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, 2024, 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; and (32) other risk factors related to the banking industry.


PARK NATIONAL CORPORATION
Financial Highlights
As of or for the three months ended September 30, 2025, June 30, 2025 and September 30, 2024

	2025			2025			2024			Percent change 3Q '25 vs.
(in thousands, except common share and per common share data and ratios)	3rd QTR			2nd QTR			3rd QTR			2Q '25		3Q '24
INCOME STATEMENT:
Net interest income	$	111,017		$	108,991		$	101,114		1.9	%	9.8	%
Provision for credit losses	4,030			2,853			5,315			41.3	%	(24.2)	%
Other income	30,574			32,186			36,530			(5.0)	%	(16.3)	%
Other expense	79,463			78,977			85,681			0.6	%	(7.3)	%
Income before income taxes	$	58,098		$	59,347		$	46,648		(2.1)	%	24.5	%
Income taxes	10,940			11,228			8,431			(2.6)	%	29.8	%
Net income	$	47,158		$	48,119		$	38,217		(2.0)	%	23.4	%

MARKET DATA:
Earnings per common share - basic (a)	$	2.93		$	2.98		$	2.37		(1.7)	%	23.6	%
Earnings per common share - diluted (a)	2.92			2.97			2.35			(1.7)	%	24.3	%
Quarterly cash dividend declared per common share	1.07			1.07			1.06			—	%	0.9	%
Book value per common share at period end	82.87			80.55			76.74			2.9	%	8.0	%
Market price per common share at period end	162.53			167.26			167.98			(2.8)	%	(3.2)	%
Market capitalization at period end	2,612,076			2,688,093			2,713,152			(2.8)	%	(3.7)	%

Weighted average common shares - basic (b)	16,071,347			16,129,951			16,151,640			(0.4)	%	(0.5)	%
Weighted average common shares - diluted (b)	16,173,271			16,215,565			16,264,393			(0.3)	%	(0.6)	%
Common shares outstanding at period end	16,071,347			16,071,347			16,151,640			—	%	(0.5)	%

PERFORMANCE RATIOS: (annualized)
Return on average assets (a)(b)	1.83		%	1.92		%	1.53		%	(4.7)	%	19.6	%
Return on average shareholders' equity (a)(b)	14.19		%	14.96		%	12.56		%	(5.1)	%	13.0	%
Yield on loans	6.34		%	6.37		%	6.24		%	(0.5)	%	1.6	%
Yield on investment securities	3.04		%	3.21		%	3.74		%	(5.3)	%	(18.7)	%
Yield on money market instruments	4.44		%	4.34		%	5.38		%	2.3	%	(17.5)	%
Yield on interest earning assets	5.90		%	5.95		%	5.88		%	(0.8)	%	0.3	%
Cost of interest bearing deposits	1.74		%	1.73		%	2.06		%	0.6	%	(15.5)	%
Cost of borrowings	3.55		%	3.92		%	3.97		%	(9.4)	%	(10.6)	%
Cost of paying interest bearing liabilities	1.80		%	1.83		%	2.15		%	(1.6)	%	(16.3)	%
Net interest margin (g)	4.72		%	4.75		%	4.45		%	(0.6)	%	6.1	%
Efficiency ratio (g)	55.85		%	55.68		%	61.98		%	0.3	%	(9.9)	%

OTHER DATA (NON-GAAP) AND BALANCE SHEET INFORMATION:
Tangible book value per common share (d)	$	72.77		$	70.44		$	66.62		3.3	%	9.2	%
Average interest earning assets	9,388,308			9,252,016			9,100,594			1.5	%	3.2	%
Pre-tax, pre-provision net income (j)	62,128			62,200			51,963			(0.1)	%	19.6	%

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 September 30, 2025, June 30, 2025 and September 30, 2024

										Percent change 3Q '25 vs.
(in thousands, except ratios)	September 30, 2025			June 30, 2025			September 30, 2024			2Q '25		3Q '24
BALANCE SHEET:
Investment securities	$	926,934		$	1,062,526		$	1,233,297		(12.8)	%	(24.8)	%
Loans	7,992,753			7,963,221			7,730,984			0.4	%	3.4	%
Allowance for credit losses	91,758			89,785			87,237			2.2	%	5.2	%
Goodwill and other intangible assets	162,237			162,485			163,320			(0.2)	%	(0.7)	%
Other real estate owned (OREO)	638			638			1,119			—	%	(43.0)	%
Total assets	9,862,068			9,949,578			9,903,049			(0.9)	%	(0.4)	%
Total deposits	8,329,924			8,237,766			8,214,671			1.1	%	1.4	%
Borrowings	78,126			285,582			306,964			(72.6)	%	(74.5)	%
Total shareholders' equity	1,331,821			1,294,480			1,239,413			2.9	%	7.5	%
Tangible equity (d)	1,169,584			1,131,995			1,076,093			3.3	%	8.7	%
Total nonperforming loans	90,571			65,507			71,541			38.3	%	26.6	%
Total nonperforming assets	91,209			66,145			72,660			37.9	%	25.5	%

ASSET QUALITY RATIOS:
Loans as a % of period end total assets	81.05		%	80.04		%	78.07		%	1.3	%	3.8	%
Total nonperforming loans as a % of period end loans	1.13		%	0.82		%	0.93		%	37.8	%	21.5	%
Total nonperforming assets as a % of period end loans + OREO + other nonperforming assets	1.14		%	0.83		%	0.94		%	37.3	%	21.3	%
Allowance for credit losses as a % of period end loans	1.15		%	1.13		%	1.13		%	1.8	%	1.8	%
Net loan charge-offs	$	2,057		$	1,198		$	4,653		71.7	%	(55.8)	%
Annualized net loan charge-offs as a % of average loans (b)	0.10		%	0.06		%	0.24		%	66.7	%	(58.3)	%

CAPITAL & LIQUIDITY:
Total shareholders' equity / Period end total assets	13.50		%	13.01		%	12.52		%	3.8	%	7.8	%
Tangible equity (d) / Tangible assets (f)	12.06		%	11.57		%	11.05		%	4.2	%	9.1	%
Average shareholders' equity / Average assets (b)	12.88		%	12.80		%	12.20		%	0.6	%	5.6	%
Average shareholders' equity / Average loans (b)	16.60		%	16.28		%	15.76		%	2.0	%	5.3	%
Average loans / Average deposits (b)	92.68		%	94.37		%	92.69		%	(1.8)	%	—	%

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
Nine months ended September 30, 2025 and September 30, 2024

	2025			2024
(in thousands, except common share and per common share data and ratios)	Nine months ended September 30			Nine months ended September 30			Percent change '25 vs '24
INCOME STATEMENT:
Net interest income	$	324,385		$	294,574		10.1	%
Provision for credit losses	7,639			10,608			(28.0)	%
Other income	88,506			91,524			(3.3)	%
Other expense	236,604			238,098			(0.6)	%
Income before income taxes	$	168,648		$	137,392		22.7	%
Income taxes	31,214			24,602			26.9	%
Net income	$	137,434		$	112,790		21.8	%

MARKET DATA:
Earnings per common share - basic (a)	$	8.53		$	6.99		22.0	%
Earnings per common share - diluted (a)	8.48			6.95			22.0	%
Quarterly cash dividend declared per common share	3.21			3.18			0.9	%

Weighted average common shares - basic (b)	16,120,213			16,139,335			(0.1)	%
Weighted average common shares - diluted (b)	16,209,261			16,231,766			(0.1)	%

PERFORMANCE RATIOS: (annualized)
Return on average assets (a)(b)	1.82		%	1.53		%	19.0	%
Return on average shareholders' equity (a)(b)	14.21		%	12.77		%	11.3	%
Yield on loans	6.32		%	6.12		%	3.3	%
Yield on investment securities	3.17		%	3.83		%	(17.2)	%
Yield on money market instruments	4.42		%	5.41		%	(18.3)	%
Yield on interest earning assets	5.90		%	5.77		%	2.3	%
Cost of interest bearing deposits	1.74		%	2.00		%	(13.0)	%
Cost of borrowings	3.82		%	4.11		%	(7.1)	%
Cost of paying interest bearing liabilities	1.83		%	2.11		%	(13.3)	%
Net interest margin (g)	4.70		%	4.37		%	7.6	%
Efficiency ratio (g)	57.03		%	61.38		%	(7.1)	%

ASSET QUALITY RATIOS:
Net loan charge-offs	$	3,847		$	7,116		(45.9)	%
Annualized net loan charge-offs as a % of average loans (b)	0.07		%	0.13		%	(46.2)	%

CAPITAL & LIQUIDITY:
Average shareholders' equity / Average assets (b)	12.78		%	11.96		%	6.9	%
Average shareholders' equity / Average loans (b)	16.37		%	15.56		%	5.2	%
Average loans / Average deposits (b)	93.53		%	92.11		%	1.5	%

OTHER DATA (NON-GAAP) AND BALANCE SHEET INFORMATION:
Average interest earning assets	9,284,221			9,055,400			2.5	%
Pre-tax, pre-provision net income (j)	176,287			148,000			19.1	%

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				Nine Months Ended
	September 30				September 30
(in thousands, except share and per share data)	2025		2024		2025		2024

Interest income:
Interest and fees on loans	$	126,648	$	120,203	$	372,839	$	346,732
Interest on debt securities:
Taxable	5,644		10,228		19,467		33,077
Tax-exempt	1,520		1,381		4,292		4,173
Other interest income	5,140		1,996		11,050		5,370
Total interest income	138,952		133,808		407,648		389,352

Interest expense:
Interest on deposits:
Demand and savings deposits	20,499		22,762		57,990		62,987
Time deposits	5,501		7,073		18,092		21,936
Interest on borrowings	1,935		2,859		7,181		9,855
Total interest expense	27,935		32,694		83,263		94,778

Net interest income	111,017		101,114		324,385		294,574

Provision for credit losses	4,030		5,315		7,639		10,608

Net interest income after provision for credit losses	106,987		95,799		316,746		283,966

Other income	30,574		36,530		88,506		91,524

Other expense	79,463		85,681		236,604		238,098

Income before income taxes	58,098		46,648		168,648		137,392

Income taxes	10,940		8,431		31,214		24,602

Net income	$	47,158	$	38,217	$	137,434	$	112,790

Per common share:
Net income - basic	$	2.93	$	2.37	$	8.53	$	6.99
Net income - diluted	$	2.92	$	2.35	$	8.48	$	6.95

Weighted average common shares - basic	16,071,347		16,151,640		16,120,213		16,139,335
Weighted average common shares - diluted	16,173,271		16,264,393		16,209,261		16,231,766

Cash dividends declared:
Quarterly dividend	$	1.07	$	1.06	$	3.21	$	3.18



PARK NATIONAL CORPORATION
Consolidated Balance Sheets

(in thousands, except share data)	September 30, 2025		December 31, 2024

Assets

Cash and due from banks	$	121,559	$	122,363
Money market instruments	97,347		38,203
Investment securities	926,934		1,100,861
Loans	7,992,753		7,817,128
Allowance for credit losses	(91,758)		(87,966)
Loans, net	7,900,995		7,729,162
Bank premises and equipment, net	62,182		69,522
Goodwill and other intangible assets	162,237		163,032
Other real estate owned	638		938
Other assets	590,176		581,269
Total assets	$	9,862,068	$	9,805,350

Liabilities and Shareholders' Equity

Deposits:
Noninterest bearing	$	2,601,666	$	2,612,708
Interest bearing	5,728,258		5,530,818
Total deposits	8,329,924		8,143,526
Borrowings	78,126		280,083
Other liabilities	122,197		137,893
Total liabilities	$	8,530,247	$	8,561,502


Shareholders' Equity:
Preferred shares (200,000 shares authorized; no shares outstanding at September 30, 2025 or December 31, 2024)	$	—	$	—
Common shares (No par value; 40,000,000 shares authorized at September 30, 2025 and 20,000,000 at December 31, 2024; 17,623,104 shares issued at September 30, 2025 and December 31, 2024)	463,032		463,706
Accumulated other comprehensive loss, net of taxes	(25,696)		(46,175)
Retained earnings	1,062,557		977,599
Treasury shares (1,551,757 shares at September 30, 2025 and 1,464,122 shares at December 31, 2024)	(168,072)		(151,282)
Total shareholders' equity	$	1,331,821	$	1,243,848
Total liabilities and shareholders' equity	$	9,862,068	$	9,805,350



PARK NATIONAL CORPORATION
Consolidated Average Balance Sheets

	Three Months Ended				Nine Months Ended
	September 30				September 30
(in thousands)	2025		2024		2025		2024

Assets

Cash and due from banks	$	123,603	$	124,825	$	121,804	$	131,125
Money market instruments	458,912		147,708		334,171		132,681
Investment securities	979,815		1,242,969		1,036,714		1,298,657
Loans	7,941,709		7,680,657		7,899,466		7,583,833
Allowance for credit losses	(90,522)		(86,623)		(89,380)		(85,367)
Loans, net	7,851,187		7,594,034		7,810,086		7,498,466
Bank premises and equipment, net	63,863		71,913		66,200		73,386
Goodwill and other intangible assets	162,400		163,509		162,666		163,820
Other real estate owned	651		1,214		536		1,230
Other assets	595,634		574,461		588,565		565,950
Total assets	$	10,236,065	$	9,920,633	$	10,120,742	$	9,865,315


Liabilities and Shareholders' Equity

Deposits:
Noninterest bearing	$	2,636,936	$	2,521,083	$	2,614,215	$	2,554,232
Interest bearing	5,931,591		5,765,082		5,831,973		5,678,898
Total deposits	8,568,527		8,286,165		8,446,188		8,233,130
Borrowings	216,140		286,763		251,299		320,353
Other liabilities	133,121		137,140		130,220		131,689
Total liabilities	$	8,917,788	$	8,710,068	$	8,827,707	$	8,685,172

Shareholders' Equity:
Preferred shares	$	—	$	—	$	—	$	—
Common shares	461,869		460,524		462,043		461,193
Accumulated other comprehensive loss, net of taxes	(29,893)		(60,415)		(34,672)		(67,130)
Retained earnings	1,054,373		962,496		1,024,908		939,387
Treasury shares	(168,072)		(152,040)		(159,244)		(153,307)
Total shareholders' equity	$	1,318,277	$	1,210,565	$	1,293,035	$	1,180,143
Total liabilities and shareholders' equity	$	10,236,065	$	9,920,633	$	10,120,742	$	9,865,315



PARK NATIONAL CORPORATION
Consolidated Statements of Income - Linked Quarters

	2025		2025		2025		2024		2024
(in thousands, except per share data)	3rd QTR		2nd QTR		1st QTR		4th QTR		3rd QTR

Interest income:
Interest and fees on loans	$	126,648	$	125,543	$	120,648	$	120,870	$	120,203
Interest on debt securities:
Taxable	5,644		6,693		7,130		8,641		10,228
Tax-exempt	1,520		1,503		1,269		1,351		1,381
Other interest income	5,140		2,757		3,153		2,751		1,996
Total interest income	138,952		136,496		132,200		133,613		133,808

Interest expense:
Interest on deposits:
Demand and savings deposits	20,499		19,055		18,436		19,802		22,762
Time deposits	5,501		5,821		6,770		7,658		7,073
Interest on borrowings	1,935		2,629		2,617		2,708		2,859
Total interest expense	27,935		27,505		27,823		30,168		32,694

Net interest income	111,017		108,991		104,377		103,445		101,114

Provision for credit losses	4,030		2,853		756		3,935		5,315

Net interest income after provision for credit losses	106,987		106,138		103,621		99,510		95,799

Other income	30,574		32,186		25,746		31,064		36,530

Other expense	79,463		78,977		78,164		83,241		85,681

Income before income taxes	58,098		59,347		51,203		47,333		46,648

Income taxes	10,940		11,228		9,046		8,703		8,431

Net income	$	47,158	$	48,119	$	42,157	$	38,630	$	38,217

Per common share:
Net income - basic	$	2.93	$	2.98	$	2.61	$	2.39	$	2.37
Net income - diluted	$	2.92	$	2.97	$	2.60	$	2.37	$	2.35



PARK NATIONAL CORPORATION
Detail of other income and other expense - Linked Quarters

	2025		2025		2025		2024		2024
(in thousands)	3rd QTR		2nd QTR		1st QTR		4th QTR		3rd QTR

Other income:
Income from fiduciary activities	$	11,315	$	11,622	$	10,994	$	11,122	$	10,615
Service charges on deposit accounts	2,578		2,514		2,407		2,319		2,362
Other service income	3,716		3,731		2,936		3,277		3,036
Debit card fee income	6,604		6,607		6,089		6,511		6,539
Bank owned life insurance income	1,559		1,762		1,512		1,519		2,057
ATM fees	371		367		335		415		471
Pension settlement gain	—		—		—		365		5,783
Gain (loss) on the sale of OREO, net	50		27		(229)		(74)		2
Loss on sale of debt securities, net	—		—		—		(128)		—
(Loss) gain on equity securities, net	(549)		2,480		(862)		1,852		1,557
Other components of net periodic benefit income	2,344		2,344		2,344		2,651		2,204
Miscellaneous	2,586		732		220		1,235		1,904
Total other income	$	30,574	$	32,186	$	25,746	$	31,064	$	36,530

Other expense:
Salaries	$	38,644	$	38,560	$	36,216	$	37,254	$	38,370
Employee benefits	9,892		9,108		10,516		10,129		10,162
Occupancy expense	3,242		3,269		3,519		2,929		3,731
Furniture and equipment expense	2,219		2,234		2,301		2,375		2,571
Data processing fees	11,531		11,021		10,529		10,450		11,764
Professional fees and services	7,475		7,395		7,307		10,465		7,842
Marketing	1,507		1,295		1,528		1,949		1,464
Insurance	1,468		1,667		1,686		1,600		1,640
Communication	1,239		941		1,202		1,104		955
State tax expense	1,182		1,350		1,186		1,145		1,116
Amortization of intangible assets	248		273		274		288		287
Foundation contributions	—		—		—		—		2,000
Miscellaneous	816		1,864		1,900		3,553		3,779
Total other expense	$	79,463	$	78,977	$	78,164	$	83,241	$	85,681


PARK NATIONAL CORPORATION
Asset Quality Information

										Year ended December 31,
(in thousands, except ratios)	September 30, 2025			June 30, 2025			March 31, 2025			2024			2023			2022			2021			2020

Allowance for credit losses:
Allowance for credit losses, beginning of period	$	89,785		$	88,130		$	87,966		$	83,745		$	85,379		$	83,197		$	85,675		$	56,679
Cumulative change in accounting principle; adoption of ASU 2022-02 in 2023 and ASU 2016-13 in 2021										—			383			—			6,090			—
Charge-offs	3,926			3,959			3,605			18,334			10,863			9,133			5,093			10,304
Recoveries	1,869			2,761			3,013			8,012			5,942			6,758			8,441			27,246
Net charge-offs (recoveries)	2,057			1,198			592			10,322			4,921			2,375			(3,348)			(16,942)
Provision for (recovery of) credit losses	4,030			2,853			756			14,543			2,904			4,557			(11,916)			12,054
Allowance for credit losses, end of period	$	91,758		$	89,785		$	88,130		$	87,966		$	83,745		$	85,379		$	83,197		$	85,675

General reserve trends:
Allowance for credit losses, end of period	$	91,758		$	89,785		$	88,130		$	87,966		$	83,745		$	85,379		$	83,197		$	85,675
Allowance on accruing purchased credit deteriorated ("PCD") loans (purchased credit impaired ("PCI") loans for years 2020 and prior)	—			—			—			—			—			—			—			167
Allowance on purchased loans excluded from collectively evaluated loans (for years 2020 and prior)	N.A.			N.A.			N.A.			N.A.			N.A.			N.A.			N.A.			678
Specific reserves on individually evaluated loans - accrual	—			—			—			—			—			—			42			44
Specific reserves on individually evaluated loans - nonaccrual	2,580			774			1,044			1,299			4,983			3,566			1,574			5,390
General reserves on collectively evaluated loans	$	89,178		$	89,011		$	87,086		$	86,667		$	78,762		$	81,813		$	81,581		$	79,396

Total loans	$	7,992,753		$	7,963,221		$	7,883,735		$	7,817,128		$	7,476,221		$	7,141,891		$	6,871,122		$	7,177,785
Accruing PCD loans (PCI loans for years 2020 and prior)	1,993			2,004			2,139			2,174			2,835			4,653			7,149			11,153
Purchased loans excluded from collectively evaluated loans (for years 2020 and prior)	N.A.			N.A.			N.A.			N.A.			N.A.			N.A.			N.A.			360,056
Individually evaluated loans - accrual (k)	—			14,019			13,935			15,290			—			11,477			17,517			8,756
Individually evaluated loans - nonaccrual	72,418			46,547			47,718			53,149			45,215			66,864			56,985			99,651
Collectively evaluated loans	$	7,918,342		$	7,900,651		$	7,819,943		$	7,746,515		$	7,428,171		$	7,058,897		$	6,789,471		$	6,698,169

Asset Quality Ratios:
Net charge-offs (recoveries) as a % of average loans	0.10		%	0.06		%	0.03		%	0.14		%	0.07		%	0.03		%	(0.05)		%	(0.24)		%
Allowance for credit losses as a % of period end loans	1.15		%	1.13		%	1.12		%	1.13		%	1.12		%	1.20		%	1.21		%	1.19		%
General reserve as a % of collectively evaluated loans	1.13		%	1.13		%	1.11		%	1.12		%	1.06		%	1.16		%	1.20		%	1.19		%

Nonperforming assets:
Nonaccrual loans	$	89,593		$	63,080		$	61,929		$	68,178		$	60,259		$	79,696		$	72,722		$	117,368
Accruing troubled debt restructurings (for years 2022 and prior) (k)	N.A.			N.A.			N.A.			N.A.			N.A.			20,134			28,323			20,788
Loans past due 90 days or more	978			2,427			1,219			1,754			859			1,281			1,607			1,458
Total nonperforming loans	$	90,571		$	65,507		$	63,148		$	69,932		$	61,118		$	101,111		$	102,652		$	139,614
Other real estate owned	638			638			119			938			983			1,354			775			1,431
Other nonperforming assets	—			—			—			—			—			—			2,750			3,164
Total nonperforming assets	$	91,209		$	66,145		$	63,267		$	70,870		$	62,101		$	102,465		$	106,177		$	144,209
Percentage of nonaccrual loans to period end loans	1.12		%	0.79		%	0.79		%	0.87		%	0.81		%	1.12		%	1.06		%	1.64		%
Percentage of nonperforming loans to period end loans	1.13		%	0.82		%	0.80		%	0.89		%	0.82		%	1.42		%	1.49		%	1.95		%
Percentage of nonperforming assets to period end loans	1.14		%	0.83		%	0.80		%	0.91		%	0.83		%	1.43		%	1.55		%	2.01		%
Percentage of nonperforming assets to period end total assets	0.92		%	0.66		%	0.64		%	0.72		%	0.63		%	1.04		%	1.11		%	1.55		%

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)	September 30, 2025		June 30, 2025		March 31, 2025		2024		2023		2022		2021		2020

New nonaccrual loan information:
Nonaccrual loans, beginning of period	$	63,080	$	61,929	$	68,178	$	60,259	$	79,696	$	72,722	$	117,368	$	90,080
New nonaccrual loans	37,829		13,898		14,767		65,535		48,280		64,918		38,478		103,386
Resolved nonaccrual loans	11,316		12,747		21,016		57,616		67,717		57,944		83,124		76,098
Nonaccrual loans, end of period	$	89,593	$	63,080	$	61,929	$	68,178	$	60,259	$	79,696	$	72,722	$	117,368

Individually evaluated nonaccrual commercial loan portfolio information (period end):
Unpaid principal balance	$	75,545	$	50,048	$	51,134	$	58,158	$	47,564	$	68,639	$	57,609	$	100,306
Prior charge-offs	3,127		3,501		3,416		5,009		2,349		1,775		624		655
Remaining principal balance	72,418		46,547		47,718		53,149		45,215		66,864		56,985		99,651
Specific reserves	2,580		774		1,044		1,299		4,983		3,566		1,574		5,390
Book value, after specific reserves	$	69,838	$	45,773	$	46,674	$	51,850	$	40,232	$	63,298	$	55,411	$	94,261

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									NINE MONTHS ENDED
(in thousands, except share and per share data)	September 30, 2025			June 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Net interest income	$	111,017		$	108,991		$	101,114		$	324,385		$	294,574
less purchase accounting accretion related to NewDominion and Carolina Alliance acquisitions	164			168			281			507			904
less interest income on former Vision Bank relationships	5			1,006			9			2,030			16
Net interest income - adjusted	$	110,848		$	107,817		$	100,824		$	321,848		$	293,654

Provision for credit losses	$	4,030		$	2,853		$	5,315		$	7,639		$	10,608
less recoveries on former Vision Bank relationships	(3)			(717)			(234)			(1,817)			(1,304)
Provision for credit losses - adjusted	$	4,033		$	3,570		$	5,549		$	9,456		$	11,912

Other income	$	30,574		$	32,186		$	36,530		$	88,506		$	91,524
less loss on sale of debt securities, net	—			—			—			—			(398)
less pension settlement gain	—			—			5,783			—			5,783
less impact of strategic initiatives	778			18			—			(118)			658
less Vision related (loss) gain on the sale of OREO, net	—			—			1			(229)			115
less other service income related to former Vision Bank relationships	325			—			—			328			13
Other income - adjusted	$	29,471		$	32,168		$	30,746		$	88,525		$	85,353

Other expense	$	79,463		$	78,977		$	85,681		$	236,604		$	238,098
less core deposit intangible amortization related to NewDominion and Carolina Alliance acquisitions	248			273			287			795			927
less Foundation contribution	—			—			2,000			—			2,000
less building demolition costs	—			—			349			—			414
less direct expenses related to collection of payments on former Vision Bank loan relationships	—			239			—			515			—
Other expense - adjusted	$	79,215		$	78,465		$	83,045		$	235,294		$	234,757

Tax effect of adjustments to net income identified above (i)	$	(216)		$	(293)		$	(771)		$	(635)		$	(1,061)

Net income - reported	$	47,158		$	48,119		$	38,217		$	137,434		$	112,790
Net income - adjusted (h)	$	46,347		$	47,015		$	35,316		$	135,044		$	108,797

Diluted earnings per common share	$	2.92		$	2.97		$	2.35		$	8.48		$	6.95
Diluted earnings per common share, adjusted (h)	$	2.87		$	2.90		$	2.17		$	8.33		$	6.70

Annualized return on average assets (a)(b)	1.83		%	1.92		%	1.53		%	1.82		%	1.53		%
Annualized return on average assets, adjusted (a)(b)(h)	1.80		%	1.87		%	1.42		%	1.78		%	1.47		%

Annualized return on average tangible assets (a)(b)(e)	1.86		%	1.95		%	1.56		%	1.85		%	1.55		%
Annualized return on average tangible assets, adjusted (a)(b)(e)(h)	1.83		%	1.90		%	1.44		%	1.81		%	1.50		%

Annualized return on average shareholders' equity (a)(b)	14.19		%	14.96		%	12.56		%	14.21		%	12.77		%
Annualized return on average shareholders' equity, adjusted (a)(b)(h)	13.95		%	14.62		%	11.61		%	13.96		%	12.31		%

Annualized return on average tangible equity (a)(b)(c)	16.19		%	17.12		%	14.52		%	16.26		%	14.82		%
Annualized return on average tangible equity, adjusted (a)(b)(c)(h)	15.91		%	16.73		%	13.42		%	15.97		%	14.30		%

Efficiency ratio (g)	55.85		%	55.68		%	61.98		%	57.03		%	61.38		%
Efficiency ratio, adjusted (g)(h)	56.18		%	55.78		%	62.83		%	57.06		%	61.64		%

Annualized net interest margin (g)	4.72		%	4.75		%	4.45		%	4.70		%	4.37		%
Annualized net interest margin, adjusted (g)(h)	4.71		%	4.70		%	4.43		%	4.66		%	4.36		%
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 September 30, 2025, June 30, 2025, and September 30, 2024 and the nine months ended September 30, 2025 and September 30, 2024, as appropriate.
(c) Net income for each period divided by average tangible equity during the period. Average tangible equity equals average shareholders' equity during the applicable period less average goodwill and other intangible assets during the applicable period.

RECONCILIATION OF AVERAGE SHAREHOLDERS' EQUITY TO AVERAGE TANGIBLE EQUITY:
	THREE MONTHS ENDED						NINE MONTHS ENDED
	September 30, 2025		June 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
AVERAGE SHAREHOLDERS' EQUITY	$	1,318,277	$	1,290,041	$	1,210,565	$	1,293,035	$	1,180,143
Less: Average goodwill and other intangible assets	162,400		162,664		163,509		162,666		163,820
AVERAGE TANGIBLE EQUITY	$	1,155,877	$	1,127,377	$	1,047,056	$	1,130,369	$	1,016,323

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

RECONCILIATION OF TOTAL SHAREHOLDERS' EQUITY TO TANGIBLE EQUITY:
	September 30, 2025		June 30, 2025		September 30, 2024
TOTAL SHAREHOLDERS' EQUITY	$	1,331,821	$	1,294,480	$	1,239,413
Less: Goodwill and other intangible assets	162,237		162,485		163,320
TANGIBLE EQUITY	$	1,169,584	$	1,131,995	$	1,076,093

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

RECONCILIATION OF AVERAGE ASSETS TO AVERAGE TANGIBLE ASSETS
	THREE MONTHS ENDED						NINE MONTHS ENDED
	September 30, 2025		June 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
AVERAGE ASSETS	$	10,236,065	$	10,078,461	$	9,920,633	$	10,120,742	$	9,865,315
Less: Average goodwill and other intangible assets	162,400		162,664		163,509		162,666		163,820
AVERAGE TANGIBLE ASSETS	$	10,073,665	$	9,915,797	$	9,757,124	$	9,958,076	$	9,701,495

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

RECONCILIATION OF TOTAL ASSETS TO TANGIBLE ASSETS:
	September 30, 2025		June 30, 2025		September 30, 2024
TOTAL ASSETS	$	9,862,068	$	9,949,578	$	9,903,049
Less: Goodwill and other intangible assets	162,237		162,485		163,320
TANGIBLE ASSETS	$	9,699,831	$	9,787,093	$	9,739,729


PARK NATIONAL CORPORATION
Financial Reconciliations (continued)

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

RECONCILIATION OF FULLY TAXABLE EQUIVALENT NET INTEREST INCOME TO NET INTEREST INCOME
	THREE MONTHS ENDED						NINE MONTHS ENDED
	September 30, 2025		June 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Interest income	$	138,952	$	136,496	$	133,808	$	407,648	$	389,352
Fully taxable equivalent adjustment	685		675		594		1,967		1,815
Fully taxable equivalent interest income	$	139,637	$	137,171	$	134,402	$	409,615	$	391,167
Interest expense	27,935		27,505		32,694		83,263		94,778
Fully taxable equivalent net interest income	$	111,702	$	109,666	$	101,708	$	326,352	$	296,389

(h) Adjustments to net income for each period presented are detailed in the non-GAAP reconciliations of net interest income, provision for credit losses, other income, other expense and tax effect of adjustments to net income.
(i) The tax effect of adjustments to net income was calculated assuming a 21% corporate federal income tax rate.
(j) Pre-tax, pre-provision ("PTPP") net income is calculated as net income, plus income taxes, plus the provision for credit losses, in each case during the applicable period. PTPP net income is a common industry metric utilized in capital analysis and review. PTPP is used to assess the operating performance of Park while excluding the impact of the provision for credit losses.

RECONCILIATION OF PRE-TAX, PRE-PROVISION NET INCOME
	THREE MONTHS ENDED						NINE MONTHS ENDED
	September 30, 2025		June 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Net income	$	47,158	$	48,119	$	38,217	$	137,434	$	112,790
Plus: Income taxes	10,940		11,228		8,431		31,214		24,602
Plus: Provision for credit losses	4,030		2,853		5,315		7,639		10,608
Pre-tax, pre-provision net income	$	62,128	$	62,200	$	51,963	$	176,287	$	148,000

(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.