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

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 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
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
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

Consolidated Statements of Income

Three Months Ended

Six Months Ended

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
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
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
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
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
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
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
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 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, 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

(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.

Media contact: Michelle Hamilton, 740-349-6014, media@parknationalbank.com

Investor contact: Brady Burt, 740-322-6844, investor@parknationalbank.com