Park National Corporation reports financial results for first quarter 2025 | Taiwan News | Apr. 26, 2025 04:15

NEWARK, Ohio, April 25, 2025 (GLOBE NEWSWIRE) – Park National Corporation (Park) (NYSE American: PRK) today reported financial results for the first quarter of 2025. Park’s board of directors declared a quarterly cash dividend of $1.07 per common share, payable on June 10, 2025, to common shareholders of record as of May 16, 2025.

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

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

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

Headquartered in Newark, Ohio, Park National Corporation has $9.9 billion in total assets (as of March 31, 2025). Park’s banking operations are conducted through its subsidiary, The Park National Bank. Other Park subsidiaries are Scope Leasing, Inc. (d.b.a. Scope Aircraft Finance), Guardian Financial Services Company (d.b.a. Guardian Finance Company), Park Investments, Inc. and SE Property Holdings, LLC.

Complete financial tables are listed below.

Category: Earnings

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

Park cautions that any forward-looking statements contained in this news release or made by management of Park are provided to assist in the understanding of anticipated future financial performance. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties, including those described in Park’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as updated by our filings with the SEC. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements.

Risks and uncertainties that could cause actual results to differ include, without limitation: (1) the ability to execute our business plan successfully and manage strategic initiatives; (2) the impact of current and future economic and financial market conditions, including unemployment rates, inflation, interest rates, supply-demand imbalances, and geopolitical matters; (3) factors impacting the performance of our loan portfolio, including real estate values, financial health of borrowers, and loan concentrations; (4) the effects of monetary and fiscal policies, including interest rates, money supply, and inflation; (5) changes in federal, state, or local tax laws; (6) the impact of changes in governmental policy and regulatory requirements on our operations; (7) changes in consumer spending, borrowing, and saving habits; (8) changes in the performance and creditworthiness of customers, suppliers, and counterparties; (9) increased credit risk and higher credit losses due to loan concentrations; (10) volatility in mortgage banking income due to interest rates and demand; (11) adequacy of our internal controls and risk management programs; (12) competitive pressures among financial services organizations; (13) uncertainty regarding changes in banking regulations and other regulatory requirements; (14) our ability to meet heightened supervisory requirements and expectations; (15) the impact of changes in accounting policies and practices on our financial condition; (16) the reliability and accuracy of assumptions and estimates used in applying critical accounting estimates; (17) the potential for higher future credit losses due to changes in economic assumptions; (18) the ability to anticipate and respond to technological changes and our reliance on third-party vendors; (19) operational issues related to and capital spending necessitated by the implementation of information technology systems on which we are highly dependent; (20) the ability to secure confidential information and deliver products and services through computer systems and telecommunications networks; (21) the impact of security breaches or failures in operational systems; (22) the impact of geopolitical instability and trade policies on our operations including the imposition of tariffs and retaliatory tariffs; (23) the impact of changes in credit ratings of government debt and financial stability of sovereign governments; (24) the effect of stock market price fluctuations on our asset and wealth management businesses; (25) litigation and regulatory compliance exposure; (26) availability of earnings and excess capital for dividend declarations; (27) the impact of fraud, scams, and schemes on our business; (28) the impact of natural disasters, pandemics, and other emergencies on our operations; (29) potential deterioration of the economy due to financial, political, or other shocks; (30) impact of healthcare laws and potential changes on our costs and operations; (31) the ability to grow deposits and maintain adequate deposit levels, including by mitigating the effect of unexpected deposit outflows on our financial condition; and (32) other risk factors related to the banking industry.

Park does not undertake, and specifically disclaims any obligation, to publicly release the results of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement was made, or reflect the occurrence of unanticipated events, except to the extent required by law.

PARK NATIONAL CORPORATION Financial Highlights As of or for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024 2025 2024 2024 Percent change vs. (in thousands, except common share and per common share data and ratios)1st QTR4th QTR1st QTR 4Q '24 1Q ‘24 INCOME STATEMENT: Net interest income$104,377 $103,445 $95,623 0.9 %9.2 %Provision for credit losses 756 3,935 2,180 (80.8)%(65.3)%Other income 25,746 31,064 26,200 (17.1) %(1.7) %Other expense 78,164 83,241 77,228 (6.1 ) %1.2 %Income before income taxes$51,203 $47,333 $42,415 8.2 %20.7 %Income taxes 9,046 8,703 7,211 3.9 %25.4 %Net income$42,157 $38,630 $35,204 9.1 %19.8 % MARKET DATA: Earnings per common share - basic (a)$2.61 $2.39 $2.18 9.2 %19.7 %Earnings per common share - diluted (a) 2.60 2.37 2.17 9.7 %19.8 %Quarterly cash dividend declared per common share 1.07 1.06 1.06 0.9 %0.9 %Special cash dividend declared per common share – 0.50 – N.M. N.M. Book value per common share at period end 79.00 76.98 71.95 2.6 %9.8 %Market price per common share at period end 151.40 171.43 135.85 (11.7) %11.4 %Market capitalization at period end 2,451,370 2,770,134 2,199,556 (11.5) %11.4 % Weighted average common shares - basic (b) 16,159,342 16,156,827 16,116,842 – %0.3 %Weighted average common shares - diluted (b) 16,238,701 16,283,701 16,191,065 (0.3) %0.3 %Common shares outstanding at period end 16,191,347 16,158,982 16,149,523 0.2 %0.3 % PERFORMANCE RATIOS: (annualized) Return on average assets (a)(b) 1.70 % 1.54 % 1.44 % 10.4 %18.1 %Return on average shareholders’ equity (a)(b) 13.46 % 12.32 % 12.23 % 9.3 %10.1 %Yield on loans 6.26 % 6.21 % 5.99 % 0.8 %4.5 %Yield on investment securities 3.25 % 3.46 % 3.90 % (6.1) %(16.7) %Yield on money market instruments 4.46 % 4.75 % 5.48 % (6.1) %(18.6) %Yield on interest earning assets 5.85 % 5.82 % 5.66 % 0.5 %3.4 %Cost of interest bearing deposits 1.76 % 1.90 % 1.94 % (7.4) %(9.3) %Cost of borrowings 3.94 % 3.86 % 4.25 % 2.1 %(7.3) %Cost of paying interest bearing liabilities 1.86 % 1.99 % 2.08 % (6.5) %(10.6) %Net interest margin (g) 4.62 % 4.51 % 4.28 % 2.4 %7.9 %Efficiency ratio (g) 59.79 % 61.60 % 63.07 % (2.9) %(5.2) % OTHER DATA (NON-GAAP) AND BALANCE SHEET INFORMATION: Tangible book value per common share (d)$68.94 $66.89 $61.80 3.1 %11.6 %Average interest earning assets 9,210,385 9,176,540 9,048,204 0.4 %1.8 %Pre-tax, pre-provision net income (j) 51,959 51,268 44,595 1.3 %16.5 % Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the “Financial Reconciliations” section.

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

Percent change vs. (in thousands, except ratios)March 31, 2025December 31, 2024March 31, 2024 4Q ‘24 1Q ‘24 BALANCE SHEET: Investment securities$1,042,163 $1,100,861 $1,339,747 (5.3)%(22.2)%Loans 7,883,735 7,817,128 7,525,005 0.9 %4.8 %Allowance for credit losses 88,130 87,966 85,084 0.2 %3.6 %Goodwill and other intangible assets 162,758 163,032 163,927 (0.2) %(0.7) %Other real estate owned (OREO) 119 938 1,674 (87.3) %(92.9) %Total assets 9,886,612 9,805,350 9,881,077 0.8 %0.1 %Total deposits 8,201,695 8,143,526 8,306,032 0.7 %(1.3) %Borrowings 270,757 280,083 295,130 (3.3) %(8.3) %Total shareholders’ equity 1,279,042 1,243,848 1,161,979 2.8 %10.1 %Tangible equity (d) 1,116,284 1,080,816 998,052 3.3 %11.8 %Total nonperforming loans 63,148 69,932 71,759 (9.7) %(12.0) %Total nonperforming assets 63,267 70,870 73,433 (10.7) %(13.8) % ASSET QUALITY RATIOS: Loans as a % of period end total assets 79.74 % 79.72 % 76.16 % – %4.7 %Total nonperforming loans as a % of period end loans 0.80 % 0.89 % 0.95 % (10.1) %(15.8) %Total nonperforming assets as a % of period end loans + OREO + other nonperforming assets 0.80 % 0.91 % 0.98 % (12.1) %(18.4) %Allowance for credit losses as a % of period end loans 1.12 % 1.13 % 1.13 % (0.9) %(0.9) %Net loan charge-offs$592 $3,206 $841 (81.5) %(29.6) %Annualized net loan charge-offs as a % of average loans (b) 0.03 % 0.16 % 0.05 % (81.3) %(40.0) % CAPITAL & LIQUIDITY: Total shareholders’ equity / Period end total assets 12.94 % 12.69 % 11.76 % 2.0 %10.0 %Tangible equity (d) / Tangible assets (f) 11.48 % 11.21 % 10.27 % 2.4 %11.8 %Average shareholders’ equity / Average assets (b) 12.64 % 12.47 % 11.74 % 1.4 %7.7 %Average shareholders’ equity / Average loans (b) 16.22 % 16.08 % 15.48 % 0.9 %4.8 %Average loans / Average deposits (b) 93.56 % 93.00 % 91.11 % 0.6 %2.7 % Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the “Financial Reconciliations” section.

PARK NATIONAL CORPORATIONConsolidated Statements of Income Three Months Ended March 31 (in thousands, except share and per share data) 2025 2024 Interest income: Interest and fees on loans $120,648 $111,211 Interest on debt securities: Taxable 7,130 11,899 Tax-exempt 1,269 1,410 Other interest income 3,153 2,120 Total interest income 132,200 126,640 Interest expense: Interest on deposits: Demand and savings deposits 18,436 19,855 Time deposits 6,770 7,338 Interest on borrowings 2,617 3,824 Total interest expense 27,823 31,017 Net interest income 104,377 95,623 Provision for credit losses 756 2,180 Net interest income after provision for credit losses 103,621 93,443 Other income 25,746 26,200 Other expense 78,164 77,228 Income before income taxes 51,203 42,415 Income taxes 9,046 7,211 Net income $42,157 $35,204 Per common share: Net income - basic $2.61 $2.18 Net income - diluted $2.60 $2.17 Weighted average common shares - basic 16,159,342 16,116,842 Weighted average common shares - diluted 16,238,701 16,191,065 Cash dividends declared: Quarterly dividend $1.07 $1.06

PARK NATIONAL CORPORATIONConsolidated Balance Sheets (in thousands, except share data)March 31, 2025December 31, 2024 Assets Cash and due from banks$154,536 $122,363 Money market instruments 83,078 38,203 Investment securities 1,042,163 1,100,861 Loans 7,883,735 7,817,128 Allowance for credit losses (88,130) (87,966)Loans, net 7,795,605 7,729,162 Bank premises and equipment, net 66,327 69,522 Goodwill and other intangible assets 162,758 163,032 Other real estate owned 119 938 Other assets 582,026 581,269 Total assets$9,886,612 $9,805,350 Liabilities and Shareholders’ Equity Deposits: Noninterest bearing$2,637,577 $2,612,708 Interest bearing 5,564,118 5,530,818 Total deposits 8,201,695 8,143,526 Borrowings 270,757 280,083 Other liabilities 135,118 137,893 Total liabilities$8,607,570 $8,561,502 Shareholders’ Equity: Preferred shares (200,000 shares authorized; no shares outstanding at March 31, 2025 and December 31, 2024)$ – $ – Common shares (No par value; 20,000,000 shares authorized; 17,623,104 shares issued at March 31, 2025 and December 31, 2024) 459,529 463,706 Accumulated other comprehensive loss, net of taxes (34,659) (46,175)Retained earnings 1,002,110 977,599 Treasury shares (1,431,757 shares at March 31, 2025 and 1,464,122 shares at December 31, 2024) (147,938) (151,282)Total shareholders’ equity$1,279,042 $1,243,848 Total liabilities and shareholders’ equity$9,886,612 $9,805,350

PARK NATIONAL CORPORATIONConsolidated Average Balance Sheets Three Months Ended March 31 (in thousands) 2025 2024 Assets Cash and due from banks$127,229 $143,714 Money market instruments 287,016 155,511 Investment securities 1,069,620 1,368,527 Loans 7,833,234 7,482,650 Allowance for credit losses (88,825) (84,067) Loans, net 7,744,409 7,398,583 Bank premises and equipment, net 68,992 74,919 Goodwill and other intangible assets 162,938 164,137 Other real estate owned 918 1,088 Other assets 584,485 556,899 Total assets$10,045,607 $9,863,378 Liabilities and Shareholders’ Equity Deposits: Noninterest bearing$2,578,838 $2,569,030 Interest bearing 5,793,915 5,644,088 Total deposits 8,372,753 8,213,118 Borrowings 269,254 361,703 Other liabilities 133,341 130,373 Total liabilities$8,775,348 $8,705,194 Shareholders’ Equity: Preferred shares$ – $ – Common shares 464,046 463,518 Accumulated other comprehensive loss, net of taxes (39,942) (67,343) Retained earnings 997,399 917,645 Treasury shares (151,244) (155,636) Total shareholders’ equity$1,270,259 $1,158,184 Total liabilities and shareholders’ equity$10,045,607 $9,863,378

PARK NATIONAL CORPORATIONConsolidated Statements of Income - Linked Quarters 20252024202420242024(in thousands, except per share data)1st QTR4th QTR3rd QTR2nd QTR1st QTR Interest income: Interest and fees on loans$120,648 $120,870 $120,203 $115,318 $111,211 Interest on debt securities: Taxable 7,130 8,641 10,228 10,950 11,899 Tax-exempt 1,269 1,351 1,381 1,382 1,410 Other interest income 3,153 2,751 1,996 1,254 2,120 Total interest income 132,200 133,613 133,808 128,904 126,640 Interest expense: Interest on deposits: Demand and savings deposits 18,436 19,802 22,762 20,370 19,855 Time deposits 6,770 7,658 7,073 7,525 7,338 Interest on borrowings 2,617 2,708 2,859 3,172 3,824 Total interest expense 27,823 30,168 32,694 31,067 31,017 Net interest income 104,377 103,445 101,114 97,837 95,623 Provision for credit losses 756 3,935 5,315 3,113 2,180 Net interest income after provision for credit losses 103,621 99,510 95,799 94,724 93,443 Other income 25,746 31,064 36,530 28,794 26,200 Other expense 78,164 83,241 85,681 75,189 77,228 Income before income taxes 51,203 47,333 46,648 48,329 42,415 Income taxes 9,046 8,703 8,431 8,960 7,211 Net income$42,157 $38,630 $38,217 $39,369 $35,204 Per common share: Net income - basic$2.61 $2.39 $2.37 $2.44 $2.18 Net income - diluted$2.60 $2.37 $2.35 $2.42 $2.17

PARK NATIONAL CORPORATIONDetail of other income and other expense - Linked Quarters 2025 2024 2024 2024 2024 (in thousands)1st QTR4th QTR3rd QTR2nd QTR1st QTR Other income: Income from fiduciary activities$10,994 $11,122 $10,615 $10,728 $10,024 Service charges on deposit accounts 2,407 2,319 2,362 2,214 2,106 Other service income 2,936 3,277 3,036 2,906 2,524 Debit card fee income 6,089 6,511 6,539 6,580 6,243 Bank owned life insurance income 1,512 1,519 2,057 1,565 2,629 ATM fees 335 415 471 458 496 Pension settlement gain – 365 5,783 – – (Loss) gain on the sale of OREO, net (229) (74) 2 (7) 121 Loss on sale of debt securities, net – (128) – – (398)(Loss) gain on equity securities, net (862) 1,852 1,557 358 (687)Other components of net periodic benefit income 2,344 2,651 2,204 2,204 2,204 Miscellaneous 220 1,235 1,904 1,788 938 Total other income$25,746 $31,064 $36,530 $28,794 $26,200 Other expense: Salaries$36,216 $37,254 $38,370 $35,954 $35,733 Employee benefits 10,516 10,129 10,162 9,873 11,560 Occupancy expense 3,519 2,929 3,731 2,975 3,181 Furniture and equipment expense 2,301 2,375 2,571 2,454 2,583 Data processing fees 10,529 10,450 11,764 9,542 8,808 Professional fees and services 7,307 10,465 7,842 6,022 6,817 Marketing 1,528 1,949 1,464 1,164 1,741 Insurance 1,686 1,600 1,640 1,777 1,718 Communication 1,202 1,104 955 1,002 1,036 State tax expense 1,186 1,145 1,116 1,129 1,110 Amortization of intangible assets 274 288 287 320 320 Foundation contributions – – 2,000 – – Miscellaneous 1,900 3,553 3,779 2,977 2,621 Total other expense$78,164 $83,241 $85,681 $75,189 $77,228

PARK NATIONAL CORPORATIONAsset Quality Information Year ended December 31,(in thousands, except ratios) March 31, 2025 2024 2023 2022 2021 2020 Allowance for credit losses: Allowance for credit losses, beginning of period $87,966 $83,745 $85,379 $83,197 $85,675 $56,679 Cumulative change in accounting principle; adoption of ASU 2022-02 in 2023 and ASU 2016-13 in 2021 – 383 – 6,090 – Charge-offs 3,605 18,334 10,863 9,133 5,093 10,304 Recoveries 3,013 8,012 5,942 6,758 8,441 27,246 Net charge-offs (recoveries) 592 10,322 4,921 2,375 (3,348) (16,942)Provision for (recovery of) credit losses 756 14,543 2,904 4,557 (11,916) 12,054 Allowance for credit losses, end of period $88,130 $87,966 $83,745 $85,379 $83,197 $85,675 General reserve trends: Allowance for credit losses, end of period $88,130 $87,966 $83,745 $85,379 $83,197 $85,675 Allowance on accruing purchased credit deteriorated (“PCD”) loans (purchased credit impaired (“PCI”) loans for years 2020 and prior) – – – – – 167 Allowance on purchased loans excluded from collectively evaluated loans (for years 2020 and prior) N.A.N.A.N.A.N.A.N.A. 678 Specific reserves on individually evaluated loans - accrual – – – – 42 44 Specific reserves on individually evaluated loans - nonaccrual 1,044 1,299 4,983 3,566 1,574 5,390 General reserves on collectively evaluated loans $87,086 $86,667 $78,762 $81,813 $81,581 $79,396 Total loans $7,883,735 $7,817,128 $7,476,221 $7,141,891 $6,871,122 $7,177,785 Accruing PCD loans (PCI loans for years 2020 and prior) 2,139 2,174 2,835 4,653 7,149 11,153 Purchased loans excluded from collectively evaluated loans (for years 2020 and prior) N.A.N.A.N.A.N.A.N.A. 360,056 Individually evaluated loans - accrual (k) 13,935 15,290 – 11,477 17,517 8,756 Individually evaluated loans - nonaccrual 47,718 53,149 45,215 66,864 56,985 99,651 Collectively evaluated loans $7,819,943 $7,746,515 $7,428,171 $7,058,897 $6,789,471 $6,698,169 Asset Quality Ratios: Net charge-offs (recoveries) as a % of average loans 0.03% 0.14% 0.07% 0.03% (0.05)% (0.24)%Allowance for credit losses as a % of period end loans 1.12% 1.13% 1.12% 1.20% 1.21% 1.19%General reserve as a % of collectively evaluated loans 1.11% 1.12% 1.06% 1.16% 1.20% 1.19% Nonperforming assets: Nonaccrual loans $61,929 $68,178 $60,259 $79,696 $72,722 $117,368 Accruing troubled debt restructurings (for years 2022 and prior) (k) N.A.N.A.N.A. 20,134 28,323 20,788 Loans past due 90 days or more 1,219 1,754 859 1,281 1,607 1,458 Total nonperforming loans $63,148 $69,932 $61,118 $101,111 $102,652 $139,614 Other real estate owned 119 938 983 1,354 775 1,431 Other nonperforming assets – – – – 2,750 3,164 Total nonperforming assets $63,267 $70,870 $62,101 $102,465 $106,177 $144,209 Percentage of nonaccrual loans to period end loans 0.79% 0.87% 0.81% 1.12% 1.06% 1.64%Percentage of nonperforming loans to period end loans 0.80% 0.89% 0.82% 1.42% 1.49% 1.95%Percentage of nonperforming assets to period end loans 0.80% 0.91% 0.83% 1.43% 1.55% 2.01%Percentage of nonperforming assets to period end total assets 0.64% 0.72% 0.63% 1.04% 1.11% 1.55% Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the “Financial Reconciliations” section.

PARK NATIONAL CORPORATIONAsset Quality Information (continued) Year ended December 31,(in thousands, except ratios) March 31, 202520242023202220212020 New nonaccrual loan information: Nonaccrual loans, beginning of period $68,178$60,259$79,696$72,722$117,368$90,080New nonaccrual loans 14,767 65,535 48,280 64,918 38,478 103,386Resolved nonaccrual loans 21,016 57,616 67,717 57,944 83,124 76,098Nonaccrual loans, end of period $61,929$68,178$60,259$79,696$72,722$117,368 Individually evaluated nonaccrual commercial loan portfolio information (period end):Unpaid principal balance $51,134$58,158$47,564$68,639$57,609$100,306Prior charge-offs 3,416 5,009 2,349 1,775 624 655Remaining principal balance 47,718 53,149 45,215 66,864 56,985 99,651Specific reserves 1,044 1,299 4,983 3,566 1,574 5,390Book value, after specific reserves $46,674$51,850$40,232$63,298$55,411$94,261 Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the “Financial Reconciliations” section.

PARK NATIONAL CORPORATION Financial Reconciliations NON-GAAP RECONCILIATIONS THREE MONTHS ENDED (in thousands, except share and per share data)March 31, 2025December 31, 2024March 31, 2024 Net interest income$104,377 $103,445 $95,623 less purchase accounting accretion related to NewDominion and Carolina Alliance acquisitions 175 250 352 less interest income on former Vision Bank relationships 1,019 38 2 Net interest income - adjusted$103,183 $103,157 $95,269 Provision for credit losses$756 $3,935 $2,180 less recoveries on former Vision Bank relationships (1,097) – (953) Provision for credit losses - adjusted$1,853 $3,935 $3,133 Other income$25,746 $31,064 $26,200 less loss on sale of debt securities, net – (128) (398) less pension settlement gain – 365 – less impact of strategic initiatives (914) 117 (155) less Vision related (loss) gain on the sale of OREO, net (229) – 121 less other service income related to former Vision Bank relationships 3 299 7 Other income - adjusted$26,886 $30,411 $26,625 Other expense$78,164 $83,241 $77,228 less core deposit intangible amortization related to NewDominion and Carolina Alliance acquisitions 274 288 320 less building demolition costs – 44 65 less direct expenses related to collection of payments on former Vision Bank loan relationships 276 215 – Other expense - adjusted$77,614 $82,694 $76,843 Tax effect of adjustments to net income identified above (i)$(126)$(83)$(104) Net income - reported$42,157 $38,630 $35,204 Net income - adjusted (h)$41,682 $38,319 $34,811 Diluted earnings per common share$2.60 $2.37 $2.17 Diluted earnings per common share, adjusted (h)$2.57 $2.35 $2.15 Annualized return on average assets (a)(b) 1.70% 1.54% 1.44% Annualized return on average assets, adjusted (a)(b)(h) 1.68% 1.52% 1.42% Annualized return on average tangible assets (a)(b)(e) 1.73% 1.56% 1.46% Annualized return on average tangible assets, adjusted (a)(b)(e)(h) 1.71% 1.55% 1.44% Annualized return on average shareholders’ equity (a)(b) 13.46% 12.32% 12.23% Annualized return on average shareholders’ equity, adjusted (a)(b)(h) 13.31% 12.22% 12.09% Annualized return on average tangible equity (a)(b)(c) 15.44% 14.17% 14.24% Annualized return on average tangible equity, adjusted (a)(b)(c)(h) 15.27% 14.06% 14.08% Efficiency ratio (g) 59.79% 61.60% 63.07% Efficiency ratio, adjusted (g)(h) 59.39% 61.63% 62.72% Annualized net interest margin (g) 4.62% 4.51% 4.28% Annualized net interest margin, adjusted (g)(h) 4.57% 4.50% 4.26% Note: Explanations for footnotes (a) - (k) are included at the end of the financial tables in the “Financial Reconciliations” section.

PARK NATIONAL CORPORATION Financial Reconciliations (continued) (a) Reported measure uses net income(b) Averages are for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, as appropriate(c) Net income for each period divided by average tangible equity during the period. Average tangible equity equals average shareholders’ equity during the applicable period less average goodwill and other intangible assets during the applicable period. RECONCILIATION OF AVERAGE SHAREHOLDERS’ EQUITY TO AVERAGE TANGIBLE EQUITY: THREE MONTHS ENDED March 31, 2025December 31, 2024March 31, 2024 AVERAGE SHAREHOLDERS’ EQUITY$1,270,259$1,247,680$1,158,184 Less: Average goodwill and other intangible assets 162,938 163,221 164,137 AVERAGE TANGIBLE EQUITY$1,107,321$1,084,459$994,047 (d) Tangible equity divided by common shares outstanding at period end. Tangible equity equals total shareholders’ equity less goodwill and other intangible assets, in each case at the end of the period. RECONCILIATION OF TOTAL SHAREHOLDERS’ EQUITY TO TANGIBLE EQUITY: March 31, 2025December 31, 2024March 31, 2024 TOTAL SHAREHOLDERS’ EQUITY$1,279,042$1,243,848$1,161,979 Less: Goodwill and other intangible assets 162,758 163,032 163,927 TANGIBLE EQUITY$1,116,284$1,080,816$998,052 (e) Net income for each period divided by average tangible assets during the period. Average tangible assets equal average assets less average goodwill and other intangible assets, in each case during the applicable period. RECONCILIATION OF AVERAGE ASSETS TO AVERAGE TANGIBLE ASSETS THREE MONTHS ENDED March 31, 2025December 31, 2024March 31, 2024 AVERAGE ASSETS$10,045,607$10,008,328$9,863,378 Less: Average goodwill and other intangible assets 162,938 163,221 164,137 AVERAGE TANGIBLE ASSETS$9,882,669$9,845,107$9,699,241 (f) Tangible equity divided by tangible assets. Tangible assets equal total assets less goodwill and other intangible assets, in each case at the end of the period. RECONCILIATION OF TOTAL ASSETS TO TANGIBLE ASSETS: March 31, 2025December 31, 2024March 31, 2024 TOTAL ASSETS$9,886,612$9,805,350$9,881,077 Less: Goodwill and other intangible assets 162,758 163,032 163,927 TANGIBLE ASSETS$9,723,854$9,642,318$9,717,150 (g) Efficiency ratio is calculated by dividing total other expense by the sum of fully taxable equivalent net interest income and other income. Fully taxable equivalent net interest income reconciliation is shown assuming a 21% corporate federal income tax rate. Additionally, net interest margin is calculated on a fully taxable equivalent basis by dividing fully taxable equivalent net interest income by average interest earning assets, in each case during the applicable period. RECONCILIATION OF FULLY TAXABLE EQUIVALENT NET INTEREST INCOME TO NET INTEREST INCOME THREE MONTHS ENDED March 31, 2025December 31, 2024March 31, 2024 Interest income$132,200$133,613$126,640 Fully taxable equivalent adjustment 607 617 616 Fully taxable equivalent interest income$132,807$134,230$127,256 Interest expense 27,823 30,168 31,017 Fully taxable equivalent net interest income$104,984$104,062$96,239 (h) Adjustments to net income for each period presented are detailed in the non-GAAP reconciliations of net interest income, provision for credit losses, other income, other expense and tax effect of adjustments to net income.(i) The tax effect of adjustments to net income was calculated assuming a 21% corporate federal income tax rate.(j) Pre-tax, pre-provision (“PTPP”) net income is calculated as net income, plus income taxes, plus the provision for credit losses, in each case during the applicable period. PTPP net income is a common industry metric utilized in capital analysis and review. PTPP is used to assess the operating performance of Park while excluding the impact of the provision for credit losses.

RECONCILIATION OF PRE-TAX, PRE-PROVISION NET INCOME THREE MONTHS ENDED

March 31, 2025December 31, 2024March 31, 2024

Net income$42,157$38,630$35,204 Plus: Income taxes 9,046 8,703 7,211 Plus: Provision for credit losses 756 3,935 2,180 Pre-tax, pre-provision net income$51,959$51,268$44,595 (k) Effective January 1, 2023, Park adopted Accounting Standards Update (“ASU”) 2022-02. Among other things, this ASU eliminated the concept of troubled debt restructurings (“TDRs”). As a result of the adoption of this ASU and elimination of the concept of TDRs, total nonperforming loans (“NPLs”) and total nonperforming assets (“NPAs”) each decreased by $20.1 million effective January 1, 2023. Additionally, as a result of the adoption of this ASU, accruing individually evaluated loans decreased by $11.5 million effective January 1, 2023. CONTACT: Media contact: Michelle Hamilton, 740-349-6014, [email protected]

Investor contact: Brady Burt, 740-322-6844, [email protected]
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