Park National Corporation reports financial results for second quarter and first half of 2026

NEWARK, Ohio, July 27, 2026 (GLOBE NEWSWIRE) -- 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

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 CORPORATIONFinancial HighlightsAs 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 QTR1st QTR2nd QTR 1Q '262Q '25INCOME 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 CORPORATIONFinancial 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, 2026March 31, 2026June 30, 2025 1Q '262Q '25BALANCE 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 CORPORATIONFinancial HighlightsSix 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 30Six months
ended June 30 Percent
change '26
vs '25INCOME 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 CORPORATIONConsolidated Statements of Income           Three Months Ended Six Months Ended  June 30 June 30(in thousands, except share and per share data)  2026  2025  2026  2025Interest income:        Interest and fees on loans $154,692 $125,543 $296,734 $246,191Interest on debt securities:        Taxable  9,320  6,693  15,164  13,823Tax-exempt  2,123  1,503  4,349  2,772Other interest income  6,192  2,757  10,857  5,910Total 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  37,491Time deposits  9,122  5,821  16,654  12,591Interest on borrowings  831  2,629  1,447  5,246Total interest expense  33,470  27,505  62,467  55,328Net interest income  138,857  108,991  264,637  213,368         Provision for credit losses  4,575  2,853  7,247  3,609Net 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 $5.59Net income - diluted $3.23 $2.97 $5.64 $5.56         Weighted average common shares - basic  18,085,919  16,129,951  17,733,921  16,144,647Weighted 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 Consolidated Balance Sheets   (in thousands, except share data)June 30, 2026December 31, 2025Assets  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 Consolidated Average Balance Sheets       Three Months EndedSix 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 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 QTRInterest income:         Interest and fees on loans $154,692 $142,042 $127,443 $126,648 $125,543Interest on debt securities:         Taxable 9,320  5,844  4,267  5,644  6,693Tax-exempt 2,123  2,226  1,487  1,520  1,503Other interest income 6,192  4,665  3,695  5,140  2,757Total interest income 172,327  154,777  136,892  138,952  136,496Interest expense:         Interest on deposits:         Demand and savings deposits 23,517  20,849  18,431  20,499  19,055Time deposits 9,122  7,532  5,267  5,501  5,821Interest on borrowings 831  616  268  1,935  2,629Total interest expense 33,470  28,997  23,966  27,935  27,505Net interest income 138,857  125,780  112,926  111,017  108,991Provision for credit losses 4,575  2,672  3,849  4,030  2,853Net interest income after provision for credit losses 134,282  123,108  109,077  106,987  106,138Other income 39,540  33,728  31,375  30,574  32,186Other expense 100,960  105,159  87,777  79,463  78,977Income before income taxes 72,862  51,677  52,675  58,098  59,347Income taxes 14,110  9,990  10,036  10,940  11,228Net income $58,752 $41,687 $42,639 $47,158 $48,119Per common share:         Net income - basic$3.25 $2.40 $2.65 $2.93 $2.98Net income - diluted$3.23 $2.39 $2.63 $2.92 $2.97

 PARK NATIONAL CORPORATION Detail of other income and other expense - Linked Quarters         2026
 2026 2025 2025 2025(in thousands)2nd QTR 1st QTR 4th QTR3rd QTR2nd QTROther income:       Income from fiduciary activities$13,434 $12,343 $11,839 $11,315 $11,622Service charges on deposit accounts 3,790  3,348  2,552  2,578  2,514Other service income 4,124  3,686  4,099  3,716  3,731Debit card fee income 8,107  6,973  6,493  6,604  6,607Bank owned life insurance income 2,125  1,707  1,777  1,559  1,762ATM fees 450  380  333  371  367Gain (loss) on sale of debt securities, net —  1,084  (2,250) —  —Gain (loss) on equity securities, net 4,555  799  3,595  (549) 2,480Other components of net periodic benefit income 2,449  2,492  2,344  2,344  2,344Miscellaneous 506  916  593  2,636  759Total other income$39,540 $33,728 $31,375 $30,574 $32,186Other expense:       Salaries$46,023 $45,577 $39,315 $38,644 $38,560Employee benefits 11,918  11,692  10,846  9,892  9,108Occupancy expense 4,027  4,572  3,349  3,242  3,269Furniture and equipment expense 3,014  2,517  2,007  2,219  2,234Data processing fees 15,113  13,141  12,188  11,531  11,021Professional fees and services 8,731  16,828  9,275  7,475  7,395Marketing 1,550  1,556  1,744  1,507  1,295Insurance 1,986  2,074  1,534  1,468  1,667Communication 1,400  1,425  1,137  1,239  941State tax expense 1,529  1,367  1,181  1,182  1,350Amortization of intangible assets 2,072  1,279  247  248  273Foundation contributions —  —  1,000  —  —Miscellaneous 3,597  3,131  3,954  816  1,864Total other expense$100,960 $105,159 $87,777 $79,463 $78,977

 PARK NATIONAL CORPORATION Asset Quality Information             Year ended December 31,(in thousands, except ratios) June 30, 2026March 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 Asset Quality Information (continued)                     Year ended December 31,(in thousands, except ratios) June 30, 2026 March 31, 2026  2025  2024  2023  2022  2021New nonaccrual loan information:              Nonaccrual loans, beginning of period $80,548 $66,515 $68,178 $60,259 $79,696 $72,722 $117,368Acquired nonaccrual loans  —  4,506  —  —  —  —  —New nonaccrual loans  21,099  23,215  87,482  65,535  48,280  64,918  38,478Resolved nonaccrual loans  20,398  13,688  89,145  57,616  67,717  57,944  83,124Nonaccrual 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 $57,609Prior charge-offs  277  4,682  4,740  5,009  2,349  1,775  624Remaining principal balance  57,662  60,208  46,924  53,149  45,215  66,864  56,985Specific reserves  4,424  3,041  739  1,299  4,983  3,566  1,574Book 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   Financial Reconciliations
NON-GAAP RECONCILIATIONS
  THREE MONTHS ENDEDSIX MONTHS ENDED(in thousands, except share and per share data)June 30, 2026March 31, 2026June 30, 2025June 30, 2026 June 30, 2025Net 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 service 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    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, 2025AVERAGE SHAREHOLDERS' EQUITY$1,721,078 $1,585,084 $1,290,041 $1,653,457 $1,280,205Less: Average goodwill and other intangible assets 301,545  247,015  162,664  274,431  162,800AVERAGE 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, 2025AVERAGE ASSETS$12,787,409 $11,840,992 $10,078,461 $12,316,815 $10,062,125Less: Average goodwill and other intangible assets 301,545  247,015  162,664  274,431  162,800AVERAGE 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     (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, 2025Interest income$172,327 $154,777 $136,496 $327,104 $268,696Fully taxable equivalent adjustment 933  985  675  1,918  1,282Fully taxable equivalent interest income$173,260 $155,762 $137,171 $329,022 $269,978Interest expense 33,470  28,997  27,505  62,467  55,328Fully 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 ENDEDSIX MONTHS ENDED June 30, 2026March 31, 2026June 30, 2025June 30, 2026 June 30, 2025Net income$58,752$41,687$48,119$100,439 $90,276Plus: Income taxes 14,110 9,990 11,228 24,100  20,274Plus: Provision for credit losses 4,575 2,672 2,853 7,247  3,609Pre-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.