Form 8-K

8-K — PARK NATIONAL CORP /OH/

Accession: 0000805676-26-000069

Filed: 2026-10-26

Period: 2026-10-26

CIK: 0000805676

SIC: 6021 (NATIONAL COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — prk-20261026.htm (Primary)

EX-99.1 (exhibit991earningsrelease3.htm)

GRAPHIC (image.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: prk-20261026.htm · Sequence: 1

prk-20261026

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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) October 26, 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. ☐

Item 2.02 - Results of Operations and Financial Condition

On October 26, 2026, Park National Corporation (“Park”) issued a news release (the “Financial Results News Release”) announcing financial results for the three and nine months ended September 30, 2026. A copy of the Financial Results News Release is included as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.

Non-U.S. GAAP Financial Measures

Item 7.01 of this Current Report on Form 8-K as well as the Financial Results News Release contain non-U.S. GAAP (generally accepted accounting principles in the United States or "U.S. GAAP") financial measures where management believes them to be helpful in understanding Park’s results of operations or financial position. Where non-U.S. GAAP financial measures are used, the comparable U.S. GAAP financial measures, as well as the reconciliation from the comparable U.S. GAAP financial measures, can be found in the Financial Results News Release.

Items Impacting Comparability of Period Results

From time to time, revenue, expenses and/or taxes are impacted by items judged by management of Park to be outside of ordinary banking activities and/or by items that, while they may be associated with ordinary banking activities, are so unusually large that their impact is believed by management of Park at that time to be infrequent or short-term in nature. Most often, these items impacting comparability of period results are due to merger and acquisition activities and revenue and expenses related to former Vision Bank loan relationships. In other cases, they may result from management's decisions associated with significant corporate actions outside of the ordinary course of business.

Even though certain revenue and expense items are naturally subject to more volatility than others due to changes in market and economic environment conditions, as a general rule, volatility alone does not result in the inclusion of an item as one impacting comparability of period results. For example, changes in the provision for credit losses (aside from those related to former Vision Bank loan relationships), gains (losses) on equity securities, net, and asset valuation adjustments, reflect ordinary banking activities and are, therefore, typically excluded from consideration as items impacting comparability of period results.

Management believes the disclosure of items impacting comparability of period results provides a better understanding of Park's performance and trends and allows management to ascertain which of such items, if any, to include or exclude from an analysis of Park's performance; i.e., within the context of determining how that performance differed from expectations, as well as how, if at all, to adjust estimates of future performance taking such items into account.

Items impacting comparability of the results of particular periods are not intended to be a complete list of items that may materially impact current or future period performance.

Calculation of Non-U.S. GAAP Financial Measures

Park's management uses certain non-U.S. GAAP financial measures to evaluate Park's performance. Specifically, management reviews the return on average tangible equity, the return on average tangible assets, the tangible equity to tangible assets ratio, tangible book value per common share and pre-tax, pre-provision net income.

Management has included in the Financial Results News Release information relating to the annualized return on average tangible equity, the annualized return on average tangible assets, the tangible equity to tangible assets ratio, tangible book value per common share and pre-tax, pre-provision net income for the three months ended and at September 30, 2026, June 30, 2026, and September 30, 2025 and for the nine months ended September 30, 2026 and September 30, 2025. For the purpose of calculating the annualized return on average tangible equity, a non-U.S. GAAP financial measure, net income for each period is divided by average tangible equity during the period. Average tangible equity equals average shareholders' equity during the applicable period less average goodwill and other intangible assets during the applicable period. For the purpose of calculating the annualized return on average tangible assets, a non-U.S. GAAP financial measure, net income for each period is divided by average tangible assets during the period. Average tangible assets equals average assets during the applicable period less average goodwill and other intangible assets during the applicable period. For the purpose of calculating the tangible equity to tangible assets ratio, a non-U.S. GAAP financial measure, tangible equity is divided by tangible assets. Tangible equity equals total shareholders' equity less goodwill and other intangible assets, in each case at period end. Tangible assets equal total assets less goodwill and other intangible assets, in each case at period end. For the purpose of calculating tangible book value per common share, a non-U.S. GAAP financial measure, tangible equity is divided by the number of common shares outstanding, in each case at period end. For the purpose of calculating pre-tax, pre-provision net income, a non-U.S. GAAP financial measure, income taxes and the provision for credit losses are added back to net income, in each case during the applicable period.

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.

Item 7.01 - Regulation FD Disclosure

On February 1, 2026, First Citizens Bancshares, Inc., a Tennessee corporation (“First Citizens”) merged into Park, with Park continuing as the surviving corporation. Immediately following the merger, First Citizens National Bank ("FCNB"), a national banking association and a wholly-owned subsidiary of First Citizens, merged into The Park National Bank ("PNB"), with PNB as the surviving bank. FCNB’s former operations now comprise Park’s newly established Tennessee region.

On the acquisition date, First Citizens had $2.6 billion in total assets, $1.6 billion in total loans, and $2.2 billion in total deposits. The acquisition was valued at $324.1 million and resulted in Park issuing 1,988,131 Park common shares as merger consideration in exchange for First Citizens outstanding common stock. For the nine months ended September 30, 2026, Park recorded $26.5 million of merger-related expenses and other income reducing charges associated with the First Citizens acquisition.

The First Citizens acquisition was accounted for under the acquisition method of accounting. Assets acquired and liabilities assumed in the acquisition were recorded at their estimated fair values as of the acquisition date. These estimates were recorded based on preliminary valuations, and these estimates, including the initial accounting for deferred taxes, are considered preliminary as of September 30, 2026, and subject to adjustment for up to one year after the acquisition date. Accordingly, the preliminary estimates and assumptions are subject to change and the final acquisition accounting may differ materially from the amounts presented herein.

In many cases, the determination of fair value required management to make estimates about discount rates, expected future cash flows, market conditions and other future events that are highly subjective in nature and subject to change. While Park believes that the information available on the acquisition date provided a reasonable basis for estimating fair value, additional information may be obtained during the measurement period that would result in changes to the estimated fair value amounts. The measurement period ends on the earlier of one year after the acquisition date or the date Park concludes that all necessary information about the facts and circumstances that existed as of the acquisition date have been obtained. Management anticipates that facts obtained during the measurement period could result in adjustments to the valuation amounts.

Financial Results

Net income for the three months ended September 30, 2026 of $56.9 million represented a $9.8 million, or 20.7%, increase compared to $47.2 million for the three months ended September 30, 2025. Pre-tax, pre-provision net income for the three months ended September 30, 2026 of $69.8 million represented a $7.7 million, or 12.4%, increase compared to $62.1 million for the three months ended September 30, 2025.

Net income for the nine months ended September 30, 2026 of $157.4 million represented a $19.9 million, or 14.5%, increase compared to $137.4 million for the nine months ended September 30, 2025. Pre-tax, pre-provision net income for the nine months ended September 30, 2026 of $201.6 million represented a $25.3 million, or 14.4%, increase compared to $176.3 million for the nine months ended September 30, 2025.

Net income for each of the three months ended September 30, 2026, June 30, 2026 and September 30, 2025 and for the nine months ended September 30, 2026 and September 30, 2025 included several items of income and expense, including merger-related expenses, that impacted comparability of period results. These items are detailed in the "Financial Reconciliations" section within the Financial Results News Release.

The following discussion provides additional information regarding Park's financial results for the third quarter and first nine months of 2026.

Overview

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

(In thousands) Q3 2026 Q2 2026 Q1 2026 Nine months YTD 2026 Nine months YTD 2025 2025

Net interest income $ 140,743 $ 138,857 $ 125,780 $ 405,380 $ 324,385 $ 437,311

(Recovery of) provision for credit losses (964) 4,575 2,672 6,283 7,639 11,488

Other income 36,638 39,540 33,728 109,906 88,506 119,881

Other expense 107,544 100,960 105,159 313,663 236,604 324,381

Income before income taxes $ 70,801 $ 72,862 $ 51,677 $ 195,340 $ 168,648 $ 221,323

Income tax expense 13,869 14,110 9,990 37,969 31,214 41,250

Net income $ 56,932 $ 58,752 $ 41,687 $ 157,371 $ 137,434 $ 180,073

Net interest income of $405.4 million for the nine months ended September 30, 2026 represented a $81.0 million, or 25.0%, increase compared to $324.4 million for the nine months ended September 30, 2025. The increase was a result of a $93.3 million increase in interest income, partially offset by a $12.3 million increase in interest expense. The $93.3 million increase in interest income was due to a $81.0 million increase in interest income on loans and a $12.3 million increase in investment income.

The $81.0 million increase in interest income on loans was primarily the result of a $1.61 billion (or 20.34%) increase in average loans, from $7.90 billion for the nine months ended September 30, 2025 to $9.51 billion for the nine months ended September 30, 2026, as well as an increase in the yield on loans, which increased 8 basis points to 6.40% for the nine months ended September 30, 2026, compared to 6.32% for the nine months ended September 30, 2025. Interest income on loans was impacted by the acquisition of First Citizens on February 1, 2026. The newly formed Tennessee region contributed $68.7 million to loan interest income during the nine months ended September 30, 2026, including purchase accounting accretion of $1.6 million.

The $12.3 million increase in investment income was primarily the result of a $443.6 million (or 32.03%) increase in average investments, including money market investments, from $1.38 billion for the nine months ended September 30, 2025 to $1.83 billion for the nine months ended September 30, 2026. This increase was also impacted by an increase in the yield on investments, including money market investments, which increased 11 basis points to 3.58% for the nine months ended September 30, 2026, compared to 3.47% for the nine months ended September 30, 2025. The increase in average investments was primarily due to the acquisition of First Citizens'.

The $12.3 million increase in interest expense was due to a $17.1 million increase in interest expense on deposits, partially offset by a $4.8 million decrease in interest expense on borrowings.

The $17.1 million increase in interest expense on deposits was the result of a $1.65 billion (or 28.29%) increase in average on-balance sheet interest bearing deposits from $5.83 billion for the nine months ended September 30, 2025, to $7.48 billion for the nine months ended September 30, 2026. This increase was partially offset by a decrease in the cost of deposits of 7 basis points, from 1.74% for the nine months ended September 30, 2025 to 1.67% for the nine months ended September 30, 2026. Interest expense on deposits was impacted by the acquisition of First Citizens' which contributed $27.7 million to interest expense on deposits during the nine months ended September 30, 2026.

The $4.8 million decrease in interest expense on borrowings was the result of a decrease in the cost of borrowings of 153 basis points, from 3.82% for the nine months ended September 30, 2025 to 2.29% for the nine months ended September 30, 2026 as well as a $114.4 million (or 45.53%) decrease in average borrowings from $251.3 million for the nine months ended September 30, 2025, to $136.9 million for the nine months ended September 30, 2026. The balance of average borrowings was impacted by the redemption of subordinated debt. On September 1, 2025, $175.0 million of subordinated debt was repaid, followed by an additional repayment of $15.0 million of subordinated debt on September 30, 2025.

The provision for credit losses of $6.3 million for the nine months ended September 30, 2026 represented a decrease of $1.4 million, compared to $7.6 million for the nine months ended September 30, 2025. Refer to the “Credit Metrics and Provision for Credit Losses” section for additional details regarding the level of the provision for credit losses recognized in each period presented.

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

(Dollars in thousands) 2026 2025 $ change % change

Other income:

Income from fiduciary activities $ 39,317 $ 33,931 $ 5,386 15.9 %

Service charges on deposit accounts 10,519 7,499 3,020 40.3 %

Other service income 12,128 10,383 1,745 16.8 %

Debit card fee income 23,337 19,300 4,037 20.9 %

Bank owned life insurance income 5,697 4,833 864 17.9 %

ATM fees 1,256 1,073 183 17.1 %

Gain on sale of debt securities, net 1,084 — 1,084 N.M.

Gain on equity securities, net 6,318 1,069 5,249 N.M.

Other components of net periodic benefit income 7,390 7,032 358 5.1 %

Miscellaneous 2,860 3,386 (526) (15.5) %

Total other income $ 109,906 $ 88,506 $ 21,400 24.2 %

Other income of $109.9 million for the nine months ended September 30, 2026 represented an increase of $21.4 million, or 24.2%, compared to $88.5 million for the nine months ended September 30, 2025. Total other income was impacted by the acquisition of First Citizens' which added $9.0 million to total other income for the nine months ended September 30, 2026.

The $5.4 million increase in income from fiduciary activities was largely due to a 10.2% increase in the average market value of assets under management. The market value of assets under management as of September 30, 2026 was $9.9 billion, of which $288.7 million was from the Tennessee region. The newly formed Tennessee region contributed $1.3 million to income from fiduciary activities for the nine months ended September 30, 2026.

The $3.0 million increase in service charges on deposits was largely due to an increase in non-sufficient funds fees and maintenance fees on deposits as a result of the acquisition of First Citizens.

The $1.7 million increase in other service income was mainly due to an increase in mortgage related other service income. The newly formed Tennessee region contributed $1.6 million to other service income for the nine months ended September 30, 2026.

The $4.0 million increase in debit card fee income was primarily related to an increase in sales and debit card transactions. The newly formed Tennessee region contributed $3.4 million to debit card fee income for the nine months ended September 30, 2026.

The change in gain on sale of debt securities, net was due to net gains on the sale of debt securities of $1.1 million recorded during the nine months ended September 30, 2026. There were no sales of debt securities for the nine months ended September 30, 2025. The securities sold during the nine months ended September 30, 2026 were acquired from First Citizens'.

The change in gain on equity securities, net was due to net gains on both equity securities carried at fair value and capital investments during the nine months ended September 30, 2026 compared to lower net gains on equity securities carried at fair value and on capital investments during the same period of 2025.

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

(Dollars in thousands) 2026 2025 $ change % change

Other expense:

Salaries $ 143,012 $ 113,420 $ 29,592 26.1 %

Employee benefits 36,224 29,516 6,708 22.7 %

Occupancy expense 12,937 10,030 2,907 29.0 %

Furniture and equipment expense 8,602 6,754 1,848 27.4 %

Data processing fees 42,660 33,081 9,579 29.0 %

Professional fees and services 34,730 22,177 12,553 56.6 %

Marketing 4,714 4,330 384 8.9 %

Insurance 6,067 4,821 1,246 25.8 %

Communication 4,488 3,382 1,106 32.7 %

State tax expense 4,400 3,718 682 18.3 %

Amortization of intangible assets 5,288 795 4,493 N.M.

Miscellaneous 10,541 4,580 5,961 130.2 %

Total other expense $ 313,663 $ 236,604 $ 77,059 32.6 %

Total other expense of $313.7 million for the nine months ended September 30, 2026 represented an increase of $77.1 million compared to $236.6 million for the nine months ended September 30, 2025. Included within total other expense are merger-related costs, along with the expanded other expense base that stems from the acquisition of First Citizens. Total other expense for the nine months ended 2026 included $26.3 million in merger-related expenses and $38.4 million related to Park's newly formed Tennessee region and other acquired entities. The breakout of these expenses is detailed in the table below.

(Dollars in thousands) 2026 Merger Related TN Region Adjusted 2026 * 2025 $ change (Adjusted 2026 to 2025) % change (Adjusted 2026 to 2025)

Other expense:

Salaries $ 143,012 $ 9,375 $ 16,366 $ 117,271 $ 113,420 $ 3,851 3.4 %

Employee benefits 36,224 130 4,107 31,987 29,516 2,471 8.4 %

Occupancy expense 12,937 — 2,037 10,900 10,030 870 8.7 %

Furniture and equipment expense 8,602 34 1,909 6,659 6,754 (95) (1.4) %

Data processing fees 42,660 260 4,388 38,012 33,081 4,931 14.9 %

Professional fees and services 34,730 15,619 541 18,570 22,177 (3,607) (16.3) %

Marketing 4,714 20 430 4,264 4,330 (66) (1.5) %

Insurance 6,067 33 1,525 4,509 4,821 (312) (6.5) %

Communication 4,488 57 949 3,482 3,382 100 3.0 %

State tax expense 4,400 — 561 3,839 3,718 121 3.3 %

Amortization of intangible assets 5,288 — 4,174 1,114 795 319 40.1 %

Miscellaneous 10,541 722 1,417 8,402 4,580 3,822 83.4 %

Total other expense $ 313,663 $ 26,250 $ 38,404 $ 249,009 $ 236,604 $ 12,405 5.2 %

*Non-GAAP

The $3.9 million increase in adjusted salaries expense was primarily related to increases in base salaries expense, incentive compensation and share based compensation expense. The $2.5 million increase in adjusted employee benefits expense was primarily related to increases in group insurance expense, partially offset by decreases in other employee benefit expenses. The $870,000 increase in adjusted occupancy expense was primarily related to increases in expenses connected to strategic

initiatives and increases in maintenance and repairs expense. The $4.9 million increase in adjusted data processing fees was mainly related to an increase in software related expenses and ATM and debit card processing expense. Data processing fees in the Tennessee region reflect the costs of running two core systems until operational conversion, which occurred in the third quarter of 2026. The $3.6 million decrease in adjusted professional fees and services was primarily due to decreases in consulting expenses, credit services expense, temporary wage expense and other professional fees, partially offset by increases in legal services expense and appraisal fee expense. The $3.8 million increase in adjusted miscellaneous expense is primarily due to an increase in other non-loan related losses and allowance for unfunded credit loss expense.

The table below provides certain balance sheet information and financial ratios for Park as of or for the nine months ended September 30, 2026 and 2025 and the year ended December 31, 2025.

(Dollars in thousands) September 30, 2026 December 31, 2025 September 30, 2025 % change from 12/31/25 % change from 9/30/25

Loans 9,772,923 8,051,242 7,992,753 21.38 % 22.27 %

Allowance for credit losses 109,869 92,973 91,758 18.17 % 19.74 %

Net loans 9,663,054 7,958,269 7,900,995 21.42 % 22.30 %

Investment securities 1,334,410 802,142 926,934 66.36 % 43.96 %

Total assets 12,646,245 9,805,013 9,862,068 28.98 % 28.23 %

Total deposits 10,624,491 8,243,713 8,329,924 28.88 % 27.55 %

Average assets (1)

12,463,165 10,107,816 10,120,742 23.30 % 23.14 %

Efficiency ratio (2)

60.51 % 57.94 % 57.03 % 4.44 % 6.10 %

Return on average assets 1.69 % 1.78 % 1.82 % (5.06) % (7.14) %

(1) Average assets for the nine months ended September 30, 2026 and 2025 and for the year ended December 31, 2025.

(2) Efficiency ratio is calculated by dividing total other expense by the sum of fully taxable equivalent net interest income and other income. Fully taxable equivalent net interest income includes the effects of taxable equivalent adjustments using a 21% federal corporate income tax rate. The taxable equivalent adjustments were $3.0 million, $2.0 million and $2.7 million, respectively, for the nine months ended September 30, 2026 and 2025 and the year ended December 31, 2025, respectively.

Loans

Loans outstanding at September 30, 2026 were $9.77 billion, compared to (i) $8.05 billion at December 31, 2025, an increase of $1.72 billion, and (ii) $7.99 billion at September 30, 2025, an increase of $1.78 billion. The table below breaks out the change in loans outstanding, by loan type.

(Dollars in thousands) September 30, 2026 December 31, 2025 September 30, 2025 $ change from 12/31/25 % change from 12/31/25 $ change from 9/30/25 % change from 9/30/25

Home equity $ 333,998 $ 241,478 $ 230,141 $ 92,520 38.3 % $ 103,857 45.1 %

Installment 1,857,532 1,843,494 1,876,977 14,038 0.8 % (19,445) (1.0) %

Real estate 1,587,832 1,482,728 1,500,903 105,104 7.1 % 86,929 5.8 %

Commercial 5,991,795 4,481,519 4,383,732 1,510,276 33.7 % 1,608,063 36.7 %

Other 1,766 2,023 1,000 (257) (12.7) % 766 76.6 %

Total loans

$ 9,772,923 $ 8,051,242 $ 7,992,753 $ 1,721,681 21.4 % $ 1,780,170 22.3 %

Excluding loans outstanding in Park's newly formed Tennessee region, loans outstanding at September 30, 2026 were $8.19 billion, compared to (i) $8.05 billion at December 31, 2025, an increase of $137.9 million, and (ii) $7.99 billion at September 30, 2025, an increase of $196.3 million. The table below breaks out the change in loans outstanding, by loan type.

(Dollars in thousands) September 30, 2026 December 31, 2025 September 30, 2025 $ change from 12/31/25 % change from 12/31/25 $ change from 9/30/25 % change from 9/30/25

Home equity $ 264,809 $ 241,478 $ 230,141 $ 23,331 9.7 % $ 34,668 15.1 %

Installment 1,841,310 1,843,494 1,876,977 (2,184) (0.1) % (35,667) (1.9) %

Real estate 1,406,131 1,482,728 1,500,903 (76,597) (5.2) % (94,772) (6.3) %

Commercial 4,675,412 4,481,519 4,383,732 193,893 4.3 % 291,680 6.7 %

Other 1,435 2,023 1,000 (588) (29.1) % 435 43.5 %

Total loans

$ 8,189,097 $ 8,051,242 $ 7,992,753 $ 137,855 1.7 % $ 196,344 2.5 %

Park's allowance for credit losses was $109.9 million at September 30, 2026, compared to $93.0 million at December 31, 2025, an increase of $16.9 million, or 18.2%. Refer to the “Credit Metrics and Provision for Credit Losses” section for additional information regarding Park's loan portfolio and the level of provision for credit losses recognized in each period presented.

Deposits

Total deposits at September 30, 2026 were $10.62 billion, compared to (i) $8.24 billion at December 31, 2025, an increase of $2.38 billion and (ii) $8.33 billion at September 30, 2025, an increase of $2.29 billion. Total deposits including off balance sheet deposits at September 30, 2026 were $10.62 billion, compared to (i) $8.35 billion at December 31, 2025, an increase of $2.28 billion and (ii) $8.48 billion at September 30, 2025, an increase of $2.14 billion.

(Dollars in thousands) September 30, 2026 December 31, 2025 September 30, 2025 $ change from 12/31/25 % change from 12/31/25 $ change from 9/30/25 % change from 9/30/25

Non-interest bearing deposits $ 3,054,899 $ 2,656,093 $ 2,601,666 $ 398,806 15.0 % $ 453,233 17.4 %

Transaction accounts 3,119,717 2,032,497 2,141,681 1,087,220 53.5 % 978,036 45.7 %

Savings 3,164,962 2,765,171 2,793,163 399,791 14.5 % 371,799 13.3 %

Certificates of deposit 1,244,564 772,952 773,514 471,612 61.0 % 471,050 60.9 %

Brokered and bid CD deposits 40,349 17,000 19,900 23,349 137.3 % 20,449 102.8 %

Total deposits $ 10,624,491 $ 8,243,713 $ 8,329,924 $ 2,380,778 28.9 % $ 2,294,567 27.5 %

Off balance sheet deposits $ — $ 105,265 $ 150,823 (105,265) (100.0) % (150,823) (100.0) %

Total deposits including off balance sheet deposits $ 10,624,491 $ 8,348,978 $ 8,480,747 2,275,513 27.3 % 2,143,744 25.3 %

Excluding total deposits in Park's newly formed Tennessee region, total deposits at September 30, 2026 were $8.58 billion, compared to (i) $8.24 billion at December 31, 2025, an increase of $339.0 million and (ii) $8.33 billion at September 30, 2025, an increase of $252.8 million. Total deposits, excluding total deposits in Park's newly formed Tennessee region, including off balance sheet deposits at September 30, 2026 were $8.58 billion, compared to (i) $8.35 billion at December 31, 2025, an increase of $233.8 million and (ii) $8.48 billion at September 30, 2025, an increase of $102.0 million.

(Dollars in thousands) September 30, 2026 December 31, 2025 September 30, 2025 $ change from 12/31/25 % change from 12/31/25 $ change from 9/30/25 % change from 9/30/25

Non-interest bearing deposits $ 2,662,974 $ 2,656,093 $ 2,601,666 $ 6,881 0.3 % $ 61,308 2.4 %

Transaction accounts 2,215,101 2,032,497 2,141,681 182,604 9.0 % 73,420 3.4 %

Savings 2,997,253 2,765,171 2,793,163 232,082 8.4 % 204,090 7.3 %

Certificates of deposit 707,427 772,952 773,514 (65,525) (8.5) % (66,087) (8.5) %

Brokered and bid CD deposits — 17,000 19,900 (17,000) (100.0) % (19,900) (100.0) %

Total deposits $ 8,582,755 $ 8,243,713 $ 8,329,924 $ 339,042 4.1 % $ 252,831 3.0 %

Off balance sheet deposits $ — $ 105,265 $ 150,823 (105,265) (100.0) % (150,823) (100.0) %

Total deposits including off balance sheet deposits $ 8,582,755 $ 8,348,978 $ 8,480,747 233,777 2.8 % 102,008 1.2 %

In order to manage the impact of deposit growth on its balance sheet, Park utilized a program where certain deposit balances were transferred off balance sheet while maintaining the customer relationship. Park is able to increase or decrease the amount of deposit balances transferred off balance sheet based on its balance sheet management strategies and liquidity needs.

The table below breaks out the change in deposit balances, including off balance sheet deposits, by deposit type, for Park.

(Dollars in thousands) September 30, 2026 December 31, 2025 September 30, 2025 $ change from 12/31/25 % change from 12/31/25 $ change from 9/30/25 % change from 9/30/25

Retail deposits $ 5,224,031 $ 4,081,871 $ 3,963,727 $ 1,142,160 28.0 % $ 1,260,304 31.8 %

Commercial deposits 5,359,282 4,144,842 4,346,297 1,214,440 29.3 % 1,012,985 23.3 %

Brokered and bid CD deposits 40,282 17,000 19,900 23,282 137.0 % 20,382 102.4 %

Purchase accounting 896 — — 896 N.M. 896 N.M.

Total deposits $ 10,624,491 $ 8,243,713 $ 8,329,924 $ 2,380,778 28.9 % $ 2,294,567 27.5 %

Off balance sheet deposits — 105,265 150,823 (105,265) (100.0) % (150,823) (100.0) %

Total deposits including off balance sheet deposits $ 10,624,491 $ 8,348,978 $ 8,480,747 $ 2,275,513 27.3 % $ 2,143,744 25.3 %

Total deposits including off balance sheet deposits excluding Brokered and bid CD deposits $ 10,584,209 $ 8,331,978 $ 8,460,847 $ 2,252,231 27.0 % $ 2,123,362 25.1 %

Noninterest bearing deposits to total deposits 28.8 % 32.2 % 31.2 %

During the nine months ended September 30, 2026, total deposits including off balance sheet deposits increased by $2.28 billion, or 27.3%. This increase consisted of a $1.21 billion increase in total commercial deposits, a $1.14 billion increase in retail deposits and a $23.3 million increase in brokered and bid CD deposits, partially offset by a $105.3 million decrease in off balance sheet deposits. The majority of off balance sheet deposits are commercial and thus impact the change in commercial deposits as the deposits are moved on or off the balance sheet.

Included in the total commercial deposits and off balance sheet deposits shown in the previous tables are public fund deposits. These balances fluctuate based on seasonality and the cycle of collection and remittance of tax funds. Public funds are also included in Bid Ohio CDs. The following table details the change in public funds held on and off Park's balance sheet.

(Dollars in thousands) September 30, 2026 December 31, 2025 September 30, 2025 $ change from 12/31/25 % change from 12/31/25 $ change from 9/30/25 % change from 9/30/25

Public funds included in commercial deposits $ 1,819,806 $ 1,320,070 $ 1,499,941 $ 499,736 37.9 % $ 319,865 21.3 %

Bid Ohio CDs — 17,000 19,900 $ (17,000) (100.0) % $ (19,900) (100.0) %

Total public fund deposits $ 1,819,806 $ 1,337,070 $ 1,519,841 $ 482,736 36.1 % $ 299,965 19.7 %

Cost of public fund deposits (1)

1.90 % 1.94 % 1.97 %

Cost of total interest bearing deposits (1)

1.67 % 1.71 % 1.74 %

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

As of September 30, 2026, Park had approximately $2.3 billion of uninsured deposits, which was 22.0% of total deposits. Uninsured deposits of $2.3 billion included $635 million of deposits that were over $250,000, but were fully collateralized by Park's investment securities portfolio.

Credit Metrics and Provision for Credit Losses

Park reported a provision for credit losses for the nine months ended September 30, 2026 of $6.3 million, compared to $7.6 million for the nine months ended September 30, 2025. Net charge-offs were $7.9 million, or 0.11%, annualized, of total average loans, for the nine months ended September 30, 2026, compared to $3.8 million, or 0.07%, annualized, of total average loans, for the nine months ended September 30, 2025.

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

(Dollars in thousands) 9/30/2026 12/31/2025 9/30/2025

Total allowance for credit losses $ 109,869 $ 92,973 $ 91,758

Specific reserves on individually evaluated loans - certain accruing purchased credit deteriorated ("PCD") loans — — —

Specific reserves on individually evaluated loans - accrual — — —

Specific reserves on individually evaluated loans - nonaccrual 5,119 739 2,580

General reserves on collectively evaluated loans $ 104,750 $ 92,234 $ 89,178

Total loans $ 9,772,923 $ 8,051,242 $ 7,992,753

Individually evaluated loans - certain accruing PCD loans — 1,990 1,993

Individually evaluated loans - accrual 8,800 18,365 —

Individually evaluated loans - nonaccrual 60,467 46,924 72,418

Collectively evaluated loans $ 9,703,656 $ 7,983,963 $ 7,918,342

Total allowance for credit losses as a % of total loans 1.12 % 1.15 % 1.15 %

General reserve as a % of collectively evaluated loans 1.08 % 1.16 % 1.13 %

The total allowance for credit losses of $109.9 million at September 30, 2026 represented a $16.9 million, or 18.2%, increase compared to $93.0 million at December 31, 2025. The increase reflected a $12.5 million increase in general reserves and a $4.4 million increase in specific reserves. The $12.5 million increase in general reserves was due to $16.3 million in general reserves related to the newly formed Tennessee region, partially offset by lower allowance requirements across other loan portfolios. The $4.4 million increase in specific reserves was primarily driven by $4.0 million in specific reserves related to the Tennessee region.

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.

Item 8.01 - Other Events

Declaration of Cash Dividend

As reported in the Financial Results News Release, on October 26, 2026, the Park Board of Directors declared a $1.10 per common share quarterly cash dividend in respect of Park's common shares and a special cash dividend of $1.30 per common share in respect of Park's common shares. The cash dividend and special cash dividend are payable on December 10, 2026 to common shareholders of record as of the close of business on November 20, 2026. A copy of the Financial Results News Release is included as Exhibit 99.1 and the portion thereof addressing the declaration of the quarterly cash dividend and special cash dividend by the Park Board is incorporated by reference herein.

Item 9.01 - Financial Statements and Exhibits.

(a)Not applicable

(b)Not applicable

(c)Not applicable

(d)Exhibits. The following exhibits are included with this Current Report on Form 8-K:

Exhibit No. Description

99.1 News Release issued by Park National Corporation on October 26, 2026 addressing financial results for the three and nine months ended September 30, 2026 and declaration of quarterly cash dividend

104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PARK NATIONAL CORPORATION

Dated: October 26, 2026 By: /s/ Brady T. Burt

Brady T. Burt

Chief Financial Officer, Secretary and Treasurer

EX-99.1

Filename: exhibit991earningsrelease3.htm · Sequence: 2

Document

October 26, 2026 Exhibit 99.1

Park National Corporation reports financial results

for third quarter and first nine months of 2026

NEWARK, Ohio ‒ Park National Corporation (Park) (NYSE American: PRK) today reported financial results for the third quarter and the first nine months of 2026. Park's board of directors declared a quarterly cash dividend of $1.10 per common share and a special cash dividend of $1.30 per common share, payable on December 10, 2026, to common shareholders of record as of November 20, 2026.

Park’s net income for the third quarter of 2026 was $56.9 million, a 20.7 percent increase from $47.2 million for the third quarter of 2025. The third quarter of 2026 included $7.0 million ($5.5 million after tax) in expenses related to the merger with First Citizens Bancshares, Inc. Third quarter 2026 net income per diluted common share was $3.13, compared to $2.92 for the third quarter of 2025. Park's net income for the first nine months of 2026 was $157.4 million, a 14.5 percent increase from $137.4 million for the first nine months of 2025. The first nine months of 2026 included $26.5 million ($21.0 million after tax) in merger-related expenses and other income reducing charges. Net income per diluted common share for the first nine months of 2026 was $8.77, compared to $8.48 for the first nine months of 2025.

“Our continued solid financial performance reflects the strength of our relationship-based approach to banking and the dedication of our colleagues who work every day to help things go right for our stakeholders,” said Park CEO and president Matthew R. Miller. “We are grateful for the trust our customers and communities place in us, including the communities we have recently welcomed in Tennessee.

“We are once again pleased to recognize the commitment of our shareholders with a special dividend payable in December. Their continued support enables us to advance our mission of helping those we serve achieve financial success and prosperity.”

Park’s total loans increased $1.72 billion, or 21.4 percent, during 2026. The increase to total loans included $1.58 billion in loans acquired through the First Citizens transaction. Park's total deposits increased $2.38 billion, or 28.9 percent, during 2026, with an increase of 27.3 percent including off balance sheet deposits. The increase in total deposits included $2.22 billion in deposits acquired through the First Citizens transaction. The combination of solid loan growth and steady deposits contributed to Park's success in 2026.

“Our results represent the compounded effect of our colleagues' best efforts every day,” said Park Chairman David L. Trautman. “From our newest team members to those who have dedicated more than 45 years to Park, our people pour themselves into serving others, trusting that if we do the right things consistently, the results will follow. So far this year, the scoreboard looks favorable.”

Headquartered in Newark, Ohio, Park National Corporation has $12.6 billion in total assets (as of September 30, 2026). Park's banking operations are conducted through its subsidiary, The Park National Bank. Other Park subsidiaries are Scope Leasing, Inc. (d.b.a. Scope Aircraft Finance), Park Investments, Inc., Park National Holdings, Inc., First Citizens Properties, Inc., First Citizens Risk Management, Inc., and SE Property Holdings, LLC.

Complete financial tables are listed below.

Category: Earnings

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

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

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

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

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

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

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

PARK NATIONAL CORPORATION

Financial Highlights

As of or for the three months ended September 30, 2026, June 30, 2026 and September 30, 2025

2026 2026 2025 Percent change 3Q '26 vs.

(in thousands, except common share and per common share data and ratios) 3rd QTR 2nd QTR 3rd QTR 2Q '26 3Q '25

INCOME STATEMENT:

Net interest income $ 140,743 $ 138,857 $ 111,017 1.4 % 26.8 %

(Recovery of) provision for credit losses (964) 4,575 4,030 (121.1) % (123.9) %

Other income 36,638 39,540 30,574 (7.3) % 19.8 %

Other expense 107,544 100,960 79,463 6.5 % 35.3 %

Income before income taxes $ 70,801 $ 72,862 $ 58,098 (2.8) % 21.9 %

Income taxes 13,869 14,110 10,940 (1.7) % 26.8 %

Net income $ 56,932 $ 58,752 $ 47,158 (3.1) % 20.7 %

MARKET DATA:

Earnings per common share - basic (a) $ 3.15 $ 3.25 $ 2.93 (3.1) % 7.5 %

Earnings per common share - diluted (a) 3.13 3.23 2.92 (3.1) % 7.2 %

Quarterly cash dividend declared per common share 1.10 1.10 1.07 — % 2.8 %

Book value per common share at period end 94.83 95.58 82.87 (0.8) % 14.4 %

Market price per common share at period end 178.66 182.99 162.53 (2.4) % 9.9 %

Market capitalization at period end 3,227,343 3,305,561 2,612,076 (2.4) % 23.6 %

Weighted average common shares - basic (b) 18,064,161 18,085,919 16,071,347 (0.1) % 12.4 %

Weighted average common shares - diluted (b) 18,182,939 18,181,868 16,173,271 — % 12.4 %

Common shares outstanding at period end 18,064,161 18,064,161 16,071,347 — % 12.4 %

PERFORMANCE RATIOS: (annualized)

Return on average assets (a)(b) 1.77 % 1.84 % 1.83 % (3.8) % (3.3) %

Return on average shareholders' equity (a)(b) 12.92 % 13.69 % 14.19 % (5.6) % (8.9) %

Yield on loans 6.42 % 6.42 % 6.34 % — % 1.3 %

Yield on investment securities 3.61 % 3.53 % 3.04 % 2.3 % 18.8 %

Yield on money market instruments 3.81 % 4.09 % 4.44 % (6.8) % (14.2) %

Yield on interest earning assets 5.97 % 5.96 % 5.90 % 0.2 % 1.2 %

Cost of interest bearing deposits 1.68 % 1.70 % 1.74 % (1.2) % (3.4) %

Cost of borrowings 2.31 % 2.45 % 3.55 % (5.7) % (34.9) %

Cost of paying interest bearing liabilities 1.69 % 1.71 % 1.80 % (1.2) % (6.1) %

Net interest margin (g) 4.84 % 4.81 % 4.72 % 0.6 % 2.5 %

Efficiency ratio (g) 60.25 % 56.30 % 55.85 % 7.0 % 7.9 %

OTHER DATA (NON-GAAP) AND BALANCE SHEET INFORMATION:

Tangible book value per common share (d) $ 78.03 $ 78.92 $ 72.77 (1.1) % 7.2 %

Average interest earning assets 11,620,536 11,664,671 9,388,308 (0.4) % 23.8 %

Pre-tax, pre-provision net income (j) 69,837 77,437 62,128 (9.8) % 12.4 %

Total assets under management/assets under administration - market value at period end 9,926,379 10,056,739 9,448,121 (1.3) % 5.1 %

Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section.

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

PARK NATIONAL CORPORATION

Financial Highlights (continued)

As of or for the three months ended September 30, 2026, June 30, 2026 and September 30, 2025

Percent change 3Q '26 vs.

(in thousands, except ratios) September 30, 2026 June 30, 2026 September 30, 2025 2Q '26 3Q '25

BALANCE SHEET:

Investment securities $ 1,334,410 $ 1,389,379 $ 926,934 (4.0) % 44.0 %

Loans 9,772,923 9,731,356 7,992,753 0.4 % 22.3 %

Allowance for credit losses 109,869 110,686 91,758 (0.7) % 19.7 %

Goodwill and other intangible assets 303,382 300,986 162,237 0.8 % 87.0 %

Other real estate owned (OREO) 18,623 19,836 638 (6.1) % N.M.

Total assets 12,646,245 12,677,010 9,862,068 (0.2) % 28.2 %

Total deposits 10,624,491 10,670,284 8,329,924 (0.4) % 27.5 %

Borrowings 150,804 137,422 78,126 9.7 % 93.0 %

Total shareholders' equity 1,712,960 1,726,576 1,331,821 (0.8) % 28.6 %

Total equity 1,715,015 1,728,631 1,331,821 (0.8) % 28.8 %

Tangible equity (d) 1,409,578 1,425,590 1,169,584 (1.1) % 20.5 %

Total nonperforming loans 90,398 83,763 90,571 7.9 % (0.2) %

Total nonperforming assets 109,021 103,599 91,209 5.2 % 19.5 %

ASSET QUALITY RATIOS:

Loans as a % of period end total assets 77.28 % 76.76 % 81.05 % 0.7 % (4.7) %

Total nonperforming loans as a % of period end loans 0.92 % 0.86 % 1.13 % 7.0 % (18.6) %

Total nonperforming assets as a % of period end loans + OREO + other nonperforming assets 1.11 % 1.06 % 1.14 % 4.7 % (2.6) %

Allowance for credit losses as a % of period end loans 1.12 % 1.14 % 1.15 % (1.8) % (2.6) %

Net loan charge-offs $ 2,788 $ 2,479 $ 2,057 12.5 % 35.5 %

Annualized net loan charge-offs as a % of average loans (b) 0.11 % 0.10 % 0.10 % 10.0 % 10.0 %

CAPITAL & LIQUIDITY:

Total shareholders' equity / Period end total assets 13.55 % 13.62 % 13.50 % (0.5) % 0.4 %

Tangible equity (d) / Tangible assets (f) 11.42 % 11.52 % 12.06 % (0.9) % (5.3) %

Average shareholders' equity / Average assets (b) 13.71 % 13.46 % 12.88 % 1.9 % 6.4 %

Average shareholders' equity / Average loans (b) 17.97 % 17.76 % 16.60 % 1.2 % 8.3 %

Average loans / Average deposits (b) 90.92 % 89.75 % 92.68 % 1.3 % (1.9) %

Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section.

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

PARK NATIONAL CORPORATION

Financial Highlights

Nine months ended September 30, 2026 and September 30, 2025

2026 2025

(in thousands, except common share and per common share data and ratios) Nine months ended September 30 Nine months ended September 30 Percent change '26 vs '25

INCOME STATEMENT:

Net interest income $ 405,380 $ 324,385 25.0 %

Provision for credit losses 6,283 7,639 (17.8) %

Other income 109,906 88,506 24.2 %

Other expense 313,663 236,604 32.6 %

Income before income taxes $ 195,340 $ 168,648 15.8 %

Income taxes 37,969 31,214 21.6 %

Net income $ 157,371 $ 137,434 14.5 %

MARKET DATA:

Earnings per common share - basic (a) $ 8.82 $ 8.53 3.4 %

Earnings per common share - diluted (a) 8.77 8.48 3.4 %

Quarterly cash dividend declared per common share 3.30 3.21 2.8 %

Weighted average common shares - basic (b) 17,844,001 16,120,213 10.7 %

Weighted average common shares - diluted (b) 17,940,951 16,209,261 10.7 %

PERFORMANCE RATIOS: (annualized)

Return on average assets (a)(b) 1.69 % 1.82 % (7.1) %

Return on average shareholders' equity (a)(b) 12.48 % 14.21 % (12.2) %

Yield on loans 6.40 % 6.32 % 1.3 %

Yield on investment securities 3.43 % 3.17 % 8.2 %

Yield on money market instruments 3.96 % 4.42 % (10.4) %

Yield on interest earning assets 5.94 % 5.90 % 0.7 %

Cost of interest bearing deposits 1.67 % 1.74 % (4.0) %

Cost of borrowings 2.29 % 3.82 % (40.1) %

Cost of paying interest bearing liabilities 1.68 % 1.83 % (8.2) %

Net interest margin (g) 4.82 % 4.70 % 2.6 %

Efficiency ratio (g) 60.51 % 57.03 % 6.1 %

ASSET QUALITY RATIOS:

Net loan charge-offs $ 7,895 $ 3,847 105.2 %

Net loan charge-offs as a % of average loans (b) 0.11 % 0.07 % 57.1 %

CAPITAL & LIQUIDITY

Average shareholders' equity / Average Assets (b) 13.52 % 12.78 % 5.8 %

Average shareholders' equity / Average loans (b) 17.73 % 16.37 % 8.3 %

Average loans / Average deposits (b) 90.52 % 93.53 % (3.2) %

OTHER DATA (NON-GAAP) AND BALANCE SHEET INFORMATION:

Average interest earning assets 11,334,593 9,284,221 22.1 %

Pre-tax, pre-provision net income (j) 201,623 176,287 14.4 %

Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section.

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

PARK NATIONAL CORPORATION

Consolidated Statements of Income

Three Months Ended Nine Months Ended

September 30 September 30

(in thousands, except share and per share data) 2026 2025 2026 2025

Interest income:

Interest and fees on loans $ 157,067 $ 126,648 $ 453,801 $ 372,839

Interest on debt securities:

Taxable 9,394 5,644 24,558 19,467

Tax-exempt 2,508 1,520 6,857 4,292

Other interest income 4,885 5,140 15,742 11,050

Total interest income 173,854 138,952 500,958 407,648

Interest expense:

Interest on deposits:

Demand and savings deposits 23,627 20,499 67,993 57,990

Time deposits 8,586 5,501 25,240 18,092

Interest on borrowings 898 1,935 2,345 7,181

Total interest expense 33,111 27,935 95,578 83,263

Net interest income 140,743 111,017 405,380 324,385

(Recovery of) provision for credit losses (964) 4,030 6,283 7,639

Net interest income after (recovery of) provision for credit losses 141,707 106,987 399,097 316,746

Other income 36,638 30,574 109,906 88,506

Other expense 107,544 79,463 313,663 236,604

Income before income taxes 70,801 58,098 195,340 168,648

Income taxes 13,869 10,940 37,969 31,214

Net income $ 56,932 $ 47,158 $ 157,371 $ 137,434

Per common share:

Net income - basic $ 3.15 $ 2.93 $ 8.82 $ 8.53

Net income - diluted $ 3.13 $ 2.92 $ 8.77 $ 8.48

Weighted average common shares - basic 18,064,161 16,071,347 17,844,001 16,120,213

Weighted average common shares - diluted 18,182,939 16,173,271 17,940,951 16,209,261

Cash dividends declared:

Quarterly dividend $ 1.10 $ 1.07 $ 3.30 $ 3.21

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

PARK NATIONAL CORPORATION

Consolidated Balance Sheets

(in thousands, except share data) September 30, 2026 December 31, 2025

Assets

Cash and due from banks $ 151,081 $ 137,239

Money market instruments 388,390 96,274

Investment securities 1,334,410 802,142

Loans 9,772,923 8,051,242

Allowance for credit losses (109,869) (92,973)

Loans, net 9,663,054 7,958,269

Bank premises and equipment, net 100,358 61,627

Goodwill and other intangible assets 303,382 161,990

Other real estate owned 18,623 729

Other assets 686,947 586,743

Total assets $ 12,646,245 $ 9,805,013

Liabilities and Equity

Deposits:

Noninterest bearing $ 3,054,899 $ 2,656,093

Interest bearing 7,569,592 5,587,620

Total deposits 10,624,491 8,243,713

Borrowings 150,804 81,711

Other liabilities 155,935 126,796

Total liabilities $ 10,931,230 $ 8,452,220

Equity:

Preferred shares (200,000 shares authorized; no shares outstanding at September 30, 2026 or December 31, 2025) $ — $ —

Common shares (No par value; 40,000,000 shares authorized at September 30, 2026 and December 31, 2025; 19,611,235 shares issued at September 30, 2026 and 17,623,104 at December 31, 2025) 786,942 465,032

Accumulated other comprehensive loss, net of taxes (69,705) (12,739)

Retained earnings 1,165,308 1,067,823

Treasury shares (1,547,074 shares at September 30, 2026 and 1,544,842 shares at December 31, 2025) (169,585) (167,323)

Total shareholders' equity $ 1,712,960 $ 1,352,793

Non-controlling interest in consolidated subsidiary 2,055 —

Total equity $ 1,715,015 $ 1,352,793

Total liabilities and equity $ 12,646,245 $ 9,805,013

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

PARK NATIONAL CORPORATION

Consolidated Average Balance Sheets

Three Months Ended Nine Months Ended

September 30, September 30,

(in thousands) 2026 2025 2026 2025

Assets

Cash and due from banks $ 149,028 $ 123,603 $ 176,496 $ 121,804

Money market instruments 509,358 458,912 531,874 334,171

Investment securities 1,376,119 979,815 1,302,710 1,036,714

Loans 9,730,264 7,941,709 9,506,237 7,899,466

Allowance for credit losses (111,619) (90,522) (108,937) (89,380)

Loans, net 9,618,645 7,851,187 9,397,300 7,810,086

Bank premises and equipment, net 99,802 63,863 92,140 66,200

Goodwill and other intangible assets 301,740 162,400 283,634 162,666

Other real estate owned 20,137 651 19,054 536

Other assets 676,265 595,634 659,957 588,565

Total assets $ 12,751,094 $ 10,236,065 $ 12,463,165 $ 10,120,742

Liabilities and Equity

Deposits:

Noninterest bearing $ 3,091,553 $ 2,636,936 $ 3,020,284 $ 2,614,215

Interest bearing 7,609,925 5,931,591 7,481,895 5,831,973

Total deposits 10,701,478 8,568,527 10,502,179 8,446,188

Borrowings 153,917 216,140 136,879 251,299

Other liabilities 144,997 133,121 136,750 130,220

Total liabilities $ 11,000,392 $ 8,917,788 $ 10,775,808 $ 8,827,707

Equity:

Preferred shares $ — $ — $ — $ —

Common shares 785,499 461,869 748,871 462,043

Accumulated other comprehensive loss, net of taxes (24,549) (29,893) (16,590) (34,672)

Retained earnings 1,157,282 1,054,373 1,120,830 1,024,908

Treasury shares (169,585) (168,072) (167,576) (159,244)

Total shareholders' equity $ 1,748,647 $ 1,318,277 $ 1,685,535 $ 1,293,035

Non-controlling interest in consolidated subsidiary 2,055 — 1,822 —

Total equity $ 1,750,702 $ 1,318,277 $ 1,687,357 $ 1,293,035

Total liabilities and equity $ 12,751,094 $ 10,236,065 $ 12,463,165 $ 10,120,742

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

PARK NATIONAL CORPORATION

Consolidated Statements of Income - Linked Quarters

2026 2026 2026 2025 2025

(in thousands, except per share data) 3rd QTR 2nd QTR 1st QTR 4th QTR 3rd QTR

Interest income:

Interest and fees on loans $ 157,067 $ 154,692 $ 142,042 $ 127,443 $ 126,648

Interest on debt securities:

Taxable 9,394 9,320 5,844 4,267 5,644

Tax-exempt 2,508 2,123 2,226 1,487 1,520

Other interest income 4,885 6,192 4,665 3,695 5,140

Total interest income 173,854 172,327 154,777 136,892 138,952

Interest expense:

Interest on deposits:

Demand and savings deposits 23,627 23,517 20,849 18,431 20,499

Time deposits 8,586 9,122 7,532 5,267 5,501

Interest on borrowings 898 831 616 268 1,935

Total interest expense 33,111 33,470 28,997 23,966 27,935

Net interest income 140,743 138,857 125,780 112,926 111,017

(Recovery of) provision for credit losses (964) 4,575 2,672 3,849 4,030

Net interest income after (recovery of) provision for credit losses 141,707 134,282 123,108 109,077 106,987

Other income 36,638 39,540 33,728 31,375 30,574

Other expense 107,544 100,960 105,159 87,777 79,463

Income before income taxes 70,801 72,862 51,677 52,675 58,098

Income taxes 13,869 14,110 9,990 10,036 10,940

Net income $ 56,932 $ 58,752 $ 41,687 $ 42,639 $ 47,158

Per common share:

Net income - basic $ 3.15 $ 3.25 $ 2.40 $ 2.65 $ 2.93

Net income - diluted $ 3.13 $ 3.23 $ 2.39 $ 2.63 $ 2.92

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

PARK NATIONAL CORPORATION

Detail of other income and other expense - Linked Quarters

2026 2026 2026 2025 2025

(in thousands) 3rd QTR 2nd QTR 1st QTR 4th QTR 3rd QTR

Other income:

Income from fiduciary activities $ 13,540 $ 13,434 $ 12,343 $ 11,839 $ 11,315

Service charges on deposit accounts 3,381 3,790 3,348 2,552 2,578

Other service income 4,318 4,124 3,686 4,099 3,716

Debit card fee income 8,257 8,107 6,973 6,493 6,604

Bank owned life insurance income 1,865 2,125 1,707 1,777 1,559

ATM fees 426 450 380 333 371

Gain (loss) on sale of debt securities, net — — 1,084 (2,250) —

Gain (loss) on equity securities, net 964 4,555 799 3,595 (549)

Other components of net periodic benefit income 2,449 2,449 2,492 2,344 2,344

Miscellaneous 1,438 506 916 593 2,636

Total other income $ 36,638 $ 39,540 $ 33,728 $ 31,375 $ 30,574

Other expense:

Salaries $ 51,412 $ 46,023 $ 45,577 $ 39,315 $ 38,644

Employee benefits 12,614 11,918 11,692 10,846 9,892

Occupancy expense 4,338 4,027 4,572 3,349 3,242

Furniture and equipment expense 3,071 3,014 2,517 2,007 2,219

Data processing fees 14,406 15,113 13,141 12,188 11,531

Professional fees and services 9,171 8,731 16,828 9,275 7,475

Marketing 1,608 1,550 1,556 1,744 1,507

Insurance 2,007 1,986 2,074 1,534 1,468

Communication 1,663 1,400 1,425 1,137 1,239

State tax expense 1,504 1,529 1,367 1,181 1,182

Amortization of intangible assets 1,937 2,072 1,279 247 248

Foundation contributions — — — 1,000 —

Miscellaneous 3,813 3,597 3,131 3,954 816

Total other expense $ 107,544 $ 100,960 $ 105,159 $ 87,777 $ 79,463

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

PARK NATIONAL CORPORATION

Asset Quality Information

Year ended December 31,

(in thousands, except ratios) September 30, 2026 June 30, 2026 March 31, 2026 2025 2024 2023 2022 2021

Allowance for credit losses:

Allowance for credit losses, beginning of period $ 110,686 $ 108,590 $ 92,973 $ 87,966 $ 83,745 $ 85,379 $ 83,197 $ 85,675

Cumulative change in accounting principle; adoption of ASU 2022-02 in 2023 and ASU 2016-13 in 2021 — — — — — 383 — 6,090

First Citizens acquisition - Day 1 ACL 2,935 — 15,573 — — — — —

Charge-offs 4,675 4,470 4,440 16,624 18,334 10,863 9,133 5,093

Recoveries 1,887 1,991 1,812 10,143 8,012 5,942 6,758 8,441

Net charge-offs (recoveries) 2,788 2,479 2,628 6,481 10,322 4,921 2,375 (3,348)

(Recovery of) provision for credit losses (964) 4,575 2,672 11,488 14,543 2,904 4,557 (11,916)

Allowance for credit losses, end of period $ 109,869 $ 110,686 $ 108,590 $ 92,973 $ 87,966 $ 83,745 $ 85,379 $ 83,197

General reserve trends:

Allowance for credit losses, end of period $ 109,869 $ 110,686 $ 108,590 $ 92,973 $ 87,966 $ 83,745 $ 85,379 $ 83,197

Specific reserves on individually evaluated loans - certain accruing purchased credit deteriorated ("PCD") loans — — — — — — — —

Specific reserves on individually evaluated loans - accrual — — — — — — — 42

Specific reserves on individually evaluated loans - nonaccrual 5,119 4,424 3,041 739 1,299 4,983 3,566 1,574

General reserves on collectively evaluated loans $ 104,750 $ 106,262 $ 105,549 $ 92,234 $ 86,667 $ 78,762 $ 81,813 $ 81,581

Total loans $ 9,772,923 $ 9,731,356 $ 9,667,260 $ 8,051,242 $ 7,817,128 $ 7,476,221 $ 7,141,891 $ 6,871,122

Individually evaluated - certain accruing PCD loans (PCI loans for years 2020 and prior) — — 1,943 1,990 2,174 2,835 4,653 7,149

Individually evaluated loans - accrual (k) 8,800 11,535 14,792 18,365 15,290 — 11,477 17,517

Individually evaluated loans - nonaccrual 60,467 57,662 60,208 46,924 53,149 45,215 66,864 56,985

Collectively evaluated loans $ 9,703,656 $ 9,662,159 $ 9,590,317 $ 7,983,963 $ 7,746,515 $ 7,428,171 $ 7,058,897 $ 6,789,471

Asset Quality Ratios:

Net charge-offs (recoveries) as a % of average loans (annualized) 0.11 % 0.10 % 0.12 % 0.08 % 0.14 % 0.07 % 0.03 % (0.05) %

Allowance for credit losses as a % of period end loans 1.12 % 1.14 % 1.12 % 1.15 % 1.13 % 1.12 % 1.20 % 1.21 %

General reserve as a % of collectively evaluated loans 1.08 % 1.10 % 1.10 % 1.16 % 1.12 % 1.06 % 1.16 % 1.20 %

Nonperforming assets:

Nonaccrual loans $ 86,947 $ 81,249 $ 80,548 $ 66,515 $ 68,178 $ 60,259 $ 79,696 $ 72,722

Accruing troubled debt restructurings (for years 2022 and prior) (k) N.A. N.A. N.A. N.A. N.A. N.A. 20,134 28,323

Loans past due 90 days or more 3,451 2,514 2,599 2,738 1,754 859 1,281 1,607

Total nonperforming loans $ 90,398 $ 83,763 $ 83,147 $ 69,253 $ 69,932 $ 61,118 $ 101,111 $ 102,652

Other real estate owned 18,623 19,836 24,458 729 938 983 1,354 775

Other nonperforming assets — — — — — — — 2,750

Total nonperforming assets $ 109,021 $ 103,599 $ 107,605 $ 69,982 $ 70,870 $ 62,101 $ 102,465 $ 106,177

Percentage of nonaccrual loans to period end loans 0.89 % 0.83 % 0.83 % 0.83 % 0.87 % 0.81 % 1.12 % 1.06 %

Percentage of nonperforming loans to period end loans 0.92 % 0.86 % 0.86 % 0.86 % 0.89 % 0.82 % 1.42 % 1.49 %

Percentage of nonperforming assets to period end loans 1.12 % 1.06 % 1.11 % 0.87 % 0.91 % 0.83 % 1.43 % 1.55 %

Percentage of nonperforming assets to period end total assets 0.86 % 0.82 % 0.83 % 0.71 % 0.72 % 0.63 % 1.04 % 1.11 %

Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section.

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

PARK NATIONAL CORPORATION

Asset Quality Information (continued)

Year ended December 31,

(in thousands, except ratios) September 30, 2026 June 30, 2026 March 31, 2026 2025 2024 2023 2022 2021

New nonaccrual loan information:

Nonaccrual loans, beginning of period $ 81,249 $ 80,548 $ 66,515 $ 68,178 $ 60,259 $ 79,696 $ 72,722 $ 117,368

Acquired nonaccrual loans — — 4,506 — — — — —

New nonaccrual loans 25,218 21,099 23,215 87,482 65,535 48,280 64,918 38,478

Resolved nonaccrual loans 19,520 20,398 13,688 89,145 57,616 67,717 57,944 83,124

Nonaccrual loans, end of period $ 86,947 $ 81,249 $ 80,548 $ 66,515 $ 68,178 $ 60,259 $ 79,696 $ 72,722

Individually evaluated nonaccrual commercial loan portfolio information (period end):

Unpaid principal balance $ 60,673 $ 57,939 $ 64,890 $ 51,664 $ 58,158 $ 47,564 $ 68,639 $ 57,609

Prior charge-offs 206 277 4,682 4,740 5,009 2,349 1,775 624

Remaining principal balance 60,467 57,662 60,208 46,924 53,149 45,215 66,864 56,985

Specific reserves 5,119 4,424 3,041 739 1,299 4,983 3,566 1,574

Book value, after specific reserves $ 55,348 $ 53,238 $ 57,167 $ 46,185 $ 51,850 $ 40,232 $ 63,298 $ 55,411

Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section.

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

PARK NATIONAL CORPORATION

Financial Reconciliations

NON-GAAP RECONCILIATIONS

THREE MONTHS ENDED NINE MONTHS ENDED

(in thousands, except share and per share data) September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025

Net interest income $ 140,743 $ 138,857 $ 111,017 $ 405,380 $ 324,385

less purchase accounting accretion 2,342 2,147 164 5,301 507

less interest income on former Vision Bank relationships — — 5 396 2,030

Net interest income - adjusted $ 138,401 $ 136,710 $ 110,848 $ 399,683 $ 321,848

(Recovery of) provision for credit losses $ (964) $ 4,575 $ 4,030 $ 6,283 $ 7,639

less recoveries on former Vision Bank relationships — — (3) (7) (1,817)

(Recovery of) provision for credit losses - adjusted $ (964) $ 4,575 $ 4,033 $ 6,290 $ 9,456

Other income $ 36,638 $ 39,540 $ 30,574 $ 109,906 $ 88,506

less gain on sale of debt securities, net — — — 1,084 —

less impact of strategic initiatives — 148 778 148 (118)

less merger-related losses related to First Citizens acquisition (295) — — (295) —

less Vision related OREO valuation adjustments, net 1,257 — — 1,561 (229)

less other income related to former Vision Bank relationships — — 325 (202) 328

Other income - adjusted $ 35,676 $ 39,392 $ 29,471 $ 107,610 $ 88,525

Other expense $ 107,544 $ 100,960 $ 79,463 $ 313,663 $ 236,604

less intangible asset amortization 1,937 2,072 248 5,288 795

less merger-related expenses related to First Citizens acquisition 6,658 4,118 — 26,250 —

less impact of strategic initiatives — (71) — 291 —

less purchase accounting amortization 34 36 — 90 —

less direct expenses related to collection of payments on former Vision Bank loan relationships 130 — — 324 515

Other expense - adjusted $ 98,785 $ 94,805 $ 79,215 $ 281,420 $ 235,294

Tax effect of adjustments to net income identified above (i) $ 1,146 $ 811 $ (216) $ 5,091 $ (635)

Net income - reported $ 56,932 $ 58,752 $ 47,158 $ 157,371 $ 137,434

Net income - adjusted (h) $ 61,241 $ 61,801 $ 46,347 $ 176,523 $ 135,044

Diluted earnings per common share $ 3.13 $ 3.23 $ 2.92 $ 8.77 $ 8.48

Diluted earnings per common share, adjusted (h) $ 3.37 $ 3.40 $ 2.87 $ 9.84 $ 8.33

Annualized return on average assets (a)(b) 1.77 % 1.84 % 1.83 % 1.69 % 1.82 %

Annualized return on average assets, adjusted (a)(b)(h)

1.91 % 1.94 % 1.80 % 1.89 % 1.78 %

Annualized return on average tangible assets (a)(b)(e) 1.81 % 1.89 % 1.86 % 1.73 % 1.85 %

Annualized return on average tangible assets, adjusted (a)(b)(e)(h) 1.95 % 1.99 % 1.83 % 1.94 % 1.81 %

Annualized return on average shareholders' equity (a)(b) 12.92 % 13.69 % 14.19 % 12.48 % 14.21 %

Annualized return on average shareholders' equity, adjusted (a)(b)(h) 13.89 % 14.40 % 13.95 % 14.00 % 13.96 %

Annualized return on average tangible equity (a)(b)(c) 15.61 % 16.60 % 16.19 % 15.01 % 16.26 %

Annualized return on average tangible equity, adjusted (a)(b)(c)(h) 16.79 % 17.46 % 15.91 % 16.84 % 15.97 %

Efficiency ratio (g) 60.25 % 56.30 % 55.85 % 60.51 % 57.03 %

Efficiency ratio, adjusted (g)(h) 56.39 % 53.55 % 56.18 % 55.14 % 57.06 %

Annualized net interest margin (g) 4.84 % 4.81 % 4.72 % 4.82 % 4.70 %

Annualized net interest margin, adjusted (g)(h) 4.76 % 4.73 % 4.71 % 4.75 % 4.66 %

Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section.

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

PARK NATIONAL CORPORATION

Financial Reconciliations (continued)

(a) Reported measure uses net income

(b) Averages are for the three months ended September 30, 2026, June 30,, 2026, and September 30, 2025 and the nine months ended September 30, 2026 and September 30, 2025, as appropriate

(c) Net income for each period divided by average tangible equity during the period. Average tangible equity equals average shareholders' equity during the applicable period less average goodwill and other intangible assets during the applicable period.

RECONCILIATION OF AVERAGE SHAREHOLDERS' EQUITY TO AVERAGE TANGIBLE EQUITY:

THREE MONTHS ENDED NINE MONTHS ENDED

September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025

AVERAGE SHAREHOLDERS' EQUITY $ 1,748,647 $ 1,721,078 $ 1,318,277 $ 1,685,535 $ 1,293,035

Less: Average goodwill and other intangible assets 301,740 301,545 162,400 283,634 162,666

AVERAGE TANGIBLE EQUITY $ 1,446,907 $ 1,419,533 $ 1,155,877 $ 1,401,901 $ 1,130,369

(d) Tangible equity divided by common shares outstanding at period end. Tangible equity equals total shareholders' equity less goodwill and other intangible assets, in each case at the end of the period.

RECONCILIATION OF TOTAL SHAREHOLDERS' EQUITY TO TANGIBLE EQUITY:

September 30, 2026 June 30, 2026 September 30, 2025

TOTAL SHAREHOLDERS' EQUITY $ 1,712,960 $ 1,726,576 $ 1,331,821

Less: Goodwill and other intangible assets 303,382 300,986 162,237

TANGIBLE EQUITY $ 1,409,578 $ 1,425,590 $ 1,169,584

(e) Net income for each period divided by average tangible assets during the period. Average tangible assets equal average assets less average goodwill and other intangible assets, in each case during the applicable period.

RECONCILIATION OF AVERAGE ASSETS TO AVERAGE TANGIBLE ASSETS

THREE MONTHS ENDED NINE MONTHS ENDED

September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025

AVERAGE ASSETS $ 12,751,094 $ 12,787,409 $ 10,236,065 $ 12,463,165 $ 10,120,742

Less: Average goodwill and other intangible assets 301,740 301,545 162,400 283,634 162,666

AVERAGE TANGIBLE ASSETS $ 12,449,354 $ 12,485,864 $ 10,073,665 $ 12,179,531 $ 9,958,076

(f) Tangible equity divided by tangible assets. Tangible assets equal total assets less goodwill and other intangible assets, in each case at the end of the period.

RECONCILIATION OF TOTAL ASSETS TO TANGIBLE ASSETS:

September 30, 2026 June 30, 2026 September 30, 2025

TOTAL ASSETS $ 12,646,245 $ 12,677,010 $ 9,862,068

Less: Goodwill and other intangible assets 303,382 300,986 162,237

TANGIBLE ASSETS $ 12,342,863 $ 12,376,024 $ 9,699,831

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

PARK NATIONAL CORPORATION

Financial Reconciliations (continued)

(g) Efficiency ratio is calculated by dividing total other expense by the sum of fully taxable equivalent net interest income and other income. Fully taxable equivalent net interest income reconciliation is shown assuming a 21% corporate federal income tax rate. Additionally, net interest margin is calculated on a fully taxable equivalent basis by dividing fully taxable equivalent net interest income by average interest earning assets, in each case during the applicable period.

RECONCILIATION OF FULLY TAXABLE EQUIVALENT NET INTEREST INCOME TO NET INTEREST INCOME

THREE MONTHS ENDED NINE MONTHS ENDED

September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025

Interest income $ 173,854 $ 172,327 $ 138,952 $ 500,958 $ 407,648

Fully taxable equivalent adjustment 1,119 933 685 3,037 1,967

Fully taxable equivalent interest income $ 174,973 $ 173,260 $ 139,637 $ 503,995 $ 409,615

Interest expense 33,111 33,470 27,935 95,578 83,263

Fully taxable equivalent net interest income $ 141,862 $ 139,790 $ 111,702 $ 408,417 $ 326,352

(h) Adjustments to net income for each period presented are detailed in the non-GAAP reconciliations of net interest income, provision for credit losses, other income, other expense and tax effect of adjustments to net income.

(i) The tax effect of adjustments to net income was calculated assuming a 21% corporate federal income tax rate.

(j) Pre-tax, pre-provision ("PTPP") net income is calculated as net income, plus income taxes, plus the provision for credit losses, in each case during the applicable period. PTPP net income is a common industry metric utilized in capital analysis and review. PTPP is used to assess the operating performance of Park while excluding the impact of the provision for credit losses.

RECONCILIATION OF PRE-TAX, PRE-PROVISION NET INCOME

THREE MONTHS ENDED NINE MONTHS ENDED

September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025

Net income $ 56,932 $ 58,752 $ 47,158 $ 157,371 $ 137,434

Plus: Income taxes 13,869 14,110 10,940 37,969 31,214

Plus: (Recovery of) provision for credit losses (964) 4,575 4,030 6,283 7,639

Pre-tax, pre-provision net income $ 69,837 $ 77,437 $ 62,128 $ 201,623 $ 176,287

(k) Effective January 1, 2023, Park adopted Accounting Standards Update ("ASU") 2022-02. Among other things, this ASU eliminated the concept of troubled debt restructurings ("TDRs"). As a result of the adoption of this ASU and elimination of the concept of TDRs, total nonperforming loans ("NPLs") and total nonperforming assets ("NPAs") each decreased by $20.1 million effective January 1, 2023. Additionally, as a result of the adoption of this ASU, accruing individually evaluated loans decreased by $11.5 million effective January 1, 2023.

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

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Oct. 26, 2026

Document Information [Line Items]

Entity Registrant Name

PARK NATIONAL CORPORATION

Entity Incorporation, State or Country Code

Entity File Number

1-13006

Entity Tax Identification Number

31-1179518

Entity Address, Address Line One

50 North Third Street,

Entity Address, Address Line Two

P.O. Box 3500,

Entity Address, City or Town

Newark,

Entity Address, State or Province

Entity Address, Postal Zip Code

43058-3500

City Area Code

(740)

Local Phone Number

349-8451

Document Period End Date

Oct. 26, 2026

Document Type

8-K

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Common shares, without par value

Trading Symbol

PRK

Security Exchange Name

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Entity Emerging Growth Company

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Address Line 1 such as Attn, Building Name, Street Name

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Address Line 2 such as Street or Suite number

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Name of the City or Town

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Code for the postal or zip code

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Name of the state or province.

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A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Exchange Act

-Number 240

-Section 12

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Indicate if registrant meets the emerging growth company criteria.

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-Publisher SEC

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-Number 240

-Section 12

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Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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No definition available.

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Two-character EDGAR code representing the state or country of incorporation.

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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-Publisher SEC

-Name Exchange Act

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Local phone number for entity.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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Title of a 12(b) registered security.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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Name of the Exchange on which a security is registered.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

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-Section 425

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