Park National Corporation (NYSE American: PRK) lifts profit on First Citizens acquisition

Rhea-AI Filing Summary

Park National Corporation reported higher earnings for the three and six months ended June 30, 2026, supported by the February 1, 2026 acquisition of First Citizens Bancshares, Inc. Second-quarter 2026 net income was $58.8 million, up 22.1% from $48.1 million, and first-half 2026 net income was $100.4 million, up 11.3% from $90.3 million, while diluted EPS was $3.23 for the quarter and $5.64 year-to-date. First-half results included $19.6 million of merger-related expenses.

The First Citizens acquisition, valued at $324.1 million, added $2.6 billion in assets, $1.6 billion in loans and $2.2 billion in deposits, with Park issuing 1,988,131 common shares as consideration. At June 30, 2026, loans were $9.73 billion and deposits were $10.67 billion, increases of 20.9% and 29.4% from December 31, 2025, including $1.58 billion of loans and $2.22 billion of deposits acquired. Total assets reached $12.68 billion.

Credit costs rose: the provision for credit losses for the first half was $7.2 million versus $3.6 million a year earlier, and net charge-offs were $5.1 million, or 0.11% of average loans. The allowance for credit losses was $110.7 million, or 1.14% of total loans, including $15.6 million recognized on day one of the acquisition. The efficiency ratio for the first half was 60.65%, and return on average assets was 1.64%. Uninsured deposits totaled about $2.3 billion, or 21.5% of total deposits. The board declared a quarterly cash dividend of $1.10 per common share, payable September 10, 2026 to shareholders of record on August 21, 2026.

Positive

• Net income growth: Q2 2026 net income rose 22.1% to $58.8 million, and first-half 2026 net income increased 11.3% to $100.4 million compared with the prior-year periods.
• Balance sheet expansion: Loans reached $9.73 billion and deposits $10.67 billion at June 30, 2026, increases of 20.9% and 29.4% from December 31, 2025, driven largely by the First Citizens acquisition.
• Improved revenue base: First-half 2026 net interest income grew 24.0% to $264.6 million and other income rose 26.5% to $73.3 million versus the prior-year first half.
• Dividend maintained and slightly higher year-on-year: the board declared a $1.10 per share quarterly dividend, with total first-half declared dividends of $2.20 per share versus $2.14 a year earlier.

Negative

• Higher credit costs: the provision for credit losses doubled to $7.2 million for the first half of 2026, and net charge-offs increased to $5.1 million (0.11% of average loans) from $1.8 million (0.05%).
• Lower profitability ratios: return on average assets declined to 1.64% for the first half of 2026 from 1.81% a year earlier, and the efficiency ratio worsened to 60.65% from 57.65%.

Filing Explained

The completed merger remains subject to changing acquisition valuations, while Tennessee systems conversion is expected in the third quarter of 2026.

Park’s Form 8-K reports that the First Citizens merger completed on February 1, 2026 and created a Tennessee region; the acquisition’s recorded fair values and related amounts remain subject to adjustment.

Park used acquisition-method accounting, recording acquired assets and assumed liabilities at estimated fair values on the acquisition date. Those estimates, including deferred taxes, are preliminary and may be revised during the measurement period, which ends no later than one year after the acquisition date.

The Tennessee region was still operating on two core systems, with operational conversion expected in the third quarter of 2026; the filing identifies the duplicated systems as a source of data-processing expense until conversion.

Park also says it can move certain deposit balances on or off its balance sheet while retaining the customer relationship. Of the approximately $2.3 billion of uninsured deposits at June 30, 2026, $699 million was over $250,000 but fully collateralized by investment securities.

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, and exhibit attachments filed with this report.

Key Figures

Q2 2026 net income: $58.8 million First-half 2026 net income: $100.4 million First Citizens acquisition value: $324.1 million +5 more

8 metrics

Q2 2026 net income $58.8 million Three months ended June 30, 2026; 22.1% increase from $48.1 million in Q2 2025

First-half 2026 net income $100.4 million Six months ended June 30, 2026; 11.3% increase from $90.3 million in 2025

First Citizens acquisition value $324.1 million Consideration for First Citizens Bancshares, Inc. merger on February 1, 2026

Loans outstanding $9.73 billion Total loans at June 30, 2026; up 20.9% from December 31, 2025

Total deposits $10.67 billion Deposits at June 30, 2026; up 29.4% from December 31, 2025

Provision for credit losses $7.247 million Six months ended June 30, 2026; up from $3.609 million a year earlier

Allowance for credit losses $110.686 million Reserve at June 30, 2026, equal to 1.14% of total loans

Quarterly cash dividend $1.10 per common share Declared payable September 10, 2026 to shareholders of record August 21, 2026

Key Terms

pre-tax, pre-provision net income, tangible book value per common share, fully taxable equivalent, allowance for credit losses, +1 more

5 terms

pre-tax, pre-provision net income financial

"For the purpose of calculating pre-tax, pre-provision net income, a non-U.S. GAAP measure"

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.

tangible book value per common share financial

"management reviews the return on average tangible equity, the tangible book value per common share"

A per-share measure of the company’s tangible net asset value available to common shareholders after removing intangible items (like goodwill, brand value, and patents) and any preferred shareholder claims. Think of it as the amount each common share would get if the company sold only its physical and financial assets and settled priority claims. Investors use it as a conservative baseline to judge whether a stock is cheaply priced relative to the company’s hard-asset backing.

fully taxable equivalent financial

"Interest income, yields, and ratios on a FTE (fully taxable equivalent) basis are considered non-U.S. GAAP"

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.

allowance for credit losses financial

"Park's allowance for credit losses was $110.7 million at June 30, 2026"

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

nonperforming assets financial

"Total nonperforming assets as a % of period end loans + OREO + other nonperforming assets"

Nonperforming assets are loans or investments that are not generating expected payments or returns because the borrower has fallen behind on payments or the investment has lost value. They matter to investors because a high level of nonperforming assets can indicate financial trouble for a bank or institution, potentially affecting its stability and profitability.

Earnings Snapshot

Q2 2026 net income: $58.8 million

three and six months ended June 30, 2026

Q2 2026 net income $58.8 million 22.1% increase vs $48.1 million in Q2 2025

First-half 2026 net income $100.4 million 11.3% increase vs $90.3 million in first-half 2025

First-half 2026 net interest income $264.6 million 24.0% increase vs $213.4 million in first-half 2025

First-half 2026 other income $73.3 million 26.5% increase vs $57.9 million in first-half 2025

First-half 2026 pre-tax, pre-provision net income $131.8 million 15.4% increase vs $114.2 million in first-half 2025

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Understanding 8-K Material Events →

Available on EDGAR 07/27/2026 - 04:15 PM Accepted by SEC EDGAR 07/27/2026 - 04:15 PM Learn about SEC filing dates

FAQ

How did Park National (PRK) perform financially in Q2 2026?

Park National reported Q2 2026 net income of $58.8 million, a 22.1% increase from $48.1 million in Q2 2025. Diluted EPS was $3.23, up from $2.97, reflecting higher net interest income and contributions from the First Citizens acquisition.

What were Park National’s (PRK) results for the first half of 2026?

For the six months ended June 30, 2026, Park National generated net income of $100.4 million, up 11.3% from $90.3 million a year earlier. Diluted EPS was $5.64, and pre-tax, pre-provision net income was $131.8 million, a 15.4% increase.

How did the First Citizens acquisition impact Park National (PRK)?

On February 1, 2026, Park acquired First Citizens in a transaction valued at $324.1 million, issuing 1,988,131 common shares. First Citizens added $2.6 billion in assets, $1.6 billion in loans, and $2.2 billion in deposits and formed Park’s new Tennessee region.

What is the current loan and deposit profile of Park National (PRK)?

At June 30, 2026, Park’s loans totaled $9.73 billion and deposits $10.67 billion, up 20.9% and 29.4% respectively from December 31, 2025. Excluding the Tennessee region, loans were $8.14 billion and deposits $8.51 billion, showing modest organic growth.

What are Park National’s (PRK) credit quality metrics as of June 30, 2026?

The allowance for credit losses was $110.7 million, or 1.14% of total loans, with $15.6 million tied to the First Citizens acquisition. First-half net charge-offs were $5.1 million (0.11% of average loans), and nonperforming loans were 0.86% of period-end loans.

What dividend did Park National (PRK) declare for Q2 2026?

Park’s board declared a $1.10 per common share quarterly cash dividend. It is payable on September 10, 2026, to shareholders of record as of the close of business on August 21, 2026, continuing the company’s regular dividend payments.

How significant are uninsured deposits at Park National (PRK)?

As of June 30, 2026, Park had approximately $2.3 billion of uninsured deposits, representing 21.5% of total deposits. This amount includes $699 million of deposits above $250,000 that are fully collateralized by Park’s investment securities portfolio.

false000080567600008056762026-07-272026-07-27

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) July 27, 2026

PARK NATIONAL CORPORATION

(Exact name of registrant as specified in its charter)

Ohio			1-13006			31-1179518
(State or other jurisdiction			(Commission			(IRS Employer
of incorporation)			File Number)			Identification No.)

50 North Third Street,

P.O. Box 3500,

Newark,

Ohio

43058-3500

(Address of principal executive offices) (Zip Code)

(740)			349-8451
(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
Common shares, without par value			PRK			NYSE American

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 July 27, 2026, Park National Corporation (“Park”) issued a news release (the “Financial Results News Release”) announcing financial results for the three and six months ended June 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 June 30, 2026, March 31, 2026, and June 30, 2025 and for the six months ended June 30, 2026 and June 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 six months ended June 30, 2026, Park recorded merger-related expenses of $19.6 million 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 June 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 June 30, 2026 of $58.8 million represented a $10.6 million, or 22.1%, increase compared to $48.1 million for the three months ended June 30, 2025. Pre-tax, pre-provision net income for the three months ended June 30, 2026 of $77.4 million represented a $15.2 million, or 24.5%, increase compared to $62.2 million for the three months ended June 30, 2025.

Net income for the six months ended June 30, 2026 of $100.4 million represented a $10.2 million, or 11.3%, increase compared to $90.3 million for the six months ended June 30, 2025. Pre-tax, pre-provision net income for the six months ended June 30, 2026 of $131.8 million represented a $17.6 million, or 15.4%, increase compared to $114.2 million for the six months ended June 30, 2025.

Net income for each of the three months ended June 30, 2026, March 31, 2026 and June 30, 2025 and for the six months ended June 30, 2026 and June 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 second quarter and first half of 2026.

Overview

The following table reflects Park's net income for the first and second quarters of 2026, for the first half of 2026 and 2025 (the six months ended June 30), and for the year ended December 31, 2025.

(In thousands)			Q2 2026			Q1 2026			Six months YTD 2026			Six months YTD 2025			2025
Net interest income			$	138,857		$	125,780		$	264,637		$	213,368		$	437,311
Provision for credit losses			4,575			2,672			7,247			3,609			11,488
Other income			39,540			33,728			73,268			57,932			119,881
Other expense			100,960			105,159			206,119			157,141			324,381
Income before income taxes			$	72,862		$	51,677		$	124,539		$	110,550		$	221,323
Income tax expense			14,110			9,990			24,100			20,274			41,250
Net income			$	58,752		$	41,687		$	100,439		$	90,276		$	180,073

Net interest income of $264.6 million for the six months ended June 30, 2026 represented a $51.3 million, or 24.0%, increase compared to $213.4 million for the six months ended June 30, 2025. The increase was a result of a $58.4 million increase in interest income, partially offset by a $7.1 million increase in interest expense. The $58.4 million increase in interest income was due to a $50.5 million increase in interest income on loans and a $7.9 million increase in investment income.

The $50.5 million increase in interest income on loans was primarily the result of a $1.51 billion (or 19.22%) increase in average loans, from $7.88 billion for the six months ended June 30, 2025 to $9.39 billion for the six months ended June 30, 2026, as well as an increase in the yield on loans, which increased 7 basis points to 6.39% for the six months ended June 30, 2026, compared to 6.32% for the six months ended June 30, 2025. Interest income on loans was impacted by the acquisition of First Citizens on February 1, 2026. The newly formed Tennessee region contributed $42.1 million to loan interest income during the six months ended June 30, 2026.

The $7.9 million increase in investment income was primarily the result of a $443.6 million (or 32.78%) increase in average investments, including money market investments, from $1.35 billion for the six months ended June 30, 2025 to $1.80 billion for the six months ended June 30, 2026. This increase was also impacted by an increase in the yield on investments, including money market investments, which increased 8 basis points to 3.54% for the six months ended June 30, 2026, compared to 3.46% for the six months ended June 30, 2025.

The $7.1 million increase in interest expense was due to a $10.9 million increase in interest expense on deposits, partially offset by a $3.8 million decrease in interest expense on borrowings.

The increase in interest expense on deposits was the result of a $1.64 billion (or 28.29%) increase in average on-balance sheet interest bearing deposits from $5.78 billion for the six months ended June 30, 2025, to $7.42 billion for the six months ended June 30, 2026. This increase was partially offset by a decrease in the cost of deposits of 9 basis points, from 1.75% for the six months ended June 30, 2025 to 1.66% for the six months ended June 30, 2026. Interest expense on deposits was impacted by the acquisition of First Citizens which contributed $17.7 million to interest expense on deposits during the six months ended June 30, 2026.

The decrease in interest expense on borrowings was the result of a decrease in the cost of borrowings of 165 basis points, from 3.93% for the six months ended June 30, 2025 to 2.28% for the six months ended June 30, 2026 as well as a $141.0 million (or 52.37%) decrease in average borrowings from $269.2 million for the six months ended June 30, 2025, to $128.2 million for the six months ended June 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.

The provision for credit losses of $7.2 million for the six months ended June 30, 2026 represented an increase of $3.6 million, compared to $3.6 million for the six months ended June 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.

5

The table below reflects Park's total other income for the six months ended June 30, 2026 and 2025.

(Dollars in thousands)			2026			2025			$ change			% change
Other income:
Income from fiduciary activities			$	25,777		$	22,616		$	3,161		14.0		%
Service charges on deposit accounts			7,138			4,921			2,217			45.1		%
Other service income			7,810			6,667			1,143			17.1		%
Debit card fee income			15,080			12,696			2,384			18.8		%
Bank owned life insurance income			3,832			3,274			558			17.0		%
ATM fees			830			702			128			18.2		%
Gain on sale of debt securities, net			1,084			—			1,084			N.M.
Gain on equity securities, net			5,354			1,618			3,736			N.M.
Other components of net periodic benefit income			4,941			4,688			253			5.4		%
Miscellaneous			1,422			750			672			N.M.
Total other income			$	73,268		$	57,932		$	15,336		26.5		%

Other income of $73.3 million for the six months ended June 30, 2026 represented an increase of $15.3 million, or 26.5%, compared to $57.9 million for the six months ended June 30, 2025. Total other income was impacted by the acquisition of First Citizens which added $6.9 million to total other income for the six months ended June 30, 2026.

The $3.2 million increase in income from fiduciary activities was largely due to a 11.3% increase in the average market value of assets under management. The market value of assets under management as of June 30, 2026 was $10.1 billion, of which $283.6 million was from the Tennessee region. The newly formed Tennessee region contributed $830,000 to income from fiduciary activities for the six months ended June 30, 2026.

The $2.2 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 $1.1 million increase in other service income was mainly due to an increase in mortgage related other service income. The newly formed Tennessee region contributed $1.1 million to other service income for the six months ended June 30, 2026.

The $2.4 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 $2.0 million to debit card fee income for the six months ended June 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 six months ended June 30, 2026. There were no sales of debt securities for the six months ended June 30, 2025.

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 six months ended June 30, 2026 compared to lower net gains on equity securities carried at fair value and net losses on capital investments during the same period of 2025.

The increase in miscellaneous income was primarily due to an increase in the net gains on the sale of OREO and a decrease in net losses on the sale and disposal of assets, largely due to the impact of strategic initiatives. This was partially offset by an increase in OREO devaluations and a net loss related to the repurchase of a loan participation related to a former Vision Bank loan relationship. OREO devaluations for the six months ended June 30, 2026, included a $475,000 devaluation related to a Tennessee property obtained through the acquisition of First Citizens.

6

The table below reflects Park's total other expense for the six months ended June 30, 2026 and 2025.

(Dollars in thousands)			2026			2025			$ change			% change
Other expense:
Salaries			$	91,600		$	74,776		$	16,824		22.5		%
Employee benefits			23,610			19,624			3,986			20.3		%
Occupancy expense			8,599			6,788			1,811			26.7		%
Furniture and equipment expense			5,531			4,535			996			22.0		%
Data processing fees			28,254			21,550			6,704			31.1		%
Professional fees and services			25,559			14,702			10,857			73.8		%
Marketing			3,106			2,823			283			10.0		%
Insurance			4,060			3,353			707			21.1		%
Communication			2,825			2,143			682			31.8		%
State tax expense			2,896			2,536			360			14.2		%
Amortization of intangible assets			3,351			547			2,804			N.M.
Miscellaneous			6,728			3,764			2,964			78.7		%
Total other expense			$	206,119		$	157,141		$	48,978		31.2		%

Total other expense of $206.1 million for the six months ended June 30, 2026 represented an increase of $49.0 million compared to $157.1 million for the six months ended June 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 six months ended 2026 included $19.6 million in merger-related expenses and $24.7 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			$	91,600		$	6,423		$	10,552		$	74,625					$	74,776					$	(151)		(0.2)		%
Employee benefits			23,610			79			2,329			21,202						19,624						1,578			8.0		%
Occupancy expense			8,599			—			1,204			7,395						6,788						607			8.9		%
Furniture and equipment expense			5,531			—			1,301			4,230						4,535						(305)			(6.7)		%
Data processing fees			28,254			66			3,096			25,092						21,550						3,542			16.4		%
Professional fees and services			25,559			12,730			351			12,478						14,702						(2,224)			(15.1)		%
Marketing			3,106			13			292			2,801						2,823						(22)			(0.8)		%
Insurance			4,060			20			1,008			3,032						3,353						(321)			(9.6)		%
Communication			2,825			22			648			2,155						2,143						12			0.6		%
State tax expense			2,896			—			340			2,556						2,536						20			0.8		%
Amortization of intangible assets			3,351			—			2,609			742						547						195			35.6		%
Miscellaneous			6,728			239			1,016			5,473						3,764						1,709			45.4		%
Total other expense			$	206,119		$	19,592		$	24,746		$	161,781					$	157,141					$	4,640		3.0		%

*Non-GAAP

The $1.6 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 $607,000 increase in adjusted occupancy expense was primarily related to increases in expenses connected to strategic initiatives and increases in maintenance and repairs expense, partially offset by decreases in lease expense. The $3.5 million increase in adjusted data processing fees was mainly related to

7

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 is expected to occur in the third quarter of 2026. The $2.2 million decrease in adjusted professional fees and services was primarily due to decreases in consulting expenses, credit services expense, and other professional fees. The $1.7 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 six months ended June 30, 2026 and 2025 and the year ended December 31, 2025.

(Dollars in thousands)			June 30, 2026			December 31, 2025			June 30, 2025						% change from 12/31/25			% change from 6/30/25
Loans			9,731,356			8,051,242			7,963,221						20.87		%	22.20		%
Allowance for credit losses			110,686			92,973			89,785						19.05		%	23.28		%
Net loans			9,620,670			7,958,269			7,873,436						20.89		%	22.19		%
Investment securities			1,389,379			802,142			1,062,526						73.21		%	30.76		%
Total assets			12,677,010			9,805,013			9,949,578						29.29		%	27.41		%
Total deposits			10,670,284			8,243,713			8,237,766						29.44		%	29.53		%
Average assets (1)			12,316,815			10,107,816			10,062,125						21.85		%	22.41		%
Efficiency ratio (2)			60.65		%	57.94		%	57.65		%				4.68		%	5.20		%
Return on average assets			1.64		%	1.78		%	1.81		%				(7.87)		%	(9.39)		%

(1) Average assets for the six months ended June 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 $1.9 million, $1.3 million and $2.7 million, respectively, for the six months ended June 30, 2026 and 2025 and the year ended December 31, 2025, respectively.

Loans

Loans outstanding at June 30, 2026 were $9.73 billion, compared to (i) $8.05 billion at December 31, 2025, an increase of $1.68 billion, and (ii) $7.96 billion at June 30, 2025, an increase of $1.77 billion. The table below breaks out the change in loans outstanding, by loan type.

(Dollars in thousands)			June 30, 2026			December 31, 2025			June 30, 2025						$ change from 12/31/25			% change from 12/31/25						$ change from 6/30/25			% change from 6/30/25
Home equity			$	321,649		$	241,478		$	219,450					$	80,171		33.2		%				$	102,199		46.6		%
Installment			1,885,327			1,843,494			1,889,962						41,833			2.3		%				(4,635)			(0.2)		%
Real estate			1,611,226			1,482,728			1,495,477						128,498			8.7		%				115,749			7.7		%
Commercial			5,908,354			4,481,519			4,355,638						1,426,835			31.8		%				1,552,716			35.6		%
Other			4,800			2,023			2,694						2,777			137.3		%				2,106			78.2		%
Total loans			$	9,731,356		$	8,051,242		$	7,963,221					$	1,680,114		20.9		%				$	1,768,135		22.2		%

8

Excluding loans outstanding in Park's newly formed Tennessee region, loans outstanding at June 30, 2026 were $8.14 billion, compared to (i) $8.05 billion at December 31, 2025, an increase of $93.7 million, and (ii) $7.96 billion at June 30, 2025, an increase of $181.7 million. The table below breaks out the change in loans outstanding, by loan type.

(Dollars in thousands)			June 30, 2026			December 31, 2025			June 30, 2025						$ change from 12/31/25			% change from 12/31/25						$ change from 6/30/25			% change from 6/30/25
Home equity			$	253,965		$	241,478		$	219,450					$	12,487		5.2		%				$	34,515		15.7		%
Installment			1,867,394			1,843,494			1,889,962						23,900			1.3		%				(22,568)			(1.2)		%
Real estate			1,428,758			1,482,728			1,495,477						(53,970)			(3.6)		%				(66,719)			(4.5)		%
Commercial			4,591,825			4,481,519			4,355,638						110,306			2.5		%				236,187			5.4		%
Other			3,013			2,023			2,694						990			48.9		%				319			11.8		%
Total loans			$	8,144,955		$	8,051,242		$	7,963,221					$	93,713		1.2		%				$	181,734		2.3		%

Park's allowance for credit losses was $110.7 million at June 30, 2026, compared to $93.0 million at December 31, 2025, an increase of $17.7 million, or 19.1%. 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 June 30, 2026 were $10.67 billion, compared to (i) $8.24 billion at December 31, 2025, an increase of $2.43 billion and (ii) $8.24 billion at June 30, 2025, an increase of $2.43 billion. Total deposits including off balance sheet deposits at June 30, 2026 were $10.67 billion, compared to (i) $8.35 billion at December 31, 2025, an increase of $2.32 billion and (ii) $8.49 billion at June 30, 2025, an increase of $2.18 billion.

(Dollars in thousands)			June 30, 2026			December 31, 2025			June 30, 2025						$ change from 12/31/25			% change from 12/31/25						$ change from 6/30/25			% change from 6/30/25
Non-interest bearing deposits			$	3,084,889		$	2,656,093		$	2,620,106					$	428,796		16.1		%				$	464,783		17.7		%
Transaction accounts			3,096,486			2,032,497			2,034,742						1,063,989			52.3		%				1,061,744			52.2		%
Savings			3,109,427			2,765,171			2,777,634						344,256			12.4		%				331,793			11.9		%
Certificates of deposit			1,339,123			772,952			777,284						566,171			73.2		%				561,839			72.3		%
Brokered and bid CD deposits			40,359			17,000			28,000						23,359			137.4		%				12,359			44.1		%
Total deposits			$	10,670,284		$	8,243,713		$	8,237,766					$	2,426,571		29.4		%				$	2,432,518		29.5		%
Off balance sheet deposits			$	—		$	105,265		$	255,086					(105,265)			(100.0)		%				(255,086)			(100.0)		%
Total deposits including off balance sheet deposits			$	10,670,284		$	8,348,978		$	8,492,852					2,321,306			27.8		%				2,177,432			25.6		%

9

Excluding total deposits in Park's newly formed Tennessee region, total deposits at June 30, 2026 were $8.51 billion, compared to (i) $8.24 billion at December 31, 2025, an increase of $270.6 million and (ii) $8.24 billion at June 30, 2025, an increase of $276.5 million. Total deposits, excluding total deposits in Park's newly formed Tennessee region, including off balance sheet deposits at June 30, 2026 were $8.51 billion, compared to (i) $8.35 billion at December 31, 2025, an increase of $165.3 million and (ii) $8.49 billion at June 30, 2025, an increase of $21.4 million.

(Dollars in thousands)			June 30, 2026			December 31, 2025			June 30, 2025						$ change from 12/31/25			% change from 12/31/25						$ change from 6/30/25			% change from 6/30/25
Non-interest bearing deposits			$	2,715,739		$	2,656,093		$	2,620,106					$	59,646		2.2		%				$	95,633		3.6		%
Transaction accounts			2,139,210			2,032,497			2,034,742						106,713			5.3		%				104,468			5.1		%
Savings			2,943,545			2,765,171			2,777,634						178,374			6.5		%				165,911			6.0		%
Certificates of deposit			715,784			772,952			777,284						(57,168)			(7.4)		%				(61,500)			(7.9)		%
Brokered and bid CD deposits			—			17,000			28,000						(17,000)			(100.0)		%				(28,000)			(100.0)		%
Total deposits			$	8,514,278		$	8,243,713		$	8,237,766					$	270,565		3.3		%				$	276,512		3.4		%
Off balance sheet deposits			$	—		$	105,265		$	255,086					(105,265)			(100.0)		%				(255,086)			(100.0)		%
Total deposits including off balance sheet deposits			$	8,514,278		$	8,348,978		$	8,492,852					165,300			2.0		%				21,426			0.3		%

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)			June 30, 2026			December 31, 2025			June 30, 2025			$ change from 12/31/25			% change from 12/31/25			$ change from 6/30/25			% change from 6/30/25
Retail deposits			$	5,276,832		$	4,081,871		$	4,024,571		$	1,194,961		29.3		%	$	1,252,261		31.1		%
Commercial deposits			5,351,406			4,144,842			4,185,195			1,206,564			29.1		%	1,166,211			27.9		%
Brokered and bid CD deposits			40,282			17,000			28,000			23,282			137.0		%	12,282			43.9		%
Purchase accounting			1,764			—			—			1,764			N.M.			1,764			N.M.
Total deposits			$	10,670,284		$	8,243,713		$	8,237,766		$	2,426,571		29.4		%	$	2,432,518		29.5		%
Off balance sheet deposits			—			105,265			255,086			(105,265)			(100.0)		%	(255,086)			(100.0)		%
Total deposits including off balance sheet deposits			$	10,670,284		$	8,348,978		$	8,492,852		$	2,321,306		27.8		%	$	2,177,432		25.6		%
Total deposits including off balance sheet deposits excluding Brokered and bid CD deposits			$	10,630,002		$	8,331,978		$	8,464,852		$	2,298,024		27.6		%	$	2,165,150		25.6		%
Noninterest bearing deposits to total deposits			28.9		%	32.2		%	31.8		%

During the six months ended June 30, 2026, total deposits including off balance sheet deposits increased by $2.32 billion, or 27.8%. This increase consisted of a $1.21 billion increase in total commercial deposits, a $1.19 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)			June 30, 2026			December 31, 2025			June 30, 2025			$ change from 12/31/25			% change from 12/31/25			$ change from 6/30/25			% change from 6/30/25
Public funds included in commercial deposits			$	1,791,810		$	1,320,070		$	1,579,102		$	471,740		35.7		%	$	212,708		13.5		%
Bid Ohio CDs			—			17,000			28,000			$	(17,000)		(100.0)		%	$	(28,000)		(100.0)		%
Total public fund deposits			$	1,791,810		$	1,337,070		$	1,607,102		$	454,740		34.0		%	$	184,708		11.5		%
Cost of public fund deposits (1)			1.91		%	1.94		%	1.97		%
Cost of total interest bearing deposits (1)			1.66		%	1.71		%	1.75		%

1 Cost of funds for the six months ended June 30, 2026 and 2025 and for the year ended December 31, 2025.

As of June 30, 2026, Park had approximately $2.3 billion of uninsured deposits, which was 21.5% of total deposits. Uninsured deposits of $2.3 billion included $699 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 six months ended June 30, 2026 of $7.2 million, compared to $3.6 million for the six months ended June 30, 2025. Net charge-offs were $5.1 million, or 0.11%, annualized, of total average loans, for the six months ended June 30, 2026, compared to $1.8 million, or 0.05%, annualized, of total average loans, for the six months ended June 30, 2025.

The table below provides additional information related to Park's allowance for credit losses as of June 30, 2026, December 31, 2025 and June 30, 2025.

(Dollars in thousands)			6/30/2026			12/31/2025			6/30/2025
Total allowance for credit losses			$	110,686		$	92,973		$	89,785
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			4,424			739			774
General reserves on collectively evaluated loans			$	106,262		$	92,234		$	89,011
Total loans			$	9,731,356		$	8,051,242		$	7,963,221
Individually evaluated loans - certain accruing PCD loans			—			1,990			2,004
Individually evaluated loans - accrual			11,535			18,365			14,019
Individually evaluated loans - nonaccrual			57,662			46,924			46,547
Collectively evaluated loans			$	9,662,159		$	7,983,963		$	7,900,651
Total allowance for credit losses as a % of total loans			1.14		%	1.15		%	1.13		%
General reserve as a % of collectively evaluated loans			1.10		%	1.16		%	1.13		%

The total allowance for credit losses of $110.7 million at June 30, 2026 represented a $17.7 million, or 19.1%, increase compared to $93.0 million at December 31, 2025. The increase was due to a $14.0 million increase in general reserves and a $3.7 million increase in specific reserves. Of the $17.7 million increase in the allowance for credit losses, $15.6 million was attributable to the day‑one allowance recognized in connection with the First Citizens acquisition.

11

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.

12

Item 8.01 - Other Events

Declaration of Cash Dividend

As reported in the Financial Results News Release, on July 27, 2026, the Park Board of Directors declared a $1.10 per common share quarterly cash dividend in respect of Park's common shares. The cash dividend is payable on September 10, 2026 to common shareholders of record as of the close of business on August 21, 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 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 July 27, 2026 addressing financial results for the three and six months ended June 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)

13

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: July 27, 2026			By:			/s/ Brady T. Burt
						Brady T. Burt
						Chief Financial Officer, Secretary and Treasurer

14

July 27, 2026 Exhibit 99.1

Park National Corporation reports financial results

for second quarter and first half of 2026

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

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

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

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

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

Headquartered in Newark, Ohio, Park National Corporation has $12.7 billion in total assets (as of June 30, 2026). Park's banking operations are conducted through its subsidiary, The Park National Bank. Other Park subsidiaries are Scope Leasing, Inc. (d.b.a. Scope Aircraft Finance), Park Investments, Inc., Park National Holdings, Inc., First Citizens Properties, Inc., First Citizens Risk Management, Inc., and SE Property Holdings, LLC.

Complete financial tables are listed below.

Category: Earnings

Media contact: Michelle Hamilton, 740.349.6014, media@parknationalbank.com

Investor contact: Brady Burt, 740.322.6844, investor@parknationalbank.com

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

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

Park cautions that any forward-looking statements contained in this news release or made by management of Park are provided to assist in the understanding of anticipated future financial performance. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties, including those described in Park's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as updated by our filings with the SEC. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements.

Risks and uncertainties that could cause actual results to differ include, without limitation: (1) the ability to execute our business plan successfully and manage strategic initiatives; (2) the impact of current and future economic and financial market conditions, including unemployment rates, inflation, interest rates, supply-demand imbalances, and geopolitical matters; (3) factors impacting the performance of our loan portfolio, including real estate values, financial health of borrowers, and loan concentrations; (4) the effects of monetary and fiscal policies, including interest rates, money supply, and inflation; (5) changes in federal, state, or local tax laws; (6) the impact of changes in governmental policy and regulatory requirements on our operations; (7) changes in consumer spending, borrowing, and saving habits; (8) changes in the performance and creditworthiness of customers, suppliers, and counterparties; (9) increased credit risk and higher credit losses due to loan concentrations; (10) volatility in mortgage banking income due to interest rates and demand; (11) adequacy of our internal controls and risk management programs; (12) competitive pressures among financial services organizations; (13) uncertainty regarding changes in banking regulations and other regulatory requirements; (14) our ability to meet heightened supervisory requirements and expectations; (15) the impact of changes in accounting policies and practices on our financial condition; (16) the reliability and accuracy of assumptions and estimates used in applying critical accounting estimates; (17) the potential for higher future credit losses due to changes in economic assumptions; (18) the ability to anticipate and respond to technological changes and our reliance on third-party vendors; (19) operational issues related to and capital spending necessitated by the implementation of information technology systems on which we are highly dependent; (20) the ability to secure confidential information and deliver products and services through computer systems and telecommunications networks; (21) the impact of security breaches or failures in operational systems; (22) the impact of geopolitical instability and trade policies on our operations including the imposition of tariffs and retaliatory tariffs; (23) the impact of changes in credit ratings of government debt and financial stability of sovereign governments; (24) the effect of stock market price fluctuations on our asset and wealth management businesses; (25) litigation and regulatory compliance exposure; (26) availability of earnings and excess capital for dividend declarations; (27) the impact of fraud, scams, and schemes on our business; (28) the impact of natural disasters, pandemics, and other emergencies on our operations; (29) potential deterioration of the economy due to financial, political, or other shocks; (30) impact of healthcare laws and potential changes on our costs and operations; (31) the ability to grow deposits and maintain adequate deposit levels, including by mitigating the effect of unexpected deposit outflows on our financial condition; (32) risks related to the completed acquisition of First Citizens, including the possibility that anticipated benefits are not realized as expected, including the realization of anticipated cost savings and revenue generation, difficulties integrating the two companies, and potential adverse reactions to customer, business, or employee relationships; and (33) other risk factors related to the banking industry.

Park does not undertake, and specifically disclaims any obligation, to publicly release the results of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement was made, or reflect the occurrence of unanticipated events, except to the extent required by law.

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

PARK NATIONAL CORPORATION
Financial Highlights
As of or for the three months ended June 30, 2026, March 31, 2026 and June 30, 2025
			2026			2026			2025						Percent change 2Q '26 vs.
(in thousands, except common share and per common share data and ratios)			2nd QTR			1st QTR			2nd QTR						1Q '26			2Q '25
INCOME STATEMENT:
Net interest income			$	138,857		$	125,780		$	108,991					10.4		%	27.4		%
Provision for credit losses			4,575			2,672			2,853						71.2		%	60.4		%
Other income			39,540			33,728			32,186						17.2		%	22.8		%
Other expense			100,960			105,159			78,977						(4.0)		%	27.8		%
Income before income taxes			$	72,862		$	51,677		$	59,347					41.0		%	22.8		%
Income taxes			14,110			9,990			11,228						41.2		%	25.7		%
Net income			$	58,752		$	41,687		$	48,119					40.9		%	22.1		%
MARKET DATA:
Earnings per common share - basic (a)			$	3.25		$	2.40		$	2.98					35.4		%	9.1		%
Earnings per common share - diluted (a)			3.23			2.39			2.97						35.1		%	8.8		%
Quarterly cash dividend declared per common share			1.10			1.10			1.07						—		%	2.8		%
Book value per common share at period end			95.58			93.93			80.55						1.8		%	18.7		%
Market price per common share at period end			182.99			163.45			167.26						12.0		%	9.4		%
Market capitalization at period end			3,305,561			2,957,806			2,688,093						11.8		%	23.0		%
Weighted average common shares - basic (b)			18,085,919			17,381,922			16,129,951						4.1		%	12.1		%
Weighted average common shares - diluted (b)			18,181,868			17,457,573			16,215,565						4.1		%	12.1		%
Common shares outstanding at period end			18,064,161			18,096,089			16,071,347						(0.2)		%	12.4		%
PERFORMANCE RATIOS: (annualized)
Return on average assets (a)(b)			1.84		%	1.43		%	1.92		%				28.7		%	(4.2)		%
Return on average shareholders' equity (a)(b)			13.69		%	10.67		%	14.96		%				28.3		%	(8.5)		%
Yield on loans			6.42		%	6.36		%	6.37		%				0.9		%	0.8		%
Yield on investment securities			3.53		%	3.08		%	3.21		%				14.6		%	10.0		%
Yield on money market instruments			4.09		%	3.95		%	4.34		%				3.5		%	(5.8)		%
Yield on interest earning assets			5.96		%	5.90		%	5.95		%				1.0		%	0.2		%
Cost of interest bearing deposits			1.70		%	1.62		%	1.73		%				4.9		%	(1.7)		%
Cost of borrowings			2.45		%	2.08		%	3.92		%				17.8		%	(37.5)		%
Cost of paying interest bearing liabilities			1.71		%	1.63		%	1.83		%				4.9		%	(6.6)		%
Net interest margin (g)			4.81		%	4.80		%	4.75		%				0.2		%	1.3		%
Efficiency ratio (g)			56.30		%	65.52		%	55.68		%				(14.1)		%	1.1		%
OTHER DATA (NON-GAAP) AND BALANCE SHEET INFORMATION:
Tangible book value per common share (d)			$	78.92		$	77.21		$	70.44					2.2		%	12.0		%
Average interest earning assets			11,664,671			10,708,496			9,252,016						8.9		%	26.1		%
Pre-tax, pre-provision net income (j)			77,437			54,349			62,200						42.5		%	24.5		%
Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section.

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

PARK NATIONAL CORPORATION
Financial Highlights (continued)
As of or for the three months ended June 30, 2026, March 31, 2026 and June 30, 2025
															Percent change 2Q '26 vs.
(in thousands, except ratios)			June 30, 2026			March 31, 2026			June 30, 2025						1Q '26			2Q '25
BALANCE SHEET:
Investment securities			$	1,389,379		$	1,366,955		$	1,062,526					1.6		%	30.8		%
Loans			9,731,356			9,667,260			7,963,221						0.7		%	22.2		%
Allowance for credit losses			110,686			108,590			89,785						1.9		%	23.3		%
Goodwill and other intangible assets			300,986			302,565			162,485						(0.5)		%	85.2		%
Other real estate owned (OREO)			19,836			24,458			638						(18.9)		%	N.M.
Total assets			12,677,010			12,983,967			9,949,578						(2.4)		%	27.4		%
Total deposits			10,670,284			11,000,500			8,237,766						(3.0)		%	29.5		%
Borrowings			137,422			150,176			285,582						(8.5)		%	(51.9)		%
Total shareholders' equity			1,726,576			1,699,759			1,294,480						1.6		%	33.4		%
Total equity			1,728,631			1,701,814			1,294,480						1.6		%	33.5		%
Tangible equity (d)			1,425,590			1,397,194			1,131,995						2.0		%	25.9		%
Total nonperforming loans			83,763			83,147			65,507						0.7		%	27.9		%
Total nonperforming assets			103,599			107,605			66,145						(3.7)		%	56.6		%
ASSET QUALITY RATIOS:
Loans as a % of period end total assets			76.76		%	74.46		%	80.04		%				3.1		%	(4.1)		%
Total nonperforming loans as a % of period end loans			0.86		%	0.86		%	0.82		%				—		%	4.9		%
Total nonperforming assets as a % of period end loans + OREO + other nonperforming assets			1.06		%	1.11		%	0.83		%				(4.5)		%	27.7		%
Allowance for credit losses as a % of period end loans			1.14		%	1.12		%	1.13		%				1.8		%	0.9		%
Net loan charge-offs			$	2,479		$	2,628		$	1,198					(5.7)		%	N.M.
Annualized net loan charge-offs as a % of average loans (b)			0.10		%	0.12		%	0.06		%				(16.7)		%	N.M.
CAPITAL & LIQUIDITY:
Total shareholders' equity / Period end total assets			13.62		%	13.09		%	13.01		%				4.0		%	4.7		%
Tangible equity (d) / Tangible assets (f)			11.52		%	11.02		%	11.57		%				4.5		%	(0.4)		%
Average shareholders' equity / Average assets (b)			13.46		%	13.39		%	12.80		%				0.5		%	5.2		%
Average shareholders' equity / Average loans (b)			17.76		%	17.44		%	16.28		%				1.8		%	9.1		%
Average loans / Average deposits (b)			89.75		%	90.91		%	94.37		%				(1.3)		%	(4.9)		%
Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section.

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

PARK NATIONAL CORPORATION
Financial Highlights
Six months ended June 30, 2026 and June 30, 2025
			2026			2025
(in thousands, except common share and per common share data and ratios)			Six months ended June 30			Six months ended June 30						Percent change '26 vs '25
INCOME STATEMENT:
Net interest income			$	264,637		$	213,368					24.0		%
Provision for credit losses			7,247			3,609						100.8		%
Other income			73,268			57,932						26.5		%
Other expense			206,119			157,141						31.2		%
Income before income taxes			$	124,539		$	110,550					12.7		%
Income taxes			24,100			20,274						18.9		%
Net income			$	100,439		$	90,276					11.3		%
MARKET DATA:
Earnings per common share - basic (a)			$	5.66		$	5.59					1.3		%
Earnings per common share - diluted (a)			5.64			5.56						1.4		%
Quarterly cash dividend declared per common share			2.20			2.14						2.8		%
Weighted average common shares - basic (b)			17,733,921			16,144,647						9.8		%
Weighted average common shares - diluted (b)			17,819,777			16,227,150						9.8		%
PERFORMANCE RATIOS: (annualized)
Return on average assets (a)(b)			1.64		%	1.81		%				(9.4)		%
Return on average shareholders' equity (a)(b)			12.25		%	14.22		%				(13.9)		%
Yield on loans			6.39		%	6.32		%				1.1		%
Yield on investment securities			3.32		%	3.23		%				2.8		%
Yield on money market instruments			4.03		%	4.40		%				(8.4)		%
Yield on interest earning assets			5.93		%	5.90		%				0.5		%
Cost of interest bearing deposits			1.66		%	1.75		%				(5.1)		%
Cost of borrowings			2.28		%	3.93		%				(42.0)		%
Cost of paying interest bearing liabilities			1.67		%	1.84		%				(9.2)		%
Net interest margin (g)			4.80		%	4.69		%				2.3		%
Efficiency ratio (g)			60.65		%	57.65		%				5.2		%
ASSET QUALITY RATIOS:
Net loan charge-offs			$	5,107		$	1,790					185.3		%
Net loan charge-offs as a % of average loans (b)			0.11		%	0.05		%				120.0		%
CAPITAL & LIQUIDITY
Average shareholders' equity / Average Assets (b)			13.42		%	12.72		%				5.5		%
Average shareholders' equity / Average loans (b)			17.60		%	16.25		%				8.3		%
Average loans / Average deposits (b)			90.30		%	93.96		%				(3.9)		%
OTHER DATA (NON-GAAP) AND BALANCE SHEET INFORMATION:
Average interest earning assets			11,189,252			9,231,316						21.2		%
Pre-tax, pre-provision net income (j)			131,786			114,159						15.4		%
Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section.

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

PARK NATIONAL CORPORATION
Consolidated Statements of Income
						Three Months Ended												Six Months Ended
						June 30												June 30
(in thousands, except share and per share data)						2026						2025						2026						2025
Interest income:
Interest and fees on loans						$	154,692					$	125,543					$	296,734					$	246,191
Interest on debt securities:
Taxable						9,320						6,693						15,164						13,823
Tax-exempt						2,123						1,503						4,349						2,772
Other interest income						6,192						2,757						10,857						5,910
Total interest income						172,327						136,496						327,104						268,696
Interest expense:
Interest on deposits:
Demand and savings deposits						23,517						19,055						44,366						37,491
Time deposits						9,122						5,821						16,654						12,591
Interest on borrowings						831						2,629						1,447						5,246
Total interest expense						33,470						27,505						62,467						55,328
Net interest income						138,857						108,991						264,637						213,368
Provision for credit losses						4,575						2,853						7,247						3,609
Net interest income after provision for credit losses						134,282						106,138						257,390						209,759
Other income						39,540						32,186						73,268						57,932
Other expense						100,960						78,977						206,119						157,141
Income before income taxes						72,862						59,347						124,539						110,550
Income taxes						14,110						11,228						24,100						20,274
Net income						$	58,752					$	48,119					$	100,439					$	90,276
Per common share:
Net income - basic						$	3.25					$	2.98					$	5.66					$	5.59
Net income - diluted						$	3.23					$	2.97					$	5.64					$	5.56
Weighted average common shares - basic						18,085,919						16,129,951						17,733,921						16,144,647
Weighted average common shares - diluted						18,181,868						16,215,565						17,819,777						16,227,150
Cash dividends declared:
Quarterly dividend						$	1.10					$	1.07					$	2.20					$	2.14

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

PARK NATIONAL CORPORATION
Consolidated Balance Sheets
(in thousands, except share data)			June 30, 2026			December 31, 2025
Assets
Cash and due from banks			$	144,485		$	137,239
Money market instruments			435,824			96,274
Investment securities			1,389,379			802,142
Loans			9,731,356			8,051,242
Allowance for credit losses			(110,686)			(92,973)
Loans, net			9,620,670			7,958,269
Bank premises and equipment, net			96,430			61,627
Goodwill and other intangible assets			300,986			161,990
Other real estate owned			19,836			729
Other assets			669,400			586,743
Total assets			$	12,677,010		$	9,805,013
Liabilities and Equity
Deposits:
Noninterest bearing			$	3,084,889		$	2,656,093
Interest bearing			7,585,395			5,587,620
Total deposits			10,670,284			8,243,713
Borrowings			137,422			81,711
Other liabilities			140,673			126,796
Total liabilities			$	10,948,379		$	8,452,220
Equity:
Preferred shares (200,000 shares authorized; no shares outstanding at June 30, 2026 or December 31, 2025)			$	—		$	—
Common shares (No par value; 40,000,000 shares authorized at June 30, 2026 and December 31, 2025; 19,611,235 shares issued at June 30, 2026 and 17,623,104 at December 31, 2025)			784,614			465,032
Accumulated other comprehensive loss, net of taxes			(16,901)			(12,739)
Retained earnings			1,128,448			1,067,823
Treasury shares (1,547,074 shares at June 30, 2026 and 1,544,842 shares at December 31, 2025)			(169,585)			(167,323)
Total shareholders' equity			$	1,726,576		$	1,352,793
Non-controlling interest in consolidated subsidiary			2,055			—
Total equity			$	1,728,631		$	1,352,793
Total liabilities and equity			$	12,677,010		$	9,805,013

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

PARK NATIONAL CORPORATION
Consolidated Average Balance Sheets
			Three Months Ended						Six Months Ended
			June 30,						June 30,
(in thousands)			2026			2025			2026						2025
Assets
Cash and due from banks			$	140,993		$	114,619		$	190,458					$	120,889
Money market instruments			607,263			254,697			543,319						270,767
Investment securities			1,375,215			1,061,693			1,265,398						1,065,635
Loans			9,691,723			7,922,263			9,392,367						7,877,994
Allowance for credit losses			(110,075)			(88,773)			(107,574)						(88,799)
Loans, net			9,581,648			7,833,490			9,284,793						7,789,195
Bank premises and equipment, net			94,820			65,800			88,245						67,387
Goodwill and other intangible assets			301,545			162,664			274,431						162,800
Other real estate owned			22,585			40			18,504						477
Other assets			663,340			585,458			651,667						584,975
Total assets			$	12,787,409		$	10,078,461		$	12,316,815					$	10,062,125
Liabilities and Equity
Deposits:
Noninterest bearing			$	3,079,994		$	2,626,232		$	2,984,059					$	2,602,666
Interest bearing			7,718,858			5,768,900			7,416,819						5,781,338
Total deposits			10,798,852			8,395,132			10,400,878						8,384,004
Borrowings			136,276			269,088			128,218						269,170
Other liabilities			129,148			124,200			132,559						128,746
Total liabilities			$	11,064,276		$	8,788,420		$	10,661,655					$	8,781,920
Equity:
Preferred shares			$	—		$	—		$	—					$	—
Common shares			783,372			460,238			730,253						462,132
Accumulated other comprehensive loss, net of taxes			(14,314)			(34,291)			(12,544)						(37,101)
Retained earnings			1,117,850			1,022,323			1,102,302						1,009,930
Treasury shares			(165,830)			(158,229)			(166,554)						(154,756)
Total shareholders' equity			$	1,721,078		$	1,290,041		$	1,653,457					$	1,280,205
Non-controlling interest in consolidated subsidiary			2,055			—			1,703						—
Total equity			$	1,723,133		$	1,290,041		$	1,655,160					$	1,280,205
Total liabilities and equity			$	12,787,409		$	10,078,461		$	12,316,815					$	10,062,125

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

PARK NATIONAL CORPORATION
Consolidated Statements of Income - Linked Quarters
			2026			2026			2025			2025			2025
(in thousands, except per share data)			2nd QTR			1st QTR			4th QTR			3rd QTR			2nd QTR
Interest income:
Interest and fees on loans			$	154,692		$	142,042		$	127,443		$	126,648		$	125,543
Interest on debt securities:
Taxable			9,320			5,844			4,267			5,644			6,693
Tax-exempt			2,123			2,226			1,487			1,520			1,503
Other interest income			6,192			4,665			3,695			5,140			2,757
Total interest income			172,327			154,777			136,892			138,952			136,496
Interest expense:
Interest on deposits:
Demand and savings deposits			23,517			20,849			18,431			20,499			19,055
Time deposits			9,122			7,532			5,267			5,501			5,821
Interest on borrowings			831			616			268			1,935			2,629
Total interest expense			33,470			28,997			23,966			27,935			27,505
Net interest income			138,857			125,780			112,926			111,017			108,991
Provision for credit losses			4,575			2,672			3,849			4,030			2,853
Net interest income after provision for credit losses			134,282			123,108			109,077			106,987			106,138
Other income			39,540			33,728			31,375			30,574			32,186
Other expense			100,960			105,159			87,777			79,463			78,977
Income before income taxes			72,862			51,677			52,675			58,098			59,347
Income taxes			14,110			9,990			10,036			10,940			11,228
Net income			$	58,752		$	41,687		$	42,639		$	47,158		$	48,119
Per common share:
Net income - basic			$	3.25		$	2.40		$	2.65		$	2.93		$	2.98
Net income - diluted			$	3.23		$	2.39		$	2.63		$	2.92		$	2.97

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

PARK NATIONAL CORPORATION
Detail of other income and other expense - Linked Quarters
			2026			2026			2025			2025			2025
(in thousands)			2nd QTR			1st QTR			4th QTR			3rd QTR			2nd QTR
Other income:
Income from fiduciary activities			$	13,434		$	12,343		$	11,839		$	11,315		$	11,622
Service charges on deposit accounts			3,790			3,348			2,552			2,578			2,514
Other service income			4,124			3,686			4,099			3,716			3,731
Debit card fee income			8,107			6,973			6,493			6,604			6,607
Bank owned life insurance income			2,125			1,707			1,777			1,559			1,762
ATM fees			450			380			333			371			367
Gain (loss) on sale of debt securities, net			—			1,084			(2,250)			—			—
Gain (loss) on equity securities, net			4,555			799			3,595			(549)			2,480
Other components of net periodic benefit income			2,449			2,492			2,344			2,344			2,344
Miscellaneous			506			916			593			2,636			759
Total other income			$	39,540		$	33,728		$	31,375		$	30,574		$	32,186
Other expense:
Salaries			$	46,023		$	45,577		$	39,315		$	38,644		$	38,560
Employee benefits			11,918			11,692			10,846			9,892			9,108
Occupancy expense			4,027			4,572			3,349			3,242			3,269
Furniture and equipment expense			3,014			2,517			2,007			2,219			2,234
Data processing fees			15,113			13,141			12,188			11,531			11,021
Professional fees and services			8,731			16,828			9,275			7,475			7,395
Marketing			1,550			1,556			1,744			1,507			1,295
Insurance			1,986			2,074			1,534			1,468			1,667
Communication			1,400			1,425			1,137			1,239			941
State tax expense			1,529			1,367			1,181			1,182			1,350
Amortization of intangible assets			2,072			1,279			247			248			273
Foundation contributions			—			—			1,000			—			—
Miscellaneous			3,597			3,131			3,954			816			1,864
Total other expense			$	100,960		$	105,159		$	87,777		$	79,463		$	78,977

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

PARK NATIONAL CORPORATION
Asset Quality Information
												Year ended December 31,
(in thousands, except ratios)						June 30, 2026			March 31, 2026			2025			2024			2023			2022			2021
Allowance for credit losses:
Allowance for credit losses, beginning of period						$	108,590		$	92,973		$	87,966		$	83,745		$	85,379		$	83,197		$	85,675
Cumulative change in accounting principle; adoption of ASU 2022-02 in 2023 and ASU 2016-13 in 2021						—			—			—			—			383			—			6,090
First Citizens acquisition - Day 1 ACL						—			15,573			—			—			—			—			—
Charge-offs						4,470			4,440			16,624			18,334			10,863			9,133			5,093
Recoveries						1,991			1,812			10,143			8,012			5,942			6,758			8,441
Net charge-offs (recoveries)						2,479			2,628			6,481			10,322			4,921			2,375			(3,348)
Provision for (recovery of) credit losses						4,575			2,672			11,488			14,543			2,904			4,557			(11,916)
Allowance for credit losses, end of period						$	110,686		$	108,590		$	92,973		$	87,966		$	83,745		$	85,379		$	83,197
General reserve trends:
Allowance for credit losses, end of period						$	110,686		$	108,590		$	92,973		$	87,966		$	83,745		$	85,379		$	83,197
Specific reserves on individually evaluated loans - certain accruing purchased credit deteriorated ("PCD") loans						—			—			—			—			—			—			—
Specific reserves on individually evaluated loans - accrual						—			—			—			—			—			—			42
Specific reserves on individually evaluated loans - nonaccrual						4,424			3,041			739			1,299			4,983			3,566			1,574
General reserves on collectively evaluated loans						$	106,262		$	105,549		$	92,234		$	86,667		$	78,762		$	81,813		$	81,581
Total loans						$	9,731,356		$	9,667,260		$	8,051,242		$	7,817,128		$	7,476,221		$	7,141,891		$	6,871,122
Individually evaluated - certain accruing PCD loans (PCI loans for years 2020 and prior)						—			1,943			1,990			2,174			2,835			4,653			7,149
Individually evaluated loans - accrual (k)						11,535			14,792			18,365			15,290			—			11,477			17,517
Individually evaluated loans - nonaccrual						57,662			60,208			46,924			53,149			45,215			66,864			56,985
Collectively evaluated loans						$	9,662,159		$	9,590,317		$	7,983,963		$	7,746,515		$	7,428,171		$	7,058,897		$	6,789,471
Asset Quality Ratios:
Net charge-offs (recoveries) as a % of average loans (annualized)						0.10		%	0.12		%	0.08		%	0.14		%	0.07		%	0.03		%	(0.05)		%
Allowance for credit losses as a % of period end loans						1.14		%	1.12		%	1.15		%	1.13		%	1.12		%	1.20		%	1.21		%
General reserve as a % of collectively evaluated loans						1.10		%	1.10		%	1.16		%	1.12		%	1.06		%	1.16		%	1.20		%
Nonperforming assets:
Nonaccrual loans						$	81,249		$	80,548		$	66,515		$	68,178		$	60,259		$	79,696		$	72,722
Accruing troubled debt restructurings (for years 2022 and prior) (k)						N.A.			N.A.			N.A.			N.A.			N.A.			20,134			28,323
Loans past due 90 days or more						2,514			2,599			2,738			1,754			859			1,281			1,607
Total nonperforming loans						$	83,763		$	83,147		$	69,253		$	69,932		$	61,118		$	101,111		$	102,652
Other real estate owned						19,836			24,458			729			938			983			1,354			775
Other nonperforming assets						—			—			—			—			—			—			2,750
Total nonperforming assets						$	103,599		$	107,605		$	69,982		$	70,870		$	62,101		$	102,465		$	106,177
Percentage of nonaccrual loans to period end loans						0.83		%	0.83		%	0.83		%	0.87		%	0.81		%	1.12		%	1.06		%
Percentage of nonperforming loans to period end loans						0.86		%	0.86		%	0.86		%	0.89		%	0.82		%	1.42		%	1.49		%
Percentage of nonperforming assets to period end loans						1.06		%	1.11		%	0.87		%	0.91		%	0.83		%	1.43		%	1.55		%
Percentage of nonperforming assets to period end total assets						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)						June 30, 2026			March 31, 2026			2025			2024			2023			2022			2021
New nonaccrual loan information:
Nonaccrual loans, beginning of period						$	80,548		$	66,515		$	68,178		$	60,259		$	79,696		$	72,722		$	117,368
Acquired nonaccrual loans						—			4,506			—			—			—			—			—
New nonaccrual loans						21,099			23,215			87,482			65,535			48,280			64,918			38,478
Resolved nonaccrual loans						20,398			13,688			89,145			57,616			67,717			57,944			83,124
Nonaccrual loans, end of period						$	81,249		$	80,548		$	66,515		$	68,178		$	60,259		$	79,696		$	72,722
Individually evaluated nonaccrual commercial loan portfolio information (period end):
Unpaid principal balance						$	57,939		$	64,890		$	51,664		$	58,158		$	47,564		$	68,639		$	57,609
Prior charge-offs						277			4,682			4,740			5,009			2,349			1,775			624
Remaining principal balance						57,662			60,208			46,924			53,149			45,215			66,864			56,985
Specific reserves						4,424			3,041			739			1,299			4,983			3,566			1,574
Book value, after specific reserves						$	53,238		$	57,167		$	46,185		$	51,850		$	40,232		$	63,298		$	55,411
Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section.

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

PARK NATIONAL CORPORATION
Financial Reconciliations
NON-GAAP RECONCILIATIONS
			THREE MONTHS ENDED									SIX MONTHS ENDED
(in thousands, except share and per share data)			June 30, 2026			March 31, 2026			June 30, 2025			June 30, 2026						June 30, 2025
Net interest income			$	138,857		$	125,780		$	108,991		$	264,637					$	213,368
less purchase accounting accretion			2,147			812			168			2,959						343
less interest income on former Vision Bank relationships			—			396			1,006			396						2,025
Net interest income - adjusted			$	136,710		$	124,572		$	107,817		$	261,282					$	211,000
Provision for credit losses			$	4,575		$	2,672		$	2,853		$	7,247					$	3,609
less recoveries on former Vision Bank relationships			—			(7)			(717)			(7)						(1,814)
Provision for credit losses - adjusted			$	4,575		$	2,679		$	3,570		$	7,254					$	5,423
Other income			$	39,540		$	33,728		$	32,186		$	73,268					$	57,932
less gain on sale of debt securities, net			—			1,084			—			1,084						—
less impact of strategic initiatives			148			—			18			148						(896)
less Vision related OREO valuation adjustments, net			—			304			—			304						(229)
less other income related to former Vision Bank relationships			—			(202)			—			(202)						3
Other income - adjusted			$	39,392		$	32,542		$	32,168		$	71,934					$	59,054
Other expense			$	100,960		$	105,159		$	78,977		$	206,119					$	157,141
less intangible asset amortization			2,072			1,279			273			3,351						547
less merger-related expenses related to First Citizens acquisition			4,118			15,474			—			19,592						—
less impact of strategic initiatives			(71)			362			—			291						—
less purchase accounting amortization			36			20			—			56						—
less direct expenses related to collection of payments on former Vision Bank loan relationships			—			194			239			194						515
Other expense - adjusted			$	94,805		$	87,830		$	78,465		$	182,635					$	156,079
Tax effect of adjustments to net income identified above (i)			$	811		$	3,135		$	(293)		$	3,945					$	(420)
Net income - reported			$	58,752		$	41,687		$	48,119		$	100,439					$	90,276
Net income - adjusted (h)			$	61,801		$	53,480		$	47,015		$	115,282					$	88,698
Diluted earnings per common share			$	3.23		$	2.39		$	2.97		$	5.64					$	5.56
Diluted earnings per common share, adjusted (h)			$	3.40		$	3.06		$	2.90		$	6.47					$	5.47
Annualized return on average assets (a)(b)			1.84		%	1.43		%	1.92		%	1.64		%				1.81		%
Annualized return on average assets, adjusted (a)(b)(h)			1.94		%	1.83		%	1.87		%	1.89		%				1.78		%
Annualized return on average tangible assets (a)(b)(e)			1.89		%	1.46		%	1.95		%	1.68		%				1.84		%
Annualized return on average tangible assets, adjusted (a)(b)(e)(h)			1.99		%	1.87		%	1.90		%	1.93		%				1.81		%
Annualized return on average shareholders' equity (a)(b)			13.69		%	10.67		%	14.96		%	12.25		%				14.22		%
Annualized return on average shareholders' equity, adjusted (a)(b)(h)			14.40		%	13.68		%	14.62		%	14.06		%				13.97		%
Annualized return on average tangible equity (a)(b)(c)			16.60		%	12.63		%	17.12		%	14.69		%				16.29		%
Annualized return on average tangible equity, adjusted (a)(b)(c)(h)			17.46		%	16.21		%	16.73		%	16.86		%				16.01		%
Efficiency ratio (g)			56.30		%	65.52		%	55.68		%	60.65		%				57.65		%
Efficiency ratio, adjusted (g)(h)			53.55		%	55.55		%	55.78		%	54.50		%				57.52		%
Annualized net interest margin (g)			4.81		%	4.80		%	4.75		%	4.80		%				4.69		%
Annualized net interest margin, adjusted (g)(h)			4.73		%	4.76		%	4.70		%	4.74		%				4.64		%
Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section.

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

PARK NATIONAL CORPORATION
Financial Reconciliations (continued)
(a) Reported measure uses net income
(b) Averages are for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025 and the six months ended June 30, 2026 and June 30, 2025, as appropriate
(c) Net income for each period divided by average tangible equity during the period. Average tangible equity equals average shareholders' equity during the applicable period less average goodwill and other intangible assets during the applicable period.
RECONCILIATION OF AVERAGE SHAREHOLDERS' EQUITY TO AVERAGE TANGIBLE EQUITY:
			THREE MONTHS ENDED									SIX MONTHS ENDED
			June 30, 2026			March 31, 2026			June 30, 2025			June 30, 2026						June 30, 2025
AVERAGE SHAREHOLDERS' EQUITY			$	1,721,078		$	1,585,084		$	1,290,041		$	1,653,457					$	1,280,205
Less: Average goodwill and other intangible assets			301,545			247,015			162,664			274,431						162,800
AVERAGE TANGIBLE EQUITY			$	1,419,533		$	1,338,069		$	1,127,377		$	1,379,026					$	1,117,405
(d) Tangible equity divided by common shares outstanding at period end. Tangible equity equals total shareholders' equity less goodwill and other intangible assets, in each case at the end of the period.
RECONCILIATION OF TOTAL SHAREHOLDERS' EQUITY TO TANGIBLE EQUITY:
			June 30, 2026			March 31, 2026			June 30, 2025
TOTAL SHAREHOLDERS' EQUITY			$	1,726,576		$	1,699,759		$	1,294,480
Less: Goodwill and other intangible assets			300,986			302,565			162,485
TANGIBLE EQUITY			$	1,425,590		$	1,397,194		$	1,131,995
(e) Net income for each period divided by average tangible assets during the period. Average tangible assets equal average assets less average goodwill and other intangible assets, in each case during the applicable period.
RECONCILIATION OF AVERAGE ASSETS TO AVERAGE TANGIBLE ASSETS
			THREE MONTHS ENDED									SIX MONTHS ENDED
			June 30, 2026			March 31, 2026			June 30, 2025			June 30, 2026						June 30, 2025
AVERAGE ASSETS			$	12,787,409		$	11,840,992		$	10,078,461		$	12,316,815					$	10,062,125
Less: Average goodwill and other intangible assets			301,545			247,015			162,664			274,431						162,800
AVERAGE TANGIBLE ASSETS			$	12,485,864		$	11,593,977		$	9,915,797		$	12,042,384					$	9,899,325
(f) Tangible equity divided by tangible assets. Tangible assets equal total assets less goodwill and other intangible assets, in each case at the end of the period.
RECONCILIATION OF TOTAL ASSETS TO TANGIBLE ASSETS:
			June 30, 2026			March 31, 2026			June 30, 2025
TOTAL ASSETS			$	12,677,010		$	12,983,967		$	9,949,578
Less: Goodwill and other intangible assets			300,986			302,565			162,485
TANGIBLE ASSETS			$	12,376,024		$	12,681,402		$	9,787,093

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

PARK NATIONAL CORPORATION
Financial Reconciliations (continued)
(g) Efficiency ratio is calculated by dividing total other expense by the sum of fully taxable equivalent net interest income and other income. Fully taxable equivalent net interest income reconciliation is shown assuming a 21% corporate federal income tax rate. Additionally, net interest margin is calculated on a fully taxable equivalent basis by dividing fully taxable equivalent net interest income by average interest earning assets, in each case during the applicable period.
RECONCILIATION OF FULLY TAXABLE EQUIVALENT NET INTEREST INCOME TO NET INTEREST INCOME
			THREE MONTHS ENDED									SIX MONTHS ENDED
			June 30, 2026			March 31, 2026			June 30, 2025			June 30, 2026						June 30, 2025
Interest income			$	172,327		$	154,777		$	136,496		$	327,104					$	268,696
Fully taxable equivalent adjustment			933			985			675			1,918						1,282
Fully taxable equivalent interest income			$	173,260		$	155,762		$	137,171		$	329,022					$	269,978
Interest expense			33,470			28,997			27,505			62,467						55,328
Fully taxable equivalent net interest income			$	139,790		$	126,765		$	109,666		$	266,555					$	214,650
(h) Adjustments to net income for each period presented are detailed in the non-GAAP reconciliations of net interest income, provision for credit losses, other income, other expense and tax effect of adjustments to net income.
(i) The tax effect of adjustments to net income was calculated assuming a 21% corporate federal income tax rate.
(j) Pre-tax, pre-provision ("PTPP") net income is calculated as net income, plus income taxes, plus the provision for credit losses, in each case during the applicable period. PTPP net income is a common industry metric utilized in capital analysis and review. PTPP is used to assess the operating performance of Park while excluding the impact of the provision for credit losses.
RECONCILIATION OF PRE-TAX, PRE-PROVISION NET INCOME
			THREE MONTHS ENDED									SIX MONTHS ENDED
			June 30, 2026			March 31, 2026			June 30, 2025			June 30, 2026						June 30, 2025
Net income			$	58,752		$	41,687		$	48,119		$	100,439					$	90,276
Plus: Income taxes			14,110			9,990			11,228			24,100						20,274
Plus: Provision for credit losses			4,575			2,672			2,853			7,247						3,609
Pre-tax, pre-provision net income			$	77,437		$	54,349		$	62,200		$	131,786					$	114,159
(k) Effective January 1, 2023, Park adopted Accounting Standards Update ("ASU") 2022-02. Among other things, this ASU eliminated the concept of troubled debt restructurings ("TDRs"). As a result of the adoption of this ASU and elimination of the concept of TDRs, total nonperforming loans ("NPLs") and total nonperforming assets ("NPAs") each decreased by $20.1 million effective January 1, 2023. Additionally, as a result of the adoption of this ASU, accruing individually evaluated loans decreased by $11.5 million effective January 1, 2023.

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

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