パークナショナルの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934


Date of Report (Date of earliest event reported)			April 25, 2025


PARK NATIONAL CORPORATION
(Exact name of registrant as specified in its charter)


Ohio	1-13006	31-1179518
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

50 North Third Street,

P.O. Box 3500,

Newark,

Ohio

43058-3500

(Address of principal executive offices) (Zip Code)


(740)			349-8451
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


			☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


			☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


			☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


			☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common shares, without par value	PRK	NYSE American

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 - Results of Operations and Financial Condition

On April 25, 2025, Park National Corporation (“Park”) issued a news release (the “Financial Results News Release”) announcing financial results for the three months ended March 31, 2025. A copy of the Financial Results News Release is included as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.

Non-U.S. GAAP Financial Measures

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

Items Impacting Comparability of Period Results

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

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

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

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

Non-U.S. GAAP Financial Measures

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

Management has included in the Financial Results News Release information relating to the annualized return on average tangible equity, the annualized return on average tangible assets, the tangible equity to tangible assets ratio, tangible book value per common share and pre-tax, pre-provision net income for the three months ended and at March 31, 2025, December 31, 2024, and March 31, 2024. For the purpose of calculating the annualized return on average tangible equity, a non-U.S. GAAP financial measure, net income for each period is divided by average tangible equity during the period. Average tangible equity equals average shareholders' equity during the applicable period less average goodwill and other intangible assets during the applicable period. For the purpose of calculating the annualized return on average tangible assets, a non-U.S. GAAP financial measure, net income for each period is divided by average tangible assets during the period. Average tangible assets equals average assets during the applicable period less average goodwill and other intangible assets during the applicable period. For the purpose of calculating the tangible equity to tangible assets ratio, a non-U.S. GAAP financial measure, tangible equity is divided by tangible assets. Tangible equity equals total shareholders' equity less goodwill and other intangible assets, in each case at period end. Tangible assets equal total assets less goodwill and other intangible assets, in each case at period end. For the purpose of calculating tangible book value per common share, a non-U.S. GAAP financial measure, tangible equity is divided by the number of common shares outstanding, in each case at period end. For the purpose of calculating pre-tax, pre-provision net income, a non-U.S. GAAP financial measure, income taxes and the provision for credit losses are added back to net income, in each case during the applicable period.

Management believes that the disclosure of the annualized return on average tangible equity, the annualized return on average tangible assets, the tangible equity to tangible assets ratio, tangible book value per common share and pre-tax, pre-provision net income presents additional information to the reader of the consolidated financial statements, which, when read in conjunction with the consolidated financial statements prepared in accordance with U.S. GAAP, assists in analyzing Park's operating performance, ensures comparability of operating performance from period to period, and facilitates comparisons with the performance of Park's peer financial holding companies and bank holding companies, while eliminating certain non-operational effects of acquisitions. In the Financial Results News Release, Park has provided a reconciliation of average tangible equity from average shareholders' equity, average tangible assets from average assets, tangible equity from total shareholders' equity, tangible assets from total assets, and pre-tax, pre-provision net income from net income solely for the purpose of complying with SEC Regulation G and not as an indication that the annualized return on average tangible equity, the annualized return on average tangible assets, the tangible equity to tangible assets ratio, tangible book value per common share and pre-tax, pre-provision net income are substitutes for the annualized return on average equity, the annualized return on average assets, the total shareholders' equity to total assets ratio, book value per common share and net income, respectively, as determined in accordance with U.S. GAAP.

FTE (fully taxable equivalent) Financial Measures

Interest income, yields, and ratios on a FTE basis are considered non-U.S. GAAP financial measures. Management believes net interest income on a FTE basis provides an insightful picture of the interest margin for comparison purposes. The FTE basis also allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The FTE basis assumes a corporate federal statutory tax rate of 21 percent. In the Financial Results News Release, Park has provided a reconciliation of FTE interest income solely for the purpose of complying with SEC Regulation G and not as an indication that FTE interest income, yields and ratios are substitutes for interest income, yields and ratios, as determined in accordance with U.S. GAAP.

Item 7.01 - Regulation FD Disclosure

Financial Results

Net income for the three months ended March 31, 2025 of $42.2 million represented a $7.0 million, or 19.8%, increase compared to $35.2 million for the three months ended March 31, 2024. Pre-tax, pre-provision net income for the three months ended March 31, 2025 of $52.0 million represented a $7.4 million, or 16.5%, increase compared to $44.6 million for the three months ended March 31, 2024.

Net income for each of the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, included several items of income and expense that impacted comparability of period results. These items are detailed in the "Financial Reconciliations" section within the Financial Results News Release.

The following discussion provides additional information regarding Park.

Overview

The following table reflects Park's net income for the first quarters (the three months ended March 31) of 2025 and 2024, and for the years ended December 31, 2024 and 2023.


(In thousands)	Q1 2025		Q1 2024		2024		2023
Net interest income	$	104,377	$	95,623	$	398,019	$	373,113
Provision for credit losses	756		2,180		14,543		2,904
Other income	25,746		26,200		122,588		92,634
Other expense	78,164		77,228		321,339		309,239
Income before income taxes	$	51,203	$	42,415	$	184,725	$	153,604
Income tax expense	9,046		7,211		33,305		26,870
Net income	$	42,157	$	35,204	$	151,420	$	126,734

Net interest income of $104.4 million for the three months ended March 31, 2025 represented a $8.8 million, or 9.2%, increase compared to $95.6 million for the three months ended March 31, 2024. The increase was a result of a $5.6 million increase in interest income and a $3.2 million decrease in interest expense.

The $5.6 million increase in interest income was due to a $9.4 million increase in interest income on loans, partially offset by a $3.8 million decrease in investment income. The $9.4 million increase in interest income on loans was primarily the result of a $350.6 million (or 4.69%) increase in average loans, from $7.48 billion for the three months ended March 31, 2024 to $7.83 billion for the three months ended March 31, 2025, as well as an increase in the yield on loans, which increased 27 basis points to 6.26% for the three months ended March 31, 2025, compared to 5.99% for the three months ended March 31, 2024. The $3.8 million decrease in investment income was primarily the result of a $188.4 million (or 12.03%) decrease in average investments, including money market investments, from $1.57 billion for the three months ended March 31, 2024 to $1.38 billion for the three months ended March 31, 2025. The decrease in investment income was also due to a decrease in the yield on investments, including money market investments, which decreased 56 basis points to 3.50% for the three months ended March 31, 2025, compared to 4.06% for the three months ended March 31, 2024.

The $3.2 million decrease in interest expense was due to a $2.0 million decrease in interest expense on deposits, as well as a $1.2 million decrease in interest expense on borrowings. The decrease in interest expense on deposits was the result of a decrease in the cost of deposits of 18 basis points, from 1.94% for the three months ended March 31, 2024 to 1.76% for the three months ended March 31, 2025. This decrease was partially offset by a $149.8 million (or 2.65%) increase in average on-balance sheet interest bearing deposits from $5.64 billion for the three months ended March 31, 2024, to $5.79 billion for the three months ended March 31, 2025. The increase in on-balance sheet interest bearing deposits was due to an increase in savings accounts and time deposits, which was partially offset by decreases in transaction accounts and brokered and bid CD deposits. The decrease in interest expense on borrowings was the result of a decrease in the cost of borrowings of 31 basis points, from 4.25% for the three months ended March 31, 2024 to 3.94% for the three months ended March 31, 2025 as well as a $92.4 million (or 25.56%) decrease in average borrowings from $361.7 million for the three months ended March 31, 2024, to $269.3 million for the three months ended March 31, 2025.

The provision for credit losses of $756,000 for the three months ended March 31, 2025 represented a decrease of $1.4 million, compared to $2.2 million for the three months ended March 31, 2024. Refer to the “Credit Metrics and Provision for Credit Losses” section for additional details regarding the level of the provision for credit losses recognized in each period presented.

The table below reflects Park's total other income for the three months ended March 31, 2025 and 2024.


(Dollars in thousands)	2025		2024		$ change		% change
Other income:
Income from fiduciary activities	$	10,994	$	10,024	$	970	9.7	%
Service charges on deposit accounts	2,407		2,106		301		14.3	%
Other service income	2,936		2,524		412		16.3	%
Debit card fee income	6,089		6,243		(154)		(2.5)	%
Bank owned life insurance income	1,512		2,629		(1,117)		(42.5)	%
ATM fees	335		496		(161)		(32.5)	%
(Loss) gain on the sale of OREO, net	(229)		121		(350)		N.M.
Loss on sale of debt securities, net	—		(398)		398		N.M.
Loss on equity securities, net	(862)		(687)		(175)		25.5	%
Other components of net periodic benefit income	2,344		2,204		140		6.4	%
Miscellaneous	220		938		(718)		(76.5)	%
Total other income	$	25,746	$	26,200	$	(454)	(1.7)	%

Other income of $25.7 million for the three months ended March 31, 2025 represented a decrease of $454,000, or 1.7%, compared to $26.2 million for the three months ended March 31, 2024. The $970,000 increase in income from fiduciary activities was largely due to an increase in the market value of assets under management. The $301,000 increase in service charges on deposits was largely due to an increase in maintenance fees on deposits. The $412,000 increase in other service income was mainly due to an increase in mortgage related other service income. The $1.1 million decrease in bank owned life insurance income was primarily related to a decrease in death benefits received during the three months ended March 31, 2025. The change in loss on sale of debt securities, net was due to net losses on the sale of debt securities of $398,000 recorded during the three months ended March 31, 2024 compared to no net losses on sale of debt securities during the three months ended March 31, 2025. The decrease in miscellaneous income was largely due to an increase in net loss on sale and disposal of assets, largely due to the impact of strategic initiatives.

The table below reflects Park's total other expense for the three months ended March 31, 2025 and 2024.


(Dollars in thousands)	2025		2024		$ change		% change
Other expense:
Salaries	$	36,216	$	35,733	$	483	1.4	%
Employee benefits	10,516		11,560		(1,044)		(9.0)	%
Occupancy expense	3,519		3,181		338		10.6	%
Furniture and equipment expense	2,301		2,583		(282)		(10.9)	%
Data processing fees	10,529		8,808		1,721		19.5	%
Professional fees and services	7,307		6,817		490		7.2	%
Marketing	1,528		1,741		(213)		(12.2)	%
Insurance	1,686		1,718		(32)		(1.9)	%
Communication	1,202		1,036		166		16.0	%
State tax expense	1,186		1,110		76		6.8	%
Amortization of intangible assets	274		320		(46)		(14.4)	%
Miscellaneous	1,900		2,621		(721)		(27.5)	%
Total other expense	$	78,164	$	77,228	$	936	1.2	%

Total other expense of $78.2 million for the three months ended March 31, 2025 represented an increase of $936,000 compared to $77.2 million for the three months ended March 31, 2024. The increase in salaries expense was primarily related to increases in base salary expense, incentive compensation expense, and share-based compensation expense. The decrease in employee benefit expense was primarily due to a decrease in group insurance expense, partially offset by an increase in payroll tax related expense. The increase in occupancy expense was related to increases in rental of lease space expense and utilities expense. The decrease in furniture and equipment expense was primarily due to decreases in depreciation expense. The increase in data processing fees was mainly related to an increase in software related expenses, partially offset by a decrease in ATM and debit card processing expense. The increase in professional fees and services expense was primarily due to increases in legal expenses, consulting expenses, credit services expense and trust system provider expense, partially offset by decreases in other fees expense, temporary wages expense and appraisal related expense. The decrease in marketing expense was primarily due to decreases in advertising expense. The decrease in miscellaneous expense is primarily due to a decrease in expense for the allowance for unfunded credit losses and other non-loan related losses.

The table below provides certain balance sheet information and financial ratios for Park as of or for the three months ended March 31, 2025 and 2024 and the year ended December 31, 2024.


(Dollars in thousands)	March 31, 2025		December 31, 2024		March 31, 2024		% change from 12/31/24		% change from 3/31/24
Loans	7,883,735		7,817,128		7,525,005		0.85	%	4.77	%
Allowance for credit losses	88,130		87,966		85,084		0.19	%	3.58	%
Net loans	7,795,605		7,729,162		7,439,921		0.86	%	4.78	%
Investment securities	1,042,163		1,100,861		1,339,747		(5.33)	%	(22.21)	%
Total assets	9,886,612		9,805,350		9,881,077		0.83	%	0.06	%
Total deposits	8,201,695		8,143,526		8,306,032		0.71	%	(1.26)	%
Average assets (1)	10,045,607		9,901,264		9,863,378		1.46	%	1.85	%
Efficiency ratio (2)	59.79	%	61.44	%	63.07	%	(2.69)	%	(5.20)	%
Return on average assets (3)	1.70	%	1.53	%	1.44	%	11.11	%	18.06	%

(1) Average assets for the three months ended March 31, 2025 and 2024 and for the year ended December 31, 2024.

(2) Efficiency ratio is calculated by dividing total other expense by the sum of fully taxable equivalent net interest income and other income. Fully taxable equivalent net interest income includes the effects of taxable equivalent adjustments using a 21% federal corporate income tax rate. The taxable equivalent adjustments were $607,000, $616,000 and $2.4 million for the three months ended March 31, 2025 and 2024 and the year ended December 31, 2024, respectively.

(3) Annualized for the three months ended March 31, 2025 and 2024.

Loans

Loans outstanding at March 31, 2025 were $7.88 billion, compared to (i) $7.82 billion at December 31, 2024, an increase of $66.6 million, and (ii) $7.53 billion at March 31, 2024, an increase of $358.7 million. The table below breaks out the change in loans outstanding, by loan type.


(Dollars in thousands)	March 31, 2025		December 31, 2024		March 31, 2024		$ change from 12/31/24		% change from 12/31/24		$ change from 03/31/24		% change from 03/31/24
Home equity	$	209,657	$	203,927	$	177,094	$	5,730	2.8	%	$	32,563	18.4	%
Installment	1,895,950		1,927,168		1,947,215		(31,218)		(1.6)	%	(51,265)		(2.6)	%
Real estate	1,465,123		1,452,833		1,359,193		12,290		0.8	%	105,930		7.8	%
Commercial	4,311,093		4,230,399		4,038,327		80,694		1.9	%	272,766		6.8	%
Other	1,912		2,801		3,176		(889)		(31.7)	%	(1,264)		(39.8)	%
Total loans	$	7,883,735	$	7,817,128	$	7,525,005	$	66,607	0.9	%	$	358,730	4.8	%

Park's allowance for credit losses was $88.1 million at March 31, 2025, compared to $88.0 million at December 31, 2024, an increase of $164,000, or 0.2%. Refer to the “Credit Metrics and Provision for Credit Losses” section for additional information regarding Park's loan portfolio and the level of provision for credit losses recognized in each period presented.

Deposits

Total deposits at March 31, 2025 were $8.20 billion, compared to (i) $8.14 billion at December 31, 2024, an increase of $58.2 million and (ii) $8.31 billion at March 31, 2024, a decrease of $104.3 million. Total deposits including off balance sheet deposits at March 31, 2025 were $8.45 billion, compared to (i) $8.26 billion at December 31, 2024, an increase of $193.8 million and (ii) $8.31 billion at March 31, 2024, an increase of $144.2 million.


(Dollars in thousands)	March 31, 2025		December 31, 2024		March 31, 2024		$ change from 12/31/24		% change from 12/31/24		$ change from 03/31/24		% change from 03/31/24
Non-interest bearing deposits	$	2,637,577	$	2,612,708	$	2,587,152	$	24,869	1.0	%	$	50,425	1.9	%
Transaction accounts	2,095,687		1,939,755		2,270,677		155,932		8.0	%	(174,990)		(7.7)	%
Savings	2,658,210		2,679,280		2,604,012		(21,070)		(0.8)	%	54,198		2.1	%
Certificates of deposit	764,722		735,297		663,859		29,425		4.0	%	100,863		15.2	%
Brokered and bid CD deposits	45,499		176,486		180,332		(130,987)		(74.2)	%	(134,833)		(74.8)	%
Total deposits	$	8,201,695	$	8,143,526	$	8,306,032	$	58,169	0.7	%	$	(104,337)	(1.3)	%
Off balance sheet deposits	$	250,847	$	115,186	$	2,279	135,661		117.8	%	248,568		N.M.
Total deposits including off balance sheet deposits	$	8,452,542	$	8,258,712	$	8,308,311	193,830		2.3	%	144,231		1.7	%

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

The table below breaks out the change in deposit balances, by deposit type, for Park.


(Dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024			$ change from 12/31/24		% change from 12/31/24		$ change from 03/31/24		% change from 03/31/24
Retail deposits	$	4,078,123		$	4,035,351		$	4,027,777		$	42,772	1.1	%	$	50,346	1.2	%
Commercial deposits	4,078,073			3,931,689			4,097,923			146,384		3.7	%	$	(19,850)	(0.5)	%
Brokered and bid CD deposits	45,499			176,486			180,332			(130,987)		(74.2)	%	$	(134,833)	(74.8)	%
Total deposits	$	8,201,695		$	8,143,526		$	8,306,032		$	58,169	0.7	%	$	(104,337)	(1.3)	%
Off balance sheet deposits	250,847			115,186			2,279			$	135,661	117.8	%	$	248,568	N.M.
Total deposits including off balance sheet deposits	$	8,452,542		$	8,258,712		$	8,308,311		$	193,830	2.3	%	$	144,231	1.7	%

Noninterest bearing deposits to total deposits	32.2		%	32.1		%	31.1		%

During the three months ended March 31, 2025, total deposits including off balance sheet deposits increased by $193.8 million, or 2.3%. This increase consisted of a $146.4 million increase in total commercial deposits, a $135.7 million increase in off balance sheet deposits and a $42.8 million increase in retail deposits, partially offset by a $131.0 million decrease in brokered and bid CD deposits. The majority of off balance sheet deposits are commercial and thus impact the change in commercial deposits as the deposits are moved on or off the balance sheet.

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


(Dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024			$ change from 12/31/24		% change from 12/31/24		$ change from 03/31/24		% change from 03/31/24
Public funds included in commercial deposits	$	1,482,976		$	1,278,325		$	1,513,494		$	204,651	16.0	%	$	(30,518)	(2.0)	%
Bid Ohio CDs	45,499			76,497			89,996			$	(30,998)	(40.5)	%	$	(44,497)	(49.4)	%
Total public fund deposits	$	1,528,475		$	1,354,822		$	1,603,490		$	173,653	12.8	%	$	(75,015)	(4.7)	%

Cost of public fund deposits	1.97		%	2.36		%	2.41		%
Cost of total interest bearing deposits	1.76		%	1.97		%	1.94		%

As of March 31, 2025, Park had approximately $1.5 billion of uninsured deposits, which was 18.2% of total deposits. Uninsured deposits of $1.5 billion included $400.2 million of deposits that were over $250,000, but were fully collateralized by Park's investment securities portfolio.

Credit Metrics and Provision for Credit Losses

Park reported a provision for credit losses for the three months ended March 31, 2025 of $756,000, compared to $2.2 million for the three months ended March 31, 2024. Net charge-offs were $592,000, or 0.03% annualized, of total average loans, for the three months ended March 31, 2025, compared to $841,000, or 0.05% annualized, of total average loans, for the three months ended March 31, 2024.

The table below provides additional information related to Park's allowance for credit losses as of March 31, 2025, December 31, 2024 and March 31, 2024.


(Dollars in thousands)	3/31/2025			12/31/2024			3/31/2024
Total allowance for credit losses	$	88,130		$	87,966		$	85,084
Allowance on accruing purchased credit deteriorated ("PCD") loans	—			—			—
Specific reserves on individually evaluated loans - accrual	—			—			—
Specific reserves on individually evaluated loans - nonaccrual	1,044			1,299			5,032
General reserves on collectively evaluated loans	$	87,086		$	86,667		$	80,052

Total loans	$	7,883,735		$	7,817,128		$	7,525,005
Accruing PCD loans	2,139			2,174			2,454
Individually evaluated loans - accrual	13,935			15,290			—
Individually evaluated loans - nonaccrual	47,718			53,149			54,742
Collectively evaluated loans	$	7,819,943		$	7,746,515		$	7,467,809

Total allowance for credit losses as a % of total loans	1.12		%	1.13		%	1.13		%

General reserve as a % of collectively evaluated loans	1.11		%	1.12		%	1.07		%

The total allowance for credit losses of $88.1 million at March 31, 2025 represented a $164,000, or 0.2%, increase compared to $88.0 million at December 31, 2024. The increase was due to a $419,000 increase in general reserves partially offset by a $255,000 decrease in specific reserves.

As part of its quarterly allowance process, Park evaluates certain industries which are more likely to be under economic stress in the current environment. The office sector continues to face challenges as it adjusts to the new normal of work from home brought on by the pandemic. Nationally, office properties in downtown and urban business districts are seeing the most stress. As of March 31, 2025, Park had $247.4 million of loans which were fully or partially secured by non-owner-occupied office space, $245.2 million of which were accruing. This portfolio is not currently exhibiting signs of stress, but Park continues to monitor this portfolio, and others, for signs of deterioration.

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

Park cautions that any forward-looking statements contained in this Current Report on Form 8-K or made by management of Park are provided to assist in the understanding of anticipated future financial performance. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements.

Risks and uncertainties that could cause actual results to differ include, without limitation: (1) the ability to execute our business plan successfully and manage strategic initiatives; (2) the impact of current and future economic and financial market conditions, including unemployment rates, inflation, interest rates, supply-demand imbalances, and geopolitical matters; (3) factors impacting the performance of our loan portfolio, including real estate values, financial health of borrowers, and loan concentrations; (4) the effects of monetary and fiscal policies, including interest rates, money supply, and inflation; (5) changes in federal, state, or local tax laws; (6) the impact of changes in governmental policy and regulatory requirements on our operations; (7) changes in consumer spending, borrowing, and saving habits; (8) changes in the performance and creditworthiness of customers, suppliers, and counterparties; (9) increased credit risk and higher credit losses due to loan concentrations; (10) volatility in mortgage banking income due to interest rates and demand; (11) adequacy of our internal controls and risk management programs; (12) competitive pressures among financial services organizations; (13) uncertainty regarding changes in banking regulations and other regulatory requirements; (14) our ability to meet heightened supervisory requirements and expectations; (15) the impact of changes in accounting policies and practices on our financial condition; (16) the reliability and accuracy of assumptions and estimates used in applying critical accounting estimates; (17) the potential for higher future credit losses due to changes in economic assumptions; (18) the ability to anticipate and respond to technological changes and our reliance on third-party vendors; (19) operational issues related to and capital spending necessitated by the implementation of information technology systems on which we are highly dependent; (20) the ability to secure confidential information and deliver products and services through computer systems and telecommunications networks; (21) the impact of security breaches or failures in operational systems; (22) the impact of geopolitical instability and trade policies on our operations including the imposition of tariffs and retaliatory tariffs; (23) the impact of changes in credit ratings of government debt and financial stability of sovereign governments; (24) the effect of stock market price fluctuations on our asset and wealth management businesses; (25) litigation and regulatory compliance exposure; (26) availability of earnings and excess capital for dividend declarations; (27) the impact of fraud, scams, and schemes on our business; (28) the impact of natural disasters, pandemics, and other emergencies on our operations; (29) potential deterioration of the economy due to financial, political, or other shocks; (30) impact of healthcare laws and potential changes on our costs and operations; (31) the ability to grow deposits and maintain adequate deposit levels, including by mitigating the effect of unexpected deposit outflows on our financial condition; 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.

Item 8.01 - Other Events

Declaration of Cash Dividend

As reported in the Financial Results News Release, on April 25, 2025, the Park Board declared a $1.07 per common share quarterly cash dividend in respect of Park's common shares. The cash dividend is payable on June 10, 2025 to common shareholders of record as of the close of business on May 16, 2025. A copy of the Financial Results News Release is included as Exhibit 99.1 and the portion thereof addressing the declaration of the quarterly cash dividend by the Park Board is incorporated by reference herein.

Item 9.01 - Financial Statements and Exhibits.

(a)Not applicable

(b)Not applicable

(c)Not applicable

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

Exhibit No. Description

99.1 News Release issued on April 25, 2025.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

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


	PARK NATIONAL CORPORATION

Dated: April 25, 2025	By:	/s/ Brady T. Burt
		Brady T. Burt
		Chief Financial Officer, Secretary and Treasurer

EX-99.1 2 exhibit991earningsrelease1.htm EX-99.1 Document

April 25, 2025 Exhibit 99.1

Park National Corporation reports financial results
for first quarter 2025

NEWARK, Ohio ‒ Park National Corporation (Park) (NYSE American: PRK) today reported financial results for the first quarter of 2025. Park's board of directors declared a quarterly cash dividend of $1.07 per common share, payable on June 10, 2025, to common shareholders of record as of May 16, 2025.

“Our first quarter performance reflects our commitment to providing consistent financial support and a measure of predictability in dynamic market conditions,” said Park Chairman and CEO David Trautman. “In a world buffeted by extremes, our greatest opportunity to serve more is through continuing to build authentic relationships and showing up as a steady, reliable partner.”

Park’s net income for the first quarter of 2025 was $42.2 million, a 19.8 percent increase from $35.2 million for the first quarter of 2024. First quarter 2025 net income per diluted common share was $2.60, compared to $2.17 for the first quarter of 2024. Park’s total loans increased 0.9 percent (3.5 percent annualized) during the first quarter of 2025. Park's reported period end deposits increased 0.7 percent (2.9 percent annualized) during the first quarter of 2025, with an increase of 2.3 percent (9.5 percent annualized), including deposits that Park moved off balance sheet as of March 31, 2025. The combination of solid loan growth and steady deposits continue to contribute to Park's success in 2025.

“Our bankers’ ability to serve others well is reflected in our first quarter results,” said Park President Matthew Miller. “We’re deeply grateful for the trust our communities, customers and neighbors place in us every day. We look forward to growing these and new relationships, consistently delivering on our promises and expanding our impact.”

Headquartered in Newark, Ohio, Park National Corporation has $9.9 billion in total assets (as of March 31, 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), Guardian Financial Services Company (d.b.a. Guardian Finance Company) , Park Investments, Inc. and SE Property Holdings, LLC.

Complete financial tables are listed below.

Category: Earnings

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

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

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

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

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

Park cautions that any forward-looking statements contained in this news release or made by management of Park are provided to assist in the understanding of anticipated future financial performance. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties, including those described in Park's Annual Report on Form 10-K for the fiscal year ended December 31, 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.

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com


PARK NATIONAL CORPORATION
Financial Highlights
As of or for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024

	2025			2024			2024			Percent change vs.
(in thousands, except common share and per common share data and ratios)	1st QTR			4th QTR			1st QTR			4Q '24		1Q '24
INCOME STATEMENT:
Net interest income	$	104,377		$	103,445		$	95,623		0.9	%	9.2	%
Provision for credit losses	756			3,935			2,180			(80.8)	%	(65.3)	%
Other income	25,746			31,064			26,200			(17.1)	%	(1.7)	%
Other expense	78,164			83,241			77,228			(6.1)	%	1.2	%
Income before income taxes	$	51,203		$	47,333		$	42,415		8.2	%	20.7	%
Income taxes	9,046			8,703			7,211			3.9	%	25.4	%
Net income	$	42,157		$	38,630		$	35,204		9.1	%	19.8	%

MARKET DATA:
Earnings per common share - basic (a)	$	2.61		$	2.39		$	2.18		9.2	%	19.7	%
Earnings per common share - diluted (a)	2.60			2.37			2.17			9.7	%	19.8	%
Quarterly cash dividend declared per common share	1.07			1.06			1.06			0.9	%	0.9	%
Special cash dividend declared per common share	—			0.50			—			N.M.		N.M.
Book value per common share at period end	79.00			76.98			71.95			2.6	%	9.8	%
Market price per common share at period end	151.40			171.43			135.85			(11.7)	%	11.4	%
Market capitalization at period end	2,451,370			2,770,134			2,199,556			(11.5)	%	11.4	%

Weighted average common shares - basic (b)	16,159,342			16,156,827			16,116,842			—	%	0.3	%
Weighted average common shares - diluted (b)	16,238,701			16,283,701			16,191,065			(0.3)	%	0.3	%
Common shares outstanding at period end	16,191,347			16,158,982			16,149,523			0.2	%	0.3	%

PERFORMANCE RATIOS: (annualized)
Return on average assets (a)(b)	1.70		%	1.54		%	1.44		%	10.4	%	18.1	%
Return on average shareholders' equity (a)(b)	13.46		%	12.32		%	12.23		%	9.3	%	10.1	%
Yield on loans	6.26		%	6.21		%	5.99		%	0.8	%	4.5	%
Yield on investment securities	3.25		%	3.46		%	3.90		%	(6.1)	%	(16.7)	%
Yield on money market instruments	4.46		%	4.75		%	5.48		%	(6.1)	%	(18.6)	%
Yield on interest earning assets	5.85		%	5.82		%	5.66		%	0.5	%	3.4	%
Cost of interest bearing deposits	1.76		%	1.90		%	1.94		%	(7.4)	%	(9.3)	%
Cost of borrowings	3.94		%	3.86		%	4.25		%	2.1	%	(7.3)	%
Cost of paying interest bearing liabilities	1.86		%	1.99		%	2.08		%	(6.5)	%	(10.6)	%
Net interest margin (g)	4.62		%	4.51		%	4.28		%	2.4	%	7.9	%
Efficiency ratio (g)	59.79		%	61.60		%	63.07		%	(2.9)	%	(5.2)	%

OTHER DATA (NON-GAAP) AND BALANCE SHEET INFORMATION:
Tangible book value per common share (d)	$	68.94		$	66.89		$	61.80		3.1	%	11.6	%
Average interest earning assets	9,210,385			9,176,540			9,048,204			0.4	%	1.8	%
Pre-tax, pre-provision net income (j)	51,959			51,268			44,595			1.3	%	16.5	%

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

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com




PARK NATIONAL CORPORATION
Financial Highlights (continued)
As of or for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024

										Percent change vs.
(in thousands, except ratios)	March 31, 2025			December 31, 2024			March 31, 2024			4Q '24		1Q '24
BALANCE SHEET:
Investment securities	$	1,042,163		$	1,100,861		$	1,339,747		(5.3)	%	(22.2)	%
Loans	7,883,735			7,817,128			7,525,005			0.9	%	4.8	%
Allowance for credit losses	88,130			87,966			85,084			0.2	%	3.6	%
Goodwill and other intangible assets	162,758			163,032			163,927			(0.2)	%	(0.7)	%
Other real estate owned (OREO)	119			938			1,674			(87.3)	%	(92.9)	%
Total assets	9,886,612			9,805,350			9,881,077			0.8	%	0.1	%
Total deposits	8,201,695			8,143,526			8,306,032			0.7	%	(1.3)	%
Borrowings	270,757			280,083			295,130			(3.3)	%	(8.3)	%
Total shareholders' equity	1,279,042			1,243,848			1,161,979			2.8	%	10.1	%
Tangible equity (d)	1,116,284			1,080,816			998,052			3.3	%	11.8	%
Total nonperforming loans	63,148			69,932			71,759			(9.7)	%	(12.0)	%
Total nonperforming assets	63,267			70,870			73,433			(10.7)	%	(13.8)	%

ASSET QUALITY RATIOS:
Loans as a % of period end total assets	79.74		%	79.72		%	76.16		%	—	%	4.7	%
Total nonperforming loans as a % of period end loans	0.80		%	0.89		%	0.95		%	(10.1)	%	(15.8)	%
Total nonperforming assets as a % of period end loans + OREO + other nonperforming assets	0.80		%	0.91		%	0.98		%	(12.1)	%	(18.4)	%
Allowance for credit losses as a % of period end loans	1.12		%	1.13		%	1.13		%	(0.9)	%	(0.9)	%
Net loan charge-offs	$	592		$	3,206		$	841		(81.5)	%	(29.6)	%
Annualized net loan charge-offs as a % of average loans (b)	0.03		%	0.16		%	0.05		%	(81.3)	%	(40.0)	%

CAPITAL & LIQUIDITY:
Total shareholders' equity / Period end total assets	12.94		%	12.69		%	11.76		%	2.0	%	10.0	%
Tangible equity (d) / Tangible assets (f)	11.48		%	11.21		%	10.27		%	2.4	%	11.8	%
Average shareholders' equity / Average assets (b)	12.64		%	12.47		%	11.74		%	1.4	%	7.7	%
Average shareholders' equity / Average loans (b)	16.22		%	16.08		%	15.48		%	0.9	%	4.8	%
Average loans / Average deposits (b)	93.56		%	93.00		%	91.11		%	0.6	%	2.7	%

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

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com



PARK NATIONAL CORPORATION
Consolidated Statements of Income

	Three Months Ended
	March 31
(in thousands, except share and per share data)	2025		2024

Interest income:
Interest and fees on loans	$	120,648	$	111,211
Interest on debt securities:
Taxable	7,130		11,899
Tax-exempt	1,269		1,410
Other interest income	3,153		2,120
Total interest income	132,200		126,640

Interest expense:
Interest on deposits:
Demand and savings deposits	18,436		19,855
Time deposits	6,770		7,338
Interest on borrowings	2,617		3,824
Total interest expense	27,823		31,017

Net interest income	104,377		95,623

Provision for credit losses	756		2,180

Net interest income after provision for credit losses	103,621		93,443

Other income	25,746		26,200

Other expense	78,164		77,228

Income before income taxes	51,203		42,415

Income taxes	9,046		7,211

Net income	$	42,157	$	35,204

Per common share:
Net income - basic	$	2.61	$	2.18
Net income - diluted	$	2.60	$	2.17

Weighted average common shares - basic	16,159,342		16,116,842
Weighted average common shares - diluted	16,238,701		16,191,065

Cash dividends declared:
Quarterly dividend	$	1.07	$	1.06

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com



PARK NATIONAL CORPORATION
Consolidated Balance Sheets

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

Assets

Cash and due from banks	$	154,536	$	122,363
Money market instruments	83,078		38,203
Investment securities	1,042,163		1,100,861
Loans	7,883,735		7,817,128
Allowance for credit losses	(88,130)		(87,966)
Loans, net	7,795,605		7,729,162
Bank premises and equipment, net	66,327		69,522
Goodwill and other intangible assets	162,758		163,032
Other real estate owned	119		938
Other assets	582,026		581,269
Total assets	$	9,886,612	$	9,805,350

Liabilities and Shareholders' Equity

Deposits:
Noninterest bearing	$	2,637,577	$	2,612,708
Interest bearing	5,564,118		5,530,818
Total deposits	8,201,695		8,143,526
Borrowings	270,757		280,083
Other liabilities	135,118		137,893
Total liabilities	$	8,607,570	$	8,561,502


Shareholders' Equity:
Preferred shares (200,000 shares authorized; no shares outstanding at March 31, 2025 and December 31, 2024)	$	—	$	—
Common shares (No par value; 20,000,000 shares authorized; 17,623,104 shares issued at March 31, 2025 and December 31, 2024)	459,529		463,706
Accumulated other comprehensive loss, net of taxes	(34,659)		(46,175)
Retained earnings	1,002,110		977,599
Treasury shares (1,431,757 shares at March 31, 2025 and 1,464,122 shares at December 31, 2024)	(147,938)		(151,282)
Total shareholders' equity	$	1,279,042	$	1,243,848
Total liabilities and shareholders' equity	$	9,886,612	$	9,805,350

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com



PARK NATIONAL CORPORATION
Consolidated Average Balance Sheets

	Three Months Ended
	March 31
(in thousands)	2025		2024

Assets

Cash and due from banks	$	127,229	$	143,714
Money market instruments	287,016		155,511
Investment securities	1,069,620		1,368,527
Loans	7,833,234		7,482,650
Allowance for credit losses	(88,825)		(84,067)
Loans, net	7,744,409		7,398,583
Bank premises and equipment, net	68,992		74,919
Goodwill and other intangible assets	162,938		164,137
Other real estate owned	918		1,088
Other assets	584,485		556,899
Total assets	$	10,045,607	$	9,863,378


Liabilities and Shareholders' Equity

Deposits:
Noninterest bearing	$	2,578,838	$	2,569,030
Interest bearing	5,793,915		5,644,088
Total deposits	8,372,753		8,213,118
Borrowings	269,254		361,703
Other liabilities	133,341		130,373
Total liabilities	$	8,775,348	$	8,705,194

Shareholders' Equity:
Preferred shares	$	—	$	—
Common shares	464,046		463,518
Accumulated other comprehensive loss, net of taxes	(39,942)		(67,343)
Retained earnings	997,399		917,645
Treasury shares	(151,244)		(155,636)
Total shareholders' equity	$	1,270,259	$	1,158,184
Total liabilities and shareholders' equity	$	10,045,607	$	9,863,378

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com



PARK NATIONAL CORPORATION
Consolidated Statements of Income - Linked Quarters

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

Interest income:
Interest and fees on loans	$	120,648	$	120,870	$	120,203	$	115,318	$	111,211
Interest on debt securities:
Taxable	7,130		8,641		10,228		10,950		11,899
Tax-exempt	1,269		1,351		1,381		1,382		1,410
Other interest income	3,153		2,751		1,996		1,254		2,120
Total interest income	132,200		133,613		133,808		128,904		126,640

Interest expense:
Interest on deposits:
Demand and savings deposits	18,436		19,802		22,762		20,370		19,855
Time deposits	6,770		7,658		7,073		7,525		7,338
Interest on borrowings	2,617		2,708		2,859		3,172		3,824
Total interest expense	27,823		30,168		32,694		31,067		31,017

Net interest income	104,377		103,445		101,114		97,837		95,623

Provision for credit losses	756		3,935		5,315		3,113		2,180

Net interest income after provision for credit losses	103,621		99,510		95,799		94,724		93,443

Other income	25,746		31,064		36,530		28,794		26,200

Other expense	78,164		83,241		85,681		75,189		77,228

Income before income taxes	51,203		47,333		46,648		48,329		42,415

Income taxes	9,046		8,703		8,431		8,960		7,211

Net income	$	42,157	$	38,630	$	38,217	$	39,369	$	35,204

Per common share:
Net income - basic	$	2.61	$	2.39	$	2.37	$	2.44	$	2.18
Net income - diluted	$	2.60	$	2.37	$	2.35	$	2.42	$	2.17

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com



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

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

Other income:
Income from fiduciary activities	$	10,994	$	11,122	$	10,615	$	10,728	$	10,024
Service charges on deposit accounts	2,407		2,319		2,362		2,214		2,106
Other service income	2,936		3,277		3,036		2,906		2,524
Debit card fee income	6,089		6,511		6,539		6,580		6,243
Bank owned life insurance income	1,512		1,519		2,057		1,565		2,629
ATM fees	335		415		471		458		496
Pension settlement gain	—		365		5,783		—		—
(Loss) gain on the sale of OREO, net	(229)		(74)		2		(7)		121
Loss on sale of debt securities, net	—		(128)		—		—		(398)
(Loss) gain on equity securities, net	(862)		1,852		1,557		358		(687)
Other components of net periodic benefit income	2,344		2,651		2,204		2,204		2,204
Miscellaneous	220		1,235		1,904		1,788		938
Total other income	$	25,746	$	31,064	$	36,530	$	28,794	$	26,200

Other expense:
Salaries	$	36,216	$	37,254	$	38,370	$	35,954	$	35,733
Employee benefits	10,516		10,129		10,162		9,873		11,560
Occupancy expense	3,519		2,929		3,731		2,975		3,181
Furniture and equipment expense	2,301		2,375		2,571		2,454		2,583
Data processing fees	10,529		10,450		11,764		9,542		8,808
Professional fees and services	7,307		10,465		7,842		6,022		6,817
Marketing	1,528		1,949		1,464		1,164		1,741
Insurance	1,686		1,600		1,640		1,777		1,718
Communication	1,202		1,104		955		1,002		1,036
State tax expense	1,186		1,145		1,116		1,129		1,110
Amortization of intangible assets	274		288		287		320		320
Foundation contributions	—		—		2,000		—		—
Miscellaneous	1,900		3,553		3,779		2,977		2,621
Total other expense	$	78,164	$	83,241	$	85,681	$	75,189	$	77,228

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com


PARK NATIONAL CORPORATION
Asset Quality Information

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

Allowance for credit losses:
Allowance for credit losses, beginning of period	$	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	3,605			18,334			10,863			9,133			5,093			10,304
Recoveries	3,013			8,012			5,942			6,758			8,441			27,246
Net charge-offs (recoveries)	592			10,322			4,921			2,375			(3,348)			(16,942)
Provision for (recovery of) credit losses	756			14,543			2,904			4,557			(11,916)			12,054
Allowance for credit losses, end of period	$	88,130		$	87,966		$	83,745		$	85,379		$	83,197		$	85,675

General reserve trends:
Allowance for credit losses, end of period	$	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.			678
Specific reserves on individually evaluated loans - accrual	—			—			—			—			42			44
Specific reserves on individually evaluated loans - nonaccrual	1,044			1,299			4,983			3,566			1,574			5,390
General reserves on collectively evaluated loans	$	87,086		$	86,667		$	78,762		$	81,813		$	81,581		$	79,396

Total loans	$	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)	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.			360,056
Individually evaluated loans - accrual (k)	13,935			15,290			—			11,477			17,517			8,756
Individually evaluated loans - nonaccrual	47,718			53,149			45,215			66,864			56,985			99,651
Collectively evaluated loans	$	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	0.03		%	0.14		%	0.07		%	0.03		%	(0.05)		%	(0.24)		%
Allowance for credit losses as a % of period end loans	1.12		%	1.13		%	1.12		%	1.20		%	1.21		%	1.19		%
General reserve as a % of collectively evaluated loans	1.11		%	1.12		%	1.06		%	1.16		%	1.20		%	1.19		%

Nonperforming assets:
Nonaccrual loans	$	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.			20,134			28,323			20,788
Loans past due 90 days or more	1,219			1,754			859			1,281			1,607			1,458
Total nonperforming loans	$	63,148		$	69,932		$	61,118		$	101,111		$	102,652		$	139,614
Other real estate owned	119			938			983			1,354			775			1,431
Other nonperforming assets	—			—			—			—			2,750			3,164
Total nonperforming assets	$	63,267		$	70,870		$	62,101		$	102,465		$	106,177		$	144,209
Percentage of nonaccrual loans to period end loans	0.79		%	0.87		%	0.81		%	1.12		%	1.06		%	1.64		%
Percentage of nonperforming loans to period end loans	0.80		%	0.89		%	0.82		%	1.42		%	1.49		%	1.95		%
Percentage of nonperforming assets to period end loans	0.80		%	0.91		%	0.83		%	1.43		%	1.55		%	2.01		%
Percentage of nonperforming assets to period end total assets	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

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com




PARK NATIONAL CORPORATION
Asset Quality Information (continued)

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

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

Individually evaluated nonaccrual commercial loan portfolio information (period end):
Unpaid principal balance	$	51,134	$	58,158	$	47,564	$	68,639	$	57,609	$	100,306
Prior charge-offs	3,416		5,009		2,349		1,775		624		655
Remaining principal balance	47,718		53,149		45,215		66,864		56,985		99,651
Specific reserves	1,044		1,299		4,983		3,566		1,574		5,390
Book value, after specific reserves	$	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

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com


PARK NATIONAL CORPORATION
Financial Reconciliations
NON-GAAP RECONCILIATIONS
	THREE MONTHS ENDED
(in thousands, except share and per share data)	March 31, 2025			December 31, 2024			March 31, 2024
Net interest income	$	104,377		$	103,445		$	95,623
less purchase accounting accretion related to NewDominion and Carolina Alliance acquisitions	175			250			352
less interest income on former Vision Bank relationships	1,019			38			2
Net interest income - adjusted	$	103,183		$	103,157		$	95,269

Provision for credit losses	$	756		$	3,935		$	2,180
less recoveries on former Vision Bank relationships	(1,097)			—			(953)
Provision for credit losses - adjusted	$	1,853		$	3,935		$	3,133

Other income	$	25,746		$	31,064		$	26,200
less loss on sale of debt securities, net	—			(128)			(398)
less pension settlement gain	—			365			—
less impact of strategic initiatives	(914)			117			(155)
less Vision related (loss) gain on the sale of OREO, net	(229)			—			121
less other service income related to former Vision Bank relationships	3			299			7
Other income - adjusted	$	26,886		$	30,411		$	26,625

Other expense	$	78,164		$	83,241		$	77,228
less core deposit intangible amortization related to NewDominion and Carolina Alliance acquisitions	274			288			320
less building demolition costs	—			44			65
less direct expenses related to collection of payments on former Vision Bank loan relationships	276			215			—
Other expense - adjusted	$	77,614		$	82,694		$	76,843

Tax effect of adjustments to net income identified above (i)	$	(126)		$	(83)		$	(104)

Net income - reported	$	42,157		$	38,630		$	35,204
Net income - adjusted (h)	$	41,682		$	38,319		$	34,811

Diluted earnings per common share	$	2.60		$	2.37		$	2.17
Diluted earnings per common share, adjusted (h)	$	2.57		$	2.35		$	2.15

Annualized return on average assets (a)(b)	1.70		%	1.54		%	1.44		%
Annualized return on average assets, adjusted (a)(b)(h)	1.68		%	1.52		%	1.42		%

Annualized return on average tangible assets (a)(b)(e)	1.73		%	1.56		%	1.46		%
Annualized return on average tangible assets, adjusted (a)(b)(e)(h)	1.71		%	1.55		%	1.44		%

Annualized return on average shareholders' equity (a)(b)	13.46		%	12.32		%	12.23		%
Annualized return on average shareholders' equity, adjusted (a)(b)(h)	13.31		%	12.22		%	12.09		%

Annualized return on average tangible equity (a)(b)(c)	15.44		%	14.17		%	14.24		%
Annualized return on average tangible equity, adjusted (a)(b)(c)(h)	15.27		%	14.06		%	14.08		%

Efficiency ratio (g)	59.79		%	61.60		%	63.07		%
Efficiency ratio, adjusted (g)(h)	59.39		%	61.63		%	62.72		%

Annualized net interest margin (g)	4.62		%	4.51		%	4.28		%
Annualized net interest margin, adjusted (g)(h)	4.57		%	4.50		%	4.26		%
Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the "Financial Reconciliations" section.

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com


PARK NATIONAL CORPORATION
Financial Reconciliations (continued)

(a) Reported measure uses net income
(b) Averages are for the three months ended March 31, 2025, December 31, 2024, and March 31, 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
	March 31, 2025		December 31, 2024		March 31, 2024
AVERAGE SHAREHOLDERS' EQUITY	$	1,270,259	$	1,247,680	$	1,158,184
Less: Average goodwill and other intangible assets	162,938		163,221		164,137
AVERAGE TANGIBLE EQUITY	$	1,107,321	$	1,084,459	$	994,047

(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, 2025		December 31, 2024		March 31, 2024
TOTAL SHAREHOLDERS' EQUITY	$	1,279,042	$	1,243,848	$	1,161,979
Less: Goodwill and other intangible assets	162,758		163,032		163,927
TANGIBLE EQUITY	$	1,116,284	$	1,080,816	$	998,052

(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, 2025		December 31, 2024		March 31, 2024
AVERAGE ASSETS	$	10,045,607	$	10,008,328	$	9,863,378
Less: Average goodwill and other intangible assets	162,938		163,221		164,137
AVERAGE TANGIBLE ASSETS	$	9,882,669	$	9,845,107	$	9,699,241

(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, 2025		December 31, 2024		March 31, 2024
TOTAL ASSETS	$	9,886,612	$	9,805,350	$	9,881,077
Less: Goodwill and other intangible assets	162,758		163,032		163,927
TANGIBLE ASSETS	$	9,723,854	$	9,642,318	$	9,717,150

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com


PARK NATIONAL CORPORATION
Financial Reconciliations (continued)

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

RECONCILIATION OF FULLY TAXABLE EQUIVALENT NET INTEREST INCOME TO NET INTEREST INCOME
	THREE MONTHS ENDED
	March 31, 2025		December 31, 2024		March 31, 2024
Interest income	$	132,200	$	133,613	$	126,640
Fully taxable equivalent adjustment	607		617		616
Fully taxable equivalent interest income	$	132,807	$	134,230	$	127,256
Interest expense	27,823		30,168		31,017
Fully taxable equivalent net interest income	$	104,984	$	104,062	$	96,239

(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, 2025		December 31, 2024		March 31, 2024
Net income	$	42,157	$	38,630	$	35,204
Plus: Income taxes	9,046		8,703		7,211
Plus: Provision for credit losses	756		3,935		2,180
Pre-tax, pre-provision net income	$	51,959	$	51,268	$	44,595

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

Park National Corporation

50 N. Third Street, Newark, Ohio 43055