Gain (loss) on sale of debt securities, net | — | — | 1,084 | (2,250) | — | ||||||||||||
| Gain (loss) on equity securities, net | 964 | 4,555 | 799 | 3,595 | (549) | ||||||||||||
| Other components of net periodic benefit income | 2,449 | 2,449 | 2,492 | 2,344 | 2,344 | ||||||||||||
| Miscellaneous | 1,438 | 506 | 916 | 593 | 2,636 | ||||||||||||
| Total other income | $ | 36,638 | $ | 39,540 | $ | 33,728 | $ | 31,375 | $ | 30,574 | |||||||
| Other expense: | |||||||||||||||||
| Salaries | $ | 51,412 | $ | 46,023 | $ | 45,577 | $ | 39,315 | $ | 38,644 | |||||||
| Employee benefits | 12,614 | 11,918 | 11,692 | 10,846 | 9,892 | ||||||||||||
| Occupancy expense | 4,338 | 4,027 | 4,572 | 3,349 | 3,242 | ||||||||||||
| Furniture and equipment expense | 3,071 | 3,014 | 2,517 | 2,007 | 2,219 | ||||||||||||
| Data processing fees | 14,406 | 15,113 | 13,141 | 12,188 | 11,531 | ||||||||||||
| Professional fees and services | 9,171 | 8,731 | 16,828 | 9,275 | 7,475 | ||||||||||||
| Marketing | 1,608 | 1,550 | 1,556 | 1,744 | 1,507 | ||||||||||||
| Insurance | 2,007 | 1,986 | 2,074 | 1,534 | 1,468 | ||||||||||||
| Communication | 1,663 | 1,400 | 1,425 | 1,137 | 1,239 | ||||||||||||
| State tax expense | 1,504 | 1,529 | 1,367 | 1,181 | 1,182 | ||||||||||||
| Amortization of intangible assets | 1,937 | 2,072 | 1,279 | 247 | 248 | ||||||||||||
| Foundation contributions | — | — | — | 1,000 | — | ||||||||||||
| Miscellaneous | 3,813 | 3,597 | 3,131 | 3,954 | 816 | ||||||||||||
| Total other expense | $ | 107,544 | $ | 100,960 | $ | 105,159 | $ | 87,777 | $ | 79,463 | |||||||
Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
| PARK NATIONAL CORPORATION | |||||||||||||||||||||||||||||
| Asset Quality Information | |||||||||||||||||||||||||||||
| Year ended December 31, | |||||||||||||||||||||||||||||
| (in thousands, except ratios) | September 30, 2026 | June 30, 2026 | March 31, 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||||
| Allowance for credit losses: | |||||||||||||||||||||||||||||
| Allowance for credit losses, beginning of period | $ | 110,686 | $ | 108,590 | $ | 92,973 | $ | 87,966 | $ | 83,745 | $ | 85,379 | $ | 83,197 | $ | 85,675 | |||||||||||||
| Cumulative change in accounting principle; adoption of ASU 2022-02 in 2023 and ASU 2016-13 in 2021 | — | — | — | — | — | 383 | — | 6,090 | |||||||||||||||||||||
| First Citizens acquisition - Day 1 ACL | 2,935 | — | 15,573 | — | — | — | — | — | |||||||||||||||||||||
| Charge-offs | 4,675 | 4,470 | 4,440 | 16,624 | 18,334 | 10,863 | 9,133 | 5,093 | |||||||||||||||||||||
| Recoveries | 1,887 | 1,991 | 1,812 | 10,143 | 8,012 | 5,942 | 6,758 | 8,441 | |||||||||||||||||||||
| Net charge-offs (recoveries) | 2,788 | 2,479 | 2,628 | 6,481 | 10,322 | 4,921 | 2,375 | (3,348) | |||||||||||||||||||||
| (Recovery of) provision for credit losses | (964) | 4,575 | 2,672 | 11,488 | 14,543 | 2,904 | 4,557 | (11,916) | |||||||||||||||||||||
| Allowance for credit losses, end of period | $ | 109,869 | $ | 110,686 | $ | 108,590 | $ | 92,973 | $ | 87,966 | $ | 83,745 | $ | 85,379 | $ | 83,197 | |||||||||||||
| General reserve trends: | |||||||||||||||||||||||||||||
| Allowance for credit losses, end of period | $ | 109,869 | $ | 110,686 | $ | 108,590 | $ | 92,973 | $ | 87,966 | $ | 83,745 | $ | 85,379 | $ | 83,197 | |||||||||||||
| Specific reserves on individually evaluated loans - certain accruing purchased credit deteriorated ("PCD") loans | — | — | — | — | — | — | — | — | |||||||||||||||||||||
| Specific reserves on individually evaluated loans - accrual | — | — | — | — | — | — | — | 42 | |||||||||||||||||||||
| Specific reserves on individually evaluated loans - nonaccrual | 5,119 | 4,424 | 3,041 | 739 | 1,299 | 4,983 | 3,566 | 1,574 | |||||||||||||||||||||
| General reserves on collectively evaluated loans | $ | 104,750 | $ | 106,262 | $ | 105,549 | $ | 92,234 | $ | 86,667 | $ | 78,762 | $ | 81,813 | $ | 81,581 | |||||||||||||
| Total loans | $ | 9,772,923 | $ | 9,731,356 | $ | 9,667,260 | $ | 8,051,242 | $ | 7,817,128 | $ | 7,476,221 | $ | 7,141,891 | $ | 6,871,122 | |||||||||||||
| Individually evaluated - certain accruing PCD loans (PCI loans for years 2020 and prior) | — | — | 1,943 | 1,990 | 2,174 | 2,835 | 4,653 | 7,149 | |||||||||||||||||||||
| Individually evaluated loans - accrual (k) | 8,800 | 11,535 | 14,792 | 18,365 | 15,290 | — | 11,477 | 17,517 | |||||||||||||||||||||
| Individually evaluated loans - nonaccrual | 60,467 | 57,662 | 60,208 | 46,924 | 53,149 | 45,215 | 66,864 | 56,985 | |||||||||||||||||||||
| Collectively evaluated loans | $ | 9,703,656 | $ | 9,662,159 | $ | 9,590,317 | $ | 7,983,963 | $ | 7,746,515 | $ | 7,428,171 | $ | 7,058,897 | $ | 6,789,471 | |||||||||||||
| Asset Quality Ratios: | |||||||||||||||||||||||||||||
| Net charge-offs (recoveries) as a % of average loans (annualized) | 0.11 | % | 0.10 | % | 0.12 | % | 0.08 | % | 0.14 | % | 0.07 | % | 0.03 | % | (0.05) | % | |||||||||||||
| Allowance for credit losses as a % of period end loans | 1.12 | % | 1.14 | % | 1.12 | % | 1.15 | % | 1.13 | % | 1.12 | % | 1.20 | % | 1.21 | % | |||||||||||||
| General reserve as a % of collectively evaluated loans | 1.08 | % | 1.10 | % | 1.10 | % | 1.16 | % | 1.12 | % | 1.06 | % | 1.16 | % | 1.20 | % | |||||||||||||
| Nonperforming assets: | |||||||||||||||||||||||||||||
| Nonaccrual loans | $ | 86,947 | $ | 81,249 | $ | 80,548 | $ | 66,515 | $ | 68,178 | $ | 60,259 | $ | 79,696 | $ | 72,722 | |||||||||||||
| Accruing troubled debt restructurings (for years 2022 and prior) (k) | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | 20,134 | 28,323 | |||||||||||||||||||||
| Loans past due 90 days or more | 3,451 | 2,514 | 2,599 | 2,738 | 1,754 | 859 | 1,281 | 1,607 | |||||||||||||||||||||
| Total nonperforming loans | $ | 90,398 | $ | 83,763 | $ | 83,147 | $ | 69,253 | $ | 69,932 | $ | 61,118 | $ | 101,111 | $ | 102,652 | |||||||||||||
| Other real estate owned | 18,623 | 19,836 | 24,458 | 729 | 938 | 983 | 1,354 | 775 | |||||||||||||||||||||
| Other nonperforming assets | — | — | — | — | — | — | — | 2,750 | |||||||||||||||||||||
| Total nonperforming assets | $ | 109,021 | $ | 103,599 | $ | 107,605 | $ | 69,982 | $ | 70,870 | $ | 62,101 | $ | 102,465 | $ | 106,177 | |||||||||||||
| Percentage of nonaccrual loans to period end loans | 0.89 | % | 0.83 | % | 0.83 | % | 0.83 | % | 0.87 | % | 0.81 | % | 1.12 | % | 1.06 | % | |||||||||||||
| Percentage of nonperforming loans to period end loans | 0.92 | % | 0.86 | % | 0.86 | % | 0.86 | % | 0.89 | % | 0.82 | % | 1.42 | % | 1.49 | % | |||||||||||||
| Percentage of nonperforming assets to period end loans | 1.12 | % | 1.06 | % | 1.11 | % | 0.87 | % | 0.91 | % | 0.83 | % | 1.43 | % | 1.55 | % | |||||||||||||
| Percentage of nonperforming assets to period end total assets | 0.86 | % | 0.82 | % | 0.83 | % | 0.71 | % | 0.72 | % | 0.63 | % | 1.04 | % | 1.11 | % | |||||||||||||
| Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. | |||||||||||||||||||||||||||||
Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
| PARK NATIONAL CORPORATION | |||||||||||||||||||||||||||||
| Asset Quality Information (continued) | |||||||||||||||||||||||||||||
| Year ended December 31, | |||||||||||||||||||||||||||||
| (in thousands, except ratios) | September 30, 2026 | June 30, 2026 | March 31, 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||||
| New nonaccrual loan information: | |||||||||||||||||||||||||||||
| Nonaccrual loans, beginning of period | $ | 81,249 | $ | 80,548 | $ | 66,515 | $ | 68,178 | $ | 60,259 | $ | 79,696 | $ | 72,722 | $ | 117,368 | |||||||||||||
| Acquired nonaccrual loans | — | — | 4,506 | — | — | — | — | — | |||||||||||||||||||||
| New nonaccrual loans | 25,218 | 21,099 | 23,215 | 87,482 | 65,535 | 48,280 | 64,918 | 38,478 | |||||||||||||||||||||
| Resolved nonaccrual loans | 19,520 | 20,398 | 13,688 | 89,145 | 57,616 | 67,717 | 57,944 | 83,124 | |||||||||||||||||||||
| Nonaccrual loans, end of period | $ | 86,947 | $ | 81,249 | $ | 80,548 | $ | 66,515 | $ | 68,178 | $ | 60,259 | $ | 79,696 | $ | 72,722 | |||||||||||||
| Individually evaluated nonaccrual commercial loan portfolio information (period end): | |||||||||||||||||||||||||||||
| Unpaid principal balance | $ | 60,673 | $ | 57,939 | $ | 64,890 | $ | 51,664 | $ | 58,158 | $ | 47,564 | $ | 68,639 | $ | 57,609 | |||||||||||||
| Prior charge-offs | 206 | 277 | 4,682 | 4,740 | 5,009 | 2,349 | 1,775 | 624 | |||||||||||||||||||||
| Remaining principal balance | 60,467 | 57,662 | 60,208 | 46,924 | 53,149 | 45,215 | 66,864 | 56,985 | |||||||||||||||||||||
| Specific reserves | 5,119 | 4,424 | 3,041 | 739 | 1,299 | 4,983 | 3,566 | 1,574 | |||||||||||||||||||||
| Book value, after specific reserves | $ | 55,348 | $ | 53,238 | $ | 57,167 | $ | 46,185 | $ | 51,850 | $ | 40,232 | $ | 63,298 | $ | 55,411 | |||||||||||||
| Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. | |||||||||||||||||||||||||||||
Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
| PARK NATIONAL CORPORATION | ||||||||||||||||||||
| Financial Reconciliations | ||||||||||||||||||||
| NON-GAAP RECONCILIATIONS | ||||||||||||||||||||
| THREE MONTHS ENDED | NINE MONTHS ENDED | |||||||||||||||||||
| (in thousands, except share and per share data) | September 30, 2026 | June 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||||
| Net interest income | $ | 140,743 | $ | 138,857 | $ | 111,017 | $ | 405,380 | $ | 324,385 | ||||||||||
| less purchase accounting accretion | 2,342 | 2,147 | 164 | 5,301 | 507 | |||||||||||||||
| less interest income on former Vision Bank relationships | — | — | 5 | 396 | 2,030 | |||||||||||||||
| Net interest income - adjusted | $ | 138,401 | $ | 136,710 | $ | 110,848 | $ | 399,683 | $ | 321,848 | ||||||||||
| (Recovery of) provision for credit losses | $ | (964) | $ | 4,575 | $ | 4,030 | $ | 6,283 | $ | 7,639 | ||||||||||
| less recoveries on former Vision Bank relationships | — | — | (3) | (7) | (1,817) | |||||||||||||||
| (Recovery of) provision for credit losses - adjusted | $ | (964) | $ | 4,575 | $ | 4,033 | $ | 6,290 | $ | 9,456 | ||||||||||
| Other income | $ | 36,638 | $ | 39,540 | $ | 30,574 | $ | 109,906 | $ | 88,506 | ||||||||||
| less gain on sale of debt securities, net | — | — | — | 1,084 | — | |||||||||||||||
| less impact of strategic initiatives | — | 148 | 778 | 148 | (118) | |||||||||||||||
| less merger-related losses related to First Citizens acquisition | (295) | — | — | (295) | — | |||||||||||||||
| less Vision related OREO valuation adjustments, net | 1,257 | — | — | 1,561 | (229) | |||||||||||||||
| less other income related to former Vision Bank relationships | — | — | 325 | (202) | 328 | |||||||||||||||
| Other income - adjusted | $ | 35,676 | $ | 39,392 | $ | 29,471 | $ | 107,610 | $ | 88,525 | ||||||||||
| Other expense | $ | 107,544 | $ | 100,960 | $ | 79,463 | $ | 313,663 | $ | 236,604 | ||||||||||
| less intangible asset amortization | 1,937 | 2,072 | 248 | 5,288 | 795 | |||||||||||||||
| less merger-related expenses related to First Citizens acquisition | 6,658 | 4,118 | — | 26,250 | — | |||||||||||||||
| less impact of strategic initiatives | — | (71) | — | 291 | — | |||||||||||||||
| less purchase accounting amortization | 34 | 36 | — | 90 | — | |||||||||||||||
| less direct expenses related to collection of payments on former Vision Bank loan relationships | 130 | — | — | 324 | 515 | |||||||||||||||
| Other expense - adjusted | $ | 98,785 | $ | 94,805 | $ | 79,215 | $ | 281,420 | $ | 235,294 | ||||||||||
| Tax effect of adjustments to net income identified above (i) | $ | 1,146 | $ | 811 | $ | (216) | $ | 5,091 | $ | (635) | ||||||||||
| Net income - reported | $ | 56,932 | $ | 58,752 | $ | 47,158 | $ | 157,371 | $ | 137,434 | ||||||||||
| Net income - adjusted (h) | $ | 61,241 | $ | 61,801 | $ | 46,347 | $ | 176,523 | $ | 135,044 | ||||||||||
| Diluted earnings per common share | $ | 3.13 | $ | 3.23 | $ | 2.92 | $ | 8.77 | $ | 8.48 | ||||||||||
| Diluted earnings per common share, adjusted (h) | $ | 3.37 | $ | 3.40 | $ | 2.87 | $ | 9.84 | $ | 8.33 | ||||||||||
| Annualized return on average assets (a)(b) | 1.77 | % | 1.84 | % | 1.83 | % | 1.69 | % | 1.82 | % | ||||||||||
Annualized return on average assets, adjusted (a)(b)(h) | 1.91 | % | 1.94 | % | 1.80 | % | 1.89 | % | 1.78 | % | ||||||||||
| Annualized return on average tangible assets (a)(b)(e) | 1.81 | % | 1.89 | % | 1.86 | % | 1.73 | % | 1.85 | % | ||||||||||
| Annualized return on average tangible assets, adjusted (a)(b)(e)(h) | 1.95 | % | 1.99 | % | 1.83 | % | 1.94 | % | 1.81 | % | ||||||||||
| Annualized return on average shareholders' equity (a)(b) | 12.92 | % | 13.69 | % | 14.19 | % | 12.48 | % | 14.21 | % | ||||||||||
| Annualized return on average shareholders' equity, adjusted (a)(b)(h) | 13.89 | % | 14.40 | % | 13.95 | % | 14.00 | % | 13.96 | % | ||||||||||
| Annualized return on average tangible equity (a)(b)(c) | 15.61 | % | 16.60 | % | 16.19 | % | 15.01 | % | 16.26 | % | ||||||||||
| Annualized return on average tangible equity, adjusted (a)(b)(c)(h) | 16.79 | % | 17.46 | % | 15.91 | % | 16.84 | % | 15.97 | % | ||||||||||
| Efficiency ratio (g) | 60.25 | % | 56.30 | % | 55.85 | % | 60.51 | % | 57.03 | % | ||||||||||
| Efficiency ratio, adjusted (g)(h) | 56.39 | % | 53.55 | % | 56.18 | % | 55.14 | % | 57.06 | % | ||||||||||
| Annualized net interest margin (g) | 4.84 | % | 4.81 | % | 4.72 | % | 4.82 | % | 4.70 | % | ||||||||||
| Annualized net interest margin, adjusted (g)(h) | 4.76 | % | 4.73 | % | 4.71 | % | 4.75 | % | 4.66 | % | ||||||||||
| Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section. | ||||||||||||||||||||
Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
| PARK NATIONAL CORPORATION | ||||||||||||||||||||
| Financial Reconciliations (continued) | ||||||||||||||||||||
| (a) Reported measure uses net income | ||||||||||||||||||||
| (b) Averages are for the three months ended September 30, 2026, June 30,, 2026, and September 30, 2025 and the nine months ended September 30, 2026 and September 30, 2025, as appropriate | ||||||||||||||||||||
| (c) Net income for each period divided by average tangible equity during the period. Average tangible equity equals average shareholders' equity during the applicable period less average goodwill and other intangible assets during the applicable period. | ||||||||||||||||||||
| RECONCILIATION OF AVERAGE SHAREHOLDERS' EQUITY TO AVERAGE TANGIBLE EQUITY: | ||||||||||||||||||||
| THREE MONTHS ENDED | NINE MONTHS ENDED | |||||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||
| AVERAGE SHAREHOLDERS' EQUITY | $ | 1,748,647 | $ | 1,721,078 | $ | 1,318,277 | $ | 1,685,535 | $ | 1,293,035 | ||||||||||
| Less: Average goodwill and other intangible assets | 301,740 | 301,545 | 162,400 | 283,634 | 162,666 | |||||||||||||||
| AVERAGE TANGIBLE EQUITY | $ | 1,446,907 | $ | 1,419,533 | $ | 1,155,877 | $ | 1,401,901 | $ | 1,130,369 | ||||||||||
| (d) Tangible equity divided by common shares outstanding at period end. Tangible equity equals total shareholders' equity less goodwill and other intangible assets, in each case at the end of the period. | ||||||||||||||||||||
| RECONCILIATION OF TOTAL SHAREHOLDERS' EQUITY TO TANGIBLE EQUITY: | ||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2025 | ||||||||||||||||||
| TOTAL SHAREHOLDERS' EQUITY | $ | 1,712,960 | $ | 1,726,576 | $ | 1,331,821 | ||||||||||||||
| Less: Goodwill and other intangible assets | 303,382 | 300,986 | 162,237 | |||||||||||||||||
| TANGIBLE EQUITY | $ | 1,409,578 | $ | 1,425,590 | $ | 1,169,584 | ||||||||||||||
| (e) Net income for each period divided by average tangible assets during the period. Average tangible assets equal average assets less average goodwill and other intangible assets, in each case during the applicable period. | ||||||||||||||||||||
| RECONCILIATION OF AVERAGE ASSETS TO AVERAGE TANGIBLE ASSETS | ||||||||||||||||||||
| THREE MONTHS ENDED | NINE MONTHS ENDED | |||||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||
| AVERAGE ASSETS | $ | 12,751,094 | $ | 12,787,409 | $ | 10,236,065 | $ | 12,463,165 | $ | 10,120,742 | ||||||||||
| Less: Average goodwill and other intangible assets | 301,740 | 301,545 | 162,400 | 283,634 | 162,666 | |||||||||||||||
| AVERAGE TANGIBLE ASSETS | $ | 12,449,354 | $ | 12,485,864 | $ | 10,073,665 | $ | 12,179,531 | $ | 9,958,076 | ||||||||||
| (f) Tangible equity divided by tangible assets. Tangible assets equal total assets less goodwill and other intangible assets, in each case at the end of the period. | ||||||||||||||||||||
| RECONCILIATION OF TOTAL ASSETS TO TANGIBLE ASSETS: | ||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2025 | ||||||||||||||||||
| TOTAL ASSETS | $ | 12,646,245 | $ | 12,677,010 | $ | 9,862,068 | ||||||||||||||
| Less: Goodwill and other intangible assets | 303,382 | 300,986 | 162,237 | |||||||||||||||||
| TANGIBLE ASSETS | $ | 12,342,863 | $ | 12,376,024 | $ | 9,699,831 | ||||||||||||||
Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
| PARK NATIONAL CORPORATION | ||||||||||||||||||||
| Financial Reconciliations (continued) | ||||||||||||||||||||
| (g) Efficiency ratio is calculated by dividing total other expense by the sum of fully taxable equivalent net interest income and other income. Fully taxable equivalent net interest income reconciliation is shown assuming a 21% corporate federal income tax rate. Additionally, net interest margin is calculated on a fully taxable equivalent basis by dividing fully taxable equivalent net interest income by average interest earning assets, in each case during the applicable period. | ||||||||||||||||||||
| RECONCILIATION OF FULLY TAXABLE EQUIVALENT NET INTEREST INCOME TO NET INTEREST INCOME | ||||||||||||||||||||
| THREE MONTHS ENDED | NINE MONTHS ENDED | |||||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||
| Interest income | $ | 173,854 | $ | 172,327 | $ | 138,952 | $ | 500,958 | $ | 407,648 | ||||||||||
| Fully taxable equivalent adjustment | 1,119 | 933 | 685 | 3,037 | 1,967 | |||||||||||||||
| Fully taxable equivalent interest income | $ | 174,973 | $ | 173,260 | $ | 139,637 | $ | 503,995 | $ | 409,615 | ||||||||||
| Interest expense | 33,111 | 33,470 | 27,935 | 95,578 | 83,263 | |||||||||||||||
| Fully taxable equivalent net interest income | $ | 141,862 | $ | 139,790 | $ | 111,702 | $ | 408,417 | $ | 326,352 | ||||||||||
| (h) Adjustments to net income for each period presented are detailed in the non-GAAP reconciliations of net interest income, provision for credit losses, other income, other expense and tax effect of adjustments to net income. | ||||||||||||||||||||
| (i) The tax effect of adjustments to net income was calculated assuming a 21% corporate federal income tax rate. | ||||||||||||||||||||
| (j) Pre-tax, pre-provision ("PTPP") net income is calculated as net income, plus income taxes, plus the provision for credit losses, in each case during the applicable period. PTPP net income is a common industry metric utilized in capital analysis and review. PTPP is used to assess the operating performance of Park while excluding the impact of the provision for credit losses. | ||||||||||||||||||||
| RECONCILIATION OF PRE-TAX, PRE-PROVISION NET INCOME | ||||||||||||||||||||
| THREE MONTHS ENDED | NINE MONTHS ENDED | |||||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||
| Net income | $ | 56,932 | $ | 58,752 | $ | 47,158 | $ | 157,371 | $ | 137,434 | ||||||||||
| Plus: Income taxes | 13,869 | 14,110 | 10,940 | 37,969 | 31,214 | |||||||||||||||
| Plus: (Recovery of) provision for credit losses | (964) | 4,575 | 4,030 | 6,283 | 7,639 | |||||||||||||||
| Pre-tax, pre-provision net income | $ | 69,837 | $ | 77,437 | $ | 62,128 | $ | 201,623 | $ | 176,287 | ||||||||||
| (k) Effective January 1, 2023, Park adopted Accounting Standards Update ("ASU") 2022-02. Among other things, this ASU eliminated the concept of troubled debt restructurings ("TDRs"). As a result of the adoption of this ASU and elimination of the concept of TDRs, total nonperforming loans ("NPLs") and total nonperforming assets ("NPAs") each decreased by $20.1 million effective January 1, 2023. Additionally, as a result of the adoption of this ASU, accruing individually evaluated loans decreased by $11.5 million effective January 1, 2023. | ||||||||||||||||||||
Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com