Document

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

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