NEWARK, Ohio, Oct. 27, 2025 (GLOBE NEWSWIRE) -- Park National Corporation (Park) (NYSE American: PRK) today reported financial results for the third quarter and first nine months of 2025. Park's board of directors declared a quarterly cash dividend of $1.07 per common share and a special one-time dividend of $1.25 per common share, both payable on December 10, 2025, to common shareholders of record as of November 21, 2025.

“Our performance is sustained by the strength of our team and the faith our customers place in us to be there for them when, where and how they think best,” said Park CEO and Chairman David L. Trautman. “As we enter the final quarter of 2025, we remain focused on deepening relationships with our customers and communities and on delivering consistent, long-term results for our stakeholders.”

Park’s net income for the third quarter of 2025 was $47.2 million, a 23.4 percent increase from $38.2 million for the third quarter of 2024. Third quarter of 2025 net income per diluted common share was $2.92, compared to $2.35 for the third quarter of 2024. Park's net income for the first nine months of 2025 was $137.4 million, a 21.8 percent increase from $112.8 million for the first nine months of 2024. Net income per diluted common share for the first nine months of 2025 was $8.48, compared to $6.95 for the first nine months of 2024.

Park's total loans increased 2.2 percent (3.0 percent annualized) during the first nine months of 2025 and increased 3.4 percent for the 12-month period ended September 30, 2025.

“Our third quarter results reflect the continued momentum we’ve built across the organization,” said Park President Matthew R. Miller. “With a disciplined approach to expense management, a focus on relationship-driven banking and an unwavering commitment to execution, we deliver measurable value for our customers, communities and shareholders. The dedication of our bankers combined with their passion for service and excellence is the foundation of our success.”

Park's reported period end deposits increased 2.3 percent (3.1 percent annualized) during the first nine months of 2025, with an increase of 2.7 percent (3.6 percent annualized), including deposits that Park moved off balance sheet as of September 30, 2025. Park's reported period end deposits increased 1.4 percent for the 12-month period ended September 30, 2025, with an increase of 3.2 percent, including deposits that Park moved off balance sheet as of September 30, 2025. The combination of solid loan growth and steady deposits continue to contribute to Park's success in the first nine months of 2025.

Headquartered in Newark, Ohio, Park National Corporation has $9.9 billion in total assets (as of September 30, 2025). 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. and SE Property Holdings, LLC.

Complete financial tables are listed below.

Category: Earnings

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

Park cautions that any forward-looking statements contained in this news release or made by management of Park are provided to assist in the understanding of anticipated future financial performance. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties, including those described in Park's Annual Report on Form 10-K for the fiscal year ended December 31, 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 does not undertake, and specifically disclaims any obligation, to publicly release the results of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement was made, or reflect the occurrence of unanticipated events, except to the extent required by law.

PARK NATIONAL CORPORATION
Financial Highlights
As of or for the three months ended 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
(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.