Form 8-K

8-K — PARK NATIONAL CORP /OH/

Accession: 0000805676-26-000031

Filed: 2026-04-24

Period: 2026-04-24

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-20260424.htm (Primary)

EX-99.1 (exhibit991earningsrelease1.htm)

GRAPHIC (image.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: prk-20260424.htm · Sequence: 1

prk-20260424

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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) April 24, 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 April 24, 2026, Park National Corporation (“Park”) issued a news release (the “Financial Results News Release”) announcing financial results for the three months ended March 31, 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 March 31, 2026, December 31, 2025, and March 31, 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.

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 three months ended March 31, 2026, Park recorded merger-related expenses of $15.5 million associated with the First Citizens acquisition.

The First Citizens acquisition was accounted for under the acquisition method of accounting. Assets acquired and liabilities assumed in the acquisition were recorded at their estimated fair values as of the acquisition date. These estimates were recorded based on preliminary valuations, and these estimates, including the initial accounting for deferred taxes, are considered preliminary as of March 31, 2026, and subject to adjustment for up to one year after the acquisition date.

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 March 31, 2026 of $41.7 million represented a $470,000, or 1.1%, decrease compared to $42.2 million for the three months ended March 31, 2025. Pre-tax, pre-provision net income for the three months ended March 31, 2026 of $54.3 million represented a $2.4 million, or 4.6%, increase compared to $52.0 million for the three months ended March 31, 2025.

Net income for each of the three months ended March 31, 2026, December 31, 2025 and March 31, 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 first quarter of 2026.

Overview

The following table reflects Park's net income for the first quarters (the three months ended March 31) of 2026 and 2025, and for the years ended December 31, 2025 and 2024.

(In thousands) Q1 2026 Q1 2025 2025 2024

Net interest income $ 125,780 $ 104,377 $ 437,311 $ 398,019

Provision for credit losses 2,672 756 11,488 14,543

Other income 33,728 25,746 119,881 122,588

Other expense 105,159 78,164 324,381 321,339

Income before income taxes $ 51,677 $ 51,203 $ 221,323 $ 184,725

Income tax expense 9,990 9,046 41,250 33,305

Net income $ 41,687 $ 42,157 $ 180,073 $ 151,420

Net interest income of $125.8 million for the three months ended March 31, 2026 represented a $21.4 million, or 20.5%, increase compared to $104.4 million for the three months ended March 31, 2025. The increase was a result of a $22.6 million increase in interest income, partially offset by a $1.2 million increase in interest expense.

The $22.6 million increase in interest income was due to a $21.4 million increase in interest income on loans and a $1.2 million increase in investment income.

The $21.4 million increase in interest income on loans was primarily the result of a $1.26 billion (or 16.04%) increase in average loans, from $7.83 billion for the three months ended March 31, 2025 to $9.09 billion for the three months ended March 31, 2026, as well as an increase in the yield on loans, which increased 10 basis points to 6.36% for the three months ended March 31, 2026, compared to 6.26% for the three months ended March 31, 2025. Interest income on loans was impacted by the acquisition of First Citizens on February 1, 2026. The newly formed Tennessee region contributed $17.4 million to loan interest income during the three months ended March 31, 2026.

The $1.2 million increase in investment income was primarily the result of a $241.7 million (or 17.55%) increase in average investments, including money market investments, from $1.38 billion for the three months ended March 31, 2025 to $1.62 billion for the three months ended March 31, 2026. This increase was partially offset by a decrease in the yield on investments, including money market investments, which decreased 16 basis points to 3.34% for the three months ended March 31, 2026, compared to 3.50% for the three months ended March 31, 2025.

The $1.2 million increase in interest expense was due to a $3.2 million increase in interest expense on deposits, partially offset by a $2.0 million decrease in interest expense on borrowings.

The increase in interest expense on deposits was the result of a $1.32 billion (or 22.74%) increase in average on-balance sheet interest bearing deposits from $5.79 billion for the three months ended March 31, 2025, to $7.11 billion for the three months ended March 31, 2026. This increase was partially offset by a decrease in the cost of deposits of 14 basis points, from 1.76% for the three months ended March 31, 2025 to 1.62% for the three months ended March 31, 2026. Interest expense on deposits was impacted by the acquisition of First Citizens which contributed $6.9 million to interest expense on deposits during the three months ended March 31, 2026.

The decrease in interest expense on borrowings was the result of a decrease in the cost of borrowings of 186 basis points, from 3.94% for the three months ended March 31, 2025 to 2.08% for the three months ended March 31, 2026 as well as a $149.2 million (or 55.41%) decrease in average borrowings from $269.3 million for the three months ended March 31, 2025, to $120.1 million for the three months ended March 31, 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 $2.7 million for the three months ended March 31, 2026 represented an increase of $1.9 million, compared to $756,000 for the three months ended March 31, 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 three months ended March 31, 2026 and 2025.

(Dollars in thousands) 2026 2025 $ change % change

Other income:

Income from fiduciary activities $ 12,343 $ 10,994 $ 1,349 12.3 %

Service charges on deposit accounts 3,348 2,407 941 39.1 %

Other service income 3,686 2,936 750 25.5 %

Debit card fee income 6,973 6,089 884 14.5 %

Bank owned life insurance income 1,707 1,512 195 12.9 %

ATM fees 380 335 45 13.4 %

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

Gain (loss) on equity securities, net 799 (862) 1,661 N.M.

Other components of net periodic benefit income 2,492 2,344 148 6.3 %

Miscellaneous 916 (9) 925 N.M.

Total other income $ 33,728 $ 25,746 $ 7,982 31.0 %

Other income of $33.7 million for the three months ended March 31, 2026 represented an increase of $8.0 million, or 31.0%, compared to $25.7 million for the three months ended March 31, 2025. Total other income was impacted by the acquisition of First Citizens which added $2.8 million to total other income for the three months ended March 31, 2026.

The $1.3 million increase in income from fiduciary activities was largely due to a 6.9% increase in the average market value of assets under management. The newly formed Tennessee region contributed $341,000 to income from fiduciary activities for the three months ended March 31, 2026.

The $941,000 increase in service charges on deposits was largely due to an increase in non sufficient funds fees and maintenance fees on deposits. The newly formed Tennessee region contributed $842,000 to service charges on deposits for the three months ended March 31, 2026.

The $750,000 increase in other service income was mainly due to an increase in mortgage related other service income. The newly formed Tennessee region contributed $423,000 to other service income for the three months ended March 31, 2026. The remaining increase was due to an increase in the volume of mortgage loans sold on the secondary market in Park's legacy markets.

The $884,000 increase in debit card fee income was primarily related to an increase in sales and debit card transactions. The newly formed Tennessee region contributed $808,000 to debit card fee income for the three months ended March 31, 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 three months ended March 31, 2026. There were no sales of debt securities for the three months ended March 31, 2025.

The change in gain (loss) on equity securities, net was mostly due to net gains on both equity securities carried at fair value and capital investments during the three months ended March 31, 2026 compared to net losses on both equity securities carried at fair value and capital investments during the same period of 2025.

The increase in miscellaneous income was primarily due to an increase in the net gains on the sale of OREO and a decrease in net losses on the sale and disposal of assets, largely due to the impact of strategic initiatives. This was partially offset by a net loss related to the repurchase of a loan participation related to a former Vision Bank loan relationship.

The table below reflects Park's total other expense for the three months ended March 31, 2026 and 2025.

(Dollars in thousands) 2026 2025 $ change % change

Other expense:

Salaries $ 45,577 $ 36,216 $ 9,361 25.8 %

Employee benefits 11,692 10,516 1,176 11.2 %

Occupancy expense 4,572 3,519 1,053 29.9 %

Furniture and equipment expense 2,517 2,301 216 9.4 %

Data processing fees 13,141 10,529 2,612 24.8 %

Professional fees and services 16,828 7,307 9,521 130.3 %

Marketing 1,556 1,528 28 1.8 %

Insurance 2,074 1,686 388 23.0 %

Communication 1,425 1,202 223 18.6 %

State tax expense 1,367 1,186 181 15.3 %

Amortization of intangible assets 1,279 274 1,005 366.8 %

Miscellaneous 3,131 1,900 1,231 64.8 %

Total other expense $ 105,159 $ 78,164 $ 26,995 34.5 %

Total other expense of $105.2 million for the three months ended March 31, 2026 represented an increase of $27.0 million compared to $78.2 million for the three months ended March 31, 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 three months ended 2026 included $15.5 million in merger-related expenses and $10.1 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 $ 45,577 $ 4,430 $ 4,240 $ 36,907 $ 36,216 $ 691 1.9 %

Employee benefits 11,692 74 773 10,845 10,516 329 3.1 %

Occupancy expense 4,572 — 524 4,048 3,519 529 15.0 %

Furniture and equipment expense 2,517 — 463 2,054 2,301 (247) (10.7) %

Data processing fees 13,141 60 1,167 11,914 10,529 1,385 13.2 %

Professional fees and services 16,828 10,779 177 5,872 7,307 (1,435) (19.6) %

Marketing 1,556 10 140 1,406 1,528 (122) (8.0) %

Insurance 2,074 8 433 1,633 1,686 (53) (3.1) %

Communication 1,425 22 310 1,093 1,202 (109) (9.1) %

State tax expense 1,367 — 119 1,248 1,186 62 5.2 %

Amortization of intangible assets 1,279 — 1,044 235 274 (39) (14.2) %

Miscellaneous 3,131 91 672 2,368 1,900 468 24.6 %

Total other expense $ 105,159 $ 15,474 $ 10,062 $ 79,623 $ 78,164 $ 1,459 1.9 %

*Non-GAAP

The $691,000 increase in adjusted salaries expense was primarily related to increases in base salary expense and incentive compensation, partially offset by decreases in additional compensation. The $529,000 increase in adjusted occupancy expense was primarily related to increases in expenses related to strategic initiatives and increases in maintenance and repairs expense, partially offset by decreases in lease expense. The $1.4 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 is expected to occur in the third quarter of 2026. The $1.4 million decrease in adjusted professional fees and services was primarily due to decreases in consulting expenses, credit services expense, and other professional fees. The $468,000 increase in adjusted miscellaneous expense is primarily due to an increase in other non-loan related losses, partially offset by decreases in allowance for unfunded credit loss expense.

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

(Dollars in thousands) March 31, 2026 December 31, 2025 March 31, 2025 % change from 12/31/25 % change from 3/31/25

Loans 9,667,260 8,051,242 7,883,735 20.07 % 22.62 %

Allowance for credit losses 108,590 92,973 88,130 16.80 % 23.22 %

Net loans 9,558,670 7,958,269 7,795,605 20.11 % 22.62 %

Investment securities 1,366,955 802,142 1,042,163 70.41 % 31.17 %

Total assets 12,983,967 9,805,013 9,886,612 32.42 % 31.33 %

Total deposits 11,000,500 8,243,713 8,201,695 33.44 % 34.12 %

Average assets (1)

11,840,992 10,107,816 10,045,607 17.15 % 17.87 %

Efficiency ratio (2)

65.52 % 57.94 % 59.79 % 13.08 % 9.58 %

Return on average assets 1.43 % 1.78 % 1.70 % (19.66) % (15.88) %

(1) Average assets for the three months ended March 31, 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 $985,000, $607,000 and $2.7 million, respectively, for the three months ended March 31, 2026 and 2025 and the year ended December 31, 2025, respectively.

Loans

Loans outstanding at March 31, 2026 were $9.67 billion, compared to (i) $8.05 billion at December 31, 2025, an increase of $1.62 billion, and (ii) $7.88 billion at March 31, 2025, an increase of $1.78 billion. The table below breaks out the change in loans outstanding, by loan type.

(Dollars in thousands) March 31, 2026 December 31, 2025 March 31, 2025 $ change from 12/31/25 % change from 12/31/25 $ change from 3/31/25 % change from 3/31/25

Home equity $ 314,658 $ 241,478 $ 209,657 $ 73,180 30.3 % $ 105,001 50.1 %

Installment 1,868,096 1,843,494 1,895,950 24,602 1.3 % (27,854) (1.5) %

Real estate 1,634,698 1,482,728 1,465,123 151,970 10.2 % 169,575 11.6 %

Commercial 5,841,627 4,481,519 4,311,093 1,360,108 30.3 % 1,530,534 35.5 %

Other 8,181 2,023 1,912 6,158 304.4 % 6,269 327.9 %

Total loans

$ 9,667,260 $ 8,051,242 $ 7,883,735 $ 1,616,018 20.1 % $ 1,783,525 22.6 %

Excluding loans outstanding in Park's newly formed Tennessee region, loans outstanding at March 31, 2026 were $8.09 billion, compared to (i) $8.05 billion at December 31, 2025, an increase of $39.7 million, and (ii) $7.88 billion at March 31, 2025, an increase of $207.2 million. The table below breaks out the change in loans outstanding, by loan type.

(Dollars in thousands) March 31, 2026 December 31, 2025 March 31, 2025 $ change from 12/31/25 % change from 12/31/25 $ change from 3/31/25 % change from 3/31/25

Home equity $ 246,725 $ 241,478 $ 209,657 $ 5,247 2.2 % $ 37,068 17.7 %

Installment 1,849,991 1,843,494 1,895,950 6,497 0.4 % (45,959) (2.4) %

Real estate 1,453,742 1,482,728 1,465,123 (28,986) (2.0) % (11,381) (0.8) %

Commercial 4,536,674 4,481,519 4,311,093 55,155 1.2 % 225,581 5.2 %

Other 3,815 2,023 1,912 1,792 88.6 % 1,903 99.5 %

Total loans

$ 8,090,947 $ 8,051,242 $ 7,883,735 $ 39,705 0.5 % $ 207,212 2.6 %

Park's allowance for credit losses was $108.6 million at March 31, 2026, compared to $93.0 million at December 31, 2025, an increase of $15.6 million, or 16.8%. 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 March 31, 2026 were $11.00 billion, compared to (i) $8.24 billion at December 31, 2025, an increase of $2.76 billion and (ii) $8.20 billion at March 31, 2025, an increase of $2.80 billion. Total deposits including off balance sheet deposits at March 31, 2026 were $11.00 billion, compared to (i) $8.35 billion at December 31, 2025, an increase of $2.65 billion and (ii) $8.45 billion at March 31, 2025, an increase of $2.55 billion.

(Dollars in thousands) March 31, 2026 December 31, 2025 March 31, 2025 $ change from 12/31/25 % change from 12/31/25 $ change from 3/31/25 % change from 3/31/25

Non-interest bearing deposits $ 3,058,631 $ 2,656,093 $ 2,637,577 $ 402,538 15.2 % $ 421,054 16.0 %

Transaction accounts 3,376,527 2,032,497 2,095,687 1,344,030 66.1 % 1,280,840 61.1 %

Savings 3,138,896 2,765,171 2,658,210 373,725 13.5 % 480,686 18.1 %

Certificates of deposit 1,378,998 772,952 764,722 606,046 78.4 % 614,276 80.3 %

Brokered and bid CD deposits 47,448 17,000 45,499 30,448 179.1 % 1,949 4.3 %

Total deposits $ 11,000,500 $ 8,243,713 $ 8,201,695 $ 2,756,787 33.4 % $ 2,798,805 34.1 %

Off balance sheet deposits $ — $ 105,265 $ 250,847 (105,265) (100.0) % (250,847) (100.0) %

Total deposits including off balance sheet deposits $ 11,000,500 $ 8,348,978 $ 8,452,542 2,651,522 31.8 % 2,547,958 30.1 %

Excluding total deposits in Park's newly formed Tennessee region, total deposits at March 31, 2026 were $8.76 billion, compared to (i) $8.24 billion at December 31, 2025, an increase of $514.3 million and (ii) $8.20 billion at March 31, 2025, an increase of $556.3 million. Total deposits including off balance sheet deposits at March 31, 2026 were $8.76 billion, compared to (i) $8.35 billion at December 31, 2025, an increase of $409.0 million and (ii) $8.45 billion at March 31, 2025, an increase of $305.5 million.

(Dollars in thousands) March 31, 2026 December 31, 2025 March 31, 2025 $ change from 12/31/25 % change from 12/31/25 $ change from 3/31/25 % change from 3/31/25

Non-interest bearing deposits $ 2,694,351 $ 2,656,093 $ 2,637,577 $ 38,258 1.4 % $ 56,774 2.2 %

Transaction accounts 2,362,075 2,032,497 2,095,687 329,578 16.2 % 266,388 12.7 %

Savings 2,970,593 2,765,171 2,658,210 205,422 7.4 % 312,383 11.8 %

Certificates of deposit 728,982 772,952 764,722 (43,970) (5.7) % (35,740) (4.7) %

Brokered and bid CD deposits 2,000 17,000 45,499 (15,000) (88.2) % (43,499) (95.6) %

Total deposits $ 8,758,001 $ 8,243,713 $ 8,201,695 $ 514,288 6.2 % $ 556,306 6.8 %

Off balance sheet deposits $ — $ 105,265 $ 250,847 (105,265) (100.0) % (250,847) (100.0) %

Total deposits including off balance sheet deposits $ 8,758,001 $ 8,348,978 $ 8,452,542 409,023 4.9 % 305,459 3.6 %

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) March 31, 2026 December 31, 2025 March 31, 2025 $ change from 12/31/25 % change from 12/31/25 $ change from 3/31/25 % change from 3/31/25

Retail deposits $ 5,355,162 $ 4,081,871 $ 4,078,123 $ 1,273,291 31.2 % $ 1,277,039 31.3 %

Commercial deposits 5,594,803 4,144,842 4,078,073 1,449,961 35.0 % $ 1,516,730 37.2 %

Brokered and bid CD deposits 47,361 17,000 45,499 30,361 178.6 % $ 1,862 4.1 %

Purchase accounting 3,174 — — 3,174 N.M. $ 3,174 N.M.

Total deposits $ 11,000,500 $ 8,243,713 $ 8,201,695 $ 2,756,787 33.4 % $ 2,798,805 34.1 %

Off balance sheet deposits — 105,265 250,847 $ (105,265) (100.0) % $ (250,847) (100.0) %

Total deposits including off balance sheet deposits $ 11,000,500 $ 8,348,978 $ 8,452,542 $ 2,651,522 31.8 % $ 2,547,958 30.1 %

Total deposits including off balance sheet deposits excluding Brokered and bid CD deposits $ 10,953,139 $ 8,331,978 $ 8,407,043 $ 2,621,161 31.5 % $ 2,546,096 30.3 %

Noninterest bearing deposits to total deposits 27.8 % 32.2 % 32.2 %

During the three months ended March 31, 2026, total deposits including off balance sheet deposits increased by $2.65 billion, or 31.8%. This increase consisted of a $1.45 billion increase in total commercial deposits, a $1.27 billion increase in retail deposits and a $30.4 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) March 31, 2026 December 31, 2025 March 31, 2025 $ change from 12/31/25 % change from 12/31/25 $ change from 3/31/25 % change from 3/31/25

Public funds included in commercial deposits $ 1,978,727 $ 1,320,070 $ 1,482,976 $ 658,657 49.9 % $ 495,751 33.4 %

Bid Ohio CDs 2,000 17,000 45,499 $ (15,000) (88.2) % $ (43,499) (95.6) %

Total public fund deposits $ 1,980,727 $ 1,337,070 $ 1,528,475 $ 643,657 48.1 % $ 452,252 29.6 %

Cost of public fund deposits (1)

1.89 % 1.94 % 1.97 %

Cost of total interest bearing deposits (1)

1.62 % 1.71 % 1.76 %

1 Cost of funds for the three months ended March 31, 2026 and 2025 and for the year ended December 31, 2025.

As of March 31, 2026, Park had approximately $2.4 billion of uninsured deposits, which was 21.6% of total deposits. Uninsured deposits of $2.4 billion included $738 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 three months ended March 31, 2026 of $2.7 million, compared to $756,000 for the three months ended March 31, 2025. Net charge-offs were $2.6 million, or 0.12%, annualized, of total average loans, for the three months ended March 31, 2026, compared to $592,000, or 0.03%, annualized, of total average loans, for the three months ended March 31, 2025.

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

(Dollars in thousands) 3/31/2026 12/31/2025 3/31/2025

Total allowance for credit losses $ 108,590 $ 92,973 $ 88,130

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 3,041 739 1,044

General reserves on collectively evaluated loans $ 105,549 $ 92,234 $ 87,086

Total loans $ 9,667,260 $ 8,051,242 $ 7,883,735

Individually evaluated loans - certain accruing PCD loans 1,943 1,990 2,139

Individually evaluated loans - accrual 14,792 18,365 13,935

Individually evaluated loans - nonaccrual 60,208 46,924 47,718

Collectively evaluated loans $ 9,590,317 $ 7,983,963 $ 7,819,943

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

General reserve as a % of collectively evaluated loans 1.10 % 1.16 % 1.11 %

The total allowance for credit losses of $108.6 million at March 31, 2026 represented a $15.6 million, or 16.8%, increase compared to $93.0 million at December 31, 2025. The increase was due to a $13.3 million increase in general reserves and a $2.3 million increase in specific reserves. The full $15.6 million increase in the allowance for credit losses was attributable to the day‑one allowance recognized in connection with the First Citizens acquisition.

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, 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 April 24, 2026, the Park Board of Directors declared a $1.10 per common share quarterly cash dividend in respect of Park's common shares. The cash dividend is payable on June 10, 2026 to common shareholders of record as of the close of business on May 15, 2026. A copy of the Financial Results News Release is included as Exhibit 99.1 and the portion thereof addressing the declaration of the quarterly cash dividend by the Park Board is incorporated by reference herein.

Item 9.01 - Financial Statements and Exhibits.

(a)Not applicable

(b)Not applicable

(c)Not applicable

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

Exhibit No. Description

99.1 News Release issued by Park National Corporation on April 24, 2026 addressing financial results for the three months ended March 31, 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: April 24, 2026 By: /s/ Brady T. Burt

Brady T. Burt

Chief Financial Officer, Secretary and Treasurer

EX-99.1

Filename: exhibit991earningsrelease1.htm · Sequence: 2

Document

April 24, 2026 Exhibit 99.1

Park National Corporation reports financial results

for first quarter 2026

NEWARK, Ohio ‒ Park National Corporation (Park) (NYSE American: PRK) today reported financial results for the first quarter of 2026. Park's board of directors declared a quarterly cash dividend of $1.10 per common share, payable on June 10, 2026, to common shareholders of record as of May 15, 2026.

On February 1, 2026, Park successfully completed its previously announced merger transaction with First Citizens Bancshares, Inc. (“First Citizens”) through an all-stock transaction. Park's results for the first quarter of 2026 reflected the impact of merger-related expenses as well as an expanded income and expense base resulting from the transaction.

“Our strategy to combine solid financial performance with intentional growth through partnerships in high‑opportunity markets is delivering positive results,” said Park CEO and President, Matthew R. Miller. “Our expansion into Tennessee positions us to deliver even greater value across our communities while continuing to provide the personalized, relationship-driven banking our customers expect. We’re energized by the opportunity to expand our impact while staying true to our community banking roots.”

Park’s net income for the first quarter of 2026 was $41.7 million, a 1.1 percent decrease from $42.2 million for the first quarter of 2025. The first quarter of 2026 included $15.5 million ($12.4 million after tax) in merger related expenses. First quarter 2026 net income per diluted common share was $2.39, compared to $2.60 for the first quarter of 2025.

Park’s total loans increased $1.62 billion, or 20.1 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 $2.76 billion, or 33.4 percent, during 2026, with an increase of 31.8 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 performance is a direct result of the skill, dedication and empathy our colleagues bring to their work every day. Their commitment to serve customers and strengthen our communities defines our organization,” said Park Chairman, David L. Trautman. “We’re grateful to play a small role in the lives of those we serve.”

Headquartered in Newark, Ohio, Park National Corporation has $13.0 billion in total assets (as of March 31, 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 March 31, 2026, December 31, 2025 and March 31, 2025

2026 2025 2025 Percent change 1Q '26 vs.

(in thousands, except common share and per common share data and ratios) 1st QTR 4th QTR 1st QTR 4Q '25 1Q '25

INCOME STATEMENT:

Net interest income $ 125,780 $ 112,926 $ 104,377 11.4 % 20.5 %

Provision for credit losses 2,672 3,849 756 (30.6) % 253.4 %

Other income 33,728 31,375 25,746 7.5 % 31.0 %

Other expense 105,159 87,777 78,164 19.8 % 34.5 %

Income before income taxes $ 51,677 $ 52,675 $ 51,203 (1.9) % 0.9 %

Income taxes 9,990 10,036 9,046 (0.5) % 10.4 %

Net income $ 41,687 $ 42,639 $ 42,157 (2.2) % (1.1) %

MARKET DATA:

Earnings per common share - basic (a) $ 2.40 $ 2.65 $ 2.61 (9.4) % (8.0) %

Earnings per common share - diluted (a) 2.39 2.63 2.60 (9.1) % (8.1) %

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

Special cash dividend declared per common share — 1.25 — N.M. N.M.

Book value per common share at period end 93.93 84.14 79.00 11.6 % 18.9 %

Market price per common share at period end 163.45 152.18 151.40 7.4 % 8.0 %

Market capitalization at period end 2,957,806 2,446,790 2,451,370 20.9 % 20.7 %

Weighted average common shares - basic (b) 17,381,922 16,076,308 16,159,342 8.1 % 7.6 %

Weighted average common shares - diluted (b) 17,457,573 16,183,706 16,238,701 7.9 % 7.5 %

Common shares outstanding at period end 18,096,089 16,078,262 16,191,347 12.6 % 11.8 %

PERFORMANCE RATIOS: (annualized)

Return on average assets (a)(b) 1.43 % 1.68 % 1.70 % (14.9) % (15.9) %

Return on average shareholders' equity (a)(b) 10.67 % 12.61 % 13.46 % (15.4) % (20.7) %

Yield on loans 6.36 % 6.34 % 6.26 % 0.3 % 1.6 %

Yield on investment securities 3.08 % 2.84 % 3.25 % 8.5 % (5.2) %

Yield on money market instruments 3.95 % 3.94 % 4.46 % 0.3 % (11.4) %

Yield on interest earning assets 5.90 % 5.91 % 5.85 % (0.2) % 0.9 %

Cost of interest bearing deposits 1.62 % 1.61 % 1.76 % 0.6 % (8.0) %

Cost of borrowings 2.08 % 1.31 % 3.94 % 58.8 % (47.2) %

Cost of paying interest bearing liabilities 1.63 % 1.61 % 1.86 % 1.2 % (12.4) %

Net interest margin (g) 4.80 % 4.88 % 4.62 % (1.6) % 3.9 %

Efficiency ratio (g) 65.52 % 60.54 % 59.79 % 8.2 % 9.6 %

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

Tangible book value per common share (d) $ 77.21 $ 74.06 $ 68.94 4.3 % 12.0 %

Average interest earning assets 10,708,496 9,230,035 9,210,385 16.0 % 16.3 %

Pre-tax, pre-provision net income (j) 54,349 56,524 51,959 (3.8) % 4.6 %

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 March 31, 2026, December 31, 2025 and March 31, 2025

Percent change 1Q '26 vs.

(in thousands, except ratios) March 31, 2026 December 31, 2025 March 31, 2025 4Q '25 1Q '25

BALANCE SHEET:

Investment securities $ 1,366,955 $ 802,142 $ 1,042,163 70.4 % 31.2 %

Loans 9,667,260 8,051,242 7,883,735 20.1 % 22.6 %

Allowance for credit losses 108,590 92,973 88,130 16.8 % 23.2 %

Goodwill and other intangible assets 302,565 161,990 162,758 86.8 % 85.9 %

Other real estate owned (OREO) 24,458 729 119 N.M. N.M.

Total assets 12,983,967 9,805,013 9,886,612 32.4 % 31.3 %

Total deposits 11,000,500 8,243,713 8,201,695 33.4 % 34.1 %

Borrowings 150,176 81,711 270,757 83.8 % (44.5) %

Total shareholders' equity 1,699,759 1,352,793 1,279,042 25.6 % 32.9 %

Total equity 1,701,814 1,352,793 1,279,042 25.8 % 33.1 %

Tangible equity (d) 1,397,194 1,190,803 1,116,284 17.3 % 25.2 %

Total nonperforming loans 83,147 69,253 63,148 20.1 % 31.7 %

Total nonperforming assets 107,605 69,982 63,267 53.8 % 70.1 %

ASSET QUALITY RATIOS:

Loans as a % of period end total assets 74.46 % 82.11 % 79.74 % (9.3) % (6.6) %

Total nonperforming loans as a % of period end loans 0.86 % 0.86 % 0.80 % — % 7.5 %

Total nonperforming assets as a % of period end loans + OREO + other nonperforming assets 1.11 % 0.87 % 0.80 % 27.6 % 38.8 %

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

Net loan charge-offs $ 2,628 $ 2,634 $ 592 (0.2) % N.M.

Annualized net loan charge-offs as a % of average loans (b) 0.12 % 0.13 % 0.03 % (7.7) % N.M.

CAPITAL & LIQUIDITY:

Total shareholders' equity / Period end total assets 13.09 % 13.80 % 12.94 % (5.1) % 1.2 %

Tangible equity (d) / Tangible assets (f) 11.02 % 12.35 % 11.48 % (10.8) % (4.0) %

Average shareholders' equity / Average assets (b) 13.39 % 13.32 % 12.64 % 0.5 % 5.9 %

Average shareholders' equity / Average loans (b) 17.44 % 16.77 % 16.22 % 4.0 % 7.5 %

Average loans / Average deposits (b) 90.91 % 93.98 % 93.56 % (3.3) % (2.8) %

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

March 31

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

Interest income:

Interest and fees on loans $ 142,042 $ 120,648

Interest on debt securities:

Taxable 5,844 7,130

Tax-exempt 2,226 1,269

Other interest income 4,665 3,153

Total interest income 154,777 132,200

Interest expense:

Interest on deposits:

Demand and savings deposits 20,849 18,436

Time deposits 7,532 6,770

Interest on borrowings 616 2,617

Total interest expense 28,997 27,823

Net interest income 125,780 104,377

Provision for credit losses 2,672 756

Net interest income after provision for credit losses 123,108 103,621

Other income 33,728 25,746

Other expense 105,159 78,164

Income before income taxes 51,677 51,203

Income taxes 9,990 9,046

Net income $ 41,687 $ 42,157

Per common share:

Net income - basic $ 2.40 $ 2.61

Net income - diluted $ 2.39 $ 2.60

Weighted average common shares - basic 17,381,922 16,159,342

Weighted average common shares - diluted 17,457,573 16,238,701

Cash dividends declared:

Quarterly dividend $ 1.10 $ 1.07

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

PARK NATIONAL CORPORATION

Consolidated Balance Sheets

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

Assets

Cash and due from banks $ 152,342 $ 137,239

Money market instruments 830,795 96,274

Investment securities 1,366,955 802,142

Loans 9,667,260 8,051,242

Allowance for credit losses (108,590) (92,973)

Loans, net 9,558,670 7,958,269

Bank premises and equipment, net 93,126 61,627

Goodwill and other intangible assets 302,565 161,990

Other real estate owned 24,458 729

Other assets 655,056 586,743

Total assets $ 12,983,967 $ 9,805,013

Liabilities and Equity

Deposits:

Noninterest bearing $ 3,058,631 $ 2,656,093

Interest bearing 7,941,869 5,587,620

Total deposits 11,000,500 8,243,713

Borrowings 150,176 81,711

Other liabilities 131,477 126,796

Total liabilities $ 11,282,153 $ 8,452,220

Equity:

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

Common shares (No par value; 40,000,000 shares authorized at March 31, 2026 and December 31, 2025; 19,611,235 shares issued at March 31, 2026 and 17,623,104 at December 31, 2025) 782,575 465,032

Accumulated other comprehensive loss, net of taxes (8,554) (12,739)

Retained earnings 1,089,844 1,067,823

Treasury shares (1,515,146 shares at March 31, 2026 and 1,544,842 shares at December 31, 2025) (164,106) (167,323)

Total shareholders' equity $ 1,699,759 $ 1,352,793

Non-controlling interest in consolidated subsidiary 2,055 —

Total equity $ 1,701,814 $ 1,352,793

Total liabilities and equity $ 12,983,967 $ 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

March 31,

(in thousands) 2026 2025

Assets

Cash and due from banks $ 240,473 $ 127,229

Money market instruments 478,664 287,016

Investment securities 1,154,360 1,069,620

Loans 9,089,684 7,833,234

Allowance for credit losses (105,045) (88,825)

Loans, net 8,984,639 7,744,409

Bank premises and equipment, net 81,598 68,992

Goodwill and other intangible assets 247,015 162,938

Other real estate owned 14,377 918

Other assets 639,866 584,485

Total assets $ 11,840,992 $ 10,045,607

Liabilities and Equity

Deposits:

Noninterest bearing $ 2,887,059 $ 2,578,838

Interest bearing 7,111,423 5,793,915

Total deposits 9,998,482 8,372,753

Borrowings 120,071 269,254

Other liabilities 136,008 133,341

Total liabilities $ 10,254,561 $ 8,775,348

Equity:

Preferred shares $ — $ —

Common shares 676,544 464,046

Accumulated other comprehensive loss, net of taxes (10,755) (39,942)

Retained earnings 1,086,582 997,399

Treasury shares (167,287) (151,244)

Total shareholders' equity $ 1,585,084 $ 1,270,259

Non-controlling interest in consolidated subsidiary 1,347 —

Total equity $ 1,586,431 $ 1,270,259

Total liabilities and equity $ 11,840,992 $ 10,045,607

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

PARK NATIONAL CORPORATION

Consolidated Statements of Income - Linked Quarters

2026 2025 2025 2025 2025

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

Interest income:

Interest and fees on loans $ 142,042 $ 127,443 $ 126,648 $ 125,543 $ 120,648

Interest on debt securities:

Taxable 5,844 4,267 5,644 6,693 7,130

Tax-exempt 2,226 1,487 1,520 1,503 1,269

Other interest income 4,665 3,695 5,140 2,757 3,153

Total interest income 154,777 136,892 138,952 136,496 132,200

Interest expense:

Interest on deposits:

Demand and savings deposits 20,849 18,431 20,499 19,055 18,436

Time deposits 7,532 5,267 5,501 5,821 6,770

Interest on borrowings 616 268 1,935 2,629 2,617

Total interest expense 28,997 23,966 27,935 27,505 27,823

Net interest income 125,780 112,926 111,017 108,991 104,377

Provision for credit losses 2,672 3,849 4,030 2,853 756

Net interest income after provision for credit losses 123,108 109,077 106,987 106,138 103,621

Other income 33,728 31,375 30,574 32,186 25,746

Other expense 105,159 87,777 79,463 78,977 78,164

Income before income taxes 51,677 52,675 58,098 59,347 51,203

Income taxes 9,990 10,036 10,940 11,228 9,046

Net income $ 41,687 $ 42,639 $ 47,158 $ 48,119 $ 42,157

Per common share:

Net income - basic $ 2.40 $ 2.65 $ 2.93 $ 2.98 $ 2.61

Net income - diluted $ 2.39 $ 2.63 $ 2.92 $ 2.97 $ 2.60

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 2025 2025 2025 2025

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

Other income:

Income from fiduciary activities $ 12,343 $ 11,839 $ 11,315 $ 11,622 $ 10,994

Service charges on deposit accounts 3,348 2,552 2,578 2,514 2,407

Other service income 3,686 4,099 3,716 3,731 2,936

Debit card fee income 6,973 6,493 6,604 6,607 6,089

Bank owned life insurance income 1,707 1,777 1,559 1,762 1,512

ATM fees 380 333 371 367 335

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

Gain (loss) on equity securities, net 799 3,595 (549) 2,480 (862)

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

Miscellaneous 916 593 2,636 759 (9)

Total other income $ 33,728 $ 31,375 $ 30,574 $ 32,186 $ 25,746

Other expense:

Salaries $ 45,577 $ 39,315 $ 38,644 $ 38,560 $ 36,216

Employee benefits 11,692 10,846 9,892 9,108 10,516

Occupancy expense 4,572 3,349 3,242 3,269 3,519

Furniture and equipment expense 2,517 2,007 2,219 2,234 2,301

Data processing fees 13,141 12,188 11,531 11,021 10,529

Professional fees and services 16,828 9,275 7,475 7,395 7,307

Marketing 1,556 1,744 1,507 1,295 1,528

Insurance 2,074 1,534 1,468 1,667 1,686

Communication 1,425 1,137 1,239 941 1,202

State tax expense 1,367 1,181 1,182 1,350 1,186

Amortization of intangible assets 1,279 247 248 273 274

Foundation contributions — 1,000 — — —

Miscellaneous 3,131 3,954 816 1,864 1,900

Total other expense $ 105,159 $ 87,777 $ 79,463 $ 78,977 $ 78,164

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) March 31, 2026 2025 2024 2023 2022 2021

Allowance for credit losses:

Allowance for credit losses, beginning of period $ 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 4,440 16,624 18,334 10,863 9,133 5,093

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

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

Provision for (recovery of) credit losses 2,672 11,488 14,543 2,904 4,557 (11,916)

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

General reserve trends:

Allowance for credit losses, end of period $ 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 3,041 739 1,299 4,983 3,566 1,574

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

Total loans $ 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) 14,792 18,365 15,290 — 11,477 17,517

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

Collectively evaluated loans $ 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) 0.12 % 0.08 % 0.14 % 0.07 % 0.03 % (0.05) %

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

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

Nonperforming assets:

Nonaccrual loans $ 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. 20,134 28,323

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

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

Other real estate owned 24,458 729 938 983 1,354 775

Other nonperforming assets — — — — — 2,750

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

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

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

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

Percentage of nonperforming assets to period end total assets 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) March 31, 2026 2025 2024 2023 2022 2021

New nonaccrual loan information:

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

Acquired nonaccrual loans 4,506 — — — — —

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

Resolved nonaccrual loans 13,688 89,145 57,616 67,717 57,944 83,124

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

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

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

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

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

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

Book value, after specific reserves $ 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

(in thousands, except share and per share data) March 31, 2026 December 31, 2025 March 31, 2025

Net interest income $ 125,780 $ 112,926 $ 104,377

less purchase accounting accretion 812 161 175

less interest income on former Vision Bank relationships 396 — 1,019

Net interest income - adjusted $ 124,572 $ 112,765 $ 103,183

Provision for credit losses $ 2,672 $ 3,849 $ 756

less recoveries on former Vision Bank relationships (7) (1) (1,097)

Provision for credit losses - adjusted $ 2,679 $ 3,850 $ 1,853

Other income $ 33,728 $ 31,375 $ 25,746

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

less impact of strategic initiatives — (38) (914)

less Vision related OREO valuation adjustments, net 304 — (229)

less other service income related to former Vision Bank relationships (202) 3 3

Other income - adjusted $ 32,542 $ 33,660 $ 26,886

Other expense $ 105,159 $ 87,777 $ 78,164

less core deposit intangible amortization 1,279 247 274

less Foundation contribution — 1,000 —

less merger-related expenses related to First Citizens acquisition 15,474 1,556 —

less restructuring costs — 989 —

less impact of strategic initiatives 362 — —

less purchase accounting amortization 20 — —

less direct expenses related to collection of payments on former Vision Bank loan relationships 194 175 276

Other expense - adjusted $ 87,830 $ 83,810 $ 77,614

Tax effect of adjustments to net income identified above (i) $ 3,135 $ 1,279 $ (126)

Net income - reported $ 41,687 $ 42,639 $ 42,157

Net income - adjusted (h) $ 53,480 $ 47,450 $ 41,682

Diluted earnings per common share $ 2.39 $ 2.63 $ 2.60

Diluted earnings per common share, adjusted (h) $ 3.06 $ 2.93 $ 2.57

Annualized return on average assets (a)(b) 1.43 % 1.68 % 1.70 %

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

1.83 % 1.87 % 1.68 %

Annualized return on average tangible assets (a)(b)(e) 1.46 % 1.71 % 1.73 %

Annualized return on average tangible assets, adjusted (a)(b)(e)(h) 1.87 % 1.90 % 1.71 %

Annualized return on average shareholders' equity (a)(b) 10.67 % 12.61 % 13.46 %

Annualized return on average shareholders' equity, adjusted (a)(b)(h) 13.68 % 14.03 % 13.31 %

Annualized return on average tangible equity (a)(b)(c) 12.63 % 14.35 % 15.44 %

Annualized return on average tangible equity, adjusted (a)(b)(c)(h) 16.21 % 15.96 % 15.27 %

Efficiency ratio (g) 65.52 % 60.54 % 59.79 %

Efficiency ratio, adjusted (g)(h) 55.55 % 56.97 % 59.39 %

Annualized net interest margin (g) 4.80 % 4.88 % 4.62 %

Annualized net interest margin, adjusted (g)(h) 4.76 % 4.88 % 4.57 %

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 March 31, 2026, December 31, 2025, and March 31, 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

March 31, 2026 December 31, 2025 March 31, 2025

AVERAGE SHAREHOLDERS' EQUITY $ 1,585,084 $ 1,341,399 $ 1,270,259

Less: Average goodwill and other intangible assets 247,015 162,152 162,938

AVERAGE TANGIBLE EQUITY $ 1,338,069 $ 1,179,247 $ 1,107,321

(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:

March 31, 2026 December 31, 2025 March 31, 2025

TOTAL SHAREHOLDERS' EQUITY $ 1,699,759 $ 1,352,793 $ 1,279,042

Less: Goodwill and other intangible assets 302,565 161,990 162,758

TANGIBLE EQUITY $ 1,397,194 $ 1,190,803 $ 1,116,284

(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

March 31, 2026 December 31, 2025 March 31, 2025

AVERAGE ASSETS $ 11,840,992 $ 10,069,460 $ 10,045,607

Less: Average goodwill and other intangible assets 247,015 162,152 162,938

AVERAGE TANGIBLE ASSETS $ 11,593,977 $ 9,907,308 $ 9,882,669

(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:

March 31, 2026 December 31, 2025 March 31, 2025

TOTAL ASSETS $ 12,983,967 $ 9,805,013 $ 9,886,612

Less: Goodwill and other intangible assets 302,565 161,990 162,758

TANGIBLE ASSETS $ 12,681,402 $ 9,643,023 $ 9,723,854

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

March 31, 2026 December 31, 2025 March 31, 2025

Interest income $ 154,777 $ 136,892 $ 132,200

Fully taxable equivalent adjustment 985 687 607

Fully taxable equivalent interest income $ 155,762 $ 137,579 $ 132,807

Interest expense 28,997 23,966 27,823

Fully taxable equivalent net interest income $ 126,765 $ 113,613 $ 104,984

(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

March 31, 2026 December 31, 2025 March 31, 2025

Net income $ 41,687 $ 42,639 $ 42,157

Plus: Income taxes 9,990 10,036 9,046

Plus: Provision for credit losses 2,672 3,849 756

Pre-tax, pre-provision net income $ 54,349 $ 56,524 $ 51,959

(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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