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Park National Corp
PRK
#4048
Rank
C$4.24 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
C$234.36
Share price
0.31%
Change (1 day)
5.89%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Park National Corp
  2. Quarterly Reports (10-Q)
  3. Submitted on 2026-05-11

Park National Corp - 10-Q quarterly report FY


Text size:
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q
 
(Mark One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2026
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______________________ to __________________________

  
Commission File Number1-13006
 
PARK NATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
 
Ohio 31-1179518
(State or other jurisdiction of
incorporation or organization)		 (I.R.S. Employer Identification No.)
50 North Third Street, P.O. Box 3500Newark,Ohio43058-3500
(Address of principal executive offices) (Zip Code)
(740) 349-8451
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common shares, without par valuePRKNYSE American


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 Yes   ☒   No   ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes  ☒   No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”,
“smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company    ☐
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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 Yes   ☐   No   ☒

At May 8, 2026 the number of common shares, without par value, of the registrant issued and outstanding was 18,096,089.



PARK NATIONAL CORPORATION
 
CONTENTS
 Page
Glossary of Abbreviations and Acronyms
4
Cautionary Note Regarding Forward-Looking Statements
4
PART I.   FINANCIAL INFORMATION 
  
Item 1.  Financial Statements 
  
Consolidated Condensed Balance Sheets at March 31, 2026 and December 31, 2025 (unaudited)
6
  
Consolidated Condensed Statements of Income for the three months ended March 31, 2026 and 2025 (unaudited)
8
  
Consolidated Condensed Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025 (unaudited)
10
  
Consolidated Condensed Statements of Changes in Equity for the three months ended March 31, 2026 and 2025 (unaudited)
11
  
Consolidated Condensed Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)
12
  
Notes to Unaudited Consolidated Condensed Financial Statements
14
  
Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations
71
  
Item 3.  Quantitative and Qualitative Disclosures About Market Risk
99
  
Item 4.  Controls and Procedures
99
  
101 
  
Item 1.  Legal Proceedings
101
  
Item 1A. Risk Factors
101
  
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds
101
  
Item 3.  Defaults Upon Senior Securities
102
  
Item 4.  Mine Safety Disclosures
102
  
Item 5.  Other Information
102
  
Item 6.  Exhibits
102
  
104
3

Glossary of Abbreviations and Acronyms

References in this Form 10-Q to "we," "our," "us," "Company," "Corporation," or "Park" are collectively to Park National Corporation and its subsidiaries. In addition, Park has identified the following list of abbreviations and acronyms that are used in the Unaudited Consolidated Condensed Financial Statements, Notes to Unaudited Consolidated Condensed Financial Statements, and Management's Discussion and Analysis of Financial Condition and Results of Operations.

2017 Employees LTIPThe Park National Corporation 2017 Long-Term Incentive Plan for EmployeesLDALoss driver analysis
2017 Non-Employees LTIPThe Park National Corporation 2017 Long-Term Incentive Plan for Non-Employee DirectorsLGDLoss given default
ACHAutomated clearing houseLIBORLondon Inter-bank Offered Rate
ACLAllowance for credit lossesMSRsMortgage servicing rights
AFSAvailable-for-saleNAVNet asset value
ASCAccounting Standards CodificationNSFNon-sufficient funds
ASUAccounting Standards UpdateOREOOther real estate owned
ATMAutomated teller machinePark's 2025 Form 10-KThe Annual Report on Form 10-K of Park National Corporation for the fiscal year ended December 31, 2025
Carolina AllianceCAB Financial Corporation and its subsidiariesPBRSUsPerformance-based restricted stock units
CMEChicago Mercantile ExchangePCDPurchased credit deteriorated
COVID-19Novel coronavirusPDProbability of default
DCFDiscounted cash flowPNBThe Park National Bank
DDADemand deposit accountPSLPurchased seasoned loans
EPSEarnings per common sharePTPPPre-tax, pre-provision
FASBFinancial Accounting Standards BoardRegistrantPark National Corporation
FFIECFederal Financial Institutions Examination CouncilROURight-of-use
FHLBFederal Home Loan BankSARsStock appreciation rights
FRBFederal Reserve BankSECU.S. Securities and Exchange Commission
FTEFully taxable equivalentSERPSupplemental Executive Retirement Plan
First CitizensFirst Citizens Bancshares, Inc. and its subsidiariesSOFRSecured overnight financing rate
GDPGross domestic productTBRSUsTime-based restricted stock units
HELOCHome equity line of creditU.S.United States of America
HPIHome price indexU.S. GAAPUnited States Generally Accepted Accounting Principles
IRLCInterest rate lock commitmentVisionVision Bancshares, Inc.
KSOPPark's qualified retirement plan that combines an employee stock ownership plan (ESOP) with a 401(k) planVOVVerification of value





4

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements that are provided to assist in the understanding of anticipated future financial performance. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements.

Risks and uncertainties that could cause actual results to differ include, without limitation: (1) the ability to execute our business plan successfully and manage strategic initiatives; (2) the impact of current and future economic and financial market conditions, including unemployment rates, inflation, interest rates, supply-demand imbalances, and geopolitical matters; (3) factors impacting the performance of our loan portfolio, including real estate values, financial health of borrowers, and loan concentrations; (4) the effects of monetary and fiscal policies, including interest rates, money supply, and inflation; (5) changes in federal, state, or local tax laws; (6) the impact of changes in governmental policy and regulatory requirements on our operations; (7) changes in consumer spending, borrowing, and saving habits; (8) changes in the performance and creditworthiness of customers, suppliers, and counterparties; (9) increased credit risk and higher credit losses due to loan concentrations; (10) volatility in mortgage banking income due to interest rates and demand; (11) adequacy of our internal controls and risk management programs; (12) competitive pressures among financial services organizations; (13) uncertainty regarding changes in banking regulations and other regulatory requirements; (14) our ability to meet heightened supervisory requirements and expectations; (15) the impact of changes in accounting policies and practices on our financial condition; (16) the reliability and accuracy of assumptions and estimates used in applying critical accounting estimates; (17) the potential for higher future credit losses due to changes in economic assumptions; (18) the ability to anticipate and respond to technological changes and our reliance on third-party vendors; (19) operational issues related to and capital spending necessitated by the implementation of information technology systems on which we are highly dependent; (20) the ability to secure confidential information and deliver products and services through computer systems and telecommunications networks; (21) the impact of security breaches or failures in operational systems; (22) the impact of geopolitical instability and trade policies on our operations including the imposition of tariffs and retaliatory tariffs; (23) the impact of changes in credit ratings of government debt and financial stability of sovereign governments; (24) the effect of stock market price fluctuations on our asset and wealth management businesses; (25) litigation and regulatory compliance exposure; (26) availability of earnings and excess capital for dividend declarations; (27) the impact of fraud, scams, and schemes on our business; (28) the impact of natural disasters, pandemics, and other emergencies on our operations; (29) potential deterioration of the economy due to financial, political, or other shocks; (30) impact of healthcare laws and potential changes on our costs and operations; (31) the ability to grow deposits and maintain adequate deposit levels, including by mitigating the effect of unexpected deposit outflows on our financial condition; (32) risks related to the completed acquisition of First Citizens, including the possibility that anticipated benefits are not realized as expected, difficulties integrating the two companies, and potential adverse reactions to customer, business, or employee relationships; and (33) other risk factors related to the banking industry.

Forward-looking statements should be construed in the light of such risks. It is impossible to predict or identify all potential risk factors. Consequently, readers should not consider the foregoing list to be a complete set of all potential risks and uncertainties. Readers are cautioned not to place undue reliance on any forward-looking statements. Any forward looking statement in this Form 10-Q are based on current information as of the date of this Form 10-Q, and 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 whether as a result of new information, future developments or otherwise, or reflect the occurrence of unanticipated events, except to the extent required by law.
5
Table of Contents

PART I. FINANCIAL INFORMATION
Item 1.      Financial Statements

PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheets (Unaudited)
(in thousands, except common share and per common share data)    
                
March 31,
2026		December 31, 2025
Assets:  
Cash and due from banks$152,342 $137,239 
Money market instruments830,795 96,274 
Cash and cash equivalents983,137 233,513 
Investment securities:  
Debt securities available-for-sale, at fair value (amortized cost of $1,275,376 and $729,612 at March 31, 2026 and December 31, 2025, respectively, and no allowance for credit losses at March 31, 2026 or at December 31, 2025)
1,239,728 688,668 
Other investment securities127,227 113,474 
Total investment securities1,366,955 802,142 
Loans9,667,260 8,051,242 
Allowance for credit losses(108,590)(92,973)
Net loans9,558,670 7,958,269 
Bank owned life insurance279,749 241,662 
Prepaid assets202,027 197,814 
Goodwill263,424 159,595 
Other intangible assets39,141 2,395 
Premises and equipment, net93,126 61,627 
Affordable housing tax credit investments67,672 69,932 
OREO24,458 729 
Accrued interest receivable43,865 34,619 
Operating lease ROU asset17,442 15,650 
Mortgage loan servicing rights13,623 13,697 
Other30,678 13,369 
Total assets$12,983,967 $9,805,013 

6
Table of Contents

PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheets (Unaudited) (Continued)
(in thousands, except common share and per common share data)

March 31,
2026		December 31, 2025
Liabilities and Shareholders' Equity:  
Deposits:  
Non-interest bearing$3,058,631 $2,656,093 
Interest bearing7,941,869 5,587,620 
Total deposits11,000,500 8,243,713 
Short-term borrowings135,176 81,711 
Subordinated notes15,000 — 
Unfunded commitments in affordable housing tax credit investments21,845 25,586 
Operating lease liability18,877 17,063 
Allowance for credit losses on off-balance sheet commitments5,554 5,199 
Accrued interest payable7,107 4,076 
Other78,094 74,872 
Total liabilities$11,282,153 $8,452,220 
Equity:  
Preferred shares (No par value; 200,000 shares authorized; No shares outstanding at March 31, 2026 or December 31, 2025)
$— $— 
Common shares (No par value; 40,000,000 shares authorized at March 31, 2026 and December 31, 2025; 19,611,235 common shares issued at March 31, 2026 and 17,623,104 at December 31, 2025)
782,575 465,032 
Retained earnings1,089,844 1,067,823 
Treasury shares (1,515,146 common shares at March 31, 2026 and 1,544,842 common shares at December 31, 2025)
(164,106)(167,323)
Accumulated other comprehensive loss, net of taxes(8,554)(12,739)
Total shareholders' equity$1,699,759 $1,352,793 
Non-controlling interest in consolidated subsidiary2,055 — 
Total equity$1,701,814 $1,352,793 
Total liabilities and equity$12,983,967 $9,805,013 

SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
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PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Income (Unaudited)
(in thousands, except common share and per common share data)

Three Months Ended
March 31,
 20262025
Interest and dividend income:  
Interest and fees on loans$142,042 $120,648 
Interest and dividends on:
Debt securities - taxable5,844 7,130 
Debt securities - tax-exempt2,226 1,269 
Other interest income4,665 3,153 
Total interest and dividend income154,777 132,200 
Interest expense:
Interest on deposits:
Demand and savings deposits20,849 18,436 
Time deposits7,532 6,770 
Interest on borrowings:
Short-term borrowings467 291 
Subordinated notes149 2,326 
Total interest expense28,997 27,823 
Net interest income125,780 104,377 
Provision for credit losses2,672 756 
Net interest income after provision for credit losses$123,108 $103,621 
Other income:
Income from fiduciary activities$12,343 $10,994 
Service charges on deposit accounts3,348 2,407 
Other service income3,686 2,936 
Debit card fee income6,973 6,089 
Bank owned life insurance income1,707 1,512 
ATM fees380 335 
Gain on the sale of debt securities, net1,084 — 
Gain (loss) on equity securities, net799 (862)
Other components of net periodic pension benefit income2,492 2,344 
Miscellaneous916 (9)
Total other income$33,728 $25,746 

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PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Income (Unaudited) (Continued)
(in thousands, except common share and per common share data)

Three Months Ended
March 31,
 20262025
Other expense:
Salaries$45,577 $36,216 
Employee benefits11,692 10,516 
Occupancy expense4,572 3,519 
Furniture and equipment expense2,517 2,301 
Data processing fees13,141 10,529 
Professional fees and services16,828 7,307 
Marketing1,556 1,528 
Insurance2,074 1,686 
Communication1,425 1,202 
State tax expense1,367 1,186 
Amortization of intangible assets1,279 274 
Miscellaneous3,131 1,900 
Total other expense$105,159 $78,164 
Income before income taxes$51,677 $51,203 
Income taxes9,990 9,046 
Net income$41,687 $42,157 
Earnings per common share:
Basic$2.40 $2.61 
Diluted$2.39 $2.60 
Weighted average common shares outstanding:
Basic17,381,922 16,159,342 
Diluted17,457,573 16,238,701 
Regular cash dividends declared per common share$1.10 $1.07 
 
SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
 


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PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income (Unaudited)
(in thousands)

Three Months Ended
March 31,
 20262025
Net income$41,687 $42,157 
Other comprehensive income, net of tax:
Debt securities available-for-sale:
Unrealized net holding gain on debt securities available-for-sale, net of income tax effect of $1,339 and $3,062 for the three months ended March 31, 2026 and 2025, respectively.
5,041 11,516 
Net gain realized on sale of debt securities, AFS, net of income tax effect of $(228) for the three months ended March 31, 2026
(856)— 
Other comprehensive income$4,185 $11,516 
Comprehensive income$45,872 $53,673 
 
SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

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PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Changes in Equity (Unaudited) (Continued)
(in thousands, except common share and per common share data)
  
Preferred
Shares		Common
Shares		Retained
Earnings		Treasury
Shares		Accumulated
Other
Comprehensive
Loss		Non-controlling interest in consolidated subsidiary
Balance at December 31, 2025$— $465,032 $1,067,823 $(167,323)$(12,739)$— 
Net income41,687 31
Other comprehensive income, net of tax4,185 
Issuance of 1,988,131 common shares for the acquisition of First Citizens Bancshares, Inc
321,891 2,055 
Dividends on common shares at $1.10 per common share
(20,129)
Issuance of 29,695 common shares under share-based compensation awards, net of 17,660 common shares withheld to pay employee income taxes
(6,566)463 3,217 
Share-based compensation expense2,218 
Balance at March 31, 2026$— $782,575 $1,089,844 $(164,106)$(8,554)$2,055 

Preferred
Shares		Common
Shares		Retained
Earnings		Treasury
Shares		Accumulated
Other
Comprehensive
Loss		Non-controlling interest in consolidated subsidiary
Balance at December 31, 2024$— $463,706 $977,599 $(151,282)$(46,175)$— 
Net income42,157 
Other comprehensive income, net of tax 11,516 
Dividends on common shares at $1.07 per common share
(17,538)
Issuance of 32,365 common shares under share-based compensation awards, net of 19,468 common shares withheld to pay employee income taxes
(6,184)(108)3,344 
Share-based compensation expense2,007 
Balance at March 31, 2025$— $459,529 $1,002,110 $(147,938)$(34,659)$— 

SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

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PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Cash Flows (Unaudited)
(in thousands)
Three Months Ended
March 31,
 20262025
Operating activities:  
Net income$41,687 $42,157 
Adjustments to reconcile net income to net cash provided by operating activities:  
Provision for credit losses2,672 756 
Accretion of loan fees and costs, net(2,727)(2,291)
Net amortization of purchase accounting adjustments849 101 
Depreciation of premises and equipment2,851 2,913 
(Accretion) amortization of investment securities, net(11)345 
Gain on the sale of debt securities, net(1,084)— 
(Gain) loss on equity securities, net(799)862 
Loan originations to be sold in secondary market(54,124)(28,224)
Proceeds from sale of loans in secondary market53,753 29,329 
Gain on sale of loans in secondary market(971)(458)
Share-based compensation expense2,218 2,007 
Bank owned life insurance income(1,707)(1,512)
Investment in qualified affordable housing tax credits amortization2,260 2,275 
Changes in assets and liabilities:
Decrease in prepaid dealer premiums44 1,296 
Decrease (increase) in other assets626 (1,121)
Decrease in other liabilities(14,671)(10,750)
Net cash provided by operating activities$30,866 $37,685 
Investing activities:  
Proceeds from the redemption/repurchase of FHLB stock3,588 624 
Proceeds from the redemption/repurchase of FRB stock2,191 — 
Proceeds from sale of:
Debt securities AFS583,200 — 
Equity securities— 1,187 
Proceeds from calls and maturities of:  
Debt securities AFS86,621 113,418 
Purchases of:  
Debt securities AFS(478,025)(28,799)
Equity securities— (1,264)
FHLB stock(159)— 
FRB stock(9,549)— 
Net decrease (increase) in other investments1,029 (1,096)
Net loan originations, portfolio loans(38,901)(65,499)
Investment in qualified affordable housing tax credits(3,741)(4,768)
Proceeds from the sale of OREO942 709 
Bank owned life insurance death benefits32 232 
Purchases of bank owned life insurance(2,500)(2,500)
Cash received from acquisitions, net145,565 — 
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PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Cash Flows (Unaudited) (Continued)
(in thousands)
Three Months Ended
March 31,
 20262025
Purchases of premises and equipment(4,266)(1,076)
Net cash provided by investing activities$286,027 $11,168 
Financing activities:  
Net increase in deposits$431,809 $193,830 
Net decrease (increase) in off-balance sheet deposits105,265 (135,661)
Net increase (decrease) in short-term borrowings4,781 (9,455)
Repayment of long-term debt(86,107)— 
Value of common shares withheld to pay employee income taxes(2,886)(2,948)
Cash dividends paid(20,131)(17,571)
Net cash provided by financing activities$432,731 $28,195 
Increase in cash and cash equivalents749,624 77,048 
Cash and cash equivalents at beginning of year233,513 160,566 
Cash and cash equivalents at end of period$983,137 $237,614 
Supplemental disclosures of cash flow information:  
Cash paid for:  
Interest$29,759 $29,867 
Non-cash items:
Loans transferred to OREO$3,116 $119 
ROU assets obtained in exchange for lease obligations49 1,069 
Debt securities AFS purchase commitment3,567 12,001 

SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

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PARK NATIONAL CORPORATION
NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

Note 1 – Basis of Presentation
 
The accompanying unaudited consolidated condensed financial statements included in this report have been prepared for Park. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the results of operations for the interim periods included herein have been made. The results of operations for the three-month period ended March 31, 2026 are not necessarily indicative of the operating results to be anticipated for the year ending December 31, 2026.

As detailed in Note 3, Park acquired First Citizens Bancshares, Inc. on February 1, 2026. As part of the acquisition, Park subsidiaries acquired 100% of the outstanding common stock and 60% of the outstanding preferred stock of First Citizens Properties, Inc. Former directors, executive officers and certain employees and affiliates of First Citizens own approximately 40% of the preferred stock which is reported as "Non-controlling interest in consolidated subsidiary" in the consolidated condensed balance sheets. Net income attributable to the non-controlling interest was $31,000 for the 3 months ended March 31, 2026.
 
The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with the instructions for Quarterly Reports on Form 10-Q and Article 10 of Regulation S-X of the SEC. Therefore, they do not include all information and footnotes necessary for a fair presentation of the consolidated condensed balance sheets, consolidated condensed statements of income, consolidated condensed statements of comprehensive income, consolidated condensed statements of changes in equity and consolidated condensed statements of cash flows in conformity with U.S. GAAP. These financial statements should be read in conjunction with the consolidated financial statements included in Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA in Park's 2025 Form 10-K. Certain prior period amounts have been reclassified to conform to the current period presentation.
 
Park’s significant accounting policies are described in Note 1. Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements included in Park’s 2025 Form 10-K. For interim reporting purposes, Park follows the same basic accounting policies, as updated by the information contained in this report, and considers each interim period an integral part of an annual period. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated condensed financial statements and accompanying notes. Actual results could differ materially from those estimates.

Note 2 - Adoption of New Accounting Pronouncements and Issued But Not Yet Effective Accounting Standards

The following is a summary of new accounting pronouncements impacting Park's consolidated condensed financial statements:

Adoption of New Accounting Pronouncements

ASU 2025-08 - Financial Instruments - Credit Losses (Topic 326) - Purchased Loans: In November 2025, FASB issued ASU 2025-08 - Financial Instruments - Credit Losses (Topic 326) - Purchased Loans. ASU 2025-08 expands the use of the gross-up method to certain acquired loans beyond purchased financial assets with credit deterioration ("PCD" assets). Under the gross-up method, an allowance for credit losses is recognized at the acquisition date with an offset to the asset's amortized cost basis. ASU 2025-08 does the following: (1) applies the gross-up method to acquired non-PCD assets that are purchased seasoned loans and provides criteria for determining whether acquired loans qualify as purchased seasoned loans; (2) for purchased seasoned loans, eliminates the Day 1 credit loss expense and reduces interest income recognized in subsequent periods as the gross-up method will now apply to these loans; (3) maintains the guidance for PCD assets; (4) results in narrow subsequent measurement differences between purchased seasoned loans and PCD assets.

ASU 2025-08 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2026 and is applied on a prospective basis. Early adoption is permitted in an interim or annual reporting period in which financial statements have not yet been issued or made available for issuance. Park elected to adopt ASU 2025-08 effective January 1, 2025. The adoption of ASU 2025-08 did not have an impact on Park's existing loan portfolio or allowance for credit losses, but did impact the accounting for First Citizens purchased loans.

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Issued But Not Yet Effective Accounting Standards

ASU 2023-06 - Disclosure Improvements - Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative: In October 2023, FASB issued ASU 2023-06 - Disclosure Improvements - Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative. ASU 2023-06 amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. ASU 2023-06 was issued in response to the SEC's August 2018 final rule that updated and simplified disclosure requirements. In the final rule, the SEC identified 27 disclosure requirements that were incremental to those in the ASC and referred them to the FASB for potential incorporation into US GAAP. To avoid duplication, the SEC intended to eliminate those disclosure requirements from existing SEC regulations if the FASB incorporated them into the relevant ASC subtopics. The disclosure requirements are currently included in either SEC Regulation S-X or SEC Regulation S-K. ASU 2023-06 adds 14 of the 27 identified disclosure or presentation requirements to the ASC.

For entities, like Park, that are subject to the SEC's existing disclosure requirements, the effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The amendments are to be applied prospectively and if by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or S-K, the pending content of the related amendment will be removed from the ASC and will not become effective for any entity. Management intends to adopt the provisions of ASU 2023-06 on their respective effective dates. The adoption of the provisions of ASU 2023-06 is not expected to have a material impact on Park's consolidated financial statements.

ASU 2024-03 - Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): In November 2024, FASB issued ASU 2024-03 - Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). ASU 2024-03 requires disaggregated disclosure of income statement expenses for public business entities in disclosures within the footnotes to the financial statements. The disclosures will require a footnote disclosure about specific expenses to disaggregate, in a tabular presentation, each relevant expense caption on the income statement that includes any of the following natural expenses: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depreciation, depletion and amortization recognized as part of oil and gas producing activities and other types of depletion expenses. The tabular disclosure would also include certain other expenses, as applicable.

ASU 2024-03 is effective for public business entities for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted and public business entities are required to adopt ASU 2024-03 prospectively; however, entities are permitted to apply the amendments retrospectively. The adoption of the provisions of ASU 2024-03 is not expected to have an impact on Park's consolidated financial statements, but will impact disclosures.

ASU 2025-06 - Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40) - Targeted Improvements to the Accounting for Internal - Use Software: In September 2025, FASB issued ASU 2025-06 - Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40) - Targeted Improvements to the Accounting for Internal -Use Software. ASU 2025-06 removes all references to prescriptive and sequential software development stages (referred to as project stages) throughout Subtopic-350-40. An entity is required to start capitalizing software costs when both of the following occur: (1) Management has authorized and committed to funding the software project and (2) it is probable the project will be completed and the software will be used to perform the function intended.

ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The amendments in this update may be applied using a prospective transition approach, a modified transition approach that is based on the status of the project and whether software costs were capitalized before the date of adoption, or a retrospective transition approach. The adoption of the provisions of ASU 2025-06 is not expected to have a material impact on Park's consolidated financial statements.

ASU- 2025-11 - Interim Reporting (Topic 270) - Narrow Scope Improvements: In December 2025, FASB issued
ASU- 2025-11 - Interim Reporting (Topic 270) - Narrow Scope Improvements. ASU 2025-11 clarifies the scope, form and content, and disclosures required under ASC 270, Interim Reporting. The amendments affect all entities that provide interim financial statements and notes in accordance with U.S. GAAP.

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The amendments are effective for interim reporting within annual reporting periods after December 15, 2027. Early adoption is permitted. The adoption of the provisions of ASU 2025-11 is not expected to have a material impact on Park's consolidated financial statements.

ASU 2025-12 - Codification Improvements: In December 2025, FASB issued ASU 2025-12 - Codification Improvements. ASU 2025-12 issued amendments to the Codification to make incremental improvements to generally accepted accounting principles.

The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The adoption of the provisions of ASU 2025-12 is not expected to have a material impact on Park's consolidated financial statements.

Note 3-Business Combination

On February 1, 2026, First Citizens Bancshares, Inc., a Tennessee corporation (“First Citizens”), merged into Park, with Park continuing as the surviving corporation. Immediately following the merger, First Citizens National Bank ("FCNB"), a national banking association and a wholly-owned subsidiary of First Citizens, merged into The Park National Bank ("PNB"), with PNB as the surviving bank. This acquisition continues Park's expansion strategy into higher-growth, demographically attractive markets.

The First Citizens acquisition was valued at $324.1 million based on Park's closing stock price per share on January 30, 2026, the last trading day prior to the merger effective date, of $162.94, and resulted in Park issuing 1,988,131 Park common shares as merger consideration in exchange for First Citizens outstanding common stock.

First Citizens' results of operations were included in Park's results beginning February 1, 2026. It is not practicable to determine revenue or net income included in Park's operating results related to First Citizens since the date of the acquisition, as First Citizens results cannot be separately identified. For the three months ended March 31, 2026, Park recorded merger-related expenses of $15.5 million, associated with the First Citizens acquisition. No merger-related expenses were recorded for the three months ended March 31, 2025.

Park recorded $103.8 million in goodwill, $34.4 million in core deposit intangibles, and $3.6 million in customer relationship intangibles related to wealth management, which reflects the expected synergies and the cost savings resulting from the combining of the operations of PNB and First Citizens. The goodwill is not deductible for income tax purposes as the transaction was accounted for as a tax-free exchange.

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

In many cases, the determination of fair value required management to make estimates about discount rates, expected future cash flows, market conditions and other future events that are highly subjective in nature and subject to change. While Park believes that the information available on the acquisition date provided a reasonable basis for estimating fair value, additional information may be obtained during the measurement period that would result in changes to the estimated fair value amounts. The measurement period ends on the earlier of one year after the acquisition date or the date Park concludes that all necessary information about the facts and circumstances that existed as of the acquisition date have been obtained. Management anticipates that facts obtained during the measurement period could result in adjustments to the valuation amounts.

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The following table summarizes the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed

(in thousands)February 1, 2026
Purchase Consideration
Cash consideration$105 
Fair value of Park common shares recorded in "common shares"321,891 
Fair value of Park common shares recorded in "Non-controlling interest in consolidated subsidiary"2,055 
Fair value of total consideration transferred324,051 
Recognized amounts of identifiable assets acquired and liabilities assumed
  Cash and cash equivalents145,670 
  Securities742,952 
  Loans, net of ACL1,558,903 
Loans held for sale4,902 
Bank owned life insurance33,887 
  Premises and equipment30,529 
  Core deposit intangible34,440 
Other intangible assets3,585 
  Other real estate owned21,271 
  Other assets36,281 
          Total assets acquired2,612,420 
  Deposits2,221,111 
Borrowings149,791 
  Other liabilities21,296 
          Total liabilities assumed2,392,198 
               Total identifiable net assets220,222 
Goodwill$103,829 

Loans acquired in the First Citizens acquisition were reviewed to identify any that had experienced a more-than-insignificant deterioration in credit quality since origination. Loans that met established criteria indicating such deterioration are classified as purchased credit deteriorated ("PCD") loans. The remaining loans were classified as purchased seasoned loans ("PSLs"). In accordance with ASU 2025-08 both PCD loans and PSLs are recorded at the purchase price net of expected allowance for credit losses at the time of acquisition. In addition, a non-credit discount or premium is allocated to the loans based on a valuation by a third-party specialist. Under this method, the acquired loans do not incur a provision for credit losses affecting net income at acquisition. However, changes to the allowance for these loans in subsequent periods would be recognized through the provision for credit losses.

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Of the $1.6 billion in loans held for investment acquired from First Citizens, $1.5 billion were identified as PSL and $65.1 million were identified as PCD. These loans are summarized in the following table:
(in thousands)PCD LoansPSLsTotal Acquired Loans
Amortized cost of acquired loans$65,065 $1,526,711 $1,591,776 
Allowance of loans at acquisition(1,215)(14,358)(15,573)
Non-credit discount on loans(4,622)(12,678)(17,300)
Fair value price of loans$59,228 $1,499,675 $1,558,903 

The following table presents supplemental pro forma information as if the First Citizens acquisition had occurred as of January 1, 2025. The unaudited pro forma information includes adjustments for interest income on loans and securities acquired, amortization of intangibles arising from the transaction, depreciation expense on property acquired, interest expense on deposits acquired, and the related tax effects. The unaudited pro forma results exclude acquisition‑related costs that were recognized in noninterest expense during the three months ended March 31, 2026, as these costs are directly attributable to the acquisition and are not expected to have a continuing impact on Park's results of operations. The pro forma information is not necessarily indicative of the results of operations that would have occurred had the transactions been effected on the assumed date. The pro forma amounts below do not reflect any adjustments to the provision for credit losses for acquired loans, or Park's expectations as of the date of the pro forma information of further operating cost savings and other business synergies expected to be achieved, including revenue growth as a result of the acquisition.

Three months ended March 31,
(in thousands, except per share data)20262025
Net interest income$132,582 $121,250 
Net income available to common shareholders56,100 47,681 
Earnings per common share - basic3.112.63
Earnings per common share - diluted3.092.61

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Note 4 – Investment Securities
 
Investment securities at March 31, 2026 and at December 31, 2025, were as follows:

(In thousands)Amortized
Cost		Gross
Unrealized
Holding 
Gains		Gross
Unrealized
Holding 
Losses		Fair Value
March 31, 2026:
Debt Securities Available-for-Sale
Obligations of U.S. Government sponsored entities$109,520 $— $263 $109,257 
Obligations of states and political subdivisions245,912 2,445 10,251 238,106 
U.S. Government sponsored entities' asset-backed securities860,656 3,692 30,833 833,515 
Collateralized loan obligations38,200 1 68 38,133 
Corporate debt securities21,088 198 569 20,717 
Total$1,275,376 $6,336 $41,984 $1,239,728 
 
(In thousands)Amortized
Cost		Gross
Unrealized
Holding 
Gains		Gross
Unrealized
Holding 
Losses		Fair Value
December 31, 2025:
Debt Securities Available-for-Sale
Obligations of states and political subdivisions$220,285 $1,808 $10,270 $211,823 
U.S. Government sponsored entities' asset-backed securities432,051 1,142 33,229 399,964 
Collateralized loan obligations56,200 21 78 56,143 
Corporate debt securities21,076 188 526 20,738 
Total$729,612 $3,159 $44,103 $688,668 

Investment securities in an unrealized loss position at March 31, 2026, were as follows:

Unrealized loss position for less than 12 monthsUnrealized loss position for 12 months or longerTotal
(In thousands)Fair valueUnrealized
losses		Fair valueUnrealized
losses		Fair
value		Unrealized
losses
Debt securities AFS:
Obligations of U.S. Government sponsored entities$109,257 $263 $— $— $109,257 $263 
Obligations of states and political subdivisions44,941 822 86,443 9,429 131,384 10,251 
U.S. Government sponsored entities' asset-backed securities279,777 1,857 316,000 28,976 595,777 30,833 
Collateralized loan obligations31,132 68 — — 31,132 68 
Corporate debt securities7,356 43 9,724 526 17,080 569 
Total$472,463 $3,053 $412,167 $38,931 $884,630 $41,984 
 
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 Investment securities in an unrealized loss position at December 31, 2025, were as follows:

 
Unrealized loss position for less than 12 monthsUnrealized loss position for 12 months or longerTotal
(In thousands)Fair valueUnrealized
losses		Fair valueUnrealized
losses		Fair
value		Unrealized
losses
Debt securities AFS:
Obligations of states and political subdivisions$2,078 $33 $107,828 $10,237 $109,906 $10,270 
U.S. Government sponsored entities' asset-backed securities21,603 187 335,095 33,042 356,698 33,229 
Collateralized loan obligations23,172 78 — — 23,172 78 
Corporate debt securities999 1 9,725 525 10,724 526 
Total$47,852 $299 $452,648 $43,804 $500,500 $44,103 

At March 31, 2026, Park’s debt securities portfolio consisted of $1,239.7 million of securities, $884.6 million of which were in an unrealized loss position with aggregate unrealized losses of $42.0 million. Of the $884.6 million of securities in an unrealized loss position, $412.2 million were in an unrealized loss position for 12 months or longer. Of the $42.0 million in unrealized losses, $31.1 million were related to Park's "Obligations of U.S. Government sponsored entities" and "U.S. Government sponsored entities' asset-backed securities" portfolios. For non-agency debt securities, Park verified that the current credit ratings remain above investment grade. On a quarterly basis, management reviews the credit profile of each non-agency debt security and assesses whether any impairment to the contractually obligated cash flow is likely to occur. Based on these reviews, management has concluded that the underlying creditworthiness for each security remains sufficient to maintain required payment obligations and that changes in value are largely the result of changes in the yield curve, therefore, unrealized losses have not been recognized into net income. Management does not intend to sell, and it is not more likely than not that management would be required to sell, the securities prior to their anticipated recovery in respect of the unrealized losses. Management believes the value will recover as the securities approach maturity or market interest rates change.

There was no allowance for credit losses recorded for debt securities AFS at either March 31, 2026 or December 31, 2025. Additionally, for the three month periods ended March 31, 2026 and 2025, there were no credit-related investment impairment losses recognized.



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The amortized cost and estimated fair value of investments in debt securities AFS at March 31, 2026, are shown in the following table by contractual maturity, except for asset-backed securities and collateral loan obligations, which are shown as a single total due to the unpredictability of the timing of principal repayments. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

 (In thousands)Amortized
cost		Fair value
Tax equivalent yield (1)
Debt Securities AFS
Obligations of U.S.Government sponsored entities
Due within one year$29,637 $29,627 3.61 %
Due one through five years79,883 79,630 3.66 %
Total$109,520 $109,257 3.64 %
Obligations of state and political subdivisions:
Due one through five years$7,557 $7,466 3.22 %
Due six through ten years68,704 63,762 2.55 %
Due over ten years169,651 166,878 4.41 %
Total (1)
$245,912 $238,106 3.85 %
U.S. Government sponsored entities' asset-backed securities$860,656 $833,515 3.22 %
Collateralized loan obligations$38,200 $38,133 5.34 %
Corporate debt securities
Due one through five years$2,000 $1,981 7.57 %
Due six through ten years19,088 18,736 4.29 %
Total$21,088 $20,717 4.60 %
 The tax equivalent yield for certain obligations of state and political subdivisions includes the effect of a taxable equivalent adjustment using a 21% federal corporate income tax rate.

AFS debt securities are those debt securities that would be available to be sold in the future in response to the Corporation’s liquidity needs, changes in market interest rates, and asset-liability management strategies, among other reasons. During the three-month period ended March 31, 2026, Park sold certain AFS debt securities with a book value of $364.8 million at a gross gain of $2.7 million and sold certain AFS debt securities with a book value of $217.3 million at a gross loss of $1.6 million which sales included certain AFS debt securities acquired in the First Citizens merger. There were no sales of AFS debt securities during the three-month period ended March 31, 2025.

Investment securities having a fair value of $949.5 million and $569.5 million at March 31, 2026 and December 31, 2025, respectively, were pledged to collateralize government and public fund deposits and to secure repurchase agreements.

Note 5 – Other Investment Securities
 
Other investment securities (as shown on the Consolidated Condensed Balance Sheets) consist of restricted stock investments in the FHLB and the FRB, and equity securities. The FHLB and FRB restricted stock investments are carried at their redemption value. Equity securities with a readily determinable fair value are carried at fair value. Equity securities without a readily determinable fair value are recorded at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions ("modified cost"). Park's portfolio of equity investments in limited partnerships which provide mezzanine funding ("Partnership Investments") are valued using the net asset value practical expedient in accordance with ASC 820.

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The carrying amounts of other investment securities at March 31, 2026 and December 31, 2025 were as follows:
 
(In thousands)March 31, 2026December 31, 2025
FHLB stock$10,408 $8,013 
FRB stock24,202 14,653 
Equity investments carried at fair value18,560 17,493 
Equity investments carried at modified cost (1)
21,448 21,448 
Equity investments carried at NAV52,609 51,867 
Total other investment securities$127,227 $113,474 
(1) There have been no impairments or downward adjustments made to equity investments carried at modified cost. Cumulatively, upward adjustments of $3.5 million have been recorded as a result of observable price changes. There were no adjustments recorded during either of the three-month periods ended March 31, 2026 or 2025 as a result of observable price changes.

During the three-month period ended March 31, 2026, Park acquired 58,245 shares of FHLB stock with a book value of $5.8 million in connection with the acquisition of First Citizens. During that same period, Park purchased 1,588 shares of FHLB stock with a book value of $159,000 and the FHLB repurchased 35,881 shares of FHLB stock with a book value of $3.6 million.

No shares of FHLB stock were purchased during the three-month period ended March 31, 2025. During the three-month period ended March 31, 2025, the FHLB repurchased 6,243 shares of FHLB stock with a book value of $624,000.

During the three-month period ended March 31, 2026, Park acquired 43,812 shares of FRB stock with a book value of $2.2 million in connection with the acquisition of First Citizens. These shares were immediately redeemed by the FRB upon the close of the First Citizens acquisition. During that same period Park purchased 190,972 shares of FRB stock with a book value of $9.5 million. No shares of FRB stock were purchased or sold during the three-month period ended March 31, 2025.

During the three-month periods ended March 31, 2026 and 2025, $293,000 and $(563,000), respectively, of gains (losses) on equity investments carried at fair value were recorded within "Gain (loss) on equity securities, net" on the Consolidated Condensed Statements of Income.

During the three-month periods ended March 31, 2026 and 2025, $506,000 and $(299,000), respectively, of gains (losses) on equity investments carried at NAV were recorded within “Gain (loss) on equity securities, net” on the Consolidated Condensed Statements of Income.

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Note 6 – Loans
 
The composition of the loan portfolio at March 31, 2026 and at December 31, 2025 was as follows:
 
March 31, 2026December 31, 2025
(In thousands)Amortized CostAmortized Cost
Commercial, financial and agricultural: (1)
Commercial, financial and agricultural (1)
$1,384,265 $1,210,047 
Overdrafts1,493 2,103 
Commercial real estate (1)
3,003,932 2,208,660 
Construction real estate:  
Commercial479,304 298,491 
Retail127,708 100,934 
Residential real estate:  
Commercial960,920 752,695 
Mortgage1,501,261 1,375,641 
HELOC314,202 241,058 
Installment5,793 5,988 
Consumer:
Consumer1,857,503 1,821,471 
Check loans1,650 1,776 
Leases29,229 32,378 
Total$9,667,260 $8,051,242 
Allowance for credit losses(108,590)(92,973)
Net loans$9,558,670 $7,958,269 
(1) Included within each of commercial, financial and agricultural loans and commercial real estate loans is an immaterial amount of consumer loans that were not broken out by class.

Loans are shown net of deferred origination fees, costs and unearned income of $19.6 million at March 31, 2026, and of $20.1 million at December 31, 2025, which represented a net deferred income position at both dates. Additionally, at March 31, 2026, loans included purchase accounting adjustments of $17.9 million, which represented a net deferred income position. This fair market value purchase accounting adjustment is expected to be recognized into interest income on a level yield basis over the remaining expected life of the loans. At December 31, 2025, there were no purchase accounting adjustments included in loans.

Overdrawn deposit accounts of $1.5 million and $2.1 million were reclassified to loans at March 31, 2026 and at December 31, 2025, respectively.

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Credit Quality
Nonperforming loans consist of nonaccrual loans and loans past due 90 days or more and still accruing.

The following tables present the amortized cost of nonaccrual loans and loans past due 90 days or more and still accruing, by class of loan, at March 31, 2026 and December 31, 2025.
 
 March 31, 2026
(In thousands)Nonaccrual
Loans		Loans Past Due
90 Days
 or More
and Accruing		Total
Nonperforming
Loans
Commercial, financial and agricultural:
Commercial, financial and agricultural$19,231 $8 $19,239 
Overdrafts— — — 
Commercial real estate37,249 — 37,249 
Construction real estate:   
Commercial732 — 732 
Retail91 126 217 
Residential real estate:   
Commercial2,929 — 2,929 
Mortgage16,016 1,840 17,856 
HELOC1,559 — 1,559 
Installment49 — 49 
Consumer:
Consumer2,546 625 3,171 
Check loans— — — 
Leases146 — 146 
Total loans$80,548 $2,599 $83,147 
 

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 December 31, 2025
(In thousands)Nonaccrual
Loans		Loans Past Due 90 Days or More and AccruingTotal
Nonperforming
Loans
Commercial, financial and agricultural
Commercial, financial and agricultural$15,817 $10 $15,827 
Overdrafts— — — 
Commercial real estate28,879 — 28,879 
Construction real estate:  
Commercial577 — 577 
Retail97 17 114 
Residential real estate:   
Commercial1,565 — 1,565 
Mortgage14,964 1,483 16,447 
HELOC1,702 — 1,702 
Installment53 — 53 
Consumer
Consumer2,693 1,228 3,921 
Check loans— — — 
Leases168 — 168 
Total loans$66,515 $2,738 $69,253 

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The following tables provide additional detail on nonaccrual loans and the related ACL, by class of loan, at March 31, 2026 and December 31, 2025:

March 31, 2026
(In thousands)Nonaccrual Loans With No ACLNonaccrual Loans With an ACLRelated ACL
Commercial, financial and agricultural:
Commercial, financial and agricultural$11,700 $7,531 $2,853 
Overdrafts— — — 
Commercial real estate36,212 1,037 36 
Construction real estate:
Commercial732 — — 
Retail— 91 39 
Residential real estate:
Commercial2,230 699 161 
Mortgage— 16,016 236 
HELOC— 1,559 124 
Installment— 49 1 
Consumer
Consumer— 2,546 910 
Check loans— — — 
Leases106 40 5 
Total loans$50,980 $29,568 $4,365 



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December 31, 2025
(In thousands)Nonaccrual Loans With No ACLNonaccrual Loans With an ACLRelated ACL
Commercial, financial and agricultural:
Commercial, financial and agricultural$13,633 $2,184 $744 
Overdrafts— — — 
Commercial real estate28,879 — — 
Construction real estate:
Commercial577 — — 
Retail— 97 41 
Residential real estate:
Commercial1,565 — — 
Mortgage— 14,964 225 
HELOC— 1,702 108 
Installment— 53 1 
Consumer
Consumer— 2,693 947 
Check loans— — — 
Leases122 46 11 
Total$44,776 $21,739 $2,077 

Nonaccrual commercial loans are evaluated on an individual basis and are excluded from the collective evaluation. Additionally, accruing collateral dependent commercial loans to borrowers experiencing financial difficulty are to be individually evaluated and a review of classified credits is performed to identify any additional loans which do not share similar risk characteristics and are to be individually evaluated. Management’s general practice is to proactively charge down nonaccrual loans individually evaluated to the fair value of the underlying collateral. Nonaccrual consumer loans are collectively evaluated based on similar risk characteristics

The following tables provide the amortized cost basis of collateral-dependent loans by class of loan, at March 31, 2026 and at December 31, 2025:

 March 31, 2026
(In thousands)Real EstateBusiness AssetsOtherTotal
Commercial, financial and agricultural
Commercial, financial and agricultural$3,888 $13,310 $16,369 $33,567 
Commercial real estate38,542 — — 38,542 
Construction real estate:
Commercial1,261 — — 1,261 
Residential real estate:
Commercial2,975 — — 2,975 
Mortgage75 — — 75 
Leases— 146 — 146 
Total loans$46,741 $13,456 $16,369 $76,566 

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 December 31, 2025
(In thousands)Real EstateBusiness AssetsOtherTotal
Commercial, financial and agricultural
Commercial, financial and agricultural$3,938 $9,444 $20,678 $34,060 
Commercial real estate29,554 650 — 30,204 
Construction real estate:
Commercial1,119 — — 1,119 
Residential real estate:
Commercial1,612 — — 1,612 
Mortgage76 — — 76 
Leases— 168 — 168 
Total loans$36,299 $10,262 $20,678 $67,239 

Interest income on nonaccrual loans is recognized on a cash basis only when Park expects to receive the entire recorded investment in the loans. The following table presents interest income recognized on nonaccrual loans for the three-month periods ended March 31, 2026 and 2025:

Interest Income Recognized
(In thousands)Three Months Ended
March 31, 2026		Three Months Ended
March 31, 2025
Commercial, financial and agricultural:
Commercial, financial and agricultural$213 $332 
Overdrafts— — 
Commercial real estate386 260 
Construction real estate:
Commercial11 1 
Retail2 — 
Residential real estate:
Commercial26 22 
Mortgage148 92 
HELOC39 8 
Installment1 — 
Consumer:
Consumer40 45 
Check loans— — 
Leases— — 
Total loans$866 $760 




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The following tables present the aging of the amortized cost in past due loans at March 31, 2026 and at December 31, 2025 by class of loan:

 March 31, 2026
(In thousands)Accruing 
Loans
Past Due 
30-89 Days
Past Due 
Nonaccrual
Loans and Loans
Past Due 90 Days
or More and 
Accruing (1)
Total Past 
Due
Total
Current (2)
Total 
Amortized Cost
Commercial, financial and agricultural:
Commercial, financial and agricultural$1,731 $5,470 $7,201 $1,377,064 $1,384,265 
Overdrafts— — — 1,493 1,493 
Commercial real estate351 5,621 5,972 2,997,960 3,003,932 
Construction real estate:
Commercial110 15 125 479,179 479,304 
Retail760 200 960 126,748 127,708 
Residential real estate:
Commercial1,772 1,059 2,831 958,089 960,920 
Mortgage18,981 8,499 27,480 1,473,781 1,501,261 
HELOC1,005 554 1,559 312,643 314,202 
Installment33 48 81 5,712 5,793 
Consumer:
Consumer8,918 1,013 9,931 1,847,572 1,857,503 
Check loans1 — 1 1,649 1,650 
Leases— — — 29,229 29,229 
Total loans$33,662 $22,479 $56,141 $9,611,119 $9,667,260 
(1) Includes an aggregate of $2.6 million of loans past due 90 days or more and accruing. The remaining loans were past due nonaccrual loans.
(2) Includes an aggregate of $60.7 million of nonaccrual loans which were current with respect to contractual principal and interest payments.

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 December 31, 2025
(in thousands)Accruing 
Loans
Past Due 
30-89 Days
Past Due 
Nonaccrual
Loans and Loans Past
Due 90 Days or
More and 
Accruing (1)
Total Past 
Due
Total
Current (2)
Total 
Amortized Cost
Commercial, financial and agricultural
Commercial, financial and agricultural$231 $6,382 $6,613 $1,203,434 $1,210,047 
Overdrafts— — — 2,103 2,103 
Commercial real estate77 1,298 1,375 2,207,285 2,208,660 
Construction real estate:
Commercial154 — 154 298,337 298,491 
Retail149 74 223 100,711 100,934 
Residential real estate:
Commercial33 219 252 752,443 752,695 
Mortgage16,503 8,317 24,820 1,350,821 1,375,641 
HELOC271 688 959 240,099 241,058 
Installment103 50 153 5,835 5,988 
Consumer
Consumer11,158 1,737 12,895 1,808,576 1,821,471 
Check loans3 — 3 1,773 1,776 
Leases21 — 21 32,357 32,378 
Total loans$28,703 $18,765 $47,468 $8,003,774 $8,051,242 
(1) Includes an aggregate of $2.7 million of loans past due 90 days or more and accruing. The remaining loans were past due nonaccrual loans.
(2) Includes an aggregate of $50.5 million of nonaccrual loans which were current with respect to contractual principal and interest payments.

Credit Quality Indicators
Management utilizes past due information as a credit quality indicator across the loan portfolio. Past due information at March 31, 2026 and December 31, 2025 is included in the previous tables. The past due information is the primary credit quality indicator within the following classes of loans: (1) overdrafts in the commercial, financial and agricultural portfolio segment; (2) retail loans in the construction real estate portfolio segment; (3) mortgage loans, HELOC and installment loans in the residential real estate portfolio segment; and (4) consumer loans and check loans in the consumer portfolio segment. The primary credit indicator for commercial loans is based on an internal grading system that grades all commercial loans on a scale from 1 to 8. Credit grades are continuously monitored by the responsible loan officer and adjustments are made when appropriate. A grade of 1 indicates little or no credit risk and a grade of 8 is considered a loss. Commercial loans that are pass-rated (graded a 1 through a 4) are considered to be of acceptable credit risk. Commercial loans graded a 5 (special mention) are considered to be watch list credits and a higher PD is applied to these loans. Loans classified as special mention have potential weaknesses that require management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of Park’s credit position at some future date. Commercial loans graded a 6 (substandard), also considered watch list credits, are considered to represent higher credit risk and, as a result, a higher PD is applied to these loans. Loans classified as substandard are inadequately protected by the current sound worth and paying capacity of the obligor or the value of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that Park will sustain some loss if the weaknesses are not corrected. Commercial loans graded a 7 (doubtful) are shown as nonaccrual and Park generally charges these loans down to their fair value by taking a partial charge-off or recording an individual reserve. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Certain 6-rated loans and all 7-rated loans are placed on nonaccrual status and included within the individually evaluated category. A commercial loan is deemed nonaccrual, and is individually evaluated, when management determines the borrower's ability to perform in accordance with the contractual loan agreement is in doubt. Any commercial loan graded an 8 (loss) is completely charged off.


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Based on the most recent analysis performed, the risk category of commercial loans by class of loans at March 31, 2026 and at December 31, 2025 are detailed in the tables below. Also included in the tables detailing loan balances are gross charge offs for the three months ended March 31, 2026 and for the year ended December 31, 2025.

March 31, 2026Term Loans Amortized Cost Basis by Origination Year
(In thousands)20262025202420232022PriorRevolving Loans Amortized Cost BasisTotal
Commercial, financial and agricultural: Commercial, financial and agricultural (1)
Risk rating
Pass$88,225 $342,094 $160,797 $110,825 $58,191 $105,336 $464,977 $1,330,445 
Special Mention163 2,083 1,198 686 2,818 702 25,405 33,055 
Substandard536 2,254 1,966 1,058 1,503 5,012 6,992 19,321 
Doubtful— 193 445 144 49 217 396 1,444 
Total $88,924 $346,624 $164,406 $112,713 $62,561 $111,267 $497,770 $1,384,265 
Current period gross charge-offs$1 $93 $112 $55 $28 $29 $5 $323 

Commercial real estate (1)
Risk rating
Pass$145,397 $580,904 $492,365 $291,902 $378,108 $994,673 $28,857 $2,912,206 
Special Mention4,109 12,468 10,081 8,709 3,635 11,825 450 51,277 
Substandard1,148 2,089 4,603 3,715 7,745 18,010 3,139 40,449 
Doubtful— — — — — — — — 
Total$150,654 $595,461 $507,049 $304,326 $389,488 $1,024,508 $32,446 $3,003,932 
Current period gross charge-offs$— $— $17 $— $— $3 $— $20 

Construction real estate: Commercial
Risk rating
Pass$50,860 $238,984 $134,170 $6,049 $5,178 $7,603 $23,238 $466,082 
Special Mention3,047 7,473 — — — 627 802 11,949 
Substandard— 1,226 — 20 — 27 — 1,273 
Doubtful— — — — — — — — 
Total$53,907 $247,683 $134,170 $6,069 $5,178 $8,257 $24,040 $479,304 
Current period gross charge-offs$— $— $— $— $— $— $— $— 

Residential Real Estate: Commercial
Risk rating
Pass$56,115 $196,143 $148,806 $141,539 $109,935 $258,635 $35,445 $946,618 
Special Mention— 3,282 1,831 666 1,981 2,065 694 10,519 
Substandard484 1,052 331 695 347 874 — 3,783 
Doubtful— — — — — — — — 
Total$56,599 $200,477 $150,968 $142,900 $112,263 $261,574 $36,139 $960,920 
Current period gross charge-offs$— $— $1 $1 $— $53 $— $55 
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March 31, 2026Term Loans Amortized Cost Basis by Origination Year
(In thousands)20262025202420232022PriorRevolving Loans Amortized Cost BasisTotal
Leases
Risk rating
Pass$679 $14,376 $7,679 $3,293 $1,374 $442 $— $27,843 
Special Mention— — 1,240 — — — — 1,240 
Substandard— — — — 44 — — 44 
Doubtful— — — 30 72 — — 102 
Total$679 $14,376 $8,919 $3,323 $1,490 $442 $— $29,229 
Current period gross charge-offs$— $— $— $— $— $— $— $— 

Total Commercial Loans
Risk rating
Pass$341,276 $1,372,501 $943,817 $553,608 $552,786 $1,366,689 $552,517 $5,683,194 
Special Mention7,319 25,306 14,350 10,061 8,434 15,219 27,351 108,040 
Substandard2,168 6,621 6,900 5,488 9,639 23,923 10,131 64,870 
Doubtful— 193 445 174 121 217 396 1,546 
Total$350,763 $1,404,621 $965,512 $569,331 $570,980 $1,406,048 $590,395 $5,857,650 
Current period gross charge-offs$1 $93 $130 $56 $28 $85 $5 $398 
(1) Included within each of commercial, financial and agricultural loans and commercial real estate loans is an immaterial amount of consumer loans that are not broken out by class.

December 31, 2025Term Loans Amortized Cost Basis by Origination Year
(In thousands)20252024202320222021PriorRevolving Loans Amortized Cost BasisTotal
Commercial, financial and agricultural: Commercial, financial and agricultural (1)
Risk rating
Pass$259,100 $166,315 $108,536 $54,698 $58,964 $47,051 $461,081 $1,155,745 
Special Mention1,330 1,419 1,022 2,220 51 349 31,645 38,036 
Substandard1,810 1,382 385 1,601 1,216 3,966 4,265 14,625 
Doubtful30 202 446 73 22 — 868 1,641 
Total $262,270 $169,318 $110,389 $58,592 $60,253 $51,366 $497,859 $1,210,047 
Current period gross charge-offs$63 $3 $156 $128 $16 $1,600 $24 $1,990 

Commercial real estate (1)
Risk rating
Pass$413,843 $365,788 $227,712 $278,165 $267,480 $570,688 $27,614 $2,151,290 
Special Mention1,425 4,211 5,912 5,847 1,536 5,644 716 25,291 
Substandard2,376 2,606 1,370 7,334 3,561 9,583 3,878 30,708 
Doubtful— — 790 119 — 214 248 1,371 
Total$417,644 $372,605 $235,784 $291,465 $272,577 $586,129 $32,456 $2,208,660 
Current period gross charge-offs$— $1 $96 $— $— $6 $— $103 
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December 31, 2025Term Loans Amortized Cost Basis by Origination Year
(In thousands)20252024202320222021PriorRevolving Loans Amortized Cost BasisTotal
Construction real estate: Commercial
Risk rating
Pass$137,466 $120,148 $6,185 $3,156 $1,246 $3,416 $24,884 $296,501 
Special Mention— — — — — — 871 871 
Substandard1,083 — 20 — 16 — — 1,119 
Doubtful— — — — — — — — 
Total$138,549 $120,148 $6,205 $3,156 $1,262 $3,416 $25,755 $298,491 
Current period gross charge-offs$— $— $— $— $— $— $— $— 

Residential Real Estate: Commercial
Risk rating
Pass$173,058 $112,305 $125,616 $79,609 $80,848 $143,320 $31,639 $746,395 
Special Mention— 1,536 224 218 1,064 872 335 4,249 
Substandard500 132 38 351 156 480 — 1,657 
Doubtful202 — — — 192 — — 394 
Total$173,760 $113,973 $125,878 $80,178 $82,260 $144,672 $31,974 $752,695 
Current period gross charge-offs$— $— $— $— $— $— $— $— 

Leases
Risk rating
Pass$16,041 $8,776 $3,798 $1,674 $480 $111 $— $30,880 
Special Mention— 1,331 — — — — — 1,331 
Substandard— — — 50 — — — 50 
Doubtful— — 33 84 — — — 117 
Total$16,041 $10,107 $3,831 $1,808 $480 $111 $— $32,378 
Current period gross charge-offs$— $— $— $— $— $— $— $— 

Total Commercial Loans
Risk rating
Pass$999,508 $773,332 $471,847 $417,302 $409,018 $764,586 $545,218 $4,380,811 
Special Mention2,755 8,497 7,158 8,285 2,651 6,865 33,567 69,778 
Substandard5,769 4,120 1,813 9,336 4,949 14,029 8,143 48,159 
Doubtful232 202 1,269 276 214 214 1,116 3,523 
Total$1,008,264 $786,151 $482,087 $435,199 $416,832 $785,694 $588,044 $4,502,271 
Current period gross charge-offs$63 $4 $252 $128 $16 $1,606 $24 $2,093 
(1) Included within each of commercial, financial and agricultural loans and commercial real estate loans is an immaterial amount of consumer loans that are not broken out by class.

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Park considers the performance of the loan portfolio and its impact on the ACL. For residential and consumer loan classes, Park also evaluates credit quality based on the aging status of the loan, which was previously presented, and by performing status. The following tables present the amortized cost in residential and consumer loans based on performing status and gross charge offs for the three months ended March 31, 2026 and for the year ended December 31, 2025. Nonperforming loans consisted of nonaccrual loans and loans past due 90 days or more and still accruing.

March 31, 2026Term Loans Amortized Cost Basis by Origination Year
(In thousands)20262025202420232022PriorRevolving Loans Amortized Cost BasisTotal
Commercial, financial and agricultural: Overdrafts
Performing$1,493 $— $— $— $— $— $— $1,493 
Nonperforming
— — — — — — — — 
Total $1,493 $— $— $— $— $— $— $1,493 
Current period gross charge-offs$276 $— $— $— $— $— $— $276 

Construction Real Estate: Retail
Performing$12,797 $75,489 $13,508 $5,365 $7,920 $11,956 $456 $127,491 
Nonperforming
— — 126 — — 91 — 217 
Total $12,797 $75,489 $13,634 $5,365 $7,920 $12,047 $456 $127,708 
Current period gross charge-offs$— $— $— $— $— $— $— $— 

Residential Real Estate: Mortgage
Performing$42,811 $181,406 $226,223 $235,364 $237,443 $560,158 $— $1,483,405 
Nonperforming
— 43 2,882 3,897 2,620 8,414 — 17,856 
Total $42,811 $181,449 $229,105 $239,261 $240,063 $568,572 $— $1,501,261 
Current period gross charge-offs$— $— $32 $23 $— $— $— $55 

Residential Real Estate: HELOC
Performing$— $32 $253 $709 $559 $735 $310,355 $312,643 
Nonperforming
— — — 47 91 450 971 1,559 
Total $— $32 $253 $756 $650 $1,185 $311,326 $314,202 
Current period gross charge-offs$— $— $— $— $— $— $1 $1 

Residential Real Estate: Installment
Performing$292 $1,337 $863 $917 $45 $2,290 $— $5,744 
Nonperforming
— — — 18 6 25 — 49 
Total $292 $1,337 $863 $935 $51 $2,315 $— $5,793 
Current period gross charge-offs$— $— $— $8 $— $— $— $8 

Consumer: Consumer
Performing$186,034 $547,400 $385,642 $269,962 $244,578 $211,321 $9,395 $1,854,332 
Nonperforming— 397 688 488 785 813 — 3,171 
Total $186,034 $547,797 $386,330 $270,450 $245,363 $212,134 $9,395 $1,857,503 
Current period gross charge-offs$— $697 $788 $981 $689 $535 $— $3,690 
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March 31, 2026Term Loans Amortized Cost Basis by Origination Year
(In thousands)20262025202420232022PriorRevolving Loans Amortized Cost BasisTotal
Consumer: Check loans
Performing$— $— $— $— $— $— $1,650 $1,650 
Nonperforming
— — — — — — — — 
Total $— $— $— $— $— $— $1,650 $1,650 
Current period gross charge-offs$— $— $— $— $— $— $12 $12 

Total Consumer Loans
Performing$243,427 $805,664 $626,489 $512,317 $490,545 $786,460 $321,856 $3,786,758 
Nonperforming
— 440 3,696 4,450 3,502 9,793 971 22,852 
Total $243,427 $806,104 $630,185 $516,767 $494,047 $796,253 $322,827 $3,809,610 
Current period gross charge-offs$276 $697 $820 $1,012 $689 $535 $13 $4,042 

December 31, 2025Term Loans Amortized Cost Basis by Origination Year
(In thousands)20252024202320222021PriorRevolving Loans Amortized Cost BasisTotal
Commercial, financial and agricultural: Overdrafts
Performing$2,103 $— $— $— $— $— $— $2,103 
Nonperforming
— — — — — — — — 
Total 2,103 $— $— $— $— $— $— $2,103 
Current period gross charge-offs$1,032 $— $— $— $— $— $— $1,032 

Construction Real Estate: Retail
Performing$50,128 $20,281 $12,129 $6,906 $4,429 $6,529 $418 $100,820 
Nonperforming
— — — — 17 97 — 114 
Total $50,128 $20,281 $12,129 $6,906 $4,446 $6,626 $418 $100,934 
Current period gross charge-offs$— $— $— $— $— $— $— $— 

Residential Real Estate: Mortgage
Performing$162,548 $206,140 $217,252 $223,910 $167,522 $381,822 $— $1,359,194 
Nonperforming
— 2,599 3,881 2,297 1,184 6,486 — 16,447 
Total $162,548 $208,739 $221,133 $226,207 $168,706 $388,308 $— $1,375,641 
Current period gross charge-offs$— $149 $104 $— $— $— $— $253 

Residential Real Estate: HELOC
Performing$— $263 $550 $477 $13 $766 $237,287 $239,356 
Nonperforming
— 15 33 90 16 681 867 1,702 
Total $— $278 $583 $567 $29 $1,447 $238,154 $241,058 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
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December 31, 2025Term Loans Amortized Cost Basis by Origination Year
(In thousands)20252024202320222021PriorRevolving Loans Amortized Cost BasisTotal
Residential Real Estate: Installment
Performing$1,493 $900 $1,079 $61 $— $2,402 $— $5,935 
Nonperforming
— — 27 — — 26 — 53 
Total $1,493 $900 $1,106 $61 $— $2,428 $— $5,988 
Current period gross charge-offs$— $— $— $— $— $— $— $— 

Consumer: Consumer
Performing$582,158 $425,318 $301,142 $275,261 $120,561 $107,748 $5,362 $1,817,550 
Nonperforming
452 618 832 1,174 303 542 — 3,921 
Total $582,610 $425,936 $301,974 $276,435 $120,864 $108,290 $5,362 $1,821,471 
Current period gross charge-offs$651 $2,803 $4,344 $3,194 $1,273 $945 $8 $13,218 

Consumer: Check loans
Performing$— $— $— $— $— $— $1,776 $1,776 
Nonperforming
— — — — — — — — 
Total $— $— $— $— $— $— $1,776 $1,776 
Current period gross charge-offs$— $— $— $— $— $— $28 $28 

Total Consumer Loans
Performing$798,430 $652,902 $532,152 $506,615 $292,525 $499,267 $244,843 $3,526,734 
Nonperforming
452 3,232 4,773 3,561 1,520 7,832 867 22,237 
Total $798,882 $656,134 $536,925 $510,176 $294,045 $507,099 $245,710 $3,548,971 
Current period gross charge-offs$1,683 $2,952 $4,448 $3,194 $1,273 $945 $36 $14,531 


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Loans Acquired with Deteriorated Credit Quality
With the acquisition of First Citizens on February 1, 2026, Park purchased loans for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The initial carrying amount of those loans was as follows.

(in thousands)February 1, 2026
Par value of acquired loans at acquisition$65,065 
Allowance for credit losses at acquisition(1,215)
Non-credit discount at acquisition(4,622)
Purchase price of loans at acquisition$59,228 

The carrying amount of PCD loans at March 31, 2026 and December 31, 2025 was $54.4 million and $2.5 million, respectively. The allowance for credit losses on PCD loans totaled $903,000 at March 31, 2026. There was no allowance for credit losses on PCD loans at December 31, 2025.

Modifications to Borrowers Experiencing Financial Difficulty
Management identifies loans as modifications to borrowers experiencing financial difficulty when a borrower is experiencing financial difficulties and Park has altered the cash flow of the loan as part of a modification or in the loan renewal process. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of the borrower's debt in the foreseeable future without the modification. This evaluation is performed in accordance with the Company’s internal underwriting policy. Park modifies loans to borrowers experiencing financial difficulty by providing principal forgiveness, a term extension, an other-than-insignificant payment delay or an interest rate reduction.

In some cases, Park provides multiple types of modifications on one loan. Typically, one type of modification, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another modification, such as principal forgiveness, may be granted. For the loans included in the combination columns below, multiple types of modifications have been made on the same loan within the current reporting period. The combination is at least two of the following: a term extension, principal forgiveness, an other-than-insignificant payment delay and/or an interest rate reduction.

The starting point for the estimate of the ACL is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. As a result, the effect of most modifications made to borrowers experiencing financial difficulty is already included in the ACL and a change to the ACL is generally not recorded upon modification. When principal forgiveness is provided, the amount of forgiveness is charged off against the ACL.


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The following tables present the amortized cost basis of loans at March 31, 2026 and 2025 that were both experiencing financial difficulty and modified during the three months ended March 31, 2026 and 2025 by class and type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial difficulty as compared to the amortized cost basis of each class of financing receivable is also presented below.

Three Months Ended
March 31, 2026
(Dollars in thousands)Principal ForgivenessPayment DelayTerm ExtensionInterest Rate ReductionCombination Term Extension and Interest Rate ReductionCombination Term Extension and Payment DelayTotalPercent of Total Class of Financing Receivable
Commercial, financial and agricultural:
Commercial, financial and agricultural $— $— $1,180 $66 $72 $— $1,318 0.10 %
Overdrafts— — — — — — — — %
Commercial real estate — — 119 650 — — 769 0.03 %
Construction real estate:
Commercial— — — — — — — — %
Retail— — 2 — — — 2 — %
Residential real estate:
Commercial— — — — — — — — %
Mortgage— — — 135 225 — 360 0.02 %
HELOC— — — — — — — — %
Installment— — — — — — 
Consumer:
Consumer— — — 13 — — 13 — %
Check loans— — — — — — — — %
Leases— — — — — — — — %
Total$— $— $1,301 $864 $297 $— $2,462 0.03 %
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Three Months Ended
March 31, 2025
(Dollars in thousands)Principal ForgivenessPayment DelayTerm ExtensionInterest Rate ReductionCombination Term Extension and Interest Rate ReductionCombination Term Extension and Payment DelayTotalPercent of Total Class of Financing Receivable
Commercial, financial and agricultural:
Commercial, financial and agricultural $— $932 $6,503 $— $150 $— $7,585 0.61 %
Overdrafts— — — — — — — — %
Commercial real estate — 6,186 799 1,478 175 1,426 10,064 0.50 %
Construction real estate:
Commercial— — — — — — — — %
Retail— — — — — 69 69 0.07 %
Residential real estate:
Commercial— 898 — — — — 898 0.14 %
Mortgage— — — — — 451 451 0.03 %
HELOC— — — — — — — — %
Installment— — 73 — — — 73 1.21 %
Consumer:
Consumer— — — 16 — — 16 — %
Check loans— — — — — — — — %
Leases— — — — — — — — %
Total$— $8,016 $7,375 $1,494 $325 $1,946 $19,156 0.24 %

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At March 31, 2026, Park had commitments to lend $103,000 related to loans which were both experiencing financial difficulty and modified during the three months ended March 31, 2026.

The following tables present the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the three months ended March 31, 2026 and 2025:

Three Months Ended
March 31, 2026
(Dollars in thousands)Principal ForgivenessWeighted Average Interest Rate ReductionWeighted Average Term Extension (years)
Commercial, financial and agricultural:
Commercial, financial and agricultural$— (1.16)%1.0
Overdrafts— — %0.0
Commercial real estate— (0.27)%2.1
Construction real estate:
Commercial— — %0.0
Retail— — %0.9
Residential real estate:
Commercial— — %0.0
Mortgage— (2.67)%0.3
HELOC— — %0.0
Installment— — %0.0
Consumer:
Consumer— (1.59)%0.0
Check loans— — %0.0
Leases— — %0.0
Total$— (1.14)%1.0

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Three Months Ended
March 31, 2025
(Dollars in thousands)Principal ForgivenessWeighted Average Interest Rate ReductionWeighted Average Term Extension (years)Weighted Average Payment Delay (years)
Commercial, financial and agricultural:
Commercial, financial and agricultural$— (0.35)%0.90.4
Overdrafts— — %0.00.0
Commercial real estate— (0.78)%2.60.5
Construction real estate:
Commercial— — %0.00.0
Retail— — %0.50.5
Residential real estate:
Commercial— — %0.00.5
Mortgage— — %0.40.4
HELOC— — %0.00.0
Installment— — %15.10.0
Consumer:
Consumer— (1.06)%0.00.0
Check loans— — %0.00.0
Leases— — %0.00.0
Total$— (0.75)%1.40.5





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Park closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of Park's modification efforts. The following tables provide the performance of loans as of the period end date, of modifications made to borrowers experiencing financial difficulty during the twelve months preceding March 31, 2026 and March 31, 2025, respectively:

Twelve Months Ended March 31, 2026
(Dollars in thousands)Current30-59 days past due60-89 days past due90 days or more past dueTotal
Commercial, financial and agricultural:
Commercial, financial and agricultural$44,591 $— $— $— $44,591 
Overdrafts— — — — — 
Commercial real estate6,505 — — — 6,505 
Construction real estate:
Commercial1,818 — — — 1,818 
Retail2 — — — 2 
Residential real estate:
Commercial1,032 — — — 1,032 
Mortgage798 288 — 146 1,232 
HELOC— — — — — 
Installment159 — — 20 179 
Consumer:
Consumer42 — — 13 55 
Check loans— — — — — 
Leases— — — — — 
Total$54,947 $288 $— $179 $55,414 

Twelve Months Ended March 31, 2025
(Dollars in thousands)Current30-59 days past due60-89 days past due90 days or more past dueTotal
Commercial, financial and agricultural:
Commercial, financial and agricultural$17,064 $294 $— $— $17,358 
Overdrafts— — — — — 
Commercial real estate13,552 124 — — 13,676 
Construction real estate:
Commercial— — — — — 
Retail69 — — — 69 
Residential real estate:
Commercial1,299 — — — 1,299 
Mortgage1,006 53 — 78 1,137 
HELOC— — — — — 
Installment336 — — — 336 
Consumer:
Consumer11 — — 14 25 
Check loans— — — — — 
Leases— — — — — 
Total$33,337 $471 $— $92 $33,900 
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The following tables present the amortized cost basis of loans that had a payment default subsequent to modification during the three months ended March 31, 2026 and 2025 and were modified in the twelve months prior to that default to borrowers experiencing financial difficulty. For these tables, a loan is considered to be in default when it becomes 30 days contractually past due under the modified terms:

Three Months Ended
March 31, 2026
Interest Rate ReductionCombination Term Extension and Interest Rate ReductionCombination Term Extension and Payment Delay
Commercial, financial and agricultural:
Commercial, financial and agricultural$— $— $— 
Overdrafts— — — 
Commercial real estate— — — 
Construction real estate:
Commercial— — — 
Retail— — — 
Residential real estate:
Commercial— — — 
Mortgage135 — 299 
HELOC— — — 
Installment— 20 — 
Consumer:
Consumer44 — — 
Check loans— — — 
Leases— — — 
Total loans$179 $20 $299 



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Three Months Ended
March 31, 2025
Term ExtensionInterest Rate ReductionCombination Term Extension and Interest Rate ReductionCombination Term Extension and Payment Delay
Commercial, financial and agricultural:
Commercial, financial and agricultural$29 $— $265 $— 
Overdrafts— — — — 
Commercial real estate124 — — — 
Construction real estate:
Commercial— — — — 
Retail— — — — 
Residential real estate:
Commercial— — — — 
Mortgage— 78 11 43 
HELOC— — — — 
Installment— — — — 
Consumer:
Consumer— 14 — — 
Check loans— — — — 
Leases— — — — 
Total loans$153 $92 $276 $43 

Upon the determination that a modified loan (or a portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is charged-off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the ACL is adjusted by the same amounts.

Note 7 – Allowance for Credit Losses

The ACL is an estimate of the expected credit losses on financial assets measured at amortized cost, which is measured using relevant information about past events, including historical credit loss experience on financial assets with similar risk characteristics, current conditions, and reasonable and supportable forecasts that affect the collectability of the remaining cash flows over the contractual term of the financial assets. A provision for credit losses is charged to operations based on management’s periodic evaluation of these and other pertinent factors.

As part of the acquisition, of First Citizens on February 1, 2026, Park recorded a day 1 ACL of $15.6 million. In accordance with ASU 2025-08, the day 1 ACL was recorded as an increase to the ACL with a corresponding increase to Goodwill.


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Quantitative Considerations
The ACL is primarily calculated utilizing a DCF model or an undiscounted Expected Loss Model for purchased loans.. Key inputs and assumptions used in both models are discussed below:
•First Citizens acquired portfolio - Park elected to utilize its existing 2025 LDA, prepayment study, curtailment study, and funding analysis as the acquired portfolio is similar in credit risk and loss experience to Park’s. This was confirmed through extensive due diligence. Additionally, the current loss driver analysis is calculated heavily utilizing Park’s proxy peer group which is not expected to change significantly in 2026. The ACL on PSLs and PCD loans shares all relevant inputs and assumptions, but utilizes undiscounted credit losses from the analysis to calculate the ACL.
•Forecast model - For each portfolio segment, a LDA was performed in order to identify appropriate loss drivers and create a regression model for use in forecasting cash flows. The LDA analysis utilized Park's own FFIEC Call Report data for the residential real estate portfolio segments. Peer data was incorporated into the analysis for the commercial, financial, and agricultural, commercial real estate, construction real estate, and consumer portfolio segments. Prior to 2025, only Park's own data was used for the commercial, financial and agricultural segment. Park updated the LDA in the fourth quarter of 2025. During the COVID-19 pandemic, macroeconomic indicators showed significant deterioration, however, Park, along with most financial institutions, observed little to no meaningful increase in default activity. This can be attributed to external intervention in the form of deferral programs and government stimulus which is unlikely to reoccur in future downturns. For these reasons, management has excluded data from 2020-2022 in the LDA by using indicator variables during this time period.
•Probability of default – PD is the probability that an asset will be in default within a given time frame. Park has defined default to be when a charge-off has occurred, a loan is placed on nonaccrual, or a loan is greater than 90 days past due. Whenever possible, Park utilizes its own loan-level PDs for the reasonable and supportable forecast period. When loan-level data is not available reflecting the forecasted economic conditions, the LDA is utilized to estimate PDs. In all cases, the LDA is then utilized to determine the long-term historical average, which is reached over the reversion period.
•Loss given default – LGD is the percentage of the asset not expected to be collected due to default. Whenever possible, Park utilizes its own loan-level LGDs for the reasonable and supportable forecast period. When it is not possible to use Park's own LGDs, the LGD is derived using a method referred to as Frye Jacobs. In all cases, the Frye Jacobs method is utilized to calculate LGDs during the reversion period and long-term historical average.
•Prepayments and curtailments – Prepayments and curtailments are calculated based on Park’s own data utilizing a combination of three-year and four-year averages based on the weighted average remaining life of each segment. Prior to 2025, only a three-year average was used. A four-year average was incorporated in 2025 to improve the estimate of prepayments and curtailments rates over the life of loan for longer duration segments. This analysis is updated annually in the fourth quarter and was last updated in the fourth quarter of 2025.
•Forecast and reversion – Park has established a one-year reasonable and supportable forecast period with a one-year straight line reversion to the long-term historical average.
•Economic forecast - Park utilizes a third party to provide economic forecasts under various scenarios, which are weighted in order to reflect model risk in the current economic environment. The scenario weighting is evaluated by management on a quarterly basis.
◦As of March 31, 2025, the "most likely" scenario forecasted Ohio unemployment between 4.51% and 4.85% during the next four quarters. In determining the appropriate weighting of scenarios at March 31, 2025, management considered the range of forecasted unemployment as well as a number of economic indicators. While some economic indications are showing stabilization, lower levels of consumer confidence, higher unemployment rates, the impact of elevated inflation for several years with no immediate signs of sustained decline, the interest rate environment, financial system stress, geopolitical conflict, uncertainty regarding fiscal policy of the new political administration, including tariffs, and stress in the commercial real estate sector cause uncertainty to the overall economic environment. Considering these factors, management determined it was appropriate to maintain the existing weighting, and weigh the "most likely" scenario 50% and the "moderate recession" scenario 50% at March 31, 2025.
◦As of December 31, 2025, the "most likely" scenario forecasted Ohio unemployment between 5.21% and 5.54% during the next four quarters. In determining the appropriate weighting of scenarios at December 31, 2025, management considered the range of forecasted unemployment as well as a number of economic indicators. While some economic indications are showing stabilization or slight improvement, volatile and low levels of consumer confidence, higher unemployment rates, the impact of elevated inflation for several years with the impact of tariffs being still unknown, the interest rate environment, geopolitical conflict (including conflict related to tariffs), uncertainty regarding fiscal policy of the current political administration, including tariffs, and continued stress in the commercial real estate sector cause uncertainty to the overall economic environment. Considering these factors, management determined it was appropriate to maintain the
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existing weighting, and weigh the "most likely" scenario 50% and the "moderate recession" scenario 50% at December 31, 2025.
◦As of March 31, 2026, the "most likely" scenario forecasted Ohio unemployment between 4.86% and 4.98% during the next four quarters. In determining the appropriate weighting of scenarios at March 31, 2026, management considered the range of forecasted unemployment as well as a number of economic indicators. While some economic indications are showing stabilization or slight improvement, volatile and low levels of consumer confidence, higher unemployment rates, the impact of elevated inflation for several years with the impact of tariffs being still unknown, the interest rate environment, geo-political conflict (including conflict related to tariffs and the conflict between the U.S. and Iran), uncertainty regarding fiscal policy of the current political administration, and continued stress in the commercial real estate sector cause uncertainty to the overall economic environment. Considering these factors, management determined it was appropriate to maintain the existing weighting, and weigh the "most likely" scenario 50% and the "moderate recession" scenario 50% at March 31, 2026. Changes in forecasts, incorporation of an acquired loan portfolio, as well as changes in loan mix resulted in a 8 basis point decrease in the weighted quantitative allowance from December 31, 2025.

Qualitative Considerations
Park reviews various internal and external factors to consider the need for any qualitative adjustments to the quantitative model. Factors considered include the following:
•The nature and volume of Park’s financial assets; the existence, growth, and effect of any concentrations of credit and the volume and severity of past due financial assets, the volume of nonaccrual assets, and the volume and severity of adversely classified or graded assets. Specifically, management considers:
◦Trends (e.g., growth, reduction) in specific categories of the loan portfolio, as well as adjustments to the types of loans offered by Park.
◦Level of and trend in loan delinquencies, troubled loans, commercial watch list loans and nonperforming loans.
◦Level of and trend in new nonaccrual loans.
◦Level of and trend in loan charge-offs and recoveries.
•Park's lending policies and procedures, including changes in lending strategies, underwriting standards and practices for collections, charge-offs, and recoveries.
•The quality of Park’s credit review function.
•The experience, ability, and depth of Park’s lending, investment, collection, and other relevant management and staff.
•The effect of other external factors such as the regulatory, legal and technological environments; competition; geopolitical conflict; and events such as natural disasters or pandemics.
•Actual and expected changes in international, national, regional, and local economic and business conditions and developments in the markets in which Park operates that affect the collectability of financial assets.
•Where the U.S. economy is within a given credit cycle.
•The extent that there is government assistance (stimulus).
•Expansion into new markets, including the risks associated with entering new geographic or product markets and the effectiveness of integrating and assimilating underwriting standards, credit administration practices, risk oversight, and portfolio management processes with Park’s existing framework.

Qualitative adjustments amounted to $6.5 million and $3.2 million at March 31, 2026 and December 31, 2025, respectively. Significant qualitative adjustments include the following:
•Helene: Qualitative adjustments included a $583,000 and $561,000 reserve at March 31, 2026 and December 31, 2025, respectively, related to Hurricane Helene which impacted borrowers in Park's Carolina region. This reserve considers the overall population of loans to borrowers in this area. While Helene impacted this region in October 2024, many borrowers are still navigating the insurance claim process and local businesses are waiting to see the full economic impact on tourist season.
•Special purpose mortgage: Qualitative adjustments included a $2.4 million and $2.3 million reserve at March 31, 2026 and December 31, 2025, respectively, related to several special purpose mortgage loan programs to assist borrowers in attaining home ownership. As of March 31, 2026, the total loans in these special purpose mortgage loan programs totaled $238.0 million. Delinquency rates within these special purpose mortgage loan programs have become higher than those of Park's traditional 30-year mortgage portfolio loans. These special purpose mortgage loan programs require very little, if any, down payment, and the loan-to-value on these loans are generally at 90% or above. For these reasons, management expects that the PD and LGD related to loans within these programs will be higher than that of
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Park's standard 30-year portfolio loans and established a qualitative factor related to the increased risk of loss on mortgage loans within these programs.
•Former First Citizens loans: Qualitative adjustments included a $3.2 million additional reserve at March 31, 2026 related to the newly acquired First Citizens loan portfolio. The qualitative adjustment reflects risks associated with entry into new markets, the integration of credit administration practices, and a lower quantitative reserve compared to legacy segments. Although pre‑acquisition due diligence indicated a risk profile generally consistent with Park’s existing loan portfolio, the quantitative ACL calculated for former First Citizens loans was significantly below that of the legacy portfolio. In order to take into consideration all of these factors, management added an additional 20 bps reserve to the affected loans, or $3.2 million, as of March 31, 2026. Park believes that the resulting reserve on former First Citizens loans is more in line with the legacy portfolio.

ACL Activity
The activity in the ACL for the three-month periods ended March 31, 2026 and March 31, 2025 is summarized in the following tables:

 Three Months Ended
March 31, 2026
(In thousands)Commercial,
financial and
agricultural		Commercial
real estate		Construction
real estate		Residential
real estate		ConsumerLeasesTotal
ACL:       
Beginning balance$14,142 $18,177 $7,709 $27,344 $25,393 $208 $92,973 
Initial allowance-PCD loans130 481 467 136 1 — 1,215 
Initial allowance-PSL1,559 6,990 1,835 3,796 178 — 14,358 
Charge-offs599 20 — 119 3,702 — 4,440 
Recoveries346 6 7 39 1,414 — 1,812 
Net charge-offs/(recoveries)$253 $14 $(7)$80 $2,288 $— $2,628 
Provision for (recovery of) credit losses2,008 238 (1,583)(508)2,459 58 2,672 
Ending balance$17,586 $25,872 $8,435 $30,688 $25,743 $266 $108,590 
 
 Three Months Ended
March 31, 2025
(In thousands)Commercial,
financial and
agricultural		Commercial
real estate		Construction
real estate		Residential
real estate		ConsumerLeasesTotal
ACL:       
Beginning balance$12,683 $19,571 $7,125 $22,355 $26,081 $151 $87,966 
Charge-offs301 — — 25 3,279 — 3,605 
Recoveries337 14 1,104 45 1,513 — 3,013 
Net (recoveries)/charge-offs$(36)$(14)$(1,104)$(20)$1,766 $— $592 
(Recovery of )provision for credit losses(1,311)253 (90)374 1,500 30 756 
Ending balance$11,408 $19,838 $8,139 $22,749 $25,815 $181 $88,130 

Note 8 – Loans Held For Sale
 
Mortgage loans held for sale are carried at their fair value. At March 31, 2026 and at December 31, 2025, respectively, Park had $10.2 million and $4.0 million in mortgage loans held for sale. These amounts are included in loans on the Consolidated Condensed Balance Sheets and in the residential real estate loan portfolio segment in Note 6 - Loans, and Note 7 - Allowance for Credit Losses. The contractual balance was $10.1 million and $3.9 million at March 31, 2026 and at December 31, 2025, respectively. The gain expected upon sale was $152,000 and $65,000 at March 31, 2026 and at December 31, 2025, respectively. None of these loans were 90 days or more past due or on nonaccrual status at March 31, 2026 or at December 31, 2025.

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Note 9 – Goodwill and Other Intangible Assets

The following table shows the activity in goodwill and other intangible assets for the three-month periods ended March 31, 2026 and 2025.

(in thousands)GoodwillCore deposit intangible assetOther
intangible assets		Total
December 31, 2024$159,595 $3,437 $— $163,032 
Amortization— 274 — 274 
March 31, 2025$159,595 $3,163 $— $162,758 
December 31, 2025$159,595 $2,395 $— $161,990 
Acquired goodwill and other intangible assets103,829 34,440 3,585 141,854 
Amortization— 1,279 — 1,279 
March 31, 2026$263,424 $35,556 $3,585 $302,565 
   
In past years, Park evaluated goodwill for impairment during the second quarter, with financial data as of the immediately prior March 31. To align the impairment analysis more closely with year-end, Park is moving its annual goodwill impairment testing to the fourth quarter. Based on the qualitative analysis performed as of April 1, 2025, the Company determined that goodwill for Park's reporting unit, PNB, was not impaired.

Acquired Intangible Assets

The following table shows the balance of acquired intangible assets at March 31, 2026 and at December 31, 2025:

March 31, 2026
December 31, 2025
(in thousands)Gross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization
Other intangible assets:
Core deposit intangible asset$48,896 $13,340 $14,456 $12,061 
Customer relationship intangible asset3,585 — — — 
Total$52,481 $13,340 $14,456 $12,061 

The core deposit intangible asset and the customer relationship intangible asset are being amortized, on an accelerated basis, over a period of ten years. Aggregate amortization expense was $1.3 million and $274,000 for the three-month periods ended March 31, 2026 and 2025, respectively.

Estimated amortization expense related to core deposit intangible asset and the customer relationship intangible asset for the remainder of 2026 and the next four years follows:

(in thousands)Core deposit intangible assetCustomer relationship intangible asset
Nine months ending December 31, 2026$5,349 $598 
20276,442 592
20285,679 527
20294,572 462
20303,809 397

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Note 10 – Investment in Qualified Affordable Housing

Park makes certain equity investments in various limited partnerships that sponsor affordable housing projects. The purposes of these investments are to achieve a satisfactory return on capital, help create affordable housing opportunities, and assist the Company to achieve its goals associated with the Community Reinvestment Act.

The table below details the balances of Park’s affordable housing tax credit investments and related unfunded commitments at March 31, 2026 and December 31, 2025.

(in thousands)
March 31, 2026
December 31, 2025
Affordable housing tax credit investments$67,672 $69,932 
Unfunded commitments21,845 25,586 

Commitments are funded when capital calls are made by the general partner. Park expects that the current commitments will be funded between the remainder of 2026 through 2039.

Park recognized amortization expense of $2.3 million for each of the three month periods ended March 31, 2026 and 2025, which were included within "Income taxes" in the consolidated condensed statements of income. Additionally, during the three months ended March 31, 2026 and 2025, Park recognized tax credits and other benefits from its affordable housing tax credit investments of $2.2 million and $2.8 million, respectively, which were included within "Income taxes" in the consolidated condensed statements of income.

Note 11 – Foreclosed and Repossessed Assets

Park typically transfers a loan to OREO at the time that Park takes deed/title to the real estate property asset. In addition, during the three months ended March 31, 2026, Park acquired $21.3 million of OREO in connection with the acquisition of First Citizens. The carrying amounts of foreclosed real estate properties held at March 31, 2026 and December 31, 2025 are listed below, as well as the recorded investment of loans secured by residential real estate properties for which formal foreclosure proceedings were in process at those dates.

(in thousands)March 31, 2026December 31, 2025
OREO:
Commercial real estate$125 $91 
Residential real estate21,656 — 
Construction real estate2,677 638 
Total OREO$24,458 $729 
Loans in process of foreclosure:
Residential real estate$3,133 $3,932 

In addition to real estate, Park may also repossess different types of collateral. As of March 31, 2026 and December 31, 2025, Park had $1.3 million and $0.9 million in other repossessed assets which are included in "Other assets" on the Consolidated Condensed Balance Sheets.

Note 12 – Loan Servicing
 
Park serviced sold mortgage loans of $1.84 billion at each of March 31, 2026, December 31, 2025 and March 31, 2025. At March 31, 2026, $2.3 million of the sold mortgage loans were sold with recourse, compared to $2.3 million at December 31, 2025 and $2.4 million at March 31, 2025. Management closely monitors the delinquency rates on the mortgage loans sold with recourse. At both March 31, 2026 and December 31, 2025, management had established reserves of $18,000, to account for expected losses on loan repurchases.
 
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When Park sells mortgage loans with servicing rights retained, these servicing rights are initially recorded at fair value. Park has selected the “amortization method” as permissible within U.S. GAAP, whereby the servicing rights capitalized are amortized in proportion to and over the period of estimated future servicing income with respect to the underlying loan. At the end of each reporting period, the carrying value of MSRs is assessed for impairment with a comparison to fair value. MSRs are carried at the lower of their amortized cost or fair value. The amortization of MSRs is included within "Other service income" in the consolidated condensed statements of income.

Activity for MSRs and the related valuation allowance follows:
 
Three Months Ended
March 31,
(In thousands)20262025
MSRs:
Carrying amount, net, beginning of period$13,697 $13,918 
Additions333 238 
Amortization(406)(398)
Change in valuation allowance(1)2 
Carrying amount, net, end of period$13,623 $13,760 
Valuation allowance:
Beginning of period$3 $19 
Change in valuation allowance1 (2)
End of period$4 $17 
 
Servicing fees included in "Other service income" were $1.2 million for both the three months ended March 31, 2026 and 2025, respectively.

Note 13 - Leases

Park is a lessee in several noncancellable operating lease arrangements, primarily for retail branches, administrative and warehouse buildings, ATMs, and certain office equipment within its Ohio, North Carolina, South Carolina, Kentucky, and Tennessee markets. Certain of these leases contain renewal options for periods ranging from one year to five years. Park’s leases generally do not include termination options for either party to the lease or restrictive financial or other covenants. Payments due under the lease arrangements include fixed payments plus, for many of Park’s real estate leases, variable payments such as Park's proportionate share of property taxes, insurance and common area maintenance.

Park's operating lease ROU asset and lease liability are presented in “Operating lease ROU asset" and "Operating lease liability," respectively, on Park's Consolidated Condensed Balance Sheets. The carrying amounts of Park's ROU asset and lease liability at March 31, 2026 were $17.4 million and $18.9 million, respectively. At December 31, 2025, the carrying amounts of Park's ROU asset and lease liability were $15.7 million and $17.1 million, respectively. Park's operating lease expense is recorded in "Occupancy expense" on the Company's Consolidated Condensed Statements of Income.

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Other information related to operating leases for the three-month periods ended March 31, 2026 and 2025 follows:

Three Months Ended
(in thousands)March 31, 2026March 31, 2025
Lease cost
Operating lease cost$755 $640 
Sublease income— — 
Total lease cost$755 $640 
Other information
Cash paid for amounts included in the measurement of lease liabilities:
      Operating cash flows from operating leases (1)
$737 $73 
Acquired ROU assets and operating lease liabilities2,041 — 
ROU assets obtained in exchange for new operating lease liabilities
49 1,069 
Reductions to ROU assets resulting from reductions to lease obligations$(547)$(437)
(1) Includes a tenant improvement allowance of $524,000 related to the reimbursement of leasehold expenditures for the three-month period ended March 31, 2025.


Park's operating leases had a weighted average remaining term of 8.7 years and 9.3 years at March 31, 2026 and December 31, 2025, respectively. The weighted average discount rate of Park's operating leases was 4.3% and 4.4% at March 31, 2026 and at December 31, 2025, respectively.

Undiscounted cash flows included in lease liabilities have expected contractual payments as follows:

(in thousands)March 31, 2026
Nine months ending December 31, 2026$2,367 
20273,088 
20283,019 
20293,019 
20301,966 
Thereafter9,532 
Total undiscounted minimum lease payments$22,991 
Present value adjustment(4,114)
Total lease liabilities$18,877 

Note 14 – Repurchase Agreement Borrowings

Securities sold under agreements to repurchase ("repurchase agreements") with customers represent funds deposited by customers, generally on an overnight basis, that are collateralized by investment securities owned by Park. Repurchase agreements with customers are included in "Short-term borrowings" on the Consolidated Condensed Balance Sheets.

All repurchase agreements are subject to terms and conditions of repurchase/security agreements between Park and the customer and are accounted for as secured borrowings. Park's repurchase agreements consist of customer accounts and securities which are pledged on an individual security basis.

At March 31, 2026 and at December 31, 2025, Park's repurchase agreement borrowings totaled $135.2 million and $81.7 million, respectively. These borrowings were collateralized with U.S. Government sponsored entities' asset-backed securities with a fair value of $193.1 million and $110.3 million at March 31, 2026 and at December 31, 2025, respectively. Declines in the value of the collateral would require Park to pledge additional securities. At March 31, 2026 and at December 31, 2025, Park had $283.1 million and $119.2 million, respectively, of available unpledged securities.

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The table below shows the remaining contractual maturity of repurchase agreements by collateral pledged at March 31, 2026 and at December 31, 2025:

March 31, 2026
(in thousands)Remaining Contractual Maturity of the Agreements
Overnight and ContinuousUp to 30 days30 - 90 daysGreater than 90 daysTotal
U.S. government sponsored entities' asset-backed securities$135,176 $— $— $— $135,176 
December 31, 2025
(in thousands)Remaining Contractual Maturity of the Agreements
Overnight and ContinuousUp to 30 days30 - 90 daysGreater than 90 daysTotal
U.S. government sponsored entities' asset-backed securities$81,711 $— $— $— $81,711 

Note 15 - Subordinated Notes

On February 1, 2026, following the acquisition of First Citizens, Park assumed the role of successor to First Citizens in several Trust Agreements and Junior Subordinated Indentures related to the issuance of subordinated notes. The agreements are summarized in the following paragraphs.

First Citizens Subordinated Notes
In March 2005, First Citizens formed First Citizens (TN) Statutory Trust III ("FC Trust III"), a Delaware statutory trust, which issued $5.0 million of FC Trust III's floating rate preferred securities (the “FC III Trust Preferred Securities”) to institutional investors. These FC III Trust Preferred Securities qualify as Tier I capital under FRB guidelines. All of the common securities of FC Trust III are owned by Park. The proceeds from the issuance of the common securities and the FC III Trust Preferred Securities were used by FC Trust III to purchase $5.2 million of junior subordinated notes, which, following the cessation of LIBOR on June 30, 2023, carry a floating rate based on three-month CME Term SOFR plus 206 basis points. The junior subordinated notes represent the sole asset of FC Trust III. The FC Trust III Preferred Securities accrue and pay distributions at a floating rate of three-month CME Term SOFR plus 206 basis points per annum. The FC Trust III Trust Preferred Securities are mandatorily redeemable upon maturity of the junior subordinated notes in March 2035, or upon earlier redemption as provided in the junior subordinated notes. Since March 2010, the junior subordinated notes purchased by FC Trust III have been available to be redeemed, in whole or in part. As specified in the indenture, if the junior subordinated notes are redeemed prior to maturity, the redemption price will be the principal amount, plus any unpaid accrued interest. In accordance with U.S. GAAP, FC Trust III is not consolidated with Park’s financial statements, but rather the subordinated notes are reflected as a liability.

In March 2007, First Citizens formed First Citizens (TN) Statutory Trust IV ("FC Trust IV"), a Delaware statutory trust, which issued $5.0 million of FC Trust IV's floating rate preferred securities (the “FC IV Trust Preferred Securities”) to institutional investors. These FC IV Trust Preferred Securities qualify as Tier I capital under FRB guidelines. All of the common securities of FC Trust IV are owned by Park. The proceeds from the issuance of the common securities and the FC IV Trust Preferred Securities were used by FC Trust IV to purchase $5.2 million of junior subordinated notes, which, following the cessation of LIBOR on June 30, 2023, carry a floating rate based on three-month CME Term SOFR plus 201 basis points. The junior subordinated notes represent the sole asset of FC Trust IV. The FC Trust IV Preferred Securities accrue and pay distributions at a floating rate of three-month CME Term SOFR plus 201 basis points per annum. The FC Trust IV Trust Preferred Securities are mandatorily redeemable upon maturity of the junior subordinated notes in June 2037, or upon earlier redemption as provided in the junior subordinated notes. Since March 2012, the junior subordinated notes purchased by FC Trust IV have been available to be redeemed, in whole or in part. As specified in the indenture, if the junior subordinated notes are redeemed prior to maturity, the redemption price will be the principal amount, plus any unpaid accrued interest. In accordance with U.S. GAAP, FC Trust IV is not consolidated with Park’s financial statements, but rather the subordinated notes are reflected as a liability.

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Pursuant to First Citizens merger with Southern Heritage Bancshares on October 1, 2014, First Citizens assumed the debentures issued to Southern Heritage Statutory Trust I ("SH Trust I"). In December 2004, Southern Heritage Bancshares formed SH Trust I, a Delaware statutory trust, which issued $5.0 million of SH Trust I's floating rate preferred securities (the “SH I Trust Preferred Securities”) to institutional investors. These SH I Trust Preferred Securities qualify as Tier I capital under FRB guidelines. All of the common securities of SH Trust I are owned by Park. The proceeds from the issuance of the common securities and the SH I Trust Preferred Securities were used by SH Trust I to purchase $5.2 million of junior subordinated notes, which, following the cessation of LIBOR on June 30, 2023, carry a floating rate based on three-month CME Term SOFR plus 231 basis points. The junior subordinated notes represent the sole asset of SH Trust I. The SH I Preferred Securities accrue and pay distributions at a floating rate of three-month CME Term SOFR plus 231 basis points per annum. The SH Trust I Trust Preferred Securities are mandatorily redeemable upon maturity of the junior subordinated notes in December 2034, or upon earlier redemption as provided in the junior subordinated notes. Since December 2009, the junior subordinated notes purchased by SH Trust I have been available to be redeemed, in whole or in part. As specified in the indenture, if the junior subordinated notes are redeemed prior to maturity, the redemption price will be the principal amount, plus any unpaid accrued interest. In accordance with U.S. GAAP, SH Trust I is not consolidated with Park’s financial statements, but rather the subordinated notes are reflected as a liability.

Repaid Subordinated Notes
As part of the acquisition of Vision’s parent bank holding company (“Vision Parent”) on March 9, 2007, Park acquired a wholly-owned statutory business trust of Vision Parent (“Trust I”). On December 5, 2005, Trust I issued $15.0 million floating rate preferred securities to institutional investors which it used to purchase $15.5 million of junior subordinated notes from Vision. Both the junior subordinated notes and the trust preferred securities, following the cessation of LIBOR, carried a floating rate based on three-month CME Term SOFR plus 174 basis points. Since December 30, 2010, Park has had the right to redeem these securities. On September 30, 2025, Park redeemed in full, $15.0 million in trust preferred securities at a redemption price in cash equal to 100% of the principal amount, plus accrued and unpaid interest.

On August 20, 2020, Park completed the issuance and sale of $175.0 million aggregate principal amount of its 4.50% Fixed-to-Floating Rate Subordinated Notes due 2030 (the "Subordinated Notes"). Beginning on September 1, 2025, Park had the right to redeem the Subordinated Notes, in whole or in part. On September 1, 2025, Park redeemed in full, $175.0 million outstanding of the Subordinated Notes at a redemption price in cash equal to 100% of the principal amount of the Subordinated Notes, plus accrued and unpaid interest.

All of the repayments described in this Note 15 were made using available cash on hand and did not involve any refinancing or issuance of new debt.

Note 16 - Derivatives

Park uses certain derivative financial instruments (or "derivatives") to meet the needs of its customers while managing the interest rate risk associated with certain transactions. Park does not use derivatives for speculative purposes. A summary of derivative financial instruments utilized by Park follows.

Interest Rate Swaps
Park utilizes interest rate swap agreements (or "interest rate swaps") as part of its asset-liability management strategy to help manage its interest rate risk position and as a means to meet the financing, interest rate and other risk management needs of qualifying commercial banking customers. The notional amount of the interest rate swaps does not represent the amount exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate swap agreements.

In conjunction with the Carolina Alliance acquisition, Park acquired interest rate swaps related to certain commercial loans. Simultaneously with borrowers entering into interest rate swaps, Carolina Alliance entered into offsetting interest rate swaps executed with a third party, such that Carolina Alliance minimized its net interest rate risk exposure resulting from such transactions. These interest rate swaps had a notional amount totaling $12.7 million and $13.1 million at March 31, 2026 and at December 31, 2025, respectively.

While these derivatives represent economic hedges, they do not qualify as hedges for accounting purposes. The aggregate fair value of the interest rate swaps is recorded in "Other assets" and "Other liabilities" with changes in fair value recorded in "Miscellaneous Other Income" and "Miscellaneous Other Expense". During the three-month periods ended March 31, 2026 and 2025, no net gain or loss was recorded related to these interest rate swaps.

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Summary information about Park's interest rate swaps at March 31, 2026 and at December 31, 2025 follows:

March 31, 2026December 31, 2025
(In thousands, except weighted average data)Loan
Derivatives		Loan
Derivatives
Notional amounts$12,692 $13,060 
Weighted average pay rates4.541 %4.533 %
Weighted average receive rates4.541 %4.533 %
Weighted average maturity (years)4.74.9
Unrealized losses$— $— 

The following table reflects the interest rate swaps included in the consolidated condensed balance sheets at March 31, 2026 and at December 31, 2025.

(In thousands)March 31, 2026December 31, 2025
Notional AmountFair ValueNotional AmountFair Value
Included in "Other assets":
Loan derivatives - instruments associated with loans
 Matched interest rate swaps with borrower $— $— $— $— 
 Matched interest rate swaps with counterparty12,692 565 13,060 548 
   Total included in "Other assets"$12,692 $565 $13,060 $548 
Included in "Other liabilities":
Loan derivatives - instruments associated with loans
 Matched interest rate swaps with borrower $12,692 $(565)$13,060 $(548)
 Matched interest rate swaps with counterparty— — — — 
    Total included in "Other liabilities"$12,692 $(565)$13,060 $(548)

Mortgage Banking Derivatives
Commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as free standing derivatives. In order to hedge the change in interest rates resulting from its commitments to fund the loans, the Company enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into. These mortgage banking derivatives are not designated as hedge relationships. The fair value of an interest rate lock is recorded at the time the commitment to fund the mortgage loan is executed and is adjusted for the expected exercise of the commitment before the loan is funded. Fair values of these mortgage banking derivatives are estimated based on changes in mortgage interest rates from the date the interest on the loan is locked. Changes in the fair values of these derivatives are included in "Other service income" in the consolidated condensed statements of income.

At March 31, 2026 and at December 31, 2025, Park had $8.3 million and $6.0 million, respectively, of interest rate lock commitments. The fair value of these mortgage banking derivatives was reflected by a derivative asset of $154,000 and $115,000 at March 31, 2026 and at December 31, 2025, respectively.

Other Derivatives
In connection with the sale of Park’s Class B Visa shares during 2009, Park entered into a swap agreement with the purchaser of the shares. The swap agreement adjusts for dilution in the conversion ratio of Class B Visa shares resulting from certain Visa litigation. At March 31, 2026 and December 31, 2025, the fair value of the swap agreement liability of $100,000 and $268,000, respectively, represented an estimate of the exposure based upon probability-weighted potential Visa litigation losses.


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Note 17 – Accumulated Other Comprehensive Loss

Other comprehensive income components, net of tax, are shown in the following table for the three-month periods ended March 31, 2026 and 2025:


(in thousands)		Changes in pension plan assets and benefit obligationsUnrealized (losses) gains on debt securities AFSTotal
Beginning balance at January 1, 2026$19,607 $(32,346)$(12,739)
Other comprehensive income before reclassifications— 5,041 5,041 
Amounts reclassified from accumulated other comprehensive loss(856)(856)
Net current period other comprehensive income— 4,185 4,185 
Ending balance at March 31, 2026$19,607 $(28,161)$(8,554)
Beginning balance at January 1, 2025$16,754 $(62,929)$(46,175)
Other comprehensive income before reclassifications — 11,516 11,516 
Net current period other comprehensive income— 11,516 11,516 
Ending balance at March 31, 2025$16,754 $(51,413)$(34,659)

The following table provides information concerning amounts reclassified out of accumulated other comprehensive loss for the three-month periods ended March 31, 2026 and 2025:

Three Months Ended
March 31,
(In thousands)20262025Affected Line Item in the Consolidated Condensed Statements of Income
Unrealized losses on AFS debt securities
Net gain on the sale of debt securities$(1,084)$— Gain on the sale of debt securities, net
Income before income taxes(1,084)— Income before income taxes
Income tax effect(228)— Income taxes
  Net of income tax benefit$(856)$— Net income

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Note 18 – Earnings Per Common Share
 
The following table sets forth the computation of basic and diluted earnings per common share for three months ended March 31, 2026 and 2025.
 
Three Months Ended
March 31,
(In thousands, except common share and per common share data)20262025
Numerator:
Net income $41,687 $42,157 
Denominator:
Weighted-average common shares outstanding17,381,922 16,159,342 
Effect of dilutive PBRSUs and TBRSUs75,651 79,359 
Weighted-average common shares outstanding adjusted for the effect of dilutive PBRSUs and TBRSUs17,457,573 16,238,701 
Earnings per common share:
Basic earnings per common share$2.40 $2.61 
Diluted earnings per common share$2.39 $2.60 

Park awarded 58,778 PBRSUs and 49,350 PBRSUs to certain employees during the three months ended March 31, 2026 and 2025, respectively.

On February 1, 2026, Park issued 1,988,131 common shares to complete its acquisition of First Citizens and granted 13,890 TBRSUs to former First Citizens employees. These common shares are included in average common shares outstanding beginning on that date.

No common shares were repurchased during the three months ended March 31, 2026 or 2025, respectively, to fund the PBRSUs, TBRSUs, and the common shares to be awarded to directors of Park and to directors of Park's subsidiary PNB (and its divisions) as well as pursuant to Park's previously announced stock repurchase authorizations

Note 19 - Share-Based Compensation

The 2017 Employees LTIP was adopted by the Board of Directors of Park on January 23, 2017 and was approved by Park's shareholders at the Annual Meeting of Shareholders on April 24, 2017. The 2017 Employees LTIP makes equity-based awards and cash-based awards available for grant to employee participants in the form of incentive stock options, nonqualified stock options, SARs, restricted stock, restricted stock units, other stock-based awards and cash-based awards. Under the 2017 Employees LTIP, 750,000 common shares are authorized to be delivered in connection with grants under the 2017 Employees LTIP. The common shares to be delivered under the 2017 Employees LTIP are to consist of either common shares currently held or common shares subsequently acquired by Park as treasury shares, including common shares purchased in the open market or in private transactions. At March 31, 2026, 77,332 common shares were available for future grants under the 2017 Employees LTIP.

The 2017 Non-Employee Directors LTIP was adopted by the Board of Directors of Park on January 23, 2017 and was approved by Park's shareholders at the Annual Meeting of Shareholders on April 24, 2017. The 2017 Non-Employee Directors LTIP makes equity-based awards and cash-based awards available for grant to non-employee director participants in the form of nonqualified stock options, SARs, restricted stock, restricted stock units, other stock-based awards, and cash-based awards. Under the 2017 Non-Employee Directors LTIP, 150,000 common shares are authorized to be delivered in connection with grants under the 2017 Non-Employee Directors LTIP. The common shares to be delivered under the 2017 Non-Employee Directors LTIP are to consist of either common shares currently held or common shares subsequently acquired by Park as treasury shares, including common shares purchased in the open market or in private transactions. At March 31, 2026, 30,000 common shares were available for future grants under the 2017 Non-Employee Directors LTIP.

During the three months ended March 31, 2026 and 2025, the Compensation Committee of the Board of Directors of Park granted awards of PBRSUs, under the 2017 Employees LTIP, covering an aggregate of 58,778 common shares and 49,350 common shares, respectively, to certain employees of Park and its subsidiaries. At March 31, 2026, Park reported 192,359
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nonvested PBRSUs. The number of PBRSUs earned or settled will depend on the level of achievement with respect to certain performance criteria over a three-year period. The PBRSUs are also subject to subsequent service-based vesting.

Additionally, on February 1, 2026, Park granted 13,890 TBRSUs to former First Citizens employees. The number of TBRSUs earned or settled are subject to service-based vesting.

A summary of changes in the common shares subject to nonvested PBRSUs and TBRSUs for the three months ended March 31, 2026 and 2025 follows. PBRSUs herein represent the maximum number of nonvested PBRSUs. The fair value of the PBRSUs and TBRSUs was determined using the quoted price of Park stock on the date of grant.

Common shares subject to PBRSUs and TBRSUsWeighted-Average Grant-Date Fair Value
Nonvested at January 1, 2025186,020 $131.20 
Granted49,350 170.72 
Vested(51,833)119.31 
Forfeited— — 
Adjustment for performance conditions of PBRSUs (1)
— — 
Nonvested at March 31, 2025183,537 $145.19 
Nonvested at January 1, 2026182,384 $145.13 
Granted72,668 159.59 
Vested(47,355)138.65 
Forfeited(1,448)148.13 
Adjustment for performance conditions of PBRSUs (1)
— — 
Nonvested at March 31, 2026 (2)
206,249 $151.69 
(1) The number of PBRSUs earned depends on the level of achievement with respect to certain performance criteria. Adjustment herein, if any, represents the difference between the maximum number of common shares which could be earned and the actual number earned for those PBRSUs as to which the performance period was completed.
(2) Nonvested amount herein represents the maximum number of nonvested PBRSUs and TBRSUs. As of March 31, 2026, an aggregate of 205,596 PBRSUs and TBRSUs were expected to vest.

A summary of awards vested during the three months ended March 31, 2026 and 2025 follows:

Three Months Ended
March 31,
20262025
PBRSUs vested47,35551,833 
Common shares withheld to satisfy employee income tax withholding obligations17,66019,468 
Net common shares issued29,69532,365

Share-based compensation expense of $2.2 million and $2.0 million was recognized for the three-month periods ended March 31, 2026 and 2025, respectively.

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The following table details expected additional share-based compensation expense related to PBRSUs and TBRSUs outstanding at March 31, 2026:

(In thousands)
Nine months ending December 31, 2026$6,860 
20276,837 
20284,176 
20291,758 
2030277 
Total$19,908 

Note 20 – Benefit Plans
 
Park has a noncontributory defined benefit pension plan (the "Pension Plan") covering substantially all of its employees. The Pension Plan provides benefits based on an employee’s years of service and compensation.
 
There were no Pension Plan contributions for any of the three-month periods ended March 31, 2026 or 2025. Additionally, no contributions are expected to be made during the remainder of 2026.
 
The following table shows the components of net periodic pension benefit income:

Three Months Ended
March 31,		Affected Line Item in the Consolidated
Condensed Statements of Income
(In thousands)20262025
Service cost$1,607 $1,632 Employee benefits
Interest cost1,570 1,478 Other components of net
periodic pension benefit income
Expected return on plan assets(4,035)(3,834)Other components of net
periodic pension benefit income
Recognized prior service cost(27)12 Other components of net
periodic pension benefit income
Net periodic pension benefit income$(885)$(712)

Park has entered into Supplemental Executive Retirement Plan Agreements (the “SERP Agreements”) with certain key officers of Park and its subsidiaries which provide defined pension benefits in excess of limits imposed by federal tax law. The expense for the Corporation related to the SERP Agreements for the three months ended March 31, 2026 and 2025 was as follows:

Three Months Ended
March 31,		Affected Line Item in the Consolidated
Condensed Statements of Income
(In thousands)20262025
Service cost$201 $194 Employee benefits
Interest cost210 182 Miscellaneous expense
Total SERP expense$411 $376 

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Note 21 – Fair Value
 
The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that Park uses to measure fair value are as follows:

•Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that Park has the ability to access as of the measurement date.
•Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
•Level 3: Significant unobservable inputs that reflect Park's own assumptions about the assumptions that market participants would use in pricing an asset or liability. This could include the use of internally developed models, financial forecasting and similar inputs.
 
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the balance sheet date. When possible, the Company looks to active and observable markets to price identical assets or liabilities. When identical assets and liabilities are not traded in active markets, the Company looks to observable market data for similar assets and liabilities. However, certain assets and liabilities are not traded in observable markets and Park must use other valuation methods to develop a fair value. The fair value of individually evaluated collateral dependent loans is typically based on the fair value of the underlying collateral, which is estimated through third-party appraisals in accordance with Park's valuation requirements under its commercial and real estate loan policies.

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Assets and Liabilities Measured at Fair Value on a Recurring Basis:
 
The following table presents assets and liabilities measured at fair value on a recurring basis:
 
Fair Value Measurements at March 31, 2026 using:
(In thousands)Level 1Level 2Level 3Balance at March 31, 2026
Assets    
Investment securities:    
Obligations of U.S. Government sponsored entities$— $109,257 $— $109,257 
Obligations of states and political subdivisions— 237,258 848 238,106 
U.S. Government sponsored entities’ asset-backed securities— 833,515 — 833,515 
Collateralized loan obligations— 38,133 — 38,133 
Corporate debt securities— 13,749 6,968 20,717 
Equity securities17,468 456 636 18,560 
Mortgage loans held for sale— 10,248 — 10,248 
Mortgage IRLCs— 154 — 154 
Loan interest rate swaps— 565 — 565 
Liabilities    
Fair value swap$— $— $100 $100 
Loan interest rate swaps— 565 — 565 
 
Fair Value Measurements at December 31, 2025 using:
(In thousands)Level 1Level 2Level 3Balance at December 31, 2025
Assets    
Investment securities:    
Obligations of states and political subdivisions$— $211,823 $— $211,823 
U.S. Government sponsored entities’ asset-backed securities— 399,964 — 399,964 
Collateralized loan obligations— 56,143 — 56,143 
Corporate debt securities— 13,322 7,416 20,738 
Equity securities16,867 — 626 17,493 
Mortgage loans held for sale— 4,004 — 4,004 
Mortgage IRLCs— 115 — 115 
Loan interest rate swaps— 548 — 548 
Liabilities    
Fair value swap$— $— $268 $268 
Loan interest rate swaps— 548 — 548 
 
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The following methods and assumptions were used by the Company in determining the fair value of the financial assets and financial liabilities discussed above:

Fair value swap: The fair value of the swap agreement entered into with the purchaser of the Visa Class B shares represents an internally developed estimate of the exposure based upon probability-weighted potential Visa litigation losses and is classified as Level 3.

Interest rate swaps:  The fair values of interest rate swaps are based on valuation models using observable market data as of the measurement date (Level 2).

Investment securities: Fair values for investment securities are based on quoted market prices, where available (Level 1). If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments (Level 2). This includes the use of "matrix pricing" to value debt securities absent the exclusive use of quoted prices. For equity securities where quoted prices or market prices of similar securities are not available, fair values are calculated using alternative valuation techniques, based on unobservable inputs (Level 3). For debt securities where quoted prices or market prices of similar securities are not available, fair values are calculated using DCF (Level 3).

Mortgage interest rate lock commitments: Mortgage IRLCs are based on current secondary market pricing and are classified as Level 2.
 
Mortgage loans held for sale: Mortgage loans held for sale are carried at their fair value. Mortgage loans held for sale are estimated using market prices for similar product types and, therefore, are classified in Level 2.

The following tables present a reconciliation of the beginning and ending balances of the Level 3 inputs for the three-month periods ended March 31, 2026 and 2025, for financial instruments measured on a recurring basis and classified as Level 3:

Level 3 Fair Value Measurements
Three months ended March 31, 2026 and 2025
(In thousands)Corporate debt securitiesEquity securitiesFair value
swap
Balance at January 1, 2026$7,416 $626 $(268)
Transfer into (out of) level 3, net(404)— — 
Total gains / (losses)
Included in other income / other (expense)— 10 (42)
    Included in other comprehensive income(44)— — 
Purchases, sales, issuances and settlements, other, net— — 210 
Balance at March 31, 2026$6,968 $636 $(100)
Balance at January 1, 2025$6,664 $603 $(103)
Transfers into (out of) level 3, net— — — 
Total gains / (losses)
Included in other income / other (expense)— 8 (130)
Included in other comprehensive income58 — — 
Balance at March 31, 2025$6,722 $611 $(233)

One corporate debt security with a fair value of $404,000 as of December 31, 2025, was transferred out of Level 3 and into Level 2, during the three months ended March 31, 2026, because observable market data became available for this investment. Level 3 corporate debt securities consisted of a single debt security March 31, 2026 and two debt securities at December 31, 2025, which were valued using a discounted cash flow calculation. Significant unobservable inputs included a credit spread assumption which was 3.67% at March 31, 2026, and ranged from 3.67% to 4.45% at December 31, 2025.

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Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis:
 
The following methods and assumptions were used by the Company in determining the fair value of assets and liabilities measured at fair value on a nonrecurring basis as described below:

Individually evaluated collateral dependent loans: When a loan is individually evaluated, it is valued at the lower of cost or fair value. Collateral dependent loans which are individually evaluated and carried at fair value have been partially charged off or receive allocations of the allowance for credit losses. For collateral dependent loans, fair value is generally based on real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including the comparable sales approach and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments result in a Level 3 classification of the inputs for determining fair value. Collateral is then adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the customer and the customer’s business, resulting in a Level 3 fair value classification. Individually evaluated loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly. Additionally, valuations for all collateral dependent loans are updated annually, either through independent valuations by a licensed appraiser or a VOV performed by an internal licensed appraiser, in accordance with Company policy. A VOV can only be used in select circumstances and verifies that the original appraised value has not deteriorated through property inspection, consideration of market conditions, and performance of all valuation methods utilized in a prior valuation.

Loans individually evaluated for impairment include all internally classified commercial nonaccrual loans and accruing collateral dependent loans to borrowers experiencing financial difficulty.

OREO: Assets acquired through or in lieu of loan foreclosure are initially recorded at fair value less costs to sell when acquired. The carrying value of OREO is not re-measured to fair value on a recurring basis, but is subject to fair value adjustments when the carrying value exceeds the fair value, less estimated selling costs. Fair value is based on recent real estate appraisals and is updated at least annually. These appraisals may utilize a single valuation approach or a combination of approaches including the comparable sales approach and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments result in a Level 3 classification of the inputs for determining fair value.
 
Appraisals for both individually evaluated collateral dependent loans and OREO are performed by licensed appraisers. Appraisals are generally obtained to support the fair value of collateral. In general, there are three types of appraisals received by the Company: real estate appraisals, income approach appraisals, and lot development loan appraisals. These are discussed below:
 
•Real estate appraisals typically incorporate measures such as recent sales prices for comparable properties. Appraisers may make adjustments to the sales prices of the comparable properties as deemed appropriate based on the age, condition or general characteristics of the subject property. Management generally applies a 15% discount to real estate appraised values which management expects will cover all disposition costs (including selling costs). This 15% discount is based on historical discounts to appraised values on sold OREO.

•Income approach appraisals typically incorporate the annual net operating income of the business divided by an appropriate capitalization rate, as determined by the appraiser. Management generally applies a 15% discount to income approach appraised values which management expects will cover all disposition costs (including selling costs).

•Lot development loan appraisals are typically performed using a DCF analysis. Appraisers determine an anticipated absorption period and a discount rate that takes into account an investor’s required rate of return based on recent comparable sales. Management generally applies a 6% discount to lot development appraised values, which is an additional discount above the net present value calculation included in the appraisal, to account for selling costs.

MSRs: MSRs are carried at the lower of cost or fair value. MSRs do not trade in active, open markets with readily observable prices. For example, sales of MSRs do occur, but precise terms and conditions typically are not readily available. As such, management, with the assistance of a third-party specialist, determines fair value based on the discounted value of the future cash flows estimated to be received. Significant inputs include the discount rate and assumed prepayment speeds. The calculated fair value is then compared to market values where possible to ascertain the reasonableness of the valuation in relation to current market expectations for similar products. Accordingly, MSRs are classified as Level 2.

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The following tables present assets and liabilities measured at fair value on a nonrecurring basis. Individually evaluated collateral dependent loans secured by real estate are carried at fair value if they have been charged down to fair value or if a specific valuation allowance has been established. At March 31, 2026 and December 31, 2025, there were no PCD loans carried at fair value. Additionally, there were no accruing, individually evaluated, collateral-dependent loans carried at fair value. A new cost basis is established at the time a property is initially recorded in OREO. OREO properties are carried at fair value if a devaluation has been taken with respect to the property's value subsequent to the initial measurement. There were no OREO properties recorded at fair value as of March 31, 2026.

Fair Value Measurements at March 31, 2026 using:
(In thousands)Level 1Level 2Level 3Balance at March 31, 2026
Nonaccrual, individually evaluated, collateral-dependent loans recorded at fair value:    
Commercial, financial and agricultural (1)
$— $— $2,598 $2,598 
Commercial real estate— — 1,1731,173
Residential real estate— — 555 555 
Total nonaccrual, individually evaluated, collateral-dependent loans recorded at fair value$— $— $4,326 $4,326 
MSRs$— $40 $— $40 
(1) Includes commercial, financial and agricultural loans in which real estate collateral was obtained subsequent to loan origination.

Fair Value Measurements at December 31, 2025 using:
(In thousands)Level 1Level 2Level 3Balance at December 31, 2025
Nonaccrual, individually evaluated, collateral-dependent loans recorded at fair value:    
Commercial, financial and agricultural (1)
$— $— $3,674 $3,674 
Commercial real estate— — 370370
Residential real estate— — 17 17 
Total nonaccrual, individually evaluated, collateral-dependent loans recorded at fair value$— $— $4,061 $4,061 
MSRs$— $35 $— $35 
(1) Includes commercial, financial and agricultural loans in which real estate collateral was obtained subsequent to loan origination.
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The tables below provide additional detail on those nonaccrual individually evaluated loans which are recorded at fair value as well as the remaining nonaccrual individually evaluated loan portfolio not included above. The remaining nonaccrual individually evaluated loans consist of 1) loans which are not collateral dependent, 2) loans which are not secured by real estate, and 3) loans carried at cost as the fair value of the underlying collateral or the present value of expected future cash flows on each of the loans exceeded the book value for each respective credit.

March 31, 2026
(In thousands)Loan BalancePrior Charge-OffsSpecific Valuation AllowanceCarrying Balance
Total nonaccrual, individually evaluated, collateral-dependent loans recorded at fair value$5,557 $4,579 $1,231 $4,326 
Remaining nonaccrual, individually evaluated loans54,651 103 1,810 52,841 
Total nonaccrual, individually evaluated loans$60,208 $4,682 $3,041 $57,167 

December 31, 2025
(In thousands)Loan BalancePrior Charge-OffsSpecific Valuation AllowanceCarrying Balance
Total nonaccrual, individually evaluated, collateral-dependent loans recorded at fair value$4,081 $4,640 $20 $4,061 
Remaining nonaccrual, individually evaluated loans42,843 100 719 42,124 
Total nonaccrual, individually evaluated loans$46,924 $4,740 $739 $46,185 

The expense from credit adjustments related to nonaccrual individually evaluated loans carried at fair value was $1.2 million and $68,000 for the three-month periods ended March 31, 2026 and 2025, respectively.

MSRs totaled $13.6 million at March 31, 2026. Of this $13.6 million MSR carrying balance, $40,000 was recorded at fair value and included a valuation allowance of $4,000. The remaining $13.6 million was recorded at cost, as the fair value exceeded cost at March 31, 2026. At December 31, 2025, MSRs totaled $13.7 million. Of this $13.7 million MSR carrying balance, $35,000 was recorded at fair value and included a valuation allowance of $3,000. The remaining $13.7 million was recorded at cost, as the fair value exceeded cost at December 31, 2025. The (expense) income related to MSRs carried at fair value was $(1,000) and $2,000 for the three-month periods ended March 31, 2026 and 2025, respectively.

Total OREO held by Park at March 31, 2026 and December 31, 2025 was $24.5 million and $0.7 million, respectively. At March 31, 2026 and December 31, 2025, there was no OREO held by Park that was carried at fair value due to fair value adjustments made subsequent to the initial OREO measurement. The expense related to OREO fair value adjustments was $22,000 during the three-month period ended March 31, 2026. There was no expense related to OREO carried at fair value during the three-month periods ended March 31, 2025.
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The following tables present qualitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at March 31, 2026 and December 31, 2025:

March 31, 2026
(In thousands)Fair ValueValuation TechniqueUnobservable Input(s)Range
(Weighted Average)
Nonaccrual, individually evaluated, collateral-dependent loans:  
Commercial, financial and agricultural$2,598 Sales comparison approachAdj to comparables
5.0% - 46.0% (25.5%)
Commercial real estate$1,173 Sales comparison approachAdj to comparables
0.0% - 48.5% (16.9%)
Income approachCapitalization rate
2.0% - 10.0% (8.1%)
Cost approachEntrepreneurial profit
5.0% (5.0%)
Cost approachAccumulated depreciation
33.5% (33.5%)
Residential real estate$555 Sales comparison approachAdj to comparables
0.2% - 27.0% (9.8%)

December 31, 2025
(In thousands)Fair ValueValuation TechniqueUnobservable Input(s)Range
(Weighted Average)
Nonaccrual, individually evaluated, collateral-dependent loans:  
Commercial, financial and agricultural$3,674 Sales comparison approachAdj to comparables
5.0% - 46.0% (25.5%)
Commercial real estate$370 Sales comparison approachAdj to comparables
0.0% - 10.0% (3.8%)
Income approachCapitalization rate
10.0% (10.0%)
Residential real estate$17 Sales comparison approachAdj to comparables
11.9% - 38.9% (25.4%)



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Assets Measured at Net Asset Value:

Park's portfolio of Partnership Investments is valued using the NAV practical expedient in accordance with ASC 820.

At March 31, 2026 and at December 31, 2025, Park had Partnership Investments with a NAV of $40.9 million and $39.3 million, respectively. At March 31, 2026 and at December 31, 2025, Park had $11.7 million and $12.6 million, respectively, in unfunded commitments related to these Partnership Investments. For the three-month periods ended March 31, 2026 and 2025, Park recognized income (expense) of $0.5 million and $(0.3) million, respectively, related to these Partnership Investments.

Fair Value Balance Sheet:

The fair value of certain financial instruments at March 31, 2026 and at December 31, 2025, was as follows:

March 31, 2026
  Fair Value Measurements
(In thousands)Carrying valueLevel 1Level 2Level 3Total fair value
Financial assets:
Cash and money market instruments$983,137 $983,137 $— $— $983,137 
Investment securities (1)
1,239,728 — 1,231,912 7,816 1,239,728 
Other investment securities (2)
18,560 17,468 456 636 18,560 
Mortgage loans held for sale10,248 — 10,248 — 10,248 
Mortgage IRLCs154 — 154 — 154 
Individually evaluated loans carried at fair value4,326 — — 4,326 4,326 
Other loans, net9,543,942 — — 9,446,923 9,446,923 
Loans receivable, net$9,558,670 $— $10,402 $9,451,249 $9,461,651 
Financial liabilities:     
Time deposits$1,378,998 $— $1,385,893 $— $1,385,893 
Brokered deposits and Bid Ohio CDs47,448 — 47,342 — 47,342 
Other3,035 3,035 — — 3,035 
Deposits (excluding demand deposits)$1,429,481 $3,035 $1,433,235 $— $1,436,270 
Short-term borrowings$135,176 $— $135,176 $— $135,176 
Subordinated notes15,000 — 14,720 — 14,720 
Derivative financial instruments - assets:
Loan interest rate swaps$565 $— $565 $— $565 
Derivative financial instruments - liabilities:     
Fair value swap$100 $— $— $100 $100 
Loan interest rate swaps565 — 565 — 565 
(1) Includes debt securities AFS.
(2) Excludes FHLB stock and FRB stock which are carried at their respective redemption values, investment securities accounted for at modified cost as these investments do not have a readily determinable fair value, and Partnership Investments valued using the NAV practical expedient.
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December 31, 2025
  Fair Value Measurements
(In thousands)Carrying valueLevel 1Level 2Level 3Total fair value
Financial assets:
Cash and money market instruments$233,513 $233,513 $— $— $233,513 
Investment securities (1)
688,668 — 681,252 7,416 688,668 
Other investment securities (2)
17,493 16,867 — 626 17,493 
Mortgage loans held for sale4,004 — 4,004 — 4,004 
Mortgage IRLCs115 — 115 — 115 
Individually evaluated loans carried at fair value4,061 — — 4,061 4,061 
Other loans, net7,950,089 — — 7,848,810 7,848,810 
Loans receivable, net$7,958,269 $— $4,119 $7,852,871 $7,856,990 
Financial liabilities:     
Time deposits$772,952 $— $774,487 — $774,487 
Brokered deposits and Bid Ohio CDs17,000 — 17,000 — 17,000 
Other1,216 1,216 — — 1,216 
Deposits (excluding demand deposits)$791,168 $1,216 $791,487 $— $792,703 
Short-term borrowings$81,711 $— $81,711 $— $81,711 
Derivative financial instruments - assets:     
Loan interest rate swaps$548 $— $548 $— $548 
Derivative financial instruments - liabilities:
Fair value swap$268 $— $— $268 $268 
Loan interest rate swaps548 — 548 — 548 
(1) Includes debt securities AFS.
(2) Excludes FHLB stock and FRB stock which are carried at their respective redemption values, investment securities accounted for at modified cost as these investments do not have a readily determinable fair value, and Partnership Investments valued using the NAV practical expedient.


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Note 22 - Segment Information

Park's chief operating decision maker is Park's Chief Executive Officer and President. While the chief decision maker monitors the operating results of its lines of business, operations are managed and financial performance is evaluated on a consolidated basis. Accordingly, all of the financial service operations are considered by management to be aggregated in one reportable operating segment.

The segment is determined by the level of information provided to the chief operating decision maker, who uses such information to review performance of various components of the business, which are then aggregated if operating performance, products, and services are similar. The chief operating decision maker will evaluate the financial performance of Park's business components such as by evaluating interest income, interest expense, other revenue streams, significant expenses, and budget to actual results in assessing Park's segment and in the determination of allocation resources. The chief operating decision maker uses consolidated net income to benchmark Park against its peers. The benchmarking analysis coupled with monitoring of budget to actual results are used in assessment of performance and in establishing compensation. Loans, investments, deposits, and fiduciary income provide the revenues in the banking operation. Interest expense, provisions for credit losses, and payroll/benefits provide the significant expenses in the banking operation. All operations are domestic.

Accounting policies for Park's reportable segment are the same as described in Note 1 - Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements included in Park’s 2025 Form 10-K. Segment performance is evaluated using consolidated net income. Information reported internally for performance assessment by the chief operating decision maker follows, inclusive of reconciliations of significant segment totals to the financial statements.



































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Banking Segment
Three Months Ended
March 31,
(in thousands)20262025
Interest Income$154,777 $132,200 
Reconciliation of Revenue
Other revenues$33,728 $25,746 
Total consolidated revenues$188,505 $157,946 
Less:
Interest expense$28,997 $27,823 
Segment net interest income and noninterest income$159,508 $130,123 
Less:
Provision for credit losses2,672756
Salaries45,57736,216
Employee benefits11,69210,516
Occupancy expense4,5723,519
Furniture and equipment expense2,5172,301
Data processing fees13,14110,529
Professional fees and services16,8287,307
Marketing1,5561,528
Insurance2,0741,686
Communication1,4251,202
State tax expense1,3671,186
Amortization of intangible assets1,279274
Miscellaneous3,1311,900
Income taxes9,9909,046
Segment net income/consolidated net income$41,687 $42,157 
Other segment disclosures
Interest income154,777132,200
Interest expense28,99727,823
Depreciation2,8512,913
Amortization1,279274
Other significant noncash items:
Provision for credit losses2,672756
Reconciliation of assets
Total assets for reportable segments$12,983,967 $9,886,612 
Other assets——
Total consolidated assets$12,983,967 $9,886,612 
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Note 23 - Revenue from Contracts with Customers

All of Park's revenue from contracts with customers within the scope of ASC 606 is recognized within "Other income" in the Consolidated Condensed Statements of Income. All of Park's operations are considered by management to be aggregated in one reportable segment.

The following table presents the Corporation's sources of other income by revenue stream for the three-month periods ended March 31, 2026 and March 31, 2025:

Three Months Ended
March 31,
Revenue by Operating Segment (in thousands)20262025
Income from fiduciary activities
   Personal trust and agency accounts$3,627 $3,158 
   Employee benefit and retirement-related accounts3,343 2,961 
   Investment management and investment advisory agency accounts4,692 4,251 
   Other681 624 
Service charges on deposit accounts
    NSF fees1,390 763 
    DDA charges1,771 1,475 
    Other187 169 
Other service income (1)
    Credit card697 677 
    HELOC83 107 
    Installment108 76 
    Real estate2,511 1,778 
    Commercial287 298 
Debit card fee income6,973 6,089 
Bank owned life insurance income (2)
1,707 1,512 
ATM fees380 335 
Gain on the sale of debt securities, net (2)
1,084 — 
Gain (loss) on equity securities, net (2)
799 (862)
Other components of net periodic pension benefit income (2)
2,492 2,344 
Miscellaneous (3)
916 (9)
Total other income$33,728 $25,746 
(1) "Other Service Income" totaled $3.7 million and $2.9 million for the three months ended March 31, 2026 and 2025, respectively. Of this aggregate revenue approximately $1.6 million and $1.4 million was within the scope of ASC 606, with the remaining $2.1 million and $1.5 million consisting primarily of certain residential real estate loan fees which were out of scope for the three months ended March 31, 2026 and 2025, respectively.
(2) Not within the scope of ASC 606.
(3) "Miscellaneous Income" included brokerage income, safe deposit box rentals, gains/losses on asset sales and miscellaneous bank fees totaling $0.9 million and $(9,000) for the three months ended March 31, 2026 and 2025, respectively, all of which were within the scope of ASC 606.

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A description of Park's material revenue streams accounted for under ASC 606 follows:

Income from fiduciary activities (gross): Park earns fiduciary fee income and investment brokerage fees from its contracts
with wealth management customers for various fiduciary and investment-related services. These fees are earned over time as
the Company provides the contracted monthly and quarterly services and are generally assessed based on the market value of
the trust assets.

Service charges on deposit accounts and ATM fees: The Corporation earns fees from the Corporation's deposit customers for
transaction-based, account maintenance, and overdraft services. Fees for transaction-based services, which include services
such as ATM use fees, stop payment charges, statement rendering fees, and ACH fees, are recognized at the time the
transaction is executed as that is the point in time the Corporation fulfills the customer's request. Account maintenance fees,
which relate primarily to monthly maintenance, are generally recognized at the end of the month, representing the period over
which the Corporation satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft
occurs. Service charges on deposits are withdrawn from the customer's account balance.

Other service income: Other service income includes income from (1) the sale and servicing of loans sold to the secondary market, (2) incentive income from third-party credit card issuers, and (3) loan customers for various loan-related activities and services. Income related to the sale and servicing of loans sold to the secondary market is included within "Other service income", but is not within the scope of ASC 606. Services that fall within the scope of ASC 606 are recognized as revenue when the Company satisfies the Company's performance obligation to the customer.

Debit card fee income: Park earns interchange fees from debit cardholder transactions conducted primarily through the Visa payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, net of card network fees, concurrently with the transaction processing services provided to the cardholder.




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ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
 
Non-U.S. GAAP Financial Measures

This Management's Discussion and Analysis of Financial Condition and Results of Operations (or "MD&A") contains non-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 herein.

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/(recovery of) credit losses (aside from those related to former Vision Bank loan relationships), gains (losses) on equity securities, net, and asset valuation adjustments, reflect ordinary banking activities and are, therefore, typically excluded from consideration as items impacting comparability of period results.

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

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

Calculation of Non-U.S. GAAP Financial Measures
Park's management uses certain non-U.S. GAAP financial measures to evaluate Park's performance. Specifically, management reviews the return on average tangible equity, the return on average tangible assets and pre-tax, pre-provision net income.

Management has included in the tables included within the "Items Impacting Comparability" section of this MD&A information relating to the annualized return on average tangible equity, the annualized return on average tangible assets and pre-tax, pre-provision net income for the three months ended March 31, 2026 and March 31, 2025. For the purpose of calculating the annualized return on average tangible equity, a non-U.S. GAAP financial measure, net income for each period is divided by average tangible equity during the period. Average tangible equity equals average shareholders' equity during the applicable period less average goodwill and other intangible assets during the applicable period. For the purpose of calculating the annualized return on average tangible assets, a non-U.S. GAAP financial measure, net income for each period is divided by average tangible assets during the period. Average tangible assets equals average assets during the applicable period less average goodwill and other intangible assets during the applicable period. For the purpose of calculating 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 and pre-provision net income presents additional information to the reader of the condensed consolidated financial statements, which, when read in conjunction with the condensed 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 tables included within the "Items Impacting Comparability" section of this MD&A, Park has provided a reconciliation of average tangible equity from average shareholders' equity, average tangible assets from average 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 and pre-tax, pre-provision net
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income are substitutes for the annualized return on average equity, the annualized return on average assets 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 federal corporate income tax rate of 21 percent. In the tables included within the "Items Impacting Comparability" section of this MD&A, 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.

Critical Accounting Estimates
 
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from those estimates.
 
Allowance for Credit Losses: Park believes the determination of the allowance for credit losses involves a higher degree of judgment and complexity than its other significant accounting policies. The allowance for credit losses is calculated with the objective of maintaining a reserve level believed by management to be sufficient to absorb estimated credit losses over the life of an asset or an off-balance sheet credit exposure. Management’s determination of the adequacy of the allowance for credit losses is based on periodic evaluations of past events, including historical credit loss experience on financial assets with similar risk characteristics, current conditions, and reasonable and supportable forecasts that affect the collectability of the remaining cash flows over the contractual term of the financial assets. However, this evaluation has subjective components requiring material estimates, including expected default probabilities, the expected loss given default, the amounts and timing of expected future cash flows on individually evaluated loans, and estimated losses based on historical loss experience and forecasted economic conditions. All of these factors may be susceptible to significant change. To the extent that actual results differ from management estimates, additional provisions for credit losses may be required that would adversely impact earnings in future periods.

One of the significant judgments impacting the ACL estimate is the economic forecasts for Ohio unemployment, Ohio GDP, and Ohio HPI. These economic forecasts inform the regression model used to calculate cash flows during the reasonable and supportable forecast period. Additionally, multiple economic forecast scenarios are weighted to arrive at the quantitative reserve. Changes in the economic forecast or weighting could significantly affect the estimated credit losses which could potentially lead to materially different allowance levels from one reporting period to the next.

As noted above, in calculating the ACL, management weighs different scenarios, including a baseline (most likely) scenario and an adverse scenario. At March 31, 2026, management applied a 50% weighting to the baseline scenario and applied a 50% weighting to the adverse scenario. To create hypothetical sensitivity analyses, management calculated a quantitative allowance using a 100% weighting applied to a baseline scenario and a quantitative allowance using a 100% weighting applied to an adverse scenario. The adverse scenario assumes among other things that: (1) Russia’s invasion of Ukraine will persist longer than expected. Risk increases that China might block the Taiwan Strait. Business and consumer confidence declines. Declines in European economies and retaliatory tariffs hurt US exports and corporate earnings in subsidiaries. (2) The conflict between the US and Iran results in the Strait of Hormuz being closed longer than expected causing oil prices to rise to $107 per barrel in Q2 2026 compared to $76 in baseline. (3) The combination of recession and rising inflation cause the Federal Reserve to lower federal funds rates in Q2 2026 but only slightly below baseline for a couple of quarters. As the recession persists and inflation subsides the Federal Reserve subsequently reduces the federal funds rate more significantly. (4) Europe goes into a recession as increased tariffs lower exports. Populism in Europe rises, raising uncertainties about longevity of the Euro zone and causes financial stress to highly indebted nations, especially Italy. These developments further lower US exports and corporate earnings of foreign subsidiaries of US companies. (5) The tariff rate rises to 19%, more than the 11% in baseline, and it remains there through the end of 2028. There is full and permanent extension of the Tax Cuts and Jobs Act with enhancements included in the One Big Beautiful Bill Act. Growth in Medicaid and food assistance funding is reduced but rising health care costs will keep upward pressure on public health spending and the discretionary non-defense budget is capped below historic average. Defense spending is expected to grow. Tax revenues are lower than in the baseline creating a higher deficit and concerns about national debt level raises uncertainty over the course of tax policy. Though no crisis materializes, business and consumer sentiment is damaged. (6) Recession Q1 2026 and lasts through Q4 2026 and real GDP declines by 2.6%. Unemployment rate rises to a peak of 8.5% Q2 2027. Stock market falls 35% from Q1 2026 to Q4 2026. Excluding consideration of qualitative adjustments, this sensitivity analysis would result in a hypothetical increase in Park's ACL of $32.5 million as of March 31,
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2026 if only the adverse scenario was used. Excluding consideration of qualitative adjustments, a corresponding $32.5 million decrease in Park's ACL would occur in a hypothetical scenario if only the baseline (most likely) scenario was used.

Refer to the "Credit Metrics and Provision for Credit Losses" section of this MD&A for additional discussion.

Pension Plan: The determination of pension plan obligations and related expenses requires the use of assumptions to estimate the amount of benefits that employees will earn while working, as well as the present value of those benefits. Annual pension income/expense is principally based on four components: (1) the value of benefits earned by employees for working during the year (service cost), (2) the increase in the liability due to the passage of time (interest cost), and (3) other gains and losses, reduced by (4) the expected return on plan assets for our pension plan.

Significant assumptions used to measure our annual pension expense include:

•the interest rate used to determine the present value of liabilities (discount rate);
•certain employee-related factors, such as turnover, retirement age and mortality;
•the expected return on assets in our funded Pension Plan; and
•the rate of salary increases where benefits are based on earnings.

Our assumptions reflect our historical experience and management’s best judgment regarding future expectations. Due to the significant management judgment involved, our assumptions could have a material impact on the measurement of our Pension Plan income/expense and obligation.

Business Combinations: Business combinations are accounted for by applying the acquisition method. As of acquisition date, the identifiable assets acquired and liabilities assumed are measured at fair value and recognized separately from goodwill. The calculation of the core deposit intangible asset and the fair value of loans are based on significant judgments.

The valuation of core deposit intangibles acquired in business combinations is a critical accounting estimate due to the significant judgment required in estimating deposit attrition, discount rates, the cost of alternative funding sources, and net maintenance costs. These assumptions directly affect the recorded value and amortization of the intangible asset, and changes in assumptions could materially impact future earnings.

The valuation of loans acquired in a business combination is a critical accounting estimate due to the significant judgment required in estimating expected cash flows, credit losses, and discount rates. Following adoption of ASU 2025‑08, acquired loans are accounted for using a gross‑up approach, with expected credit losses recorded as an adjustment to the loan’s amortized cost basis rather than through a day 1 provision for credit loss expense. Determining the acquisition‑date fair value of these loans involves estimating the principal and interest cash flows expected to be collected, considering a number of factors including the remaining contractual life of the loans, delinquency status, estimated prepayment behavior, payment options and other loan features, internal risk grades, estimated values of underlying collateral, and the prevailing interest rate environment. Changes in these assumptions could materially affect future earnings

Acquisition of First Citizens

On February 1, 2026, First Citizens Bancshares, Inc., a Tennessee corporation (“First Citizens”) merged into Park, with Park continuing as the surviving corporation. Immediately following the merger, First Citizens National Bank ("FCNB"), a national banking association and a wholly-owned subsidiary of First Citizens, merged into The Park National Bank ("PNB"), with PNB as the surviving bank. FCNB’s former operations now comprise Park’s newly established Tennessee region.

On the acquisition date, First Citizens had $2.6 billion in total assets, $1.6 billion in total loans, and $2.2 billion in total deposits. The acquisition was valued at $324.1 million and resulted in Park issuing 1,988,131 common shares as merger consideration in exchange for First Citizens outstanding common stock. For the three months ended March 31, 2026, Park recorded merger-related expenses of $15.5 million associated with the First Citizens acquisition.

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

In many cases, the determination of fair value required management to make estimates about discount rates, expected future cash flows, market conditions and other future events that are highly subjective in nature and subject to change. While Park
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believes that the information available on the acquisition date provided a reasonable basis for estimating fair value, additional information may be obtained during the measurement period that would result in changes to the estimated fair value amounts. The measurement period ends on the earlier of one year after the acquisition date or the date Park concludes that all necessary information about the facts and circumstances that existed as of the acquisition date have been obtained. Management anticipates that facts obtained during the measurement period could result in adjustments to the valuation amounts.

Comparison of Results of Operations
For the Three Months Ended March 31, 2026 and 2025
 
Summary Discussion of Results

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

The following discussion provides additional information regarding Park's financial results for the first quarter of 2026.

Overview

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

(In thousands)Q1 2026Q1 202520252024
Net interest income$125,780 $104,377 $437,311 $398,019 
Provision for credit losses 2,672 756 11,488 14,543 
Other income33,728 25,746 119,881 122,588 
Other expense105,159 78,164 324,381 321,339 
Income before income taxes$51,677 $51,203 $221,323 $184,725 
    Income tax expense9,990 9,046 41,250 33,305 
Net income$41,687 $42,157 $180,073 $151,420 

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

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

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

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

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

The decrease in interest expense on borrowings was the result of a decrease in the cost of borrowings of 186 basis points, from 3.94% for the three months ended March 31, 2025 to 2.08% for the three months ended March 31, 2026 as well as a $149.2 million (or 55.41%) decrease in average borrowings from $269.3 million for the three months ended March 31, 2025, to $120.1 million for the three months ended March 31, 2026. The balance of average borrowings was impacted by the redemption of subordinated debt. On September 1, 2025, $175.0 million of subordinated debt was repaid, followed by an additional repayment of $15.0 million of subordinated debt on September 30, 2025.

The provision for credit losses of $2.7 million for the three months ended March 31, 2026 represented an increase of $1.9 million, compared to $756,000 for the three months ended March 31, 2025. Refer to the “Credit Metrics and Provision for Credit Losses” section for additional details regarding the level of the provision for credit losses recognized in each period presented.

Other income of $33.7 million for the three months ended March 31, 2026 represented an increase of $8.0 million, or 31.0%, compared to $25.7 million for the three months ended March 31, 2025. Total other income was impacted by the acquisition of First Citizens, which added $2.8 million to total other income for the three months ended March 31, 2026. Refer to the “Other Income” section for additional details regarding the change in other income for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

Total other expense of $105.2 million for the three months ended March 31, 2026 represented an increase of $27.0 million compared to $78.2 million for the three months ended March 31, 2025. Included within total other expense are merger-related costs, along with the expanded other expense base that stems from the acquisition of First Citizens. Total other expense for the three months ended 2026 included $15.5 million in merger-related expenses and $10.1 million related to Park's newly formed Tennessee region and other acquired entities. Refer to the “Other Expense” section for additional details regarding the change in other expense for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.
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The table below provides certain balance sheet information and financial ratios for Park as of or for the three months ended March 31, 2026 and 2025 and the year ended December 31, 2025.

(Dollars in thousands)March 31, 2026December 31, 2025March 31, 2025% change from 12/31/25% change from 3/31/25
Loans 9,667,260 8,051,242 7,883,735 20.07 %22.62 %
Allowance for credit losses108,590 92,973 88,130 16.80 %23.22 %
Net loans9,558,670 7,958,269 7,795,605 20.11 %22.62 %
Investment securities1,366,955 802,142 1,042,163 70.41 %31.17 %
Total assets12,983,967 9,805,013 9,886,612 32.42 %31.33 %
Total deposits11,000,500 8,243,713 8,201,695 33.44 %34.12 %
Average assets (1)
11,840,992 10,107,816 10,045,607 17.15 %17.87 %
Efficiency ratio (2)
65.52 %57.94 %59.79 %13.08 %9.58 %
Return on average assets 1.43 %1.78 %1.70 %(19.66)%(15.88)%
(1) Average assets for the three months ended March 31, 2026 and 2025 and for the year ended December 31, 2025.
(2) Efficiency ratio is calculated by dividing total other expense by the sum of fully taxable equivalent net interest income and other income. Fully taxable equivalent net interest income includes the effects of taxable equivalent adjustments using a 21% federal corporate income tax rate. The taxable equivalent adjustments were $985,000, $607,000 and $2.7 million, respectively, for the three months ended March 31, 2026 and 2025 and the year ended December 31, 2025, respectively.

Loans

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

(Dollars in thousands)March 31, 2026December 31, 2025March 31, 2025$ change from 12/31/25% change from 12/31/25$ change from 3/31/25% change from 3/31/25
Home equity$314,658 $241,478 $209,657 $73,180 30.3 %$105,001 50.1 %
Installment1,868,096 1,843,494 1,895,950 24,602 1.3 %(27,854)(1.5)%
Real estate1,634,698 1,482,728 1,465,123 151,970 10.2 %169,575 11.6 %
Commercial5,841,627 4,481,519 4,311,093 1,360,108 30.3 %1,530,534 35.5 %
Other8,181 2,023 1,912 6,158 304.4 %6,269 327.9 %
Total loans
$9,667,260 $8,051,242 $7,883,735 $1,616,018 20.1 %$1,783,525 22.6 %

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

(Dollars in thousands)March 31, 2026December 31, 2025March 31, 2025$ change from 12/31/25% change from 12/31/25$ change from 3/31/25% change from 3/31/25
Home equity$246,725 $241,478 $209,657 $5,247 2.2 %$37,068 17.7 %
Installment1,849,991 1,843,494 1,895,950 6,497 0.4 %(45,959)(2.4)%
Real estate1,453,742 1,482,728 1,465,123 (28,986)(2.0)%(11,381)(0.8)%
Commercial4,536,674 4,481,519 4,311,093 55,155 1.2 %225,581 5.2 %
Other3,815 2,023 1,912 1,792 88.6 %1,903 99.5 %
Total loans
$8,090,947 $8,051,242 $7,883,735 $39,705 0.5 %$207,212 2.6 %

Park's allowance for credit losses was $108.6 million at March 31, 2026, compared to $93.0 million at December 31, 2025, an increase of $15.6 million, or 16.8%. Refer to the “Credit Metrics and Provision for Credit Losses” section for additional information regarding Park's loan portfolio and the level of provision for credit losses recognized in each period presented.
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Deposits

Total deposits at March 31, 2026 were $11.00 billion, compared to (i) $8.24 billion at December 31, 2025, an increase of $2.76 billion and (ii) $8.20 billion at March 31, 2025, an increase of $2.80 billion. Total deposits including off balance sheet deposits at March 31, 2026 were $11.00 billion, compared to (i) $8.35 billion at December 31, 2025, an increase of $2.65 billion and (ii) $8.45 billion at March 31, 2025, an increase of $2.55 billion.

(Dollars in thousands)March 31, 2026December 31, 2025March 31, 2025$ change from 12/31/25% change from 12/31/25$ change from 3/31/25% change from 3/31/25
Non-interest bearing deposits$3,058,631 $2,656,093 $2,637,577 $402,538 15.2 %$421,054 16.0 %
Transaction accounts3,376,527 2,032,497 2,095,687 1,344,030 66.1 %1,280,840 61.1 %
Savings3,138,896 2,765,171 2,658,210 373,725 13.5 %480,686 18.1 %
Certificates of deposit1,378,998 772,952 764,722 606,046 78.4 %614,276 80.3 %
Brokered and bid CD deposits47,448 17,000 45,499 30,448 179.1 %1,949 4.3 %
Total deposits$11,000,500 $8,243,713 $8,201,695 $2,756,787 33.4 %$2,798,805 34.1 %
Off balance sheet deposits$— $105,265 $250,847 (105,265)(100.0)%(250,847)(100.0)%
Total deposits including off balance sheet deposits$11,000,500 $8,348,978 $8,452,542 2,651,522 31.8 %2,547,958 30.1 %

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

(Dollars in thousands)March 31, 2026December 31, 2025March 31, 2025$ change from 12/31/25% change from 12/31/25$ change from 3/31/25% change from 3/31/25
Non-interest bearing deposits$2,694,351 $2,656,093 $2,637,577 $38,258 1.4 %$56,774 2.2 %
Transaction accounts2,362,075 2,032,497 2,095,687 329,578 16.2 %266,388 12.7 %
Savings2,970,593 2,765,171 2,658,210 205,422 7.4 %312,383 11.8 %
Certificates of deposit728,982 772,952 764,722 (43,970)(5.7)%(35,740)(4.7)%
Brokered and bid CD deposits2,000 17,000 45,499 (15,000)(88.2)%(43,499)(95.6)%
Total deposits$8,758,001 $8,243,713 $8,201,695 $514,288 6.2 %$556,306 6.8 %
Off balance sheet deposits$— $105,265 $250,847 (105,265)(100.0)%(250,847)(100.0)%
Total deposits including off balance sheet deposits$8,758,001 $8,348,978 $8,452,542 409,023 4.9 %305,459 3.6 %

In order to manage the impact of deposit growth on its balance sheet, Park utilized a program where certain deposit balances were transferred off balance sheet while maintaining the customer relationship. Park is able to increase or decrease the amount of deposit balances transferred off balance sheet based on its balance sheet management strategies and liquidity needs.
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The table below breaks out the change in deposit balances, including off balance sheet deposits, by deposit type, for Park.

(Dollars in thousands)March 31, 2026December 31, 2025March 31, 2025$ change from 12/31/25% change from 12/31/25$ change from 3/31/25% change from 3/31/25
Retail deposits$5,355,162 $4,081,871 $4,078,123 $1,273,291 31.2 %$1,277,039 31.3 %
Commercial deposits5,594,803 4,144,842 4,078,073 1,449,961 35.0 %$1,516,730 37.2 %
Brokered and bid CD deposits47,361 17,000 45,499 30,361 178.6 %$1,862 4.1 %
Purchase accounting3,174 — — 3,174 N.M.$3,174 N.M.
Total deposits$11,000,500 $8,243,713 $8,201,695 $2,756,787 33.4 %$2,798,805 34.1 %
Off balance sheet deposits— 105,265 250,847 $(105,265)(100.0)%$(250,847)(100.0)%
Total deposits including off balance sheet deposits$11,000,500 $8,348,978 $8,452,542 $2,651,522 31.8 %$2,547,958 30.1 %
Total deposits including off balance sheet deposits excluding Brokered and bid CD deposits$10,953,139 $8,331,978 $8,407,043 $2,621,161 31.5 %$2,546,096 30.3 %
Noninterest bearing deposits to total deposits27.8 %32.2 %32.2 %

During the three months ended March 31, 2026, total deposits including off balance sheet deposits increased by $2.65 billion, or 31.8%. This increase consisted of a $1.45 billion increase in total commercial deposits, a $1.27 billion increase in retail deposits and a $30.4 million increase in brokered and bid CD deposits, partially offset by a $105.3 million decrease in off balance sheet deposits. The majority of off balance sheet deposits are commercial and thus impact the change in commercial deposits as the deposits are moved on or off the balance sheet.

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

(Dollars in thousands)March 31, 2026December 31, 2025March 31, 2025$ change from 12/31/25% change from 12/31/25$ change from 3/31/25% change from 3/31/25
Public funds included in commercial deposits$1,978,727 $1,320,070 $1,482,976 $658,657 49.9 %$495,751 33.4 %
Bid Ohio CDs2,000 17,000 45,499 $(15,000)(88.2)%$(43,499)(95.6)%
Total public fund deposits$1,980,727 $1,337,070 $1,528,475 $643,657 48.1 %$452,252 29.6 %
Cost of public fund deposits (1)
1.89 %1.94 %1.97 %
Cost of total interest bearing deposits (1)
1.62 %1.71 %1.76 %
1 Cost of funds for the three months ended March 31, 2026 and 2025 and for the year ended December 31, 2025.

As of March 31, 2026, Park had approximately $2.4 billion of uninsured deposits, which was 21.6% of total deposits. Uninsured deposits of $2.4 billion included $738 million of deposits that were over $250,000, but were fully collateralized by Park's investment securities portfolio.

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Net Interest Income

Park’s principal source of earnings is net interest income, the difference between total interest income and total interest expense. Net interest income results from average balances outstanding for interest earning assets and interest bearing liabilities in conjunction with the average rates earned and paid on them.

Comparison for the First Quarters of 2026 and 2025
 
Net interest income increased by $21.4 million, or 20.5%, to $125.8 million for the first quarter of 2026, compared to $104.4 million for the first quarter of 2025. See the discussion under the table below.
 
Three months ended 
March 31, 2026		Three months ended 
March 31, 2025
(Dollars in thousands)Average
balance		InterestTax
equivalent 
yield/cost		Average
balance		InterestTax
equivalent 
yield/cost
Loans (1)
$9,089,684 $142,435 6.36 %$7,833,234 $120,918 6.26 %
Taxable investments838,087 5,844 2.83 %887,578 7,130 3.26 %
Tax-exempt investments (2)
302,115 2,818 3.78 %202,557 1,606 3.22 %
Money market instruments478,664 4,665 3.95 %287,016 3,153 4.46 %
Interest earning assets$10,708,550 $155,762 5.90 %$9,210,385 $132,807 5.85 %
Interest bearing deposits$7,111,423 $28,381 1.62 %$5,793,915 $25,206 1.76 %
Short-term borrowings107,260 467 1.77 %79,537 291 1.49 %
Long-term debt12,811 149 4.71 %189,717 2,326 4.97 %
Interest bearing liabilities$7,231,494 $28,997 1.63 %$6,063,169 $27,823 1.86 %
Excess interest earning assets$3,477,056 $3,147,216 
Tax equivalent net interest income$126,765 $104,984 
Net interest spread 4.27 %3.99 %
Net interest margin 4.80 %4.62 %
(1) Loan interest income includes the effects of taxable equivalent adjustments using a 21% federal corporate income tax rate. The taxable equivalent adjustment was $393,000 for the three months ended March 31, 2026 and $270,000 for the same period of 2025.
(2) Interest income on tax-exempt investment securities includes the effects of taxable equivalent adjustments using a 21% federal corporate income tax rate. The taxable equivalent adjustment was $592,000 for the three months ended March 31, 2026 and $337,000 for the same period of 2025.
Average interest earning assets for the first quarter of 2026 increased by $1.50 billion, or 16.3%, to $10.71 billion for the first quarter of 2026, compared to $9.21 billion for the first quarter of 2025. The average yield on interest earning assets increased by 5 basis points to 5.90% for the first quarter of 2026, compared to 5.85% for the first quarter of 2025.

Average interest bearing liabilities for the first quarter of 2026 increased by $1.17 billion, or 19.3%, to $7.23 billion, compared to $6.06 billion for the first quarter of 2025. The average cost of interest bearing liabilities decreased by 23 basis points to 1.63% for the first quarter of 2026, compared to 1.86% for the first quarter of 2025.

Interest income and interest expense for the three months ended March 31, 2026 and March 31, 2025, included purchase accounting accretion on loans and deposits, as well as payments received on former Vision Bank impaired loan relationships, some of which were participated with PNB. The tables below show the impact of these items on interest earning assets and interest bearing liabilities.

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Three months ended 
March 31, 2026
(Dollars in thousands)Average
balance		InterestPurchase accounting accretionPayments on former Vision relationshipsAdjusted InterestTax
equivalent 
yield/cost
Loans (1)
$9,089,684 $142,435 $(586)$396 $142,625 6.36 %
Taxable investments838,087 5,844 — — 5,844 2.83 %
Tax-exempt investments (2)
302,115 2,818 — — 2,818 3.78 %
Money market instruments478,664 4,665 — — 4,665 3.95 %
Interest earning assets$10,708,550 $155,762 $(586)$396 $155,952 5.90 %
Interest bearing deposits$7,111,423 $28,381 $(1,398)$— $29,779 1.70 %
Short-term borrowings107,260 467 — — 467 1.77 %
Long-term debt12,811 149 — — 149 4.71 %
Interest bearing liabilities$7,231,494 $28,997 $(1,398)$— $30,395 1.70 %
Excess interest earning assets$3,477,056 
Tax equivalent net interest income$126,765 $812 $396 $125,557 
Net interest spread 4.20 %
Net interest margin 4.75 %
(1) Loan interest income includes the effects of taxable equivalent adjustments using a 21% federal corporate income tax rate. The taxable equivalent adjustment was $393,000 for the three months ended March 31, 2026.
(2) Interest income on tax-exempt investment securities includes the effects of taxable equivalent adjustments using a 21% federal corporate income tax rate. The taxable equivalent adjustment was $592,000 for the three months ended March 31, 2026.

Three months ended 
March 31, 2025
(Dollars in thousands)Average
balance		InterestPurchase accounting accretionPayments on former Vision relationshipsAdjusted InterestTax
equivalent 
yield/cost
Loans (1)
$7,833,234 $120,918 $175 $1,019 $119,724 6.20 %
Taxable investments887,578 7,130 — — 7,130 3.26 %
Tax-exempt investments (2)
202,557 1,606 — — 1,606 3.22 %
Money market instruments287,016 3,153 — — 3,153 4.46 %
Interest earning assets$9,210,385 $132,807 $175 $1,019 $131,613 5.79 %
Interest bearing deposits$5,793,915 $25,206 $— $— 25,206 1.76 %
Short-term borrowings79,537 291 — — 291 1.49 %
Long-term debt189,717 2,326 — — 2,326 4.97 %
Interest bearing liabilities$6,063,169 $27,823 $— $— $27,823 1.86 %
Excess interest earning assets$3,147,216 
Tax equivalent net interest income$104,984 $175 $1,019 $103,790 
Net interest spread 3.93 %
Net interest margin 4.57 %
(1) Loan interest income includes the effects of taxable equivalent adjustments using a 21% federal corporate income tax rate. The taxable equivalent adjustment was $270,000 for the three months ended March 31, 2025.
(2) Interest income on tax-exempt investment securities includes the effects of taxable equivalent adjustments using a 21% federal corporate income tax rate. The taxable equivalent adjustment was $337,000 for the three months ended March 31, 2025.

Yield on Loans: Average loan balances increased $1,256.5 million, or 16.0%, to $9,090 million for the first quarter of 2026, compared to $7,833 million for the first quarter of 2025. The average yield on the loan portfolio increased by 10 basis points to 6.36% for the first quarter of 2026, compared to 6.26% for the first quarter of 2025.
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The table below shows the average balance and tax equivalent yield by type of loan for the three months ended March 31, 2026 and 2025.
Three months ended 
March 31, 2026		Three months ended 
March 31, 2025
(Dollars in thousands)Average
balance		Tax
equivalent 
yield		Average
balance		Tax
equivalent 
yield
Home equity loans$288,401 6.77 %$206,377 7.46 %
Installment loans1,849,850 7.11 %1,910,777 6.78 %
Real estate loans1,588,176 5.84 %1,453,457 5.38 %
Commercial loans (1)
5,357,239 6.23 %4,258,787 6.27 %
Other6,018 4.90 %3,836 8.42 %
Total loans before allowance$9,089,684 6.36 %$7,833,234 6.26 %
(1) Commercial loan interest income includes the effects of taxable equivalent adjustments using a 21% federal corporate income tax rate. The taxable equivalent adjustment was $393,000 for the three months ended March 31, 2026 and $270,000 for the same period of 2025.

Interest income for the three months ended March 31, 2026 and March 31, 2025, included purchase accounting accretion on loans, as well as payments received on former Vision Bank impaired loan relationships, some of which were participated with PNB. The tables below show the impact on the tax equivalent yield by type of loan excluding the impact of these items.

Three months ended 
March 31, 2026
(Dollars in thousands)Average
balance		Purchase accounting accretionPayments on former Vision relationshipsTax
equivalent 
yield
Home equity loans$288,401 $14 $— 6.74 %
Installment loans1,849,850 112 — 7.09 %
Real estate loans1,588,176 22 — 5.83 %
Commercial loans (1)
5,357,239 (734)396 6.25 %
Other6,018 — — 4.90 %
Total loans before allowance$9,089,684 $(586)$396 6.36 %
Three months ended 
March 31, 2025
(Dollars in thousands)Average
balance		Purchase accounting accretionPayments on former Vision relationshipsTax
equivalent 
yield
Home equity loans$206,377 $18 $— 7.42 %
Installment loans1,910,777 — — 6.78 %
Real estate loans1,453,457 — — 5.38 %
Commercial loans (1)
4,258,787 157 1,019 6.16 %
Other3,836 — — 8.42 %
Total loans before allowance$7,833,234 $175 $1,019 6.20 %
(1) Commercial loan interest income includes the effects of taxable equivalent adjustments using a 21% federal corporate income tax rate. The taxable equivalent adjustment was $393,000 for the three months ended March 31, 2026 and $270,000 for the same period of 2025.
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Cost of Deposits: Average interest bearing deposit balances increased $1.32 billion, or 22.7%, to $7.11 billion for the first quarter of 2026, compared to $5.79 billion for the first quarter of 2025. The average cost of funds on deposit balances decreased by 14 basis points to 1.62% for the first quarter of 2026, compared to 1.76% for the first quarter of 2025. The table below shows for the three months ended March 31, 2026 and 2025, the average balance and cost of funds by type of deposit.

Three months ended 
March 31, 2026		Three months ended 
March 31, 2025
(Dollars in thousands)Average
balance		Cost of fundsAverage
balance		Cost of funds
Transaction accounts$2,808,087 1.47 %$2,128,575 1.42 %
Savings deposits and clubs3,082,312 1.41 %2,804,486 1.59 %
Time deposits1,183,451 2.46 %746,392 3.01 %
Brokered/bid CD deposits37,573 3.92 %114,462 4.39 %
Total interest bearing deposits$7,111,423 1.62 %$5,793,915 1.76 %

Interest expense for the three months ended March 31, 2026 included purchase accounting accretion on deposits. The table below shows the impact on the tax equivalent yield by type of deposit excluding the impact of these items. There was no purchase accounting accretion on deposits for the three months ended March 31, 2025.

Three months ended 
March 31, 2026
(Dollars in thousands)Average
balance		Purchase accounting accretionCost of funds
Transaction accounts$2,808,087 $— 1.47 %
Savings deposits and clubs3,082,312 — 1.41 %
Time deposits1,183,451 (1,390)2.94 %
Brokered/bid CD deposits37,573 (8)4.01 %
Total interest bearing deposits$7,111,423 $(1,398)1.70 %

Yield on Average Interest Earning Assets: The following table shows the tax equivalent yield on average interest earning assets for the three months ended March 31, 2026 and for the years ended December 31, 2025, 2024 and 2023.

Loans (1)
Investments (2)
Money Market
Instruments		Total
2023 - year5.55 %3.73 %5.00 %5.18 %
2024 - year6.14 %3.74 %5.16 %5.78 %
2025 - year6.33 %3.10 %4.29 %5.90 %
2026 - first three months6.36 %3.08 %3.95 %5.90 %
(1) Loan interest income includes the effects of taxable equivalent adjustments using a 21% federal corporate income tax rate. The taxable equivalent adjustment was $393,000 for the three months ended March 31, 2026, and $1.1 million, $964,000 and $811,000 for the years ended December 31, 2025, 2024 and 2023, respectively.
(2) Interest income on tax-exempt investment securities includes the effects of taxable equivalent adjustments using a 21% federal corporate income tax rate. The taxable equivalent adjustment was $592,000 for the three months ended March 31, 2026, and $1.5 million, $1.5 million and $2.9 million for the years ended December 31, 2025, 2024 and 2023, respectively.

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Cost of Average Interest Bearing Liabilities: The following table shows the cost of funds on average interest bearing liabilities for the three months ended March 31, 2026 and for the years ended December 31, 2025, 2024 and 2023.

Interest bearing deposits Short-term borrowingsLong-term debtTotal
2023 - year1.52 %2.58 %4.97 %1.67 %
2024 - year1.97 %2.60 %4.98 %2.08 %
2025 - year1.71 %1.45 %4.91 %1.77 %
2026 - first three months1.62 %1.77 %4.71 %1.63 %

Credit Metrics and Provision for Credit Losses

The provision for credit losses is the amount subtracted from/added to the allowance for credit losses to ensure the allowance is sufficient to absorb estimated credit losses over the life of a loan. The amount of the provision for credit losses is determined by management based on relevant information about past events, including historical credit loss experience on financial assets with similar risk characteristics, current conditions, and reasonable and supportable forecasts that affect the collectability of the remaining cash flows over the contractual term of the financial assets.

The table below provides additional information on the provision for credit losses and the ACL for the three-month periods ended March 31, 2026 and 2025.

Three Months Ended
March 31,
(Dollars in thousands)20262025
Allowance for credit losses:
Beginning balance$92,973 $87,966 
First Citizens - Day 1 ACL15,573 — 
Charge-offs
4,440 3,605 
Recoveries1,812 3,013 
Net charge-offs 2,628 592 
Provision for credit losses2,672 756 
Ending balance$108,590 $88,130 
Net charge-offs as a % of average loans (annualized)0.12 %0.03 %
As part of the acquisition of First Citizens, Park recorded a day 1 allowance for credit losses of $15.6 million related to the acquired First Citizens loan portfolio.

Net charge-offs were $2.7 million or 0.12% annualized, of total average loans, for the three months ended March 31, 2026, compared to $592,000 or 0.03% annualized, of total average loans, for the three months ended March 31, 2025. Included in recoveries for the three months ended March 31, 2025 was $1.1 million in recoveries from former Vision Bank loan relationships compared to $7,000 in recoveries for the three months ended March 31, 2026.



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The following table provides additional information related to the allowance for credit losses for Park including information related to individual reserves and general reserves, at March 31, 2026, December 31, 2025, and March 31, 2025. Park has determined that any commercial loans which have been placed on nonaccrual status are to be individually evaluated. Additionally, accruing collateral dependent commercial loans to borrowers experiencing financial difficulty are also to be individually evaluated and a review of classified credits is performed to identify any additional loans which do not share similar risk characteristics and are to be individually evaluated.

(Dollars in thousands)3/31/202612/31/20253/31/2025
Total allowance for credit losses$108,590 $92,973 $88,130 
Specific reserves on individually evaluated loans - certain accruing PCD— — — 
Specific reserves on individually evaluated loans - accrual— — — 
Specific reserves on individually evaluated loans - nonaccrual3,041 739 1,044 
General reserves on collectively evaluated loans$105,549 $92,234 $87,086 
Total loans$9,667,260 $8,051,242 $7,883,735 
Individually evaluated loan - certain accruing PCD1,9431,990 2,139
Individually evaluated loans - accrual14,79218,365 13,935
Individually evaluated loans - nonaccrual60,20846,924 47,718
Collectively evaluated loans$9,590,317 $7,983,963 $7,819,943 
Allowance for credit losses as a % of period end loans1.12 %1.15 %1.12 %
General reserve as a % of collectively evaluated loans 1.10 %1.16 %1.11 %

The total allowance for credit losses of $108.6 million at March 31, 2026 represented a $15.6 million, or 16.8%, increase compared to $93.0 million at December 31, 2025. The increase was due to a $13.3 million increase in general reserves and a $2.3 million increase in specific reserves. The full $15.6 million increase in the allowance for credit losses was attributable to the day 1 allowance recognized in connection with the First Citizens acquisition.

The total allowance for credit losses of $108.6 million at March 31, 2026 represented a $20.5 million, or 23.2%, increase compared to $88.1 million at March 31, 2025. The increase was due to an $18.5 million increase in general reserves and a $2.0 million increase in individual reserves on nonaccrual loans. Of the $20.5 million increase, $15.6 million was attributable to the day 1 allowance recognized in connection with the First Citizens acquisition.


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The composition of the ACL by class of loan at March 31, 2026 and at December 31, 2025 was as follows:
 
 March 31, 2026
(In thousands)Commercial,
financial and
agricultural		Commercial
real estate		Construction
real estate		Residential
real estate		ConsumerLeasesTotal
ACL:       
Ending allowance balance attributed to loans:       
Individually evaluated for impairment - nonaccrual$2,839$36$—$161$—$5$3,041
Individually evaluated for impairment - accrual———————
Individually evaluated for impairment - certain accruing PCD ———————
Collectively evaluated for impairment14,74725,8368,43530,52725,743261105,549
Total ending allowance balance$17,586$25,872$8,435$30,688$25,743$266$108,590
Loan balance:       
Individually evaluated for impairment - nonaccrual$19,152$37,249$732$2,929$—$146$60,208
Individually evaluated for impairment - accrual14,792— — — — — 14,792
Individually evaluated for impairment - certain accruing PCD—1,293529121——1,943
Loans collectively evaluated for impairment1,351,8142,965,390605,7512,779,1261,859,15329,0839,590,317
Total ending loan balance$1,385,758$3,003,932$607,012$2,782,176$1,859,153$29,229$9,667,260
ACL as a percentage of loan balance:       
Individually evaluated for impairment - nonaccrual14.82 %0.10 %— %5.50 %— %3.42 %5.05 %
Individually evaluated for impairment - accrual— %— %— %— %— %— %— %
Individually evaluated for impairment - certain accruing PCD— %— %— %— %— %— %— %
Loans collectively evaluated for impairment1.09 %0.87 %1.39 %1.10 %1.38 %0.90 %1.10 %
Total1.27 %0.86 %1.39 %1.10 %1.38 %0.91 %1.12 %
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 December 31, 2025
(In thousands)Commercial,
financial and
agricultural		Commercial
real estate		Construction
real estate		Residential
real estate		ConsumerLeasesTotal
ACL:       
Ending allowance balance attributed to loans:       
Individually evaluated for impairment - nonaccrual$729$—$—$—$—$10$739
Individually evaluated for impairment - accrual———————
Individually evaluated for impairment - certain accruing PCD———————
Collectively evaluated for impairment13,41318,1777,70927,34425,39319892,234
Total ending allowance balance$14,142$18,177$7,709$27,344$25,393$208$92,973
Loan balance:
Individually evaluated for impairment - nonaccrual$15,735$28,879$577$1,565$—$168$46,924
Individually evaluated for impairment - accrual18,365—————18,365
Individually evaluated for impairment - certain accruing PCD—1,325542123——1,990
Loans collectively evaluated for impairment1,178,0502,178,456398,3062,373,6941,823,24732,2107,983,963
Total ending loan balance$1,212,150$2,208,660$399,425$2,375,382$1,823,247$32,378$8,051,242
ACL as a percentage of loan balance:
Individually evaluated for impairment - nonaccrual4.63 %— %— %— %— %5.95 %1.57 %
Individually evaluated for impairment - accrual— %— %— %— %— %— %— %
Individually evaluated for impairment - certain accruing PCD— %— %— %— %— %— %— %
Loans collectively evaluated for impairment1.14 %0.83 %1.94 %1.15 %1.39 %0.61 %1.16 %
Total1.17 %0.82 %1.93 %1.15 %1.39 %0.64 %1.15 %

Nonperforming Assets: Non-performing assets include: (1) loans whose interest is accounted for on a nonaccrual basis; (2) loans which are contractually past due 90 days or more as to principal or interest payments but whose interest continues to accrue; and (3) OREO which results from taking possession of property that served as collateral for a defaulted loan.

Generally, management obtains updated appraisal information for nonperforming loans and OREO annually. As new appraisal information is received, management performs an evaluation of the appraisal and applies a discount for anticipated disposition costs to determine the net realizable value of the collateral, which is compared to the outstanding principal balance to determine if additional write-downs are necessary.


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The following table compares Park’s nonperforming assets at March 31, 2026, December 31, 2025 and March 31, 2025.
 
(In thousands)3/31/202612/31/20253/31/2025
Nonaccrual loans$80,548 $66,515 $61,929 
Loans past due 90 days or more2,599 2,738 1,219 
Total nonperforming loans$83,147 $69,253 $63,148 
OREO24,458 729 119 
Total nonperforming assets$107,605 $69,982 $63,267 
Percentage of nonaccrual loans to total loans0.83 %0.83 %0.79 %
Percentage of nonperforming loans to total loans 0.86 %0.86 %0.80 %
Percentage of nonperforming assets to total loans 1.11 %0.87 %0.80 %
Percentage of nonperforming assets to total assets 0.83 %0.71 %0.64 %

Nonperforming loans as of March 31, 2026 of $83.1 million represented a $13.9 million, or 20.1%, increase from $69.3 million at December 31, 2025. Nonperforming loans as of March 31, 2026 of $83.1 million represented a $20.0 million, or 31.7%, increase from $63.1 million at March 31, 2025. The increase for both the three-month and twelve‑month periods ended March 31, 2026 was primarily attributable to the inclusion of non‑performing loans acquired in the First Citizens transaction as well as other nonaccrual activity within the legacy Park commercial and mortgage loan portfolios. Of the $83.1 million in nonperforming loans at March 31, 2026, $9.4 million were related to Park's newly formed Tennessee region.

OREO as of March 31, 2026 of $24.5 million, represented a $23.7 million increase from $729,000 at December 31, 2025, and an increase of $24.3 million from $119,000 at March 31, 2025. The increase for both the three-month and twelve‑month periods ended March 31, 2026 was attributable to OREO acquired in the First Citizens transaction.

Park classifies loans as nonaccrual when a loan (1) is maintained on a cash basis because of deterioration in the financial condition of the borrower, (2) payment in full of principal or interest is not expected, or (3) principal or interest has been in default for a period of 90 days for commercial loans and 120 days for all other loans. As a result, loans may be classified as nonaccrual despite being current with their contractual terms. The following table details the delinquency status of nonaccrual loans at March 31, 2026, December 31, 2025 and March 31, 2025. Loans are classified as current if they are less than 30 days past due.

March 31, 2026December 31, 2025March 31, 2025
(In thousands)BalancePercent of Total LoansBalancePercent of Total LoansBalancePercent of Total Loans
Nonaccrual loans - current$60,668 0.63 %$50,489 0.63 %$44,207 0.56 %
Nonaccrual loans - past due19,880 0.20 %16,026 0.20 %17,722 0.88 %0.23 %
Total nonaccrual loans$80,548 0.83 %$66,515 0.83 %$61,929 0.79 %

Credit Quality Indicators: When determining the quarterly credit loss provision, Park reviews the grades of commercial loans. These loans are graded from 1 to 8. A grade of 1 indicates little or no credit risk and a grade of 8 is considered a loss. Commercial loans that are pass-rated (graded an 1 through a 4) are considered to be of acceptable credit risk. Commercial loans graded a 5 (special mention) are considered to be watch list credits and a higher PD is applied to these loans. Commercial loans graded a 6 (substandard), also considered to be watch list credits, represent higher credit risk than those rated special mention and, as a result, a higher PD is applied to these loans. Commercial loans that are graded a 7 (doubtful) are shown as nonperforming and Park charges these loans down to their fair value by taking a partial charge-off or recording an individual reserve. Certain 6-rated loans and all 7-rated loans are placed on nonaccrual status and included within the individually evaluated category. Any commercial loan graded an 8 (loss) is completely charged off.

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The following table highlights the credit trends within the commercial loan portfolio.

Commercial loans * (In thousands)March 31, 2026December 31, 2025March 31, 2025
Pass rated$5,683,348 $4,381,440 $4,186,930 
Special Mention93,247 51,411 77,844 
Substandard5,680 4,320 3,003 
Individually evaluated for impairment - accrual14,792 18,365 13,935 
Individually evaluated for impairment - nonaccrual
60,208 46,924 47,718 
Individually evaluated for impairment - certain accruing PCD1,868 1,914 2,061 
Total$5,859,143 $4,504,374 $4,331,491 
* Commercial loans include (1) Commercial, financial and agricultural loans, (2) Commercial real estate loans, (3) Commercial related loans in the construction real estate portfolio, (4) Commercial related loans in the residential real estate portfolio and (5) Leases.

Park's watch list includes all criticized and classified commercial loans defined by Park as loans rated special mention or worse. Park had $113.7 million of accruing commercial loans included on the watch list at March 31, 2026, compared to $74.1 million at December 31, 2025, and $94.8 million at March 31, 2025. Of the $113.7 million of accruing commercial loans included on the watch list at March 31, 2026, $56.6 million related to the newly formed Tennessee region. The existing conditions of these loans do not warrant classification as nonaccrual. However, these loans have shown some weakness and management performs additional analysis regarding each borrower's ability to comply with payment terms.

Park considers a loan delinquent when it reaches 30 days past due. Delinquent and accruing loans were $36.3 million, or 0.38%, of total loans at March 31, 2026, compared to $31.4 million, or 0.39% of total loans at December 31, 2025, and $24.2 million or 0.31% of total loans at March 31, 2025.

Individually Evaluated Loans: Loans that do not share risk characteristics are evaluated on an individual basis and are excluded from the collective evaluation. Park has determined that any commercial loans which have been placed on nonaccrual status are to be individually evaluated. Additionally, accruing collateral dependent commercial loans to borrowers experiencing financial difficulty are to be individually evaluated and a review of classified credits is performed to identify any additional loans which do not share similar risk characteristics and are to be individually evaluated. Individual analysis establishes an individual reserve for loans in scope.  Reserves on individually evaluated commercial loans are typically based on management’s best estimate of the fair value of collateral securing these loans, adjusted for selling costs as appropriate. The amount ultimately charged off for these loans may be different from the reserve as the ultimate liquidation of the collateral may be for an amount different from management’s estimate.

Nonaccrual individually evaluated commercial loans were $60.2 million at March 31, 2026, an increase of $13.3 million, compared to $46.9 million at December 31, 2025 and an increase of $12.5 million, compared to $47.7 million at March 31, 2025. Of this $60.2 million of nonaccrual individually evaluated commercial loans at March 31, 2026, $7.7 million related to the newly formed Tennessee region. Accruing individually evaluated commercial loans were $14.8 million at March 31, 2026, a decrease of $3.6 million compared to $18.4 million at December 31, 2025 and an increase of $857,000 compared to $13.9 million at March 31, 2025.

At March 31, 2026, Park had taken partial charge-offs of $4.7 million related to the $60.2 million of nonaccrual individually evaluated commercial loans, compared to partial charge-offs of $4.7 million related to the $46.9 million of nonaccrual individually evaluated commercial loans at December 31, 2025, and compared to partial charge-offs of $3.4 million related to the $47.7 million of nonaccrual individually evaluated commercial loans at March 31, 2025.

Collectively Evaluated Loans: The ACL for collectively evaluated loans is primarily determined using either a DCF model or an undiscounted Expected Loss Model for purchased loans. Key inputs and assumptions used in these quantitative models include the selected forecast model, probability of default, loss given default, prepayment and curtailment assumptions, forecast and reversion periods, an the underlying economic forecast. In addition to the quantitative results, management considers whether qualitative adjustments are necessary to appropriately reflect current conditions and other factors not fully captured in the models.

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Qualitative adjustments amounted to $6.5 million and $3.2 million at March 31, 2026 and December 31, 2025, respectively. Significant qualitative adjustments include the following:

•Helene: Qualitative adjustments included a $583,000 and $561,000 reserve at March 31, 2026 and December 31, 2025, respectively, related to Hurricane Helene which impacted borrowers in Park's Carolina region in October 2024.
•Special purpose mortgage: Qualitative adjustments included a $2.4 million and $2.3 million reserve at March 31, 2026 and December 31, 2025, respectively, related to several special purpose mortgage loan programs to assist borrowers in attaining home ownership. As of March 31, 2026, the total loans in these special purpose mortgage loan programs totaled $238.0 million. Management expects that the PD and LGD related to loans within these programs will be higher than that of Park's standard 30-year portfolio loans and established a qualitative factor related to the increased risk of loss on mortgage loans within these programs.
•Former First Citizens loans: Qualitative adjustments included a $3.2 million additional reserve at March 31, 2026 related to the newly acquired First Citizens loan portfolio. The qualitative adjustment reflects risks associated with entry into new markets, the integration of credit administration practices, and a lower quantitative reserve compared to legacy segments. In order to take into consideration all of these factors, management added an additional 20 bps reserve to the affected loans, or $3.2 million, as of March 31, 2026.

Additional Considerations: 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 non‑bank consumer finance sector has come under pressure as elevated interest rates and broader economic challenges, including inflation, have increased financial strain on consumer borrowers. As of March 31, 2026, Park’s outstanding loans to non‑bank consumer finance companies totaled $268.8 million, of which $20.4 million were categorized as accruing watch list credits and $1.4 million were nonaccrual loans. Watch list and nonaccrual loans within this portfolio are in differing stages of liquidation, and Park expects the associated loan balances to decline as these liquidation processes continue to be executed. Park maintains heightened oversight of this portfolio and continues to monitor it for any indications of deterioration that could adversely affect credit quality.

Additionally, in estimating the allowance, management considered the current geopolitical environment and uncertainty surrounding fiscal policy under the current administration, including the potential impact of tariffs, as well as foreign policy developments, including the conflict in Iran. While it remains too early to assess the effects of these factors on individual borrowers, management continues to incorporate both a baseline (“most likely”) forecast and a “moderate recession” scenario in determining the general reserve. The “moderate recession” scenario assumes tariffs remain higher for a longer period and the conflict in Iran persists longer than contemplated in the “most likely” scenario.

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

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The following table provides a summary of the changes in the components of other income:

Three months ended
March 31,
(In thousands)20262025Change
Income from fiduciary activities$12,343 $10,994 $1,349 
Service charges on deposit accounts3,348 2,407 941 
Other service income3,686 2,936 750 
Debit card fee income6,973 6,089 884 
Bank owned life insurance income1,707 1,512 195 
ATM fees380 335 45 
Gain on the sale of debt securities, net1,084 — 1,084 
Gain (loss) on equity securities, net799 (862)1,661 
Other components of net periodic pension benefit income2,492 2,344 148 
Miscellaneous916 (9)925 
Total other income$33,728 $25,746 $7,982 

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

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

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

The $884,000 increase in debit card fee income was primarily related to an increase in sales and debit card transactions. The newly formed Tennessee region contributed $808,000 to debit card fee income for the three months ended March 31, 2026.

The change in gain on sale of debt securities, net was due to net gains on the sale of debt securities of $1.1 million recorded during the three months ended March 31, 2026. There were no sales of debt securities for the three months ended March 31, 2025.

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

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

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Other Expense

The following table is a summary of the changes in the components of other expense:

 Three months ended
March 31,
(In thousands)20262025Change
Salaries$45,577 $36,216 $9,361 
Employee benefits11,692 10,516 1,176 
Occupancy expense4,572 3,519 1,053 
Furniture and equipment expense2,517 2,301 216 
Data processing fees13,141 10,529 2,612 
Professional fees and services16,828 7,307 9,521 
Marketing1,556 1,528 28 
Insurance2,074 1,686 388 
Communication1,425 1,202 223 
State tax expense1,367 1,186 181 
Amortization of intangible assets1,279 274 1,005 
Miscellaneous3,131 1,900 1,231 
Total other expense$105,159 $78,164 $26,995 

Total other expense of $105.2 million for the three months ended March 31, 2026 represented an increase of $27.0 million, or 34.5%, compared to $78.2 million for the three months ended March 31, 2025. Included within total other expense are merger-related costs, along with the expanded other expense base that stems from the acquisition of First Citizens. Total other expense for the three months ended 2026 included $15.5 million in merger related expenses and $10.1 million related to Park's newly formed Tennessee region and other acquired entities. The breakout of these expenses is detailed in the table below.

(Dollars in thousands)2026Merger RelatedTN RegionAdjusted 2026 *2025$ change (Adjusted 2026 to 2025)% change (Adjusted 2026 to 2025)
Other expense:
Salaries$45,577 $4,430 $4,240 $36,907 $36,216 $691 1.9 %
Employee benefits11,692 74 773 10,845 10,516 329 3.1 %
Occupancy expense4,572 — 524 4,048 3,519 529 15.0 %
Furniture and equipment expense2,517 — 463 2,054 2,301 (247)(10.7)%
Data processing fees13,141 60 1,167 11,914 10,529 1,385 13.2 %
Professional fees and services16,828 10,779 177 5,872 7,307 (1,435)(19.6)%
Marketing1,556 10 140 1,406 1,528 (122)(8.0)%
Insurance2,074 8 433 1,633 1,686 (53)(3.1)%
Communication1,425 22 310 1,093 1,202 (109)(9.1)%
State tax expense1,367 — 119 1,248 1,186 62 5.2 %
Amortization of intangible assets1,279 — 1,044 235 274 (39)(14.2)%
Miscellaneous3,131 91 672 2,368 1,900 468 24.6 %
Total other expense$105,159 $15,474 $10,062 $79,623 $78,164 $1,459 1.9 %
*Non-GAAP

The $691,000 increase in adjusted salaries expense was primarily related to increases in base salary expense and incentive compensation, partially offset by decreases in additional compensation. The $529,000 increase in adjusted occupancy expense
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was primarily related to increases in expenses related to strategic initiatives and increases in maintenance and repairs expense, partially offset by decreases in lease expense. The $1.4 million increase in adjusted data processing fees was mainly related to an increase in software related expenses and ATM and debit card processing expense. Data processing fees in the Tennessee region reflect the costs of running two core systems until operational conversion, which is expected to occur in the third quarter of 2026. The $1.4 million decrease in adjusted professional fees and services was primarily due decreases in consulting expenses, credit services expense, and other professional fees. The $468,000 increase in adjusted miscellaneous expense is primarily due to an increase in other non-loan related losses, partially offset by decreases in allowance for unfunded credit loss expense.

Items Impacting Comparability (Non-U.S. GAAP)

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 outsized 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 relate 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.

The following table details those items which management believes impact the comparability of current and prior period amounts.
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THREE MONTHS ENDED
(in thousands except per common share data)March 31, 2026March 31, 2025Affected Line Item
Net interest income$125,780 $104,377 
less purchase accounting accretion on loans (586)175 Interest and fees on loans
less purchase accounting accretion on deposits1,398 — Interest on time deposits
less interest income on former Vision Bank relationships396 1,019 Interest and fees on loans
Net interest income - adjusted$124,572 $103,183 
Provision for credit losses$2,672 $756 
less recoveries on former Vision Bank relationships(7)(1,097)Provision for credit losses
Provision for credit losses - adjusted$2,679 $1,853 
Total other income$33,728 $25,746 
less gain on sale of debt securities, net1,084 — Gain on the sale of debt securities, net
less impact of strategic initiatives— (914)Miscellaneous
less Vision related OREO valuation adjustments, net304 (229)Miscellaneous
less other service income related to former Vision Bank relationships47 3 Other service income
less other income related to former Vision Bank relationships(249)— Miscellaneous
Total other income - adjusted$32,542 $26,886 
Total other expense$105,159 $78,164 
less merger-related expenses related to First Citizens acquisition4,430 — Salaries
less merger-related expenses related to First Citizens acquisition74 — Employee benefits
less merger-related expenses related to First Citizens acquisition60 — Data processing fees
less merger-related expenses related to First Citizens acquisition10,779 — Professional fees and services
less merger-related expenses related to First Citizens acquisition10 — Marketing
less merger-related expenses related to First Citizens acquisition8 — Insurance
less merger-related expenses related to First Citizens acquisition22 — Communication
less merger-related expenses related to First Citizens acquisition91 — Miscellaneous
less purchase accounting amortization20 — Occupancy
less impact of strategic initiatives362 — Occupancy
less direct expenses related to collection of payments on former Vision Bank loan relationships194 276 Professional fees and services
less core deposit intangible amortization 1,279 274 Amortization of intangible assets
Total other expense - adjusted$87,830 $77,614 
Tax effect of adjustments to net income identified above (7)
$3,135 $(126)
Net income - reported$41,687 $42,157 
Net income - adjusted (6)
$53,480 $41,682 
Diluted EPS$2.39 $2.60 
Diluted EPS- adjusted (6)
$3.06 $2.57 
Annualized return on average assets (1)(2)
1.43 %1.70 %
Annualized return on average assets- adjusted (1)(2)(6)
1.83 %1.68 %
Annualized return on average tangible assets (1)(2)(4)
1.46 %1.73 %
Annualized return on average tangible assets- adjusted (1)(2)(4)(6)
1.87 %1.71 %
Annualized return on average shareholders' equity (1)(2)
10.67 %13.46 %
Annualized return on average shareholders' equity- adjusted (1)(2)(6)
13.68 %13.31 %
Annualized return on average tangible equity (1)(2)(3)
12.63 %15.44 %
Annualized return on average tangible equity- adjusted (1)(2)(3)(6)
16.21 %15.27 %
Efficiency ratio (5)
65.52 %59.79 %
Efficiency ratio- adjusted (5)(6)
55.55 %59.39 %
Annualized net interest margin (5)
4.80 %4.62 %
Annualized net interest margin- adjusted (5)(6)
4.75 %4.57 %
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Financial Reconciliations
(1) Reported measure uses net income.
(2) Averages are for the three months ended March 31, 2026 and March 31, 2025, as appropriate.
(3) 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 TO AVERAGE SHAREHOLDERS' EQUITY OF AVERAGE TANGIBLE EQUITY:
THREE MONTHS ENDED
March 31, 2026March 31, 2025
AVERAGE SHAREHOLDERS' EQUITY$1,585,084 $1,270,259 
Less: Average goodwill and other intangible assets247,015 162,938 
AVERAGE TANGIBLE EQUITY$1,338,069 $1,107,321 
(4) Net income for each period divided by average tangible assets during the period. Average tangible assets equals average assets less average goodwill and other intangible assets, in each case during the applicable period.
RECONCILIATION TO AVERAGE ASSETS OF AVERAGE TANGIBLE ASSETS:
THREE MONTHS ENDED
March 31, 2026March 31, 2025
AVERAGE ASSETS$11,840,992 $10,045,607 
Less: Average goodwill and other intangible assets247,015 162,938 
AVERAGE TANGIBLE ASSETS$11,593,977 $9,882,669 
(5) Efficiency ratio is calculated by dividing total other expense by the sum of FTE net interest income and other income. The reconciliation of FTE net interest income to net interest income is shown below assuming a 21% federal corporate income tax rate. Additionally, net interest margin is calculated on a fully taxable equivalent basis by dividing FTE net interest income by average interest earning assets, in each case during the applicable period.
RECONCILIATION TO FTE NET INTEREST INCOME OF NET INTEREST INCOME
THREE MONTHS ENDED
March 31, 2026March 31, 2025
Interest income$154,777 $132,200 
FTE adjustment985 607 
FTE interest income$155,762 $132,807 
Interest expense28,997 27,823 
FTE net interest income$126,765 $104,984 
(6) Adjustments to net income for each period presented are detailed in the non-GAAP reconciliations of net interest income, provision for credit losses, total other income, and total other expense, as well as the disclosure of the "Tax effect of adjustments to net income identified above."
(7) The tax effect of adjustments to net income was calculated assuming a 21% federal corporate income tax rate.
(8) 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 TO NET INCOME OF PRE-TAX, PRE-PROVISION NET INCOME
THREE MONTHS ENDED
March 31, 2026March 31, 2025
Net income $41,687 $42,157 
Plus: Income taxes9,990 9,046 
Plus: Provision for credit losses2,672 756 
Pre-tax, pre-provision net income$54,349 $51,959 

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Income Tax
 
Income tax expense was $10.0 million for the first quarter of 2026 and consisted of federal income tax expense of $9.2 million and state income tax expense of $762,000. This compares to income tax expense of $9.0 million for the first quarter of 2025, which consisted of federal income tax expense of $8.7 million and state income tax expense of $328,000. The effective income tax rate for the first quarter of 2026 was 19.3%, compared to 17.7% for the same period in 2025.

The difference between the statutory federal corporate income tax rate of 21% and Park's effective income tax rate reflects permanent tax differences, primarily consisting of tax-exempt interest income from municipal investments and loans, qualified affordable housing and historical tax credits, bank owned life insurance income, and dividends paid on the common shares held within Park's KSOP, offset by the impact of state income taxes. Park expects permanent federal income tax differences for the 2026 year will be approximately $8.0 million.

Comparison of Financial Condition
At March 31, 2026 and at December 31, 2025
 
Changes in Financial Condition
 
Total assets increased by $3.18 billion during the first three months of 2026 to $12.98 billion at March 31, 2026, compared to $9.81 billion at December 31, 2025. This increase was primarily due to the following:

•Cash and cash equivalents increased by $749.6 million, to $983.1 million at March 31, 2026, compared to $233.5 million at December 31, 2025. Money market instruments increased by $734.5 million and cash and due from banks increased by $15.1 million.
•Total investment securities increased by $564.8 million, or 70.4%, to $1,367 million at March 31, 2026, compared to $802 million at December 31, 2025.
•Loans increased by $1.62 billion, or 20.1%, to $9.67 billion at March 31, 2026, compared to $8.05 billion at December 31, 2025. Of the $1.62 billion increase, $1.58 billion was due to the acquisition of First Citizens.
•Bank owned life insurance increased by $38.1 million, or 15.8%, to $279.7 million at March 31, 2026, compared to $241.7 million at December 31, 2025. The increase was due to the acquisition of First Citizens.
•Intangible assets increased by $140.6 million, or 86.8%, to $302.6 million at March 31, 2026, compared to $162.0 million at December 31, 2025. The increase was due to the acquisition of First Citizens.
•OREO increased by $23.7 million, to $24.5 million at March 31, 2026, compared to $729,000 at December 31, 2025. The increase was due to the acquisition of First Citizens.

Total liabilities increased by $2.83 billion, or 33.5%, during the first three months of 2026 to $11.28 billion at March 31, 2026, compared to $8.45 billion at December 31, 2025. This change was primarily due to the following:

•Total deposits increased by $2.76 billion, or 33.4%, to $11.00 billion at March 31, 2026, compared to $8.24 billion at December 31, 2025. Of the $2.76 billion increase, $2.24 billion was due to the acquisition of First Citizens.
•Short-term borrowings increased by $53.5 million, or 65.4%, to $135.2 million at March 31, 2026, compared to $81.7 million at December 31, 2025. The increase was primarily due to the acquisition of First Citizens.
•Subordinated notes totaled $15.0 million at March 31, 2026. There were no subordinated notes outstanding at December 31, 2025. The increase was due to the acquisition of First Citizens.

Total equity increased by $349.0 million, or 25.8%, to $1,702 million at March 31, 2026, from $1,353 million at December 31, 2025. Total shareholders’ equity increased by $347.0 million, or 25.6%, to $1,700 million at March 31, 2026, from $1,353 million at December 31, 2025. This change was primarily due to the following:

•Common stock increased by $317.5 million during the period primarily as a result of the issuance of common shares for the acquisition of First Citizens.
•Retained earnings increased by $22.0 million during the period primarily as a result of net income of $41.7 million, partially offset by cash dividends on common shares of $20.1 million.
•Accumulated other comprehensive loss, net of taxes decreased by $4.2 million during the period as a result of a $4.2 million decrease to the unrealized net holding loss on debt securities available-for-sale, net of income tax effect.
•Treasury shares decreased by $3.2 million during the period as a result of the issuance of treasury shares under share-based compensation awards (net of common shares withheld to pay employee income taxes).

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Increases or decreases in the investment securities portfolio, short-term borrowings and long-term debt are greatly dependent upon the growth in loans and deposits. The primary objective of management is to grow loan and deposit totals. To the extent that management is unable to grow loan totals at a desired growth rate, additional investment securities may be acquired. Likewise, both short-term borrowings and long-term debt are utilized to fund the growth in earning assets if the growth in deposits and cash flow from operations are not sufficient to do so.

Liquidity

Cash provided by operating activities was $30.9 million and $37.7 million for the three months ended March 31, 2026 and 2025, respectively. Net income was the primary source of cash from operating activities for each of the three-month periods ended March 31, 2026 and 2025.

Cash provided by investing activities was $286.0 million and $11.2 million for the three months ended March 31, 2026 and 2025, respectively. Proceeds from the sale, repayment, or maturity of investment securities provide cash and purchases of investment securities use cash. Net investment securities transactions provided cash of $188.9 million for the three months ended March 31, 2026 and $84.1 million for the three months ended March 31, 2025. Another major use or source of cash in investing activities is the net increase or decrease in the loan portfolio. Cash used by the net increase in the loan portfolio was $38.9 million and $65.5 million for the three months ended March 31, 2026 and 2025, respectively. During the three months ended March 31, 2026, the acquisition of First Citizens provided net cash of $145.6 million.

Cash provided by financing activities was $432.7 million for the three months ended March 31, 2026 and $28.2 million for the three months ended March 31, 2025. A major source of cash for financing activities is the net change in deposits. Deposits (net of off-balance sheet deposits) increased and provided $537.1 million and $58.2 million of cash for the three months ended March 31, 2026 and 2025, respectively. Another major source/use of cash from financing activities is borrowings in the form of short-term borrowings, long-term debt and subordinated notes. For the three months ended March 31, 2026, net short-term borrowings and subordinated notes decreased and used $81.3 million in cash. For the three months ended March 31, 2025, net short-term borrowings decreased and used $9.5 million in cash. Finally, cash declined by $20.1 million and $17.6 million for the three months ended March 31, 2026 and 2025, respectively, from the payment of dividends.

Effective liquidity management ensures that the cash flow requirements of depositors and borrowers, as well as the operating cash needs of the Corporation, are met. Funds are available from a number of sources, including the capital markets, the investment securities portfolio, the core deposit base, FHLB borrowings and the capability to securitize or package loans for sale. The most easily accessible forms of liquidity, Fed Funds Sold, unpledged investment securities and available FHLB borrowing capacity, totaled $3.12 billion at March 31, 2026. The Corporation’s loan to asset ratio was 74.46% at March 31, 2026, compared to 82.11% at December 31, 2025 and 79.74% at March 31, 2025. Cash and cash equivalents were $983.1 million at March 31, 2026, compared to $233.5 million at December 31, 2025 and $237.6 million at March 31, 2025. Management believes that the present funding sources provide more than adequate liquidity for the Corporation to meet its cash flow needs in the short-term (next 12 months) and the long-term (beyond the next 12 months).
  
Capital Resources
 
Total shareholders’ equity at March 31, 2026 was $1,700 million, or 13.1% of total assets, compared to $1,353 million, or 13.8% of total assets, at December 31, 2025 and $1,279 million, or 12.9% of total assets, at March 31, 2025.
 
Financial institution regulators have established guidelines for minimum capital ratios for banks, thrifts and bank holding companies. Park has elected not to include the net unrealized gain or loss on debt securities AFS in computing regulatory capital. Park has adopted the Basel III regulatory capital framework as approved by the federal banking agencies. Under the Basel III regulatory capital framework, in order to avoid limitations on capital distributions, including dividend payments and stock repurchases, and certain discretionary bonus payments to executive officers, Park must hold a capital conservation buffer of 2.5% above the adequately capitalized risk-based capital ratios. The amounts shown below as the adequately capitalized ratio plus capital conservation buffer include the 2.50% buffer. The Federal Reserve Board has also adopted capital requirements Park must maintain to be deemed "well capitalized" and remain a financial holding company.

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Park and PNB met each of the well capitalized ratio guidelines applicable to them at March 31, 2026. The following table indicates the capital ratios for PNB and Park at March 31, 2026 and December 31, 2025.

As of March 31, 2026
 LeverageTier 1
Risk-Based		Common Equity Tier 1Total
Risk-Based
PNB10.94 %12.07 %12.07 %13.40 %
Park12.36 %13.63 %13.48 %14.71 %
Adequately capitalized ratio4.00 %6.00 %4.50 %8.00 %
Adequately capitalized ratio plus capital conservation buffer4.00 %8.50 %7.00 %10.50 %
Well capitalized ratio (PNB)5.00 %8.00 %6.50 %10.00 %
Well capitalized ratio (Park)N/A6.00 %N/A10.00 %

As of December 31, 2025
LeverageTier 1
Risk-Based		Common Equity Tier 1Total
Risk-Based
PNB10.45 %12.08 %12.08 %13.53 %
Park12.11 %13.99 %13.99 %15.13 %
Adequately capitalized ratio4.00 %6.00 %4.50 %8.00 %
Adequately capitalized ratio plus capital conservation buffer4.00 %8.50 %7.00 %10.50 %
Well-capitalized ratio - PNB5.00 %8.00 %6.50 %10.00 %
Well-capitalized ratio - ParkN/A6.00 %N/A10.00 %

Contractual Obligations and Commitments
 
In the ordinary course of operations, Park enters into certain contractual obligations. Such obligations include the funding of operations through debt issuances as well as leases for premises. See page 68 of Park’s 2025 Form 10-K (Table 33) for disclosure concerning contractual obligations and commitments at December 31, 2025. During the three months ended March 31, 2026, Park completed the acquisition of First Citizens. As a result of the acquisition, Park assumed certain contractual obligations of First Citizens. The following table summarizes the acquired significant and determinable obligations by payment date at March 31, 2026.

Acquired Contractual Obligations
March 31, 2026Payments Due In
0-11-33-5Over 5
(In thousands)YearsYearsYearsYearsTotal
Deposits without stated maturity$1,547,035 $— $— $— $1,547,035 
Certificates of deposit and brokered CDs618,372 66,117 10,975 — 695,464 
Short-term borrowings57,182 — — — 57,182 
Subordinated notes— — — 15,000 15,000 
Operating leases459 908 528 316 2,211 
Supplemental Executive Retirement Plan agreements70 401 493 2,231 3,195 
Total contractual obligations$2,223,118 $67,426 $11,996 $17,547 $2,320,087 

Management has considered the impact of these assumed obligations on Park’s liquidity and capital resources. Park expects to satisfy these obligations through a combination of cash flows from operations and available liquidity resources. Management believes that the contractual obligations assumed in the acquisition do not materially change the Company’s overall liquidity profile or capital resources.

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Except for the acquisition‑related changes described above, there have been no material changes in the nature, timing, or amounts of the Company’s contractual obligations since those disclosed in the 2025 Form 10‑K. 10‑K.
 
Financial Instruments with Off-Balance Sheet Risk
 
PNB is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include loan commitments and standby letters of credit. The instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated financial statements.
 
The exposure to credit loss (for PNB) in the event of nonperformance by the other party to the financial instrument for loan commitments and standby letters of credit is represented by the contractual amount of those instruments. PNB uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Since many of the loan commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan commitments to customers.
The total amounts of off-balance sheet financial instruments with credit risk were as follows:

(In thousands)March 31,
2026		December 31, 2025
Loan commitments$1,867,123 $1,568,056 
Standby letters of credit$65,603 $66,104 
 
ITEM 3 – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 
Management reviews interest rate sensitivity on a quarterly basis by modeling the consolidated financial statements under various interest rate scenarios. The primary reason for these efforts is to guard Park from adverse impacts of unforeseen changes in interest rates. With the shift in deposit mix and other balance sheet composition changes, Park has experienced a moderation in earnings risk exposure to either rising or falling interest rate environments, and management views its risk profile as being relatively interest rate risk neutral. Management actively monitors changes in the sensitivity position and has ample tools to adjust exposure as needed. As a result, management expects further changes in interest rates to have a modest impact on net income.
 
On page 66 (Table 32) of Park’s 2025 Form 10-K, management reported that Park’s twelve-month cumulative rate sensitivity gap was a positive (assets exceeding liabilities) $485.4 million or 5.4% of total interest earning assets at December 31, 2025. At March 31, 2026, Park’s twelve-month cumulative rate sensitivity gap was a positive (assets exceeding liabilities) $707.9 million or 6.0% of total interest earning assets.
 
Management supplements the interest rate sensitivity gap analysis with periodic simulations of balance sheet sensitivity under various interest rate and what-if scenarios to better forecast and manage the net interest margin. Management uses a 50 basis point change in market interest rates per quarter for a total of 200 basis points per year in evaluating the impact of changing interest rates on net interest income and net income over a twelve-month horizon.
 
On page 67 of Park’s 2025 Form 10-K, management reported that at December 31, 2025, the earnings simulation model projected that net income would increase by 1.7% using a rising interest rate scenario and decrease by 2.1% using a declining interest rate scenario over the next year. At March 31, 2026, the earnings simulation model projected that net income would increase by 2.7% using a rising interest rate scenario and would decrease by 2.9% in a declining interest rate scenario. At March 31, 2026, management continues to believe that it has the tools necessary to mitigate gradual changes in interest rates (50 basis points per quarter for a total of 200 basis points per year) such that the overall impact to net income will be modest.
 
ITEM 4 – CONTROLS AND PROCEDURES
 
Evaluation of Disclosure Controls and Procedures
 
With the participation of the Chief Executive Officer and President (the principal executive officer) and the Chief Financial Officer, Secretary and Treasurer (the principal financial officer) of Park, Park’s management has evaluated the effectiveness of Park’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of March 31, 2026 (the end of the quarterly period covered by this Quarterly
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Report on Form 10-Q). Based on that evaluation, Park’s Chairman of the Board and Chief Executive Officer and Park’s Chief Financial Officer, Secretary and Treasurer have concluded that:
 
•information required to be disclosed by Park in this Quarterly Report on Form 10-Q and the other reports that Park files or submits under the Exchange Act would be accumulated and communicated to Park’s management, including its principal executive officer and its principal financial officer, as appropriate to allow timely decisions regarding required disclosure;
•information required to be disclosed by Park in this Quarterly Report on Form 10-Q and the other reports that Park files or submits under the Exchange Act would be recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms; and
•Park’s disclosure controls and procedures were effective as of March 31, 2026 (the end of the quarterly period covered by this Quarterly Report on Form 10-Q).

Changes in Internal Control Over Financial Reporting

There were no changes in Park's internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during Park's fiscal quarter ended March 31, 2026, that have materially affected, or are reasonably likely to materially affect, Park's internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1.       Legal Proceedings

    We are routinely engaged in various litigation and other legal matters that are part of, or incidental to, our ordinary course of business and we have a number of unresolved lawsuits and open matters pending resolution. While the ultimate liability with respect to these matters and claims cannot be determined at this time, we believe that losses, damages, or liabilities, if any, and other amounts relating to pending matters, individually or in the aggregate, are not likely to have a material adverse effect on our business, consolidated financial position, results of operations, or cash flows.

Item 1A.     Risk Factors
 
There are certain risks and uncertainties in our business that could cause Park's actual results to differ materially from those anticipated. In “ITEM 1A. RISK FACTORS” of Part I of Park’s 2025 Form 10-K, we included a detailed discussion of our risk factors. All of these risk factors should be read carefully in connection with evaluating Park's business and in connection with the forward-looking statements contained in this Quarterly Report on Form 10-Q. There have been no material changes to the risk factors set forth in Park's 2025 Form 10-K. Any of the risks described in Park's 2025 Form 10-K could materially adversely affect our business, financial condition or future results and the actual outcome of matters as to which forward-looking statements are made. These are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

Item 2.       Unregistered Sales of Equity Securities and Use of Proceeds

(a)Not applicable
(b)Not applicable
(c)The following table provides information concerning purchases of Park’s common shares ("Common Shares") made by or on behalf of Park or any “affiliated purchaser” as defined in Rule 10b-18(a)(3) under the Exchange Act, during the three months ended March 31, 2026, as well as the maximum number of Common Shares that may be purchased under Park’s previously announced stock repurchase authorizations to fund the 2017 Employees LTIP and the 2017 Non-Employee Directors LTIP and Park's previously announced 2017 and 2019 stock repurchase authorizations:

PeriodTotal number of
Common Shares
purchased		Average price
paid per
Common
Share		Total number of Common
Shares purchased as part of
publicly announced plans
or programs		Maximum number of
Common Shares that may
yet be purchased under the
plans or programs (1)
January 1 through January 31, 2026— $— — 876,088 
February 1 through February 28, 2026— $— — 876,088 
March 1 through March 31, 2026— — — 876,088 
Total— $— — 876,088 
(1)The number shown represents, as of the end of each period, the maximum number of common shares that may yet be purchased as part of Park’s publicly announced stock repurchase authorizations to fund the 2017 Employees LTIP and the 2017 Non-Employee Directors LTIP, both of which became effective on April 24, 2017; Park's stock repurchase authorization covering 500,000 common shares which was announced on January 23, 2017; and Park's stock repurchase authorization covering 500,000 common shares which was announced on January 28, 2019. Such authorizations are not subject to a fixed expiration date.
    
Purchases may be made through NYSE American, in the over-the-counter market or in privately negotiated transactions, in each case in compliance with the Ohio General Corporation Law, applicable federal and state securities laws, the rules applicable to issuers having securities listed on NYSE American, regulations promulgated by the Federal Reserve Board and all applicable laws and regulations, each as in effect at the time of each such purchase. Purchases will be made upon such terms and conditions and at such times and in such amounts as any one or more of the authorized officers of Park deem to be
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appropriate, subject to market conditions, regulatory requirements, any contractual obligations of Park and Park's subsidiaries and other factors, and in the best interest of Park and Park's shareholders. The January 23, 2017 stock repurchase authorization and the January 28, 2019 stock repurchase authorization are distinct from the stock repurchase authorizations to fund the 2017 Employees LTIP and the 2017 Non-Employee Directors LTIP.

Item 3.      Defaults Upon Senior Securities
 
Not applicable.

Item 4.      Mine Safety Disclosures
 
Not applicable.

Item 5.      Other Information
 
(a)None
(b)None
(c)During the three months (the quarterly period) ended March 31, 2026, no director and no officer of Park (as defined in Rule 16a-1(f) under the Exchange Act) of Park adopted, modified, or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of SEC Regulation S-K.

Item 6.      Exhibits

2.1
Agreement and Plan of Merger, by and between Park National Corporation and First Citizens Bancshares, Inc., dated as of October 27, 2025 (incorporated by reference to Exhibit 2.1 of the Form 8-K filed by Park National Corporation with the Securities and Exchange Commission on October 27, 2025)
3.1
3.2
31.1
31.2
32.1
32.2
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101The following information from Park National Corporation's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 formatted in Inline XBRL (eXtensible Business Reporting Language) pursuant to Rule 405 of Regulation S-T: (i) the Consolidated Condensed Balance Sheets as of March 31, 2026 and December 31, 2025 (unaudited); (ii) the Consolidated Condensed Statements of Income for the three months ended March 31, 2026 and 2025 (unaudited); (iii) the Consolidated Condensed Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025 (unaudited); (iv) the Consolidated Condensed Statements of Changes in Equity for the three months ended March 31, 2026 and 2025 (unaudited); (v) the Consolidated Condensed Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited); and (vi) the Notes to Unaudited Consolidated Condensed Financial Statements. *
104Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document with applicable taxonomy extension information contained in Exhibit 101)
______________________________________
* The instance document does not appear in the interactive data file because its XBRL tags are imbedded within the Inline XBRL document.

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SIGNATURES
 
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 thereunto duly authorized.
 
  PARK NATIONAL CORPORATION
   
May 11, 2026 /s/ Matthew R. Miller
  Matthew R. Miller
  Chief Executive Officer and President
  (Principal Executive Officer and Duly Authorized Officer)
   
May 11, 2026 /s/ Brady T. Burt
  Brady T. Burt
  Chief Financial Officer, Secretary and Treasurer
(Principal Financial Officer and Duly Authorized Officer)


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