Financial Analysis

"The following table presents the Corporation's sources of other income by revenue stream for the years ended December 31, 2025, 2024, and 2023: Year ended December 31, 2025 Year ended December 31, 2024 Year ended December 31, 2023 Revenue by Operating Segment (in thousands) PRK PRK PRK Income from fiduciary activities Personal trust and agency accounts $ 13,865 12,825 10,297 Employee benefit and retirement-related accounts 11,971 11,093 9,894 Investment management and investment advisory agency accounts 17,429 16,184 13,242 Other 2,505 2,387 2,041 Service charges on deposit accounts Non-sufficient funds (NSF) fees 2,957 3,236 3,744 Demand deposit account (DDA) charges 6,447 5,286 4,229 Other 647 479 472 Other service income (1) Credit card 2,776 2,652 2,799 HELOC 443 389 369 Installment 260 161 177 Real estate 9,095 7,091 5,795 Commercial 1,908 1,450 1,160 Debit card fee income 25,793 25,873 26,522 Bank owned life insurance income (2) 6,610 7,770 5,338 ATM fees 1,406 1,840 2,178 Pension settlement gain (2) 6,148 Loss on the sale of debt securities, net (2) (2,250) (526) (7,875) Gain on equity securities, net (2) 4,664 3,080 971 Other components of net periodic pension benefit income (2) 9,376 9,263 7,572 Miscellaneous (3) 3,979 5,907 3,709 Total other income $ 119,881 $ 122,588 $ 92,634 (1) ""Other Service Income"" totaled $14.5 million, $11.7 million, and $10.3 million for the years ended December 31, 2025, 2024, and 2023, respectively. Of this aggregate service revenue, ap …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

"Share-Based Compensation The Park National Corporation 2017 Long-Term Incentive Plan for Employees (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 December 31, 2025, 150,000 common shares were available for future grants under the 2017 Employee LTIP. The Park National Corporation 2017 Long-Term Incentive Plan for Non-Employee Directors (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-employe …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

"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 liabilit …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Other Intangible Assets The following table shows the activity in goodwill and other intangible assets for the years ended December 31, 2025, 2024 and 2023. (In thousands) Goodwill Other Intangible Assets Total January 1, 2023 $ 159,595 $ 5,975 $ 165,570 Amortization 1,323 1,323 December 31, 2023 $ 159,595 $ 4,652 $ 164,247 Amortization 1,215 1,215 December 31, 2024 $ 159,595 $ 3,437 $ 163,032 Amortization 1,042 1,042 December 31, 2025 $ 159,595 $ 2,395 $ 161,990 Goodwill Goodwill impairment exists when a reporting unit's carrying value exceeds its fair value. Park evaluates goodwill for impairment on April 1 of each year, with financial data as of March 31. At April 1, 2025, the Company's reporting unit, PNB, had positive equity and the Company elected to perform a qualitative assessment to determine if it was more likely than not that the fair value of the reporting unit exceeded its carrying value, including goodwill. The qualitative assessment indicated that it was more likely than not that the fair value of the reporting unit exceeded its carrying value, resulting in no impairment. Acquired Intangible Assets The following table shows the balance of acquired intangible assets as of December 31, 2025 and 2024. 2025 2024 (In thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Other intangible assets: Core deposit intangibles $ 14,456 $ 12,061 $ 14,456 $ 11,019 Core deposit intangibles are being amortized, on …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"Income Taxes Park's pre-tax income for the year ended December 31, 2025 was as follows: (In thousands) 2025 Domestic $ 221,323 Foreign Total pre-tax income $ 221,323 The components of the provision for federal income taxes are shown below: December 31, (In thousands) 2025 2024 2023 Current tax expense (benefit) Federal $ 31,984 $ 23,905 $ 18,118 State 2,285 1,360 1,190 Amortization of qualified affordable housing projects and historic tax credits 8,519 8,449 8,265 Deferred tax expense (benefit) Federal $ (1,439) $ (517) $ (708) State (99) 108 5 Total income tax expense (benefit) Federal $ 39,064 $ 31,837 $ 25,675 State 2,186 1,468 1,195 Total $ 41,250 $ 33,305 $ 26,870 Income taxes paid for the year ended December 31, 2025 were as follows: (In thousands) 2025 Federal $ 33,580 State (1) 2,463 Total $ 36,043 (1) There were no payments made to an individual jurisdiction that exceeded 5% of the Company's total income taxes paid during the year ended December 31, 2025. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Corporations deferred tax assets and liabilities are as follows: December 31 (In thousands) 2025 2024 Deferred tax assets: Allowance for credit losses $ 20,351 $ 19,144 Allowance for unfunded credit losses 1,142 1,288 Accumulated other comprehensive loss Unrealized losses on debt …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"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, and Kentucky markets. Certain of these leases contain renewal options for periods ranging from one year to five years. Parks 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 Parks 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 right-of-use asset"" and ""Operating lease liability,"" respectively, on Park's Consolidated Balance Sheets. The carrying amounts of Park's ROU asset and lease liability at December 31, 2025 were $15.7 million and $17.1 million, respectively. At December 31, 2024, the carrying amounts of Park's ROU assets and lease liability were $15.7 million and $16.5 million, respectively. Park's operating lease expense is recorded in ""Occupancy expense"" on the Company's Consolidated Statements of Income. Other information related to operating leases for the years ended December 31, 2025, 2024 and 2023 follows: (In thousands) Year ended December 31, 2025 Year ended December 31, 2024 Year ended December 31, 20 …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Benefit Plans The Corporation has a noncontributory Defined Benefit Pension Plan (the Pension Plan) covering substantially all of the employees of Park National Corporation and its subsidiaries. The Pension Plan provides benefits based on an employees years of service and compensation. There was no pension contribution in 2025 or 2024 and no contribution is expected to be made in 2026. Using accrual measurement dates of December 31, 2025 and 2024, plan assets and benefit obligation activity for the Pension Plan are listed below: (In thousands) 2025 2024 Change in fair value of plan assets Fair value at beginning of measurement period $ 225,771 $ 232,894 Actual return on plan assets 18,602 31,116 Benefits paid (6,648) (38,239) Fair value at end of measurement period $ 237,725 $ 225,771 Change in benefit obligation Projected benefit obligation at beginning of measurement period $ 104,533 $ 139,217 Service cost 6,526 6,916 Interest cost 5,911 6,443 Actuarial gain (297) (9,804) Benefits paid (6,648) (38,239) Projected benefit obligation at the end of measurement period $ 110,025 $ 104,533 Funded status at end of year (fair value of plan assets less benefit obligation) $ 127,700 $ 121,238 The increase in the projected benefit obligation (""PBO"") from $104.5 million as of December 31, 2024 to $110.0 million as of December 31, 2025, was largely the result of an additional year of plan progression, including an additional year of service, interest on the liability, and payments fro …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

"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 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 years ended December 31, 2025, 2024, and 2023: Year ended December 31, 2025 Year ended December 31, 2024 Year ended December 31, 2023 Revenue by Operating Segment (in thousands) PRK PRK PRK Income from fiduciary activities Personal trust and agency accounts $ 13,865 12,825 10,297 Employee benefit and retirement-related accounts 11,971 11,093 9,894 Investment management and investment advisory agency accounts 17,429 16,184 13,242 Other 2,505 2,387 2,041 Service charges on deposit accounts Non-sufficient funds (NSF) fees 2,957 3,236 3,744 Demand deposit account (DDA) charges 6,447 5,286 4,229 Other 647 479 472 Other service income (1) Credit card 2,776 2,652 2,799 HELOC 443 389 369 Installment 260 161 177 Real estate 9,095 7,091 5,795 Commercial 1,908 1,450 1,160 Debit card fee income 25,793 25,873 26,522 Bank owned life insurance income (2) 6,610 7,770 5,338 ATM fees 1,406 1,840 2,178 Pension settlement gain (2) 6,148 Loss on the sale of debt securities, net (2) (2,250) (526) (7,875) Gain on equity securities, net (2) 4,664 3,080 971 Other components of net periodic pension benefit income ( …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

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 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Summary of Significant Accounting Policies The following is a summary of significant accounting policies followed in the preparation of the consolidated financial statements: Principles of Consolidation The consolidated financial statements include the accounts of Park National Corporation and its subsidiaries (Park, the Company or the Corporation), unless the context otherwise requires. Material intercompany accounts and transactions have been eliminated. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (""U.S. GAAP"") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Reclassifications Certain prior year amounts have been reclassified to conform with the current presentation. These reclassifications had no impact on net income or shareholders' equity. Restrictions on Cash and Due from Banks As of March 26, 2020, the Federal Reserve Board eliminated reserve requirements for all depository institutions. There were no compensating balance arrangements in existence at December 31, 2025 or 2024. Debt Securities Debt securities are classified upon acquisition into one of three categories: HTM, AFS, or trading (see Note 4 - Investment Securities). HTM debt securities are those debt securities that the Corporation has the positive int …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

"Subsequent Events (Unaudited) 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, a national banking association and a wholly-owned subsidiary of First Citizens, was merged into PNB, with PNB as the surviving bank. As of January 31, 2026, First Citizens had $2.6 billion in total assets, $1.6 billion in total loans and leases, and $2.2 billion in total deposits. The acquisition was valued at $324.1 million and resulted in Park issuing 1,988,131 Park common shares as consideration for the First Citizens common stock acquired from First Citizens shareholders. The assets and liabilities of First Citizens' will be recorded on Park's consolidated balance sheet at their preliminary estimated fair values as of February 1, 2026, the acquisition date, and First Citizens' results of operations will be included in Park's consolidated statement of income from that date. The initial accounting and determination of the fair values of the assets acquired and liabilities assumed in the acquisition was incomplete at the time of the filing of Park's Annual Report on Form 10-K for the year ended December 31, 2025 (the ""2025 Form 10-K"") due to the timing of the closing of the acquisition in relation to the deadline for the filing of Park's 2025 Form 10-K. A more complete disclosure of the business combination is expected …

SubsequentEventsTextBlock · excerpt; the full note is in the filing

"The following table presents the Corporation's sources of other income by revenue stream for the three -month and nine-month periods ended September 30, 2025 and September 30, 2024: Three Months Ended September 30, Revenue by Operating Segment (in thousands) 2025 2024 Income from fiduciary activities Personal trust and agency accounts $ 3,311 $ 3,124 Employee benefit and retirement-related accounts 2,973 2,766 Investment management and investment advisory agency accounts 4,410 4,142 Other 621 583 Service charges on deposit accounts NSF fees 756 867 DDA charges 1,653 1,380 Other 169 115 Other service income (1) Credit card 704 693 HELOC 116 112 Installment 71 53 Real estate 2,216 1,869 Commercial 609 309 Debit card fee income 6,604 6,539 Bank owned life insurance income (2) 1,559 2,057 ATM fees 371 471 Pension settlement gain (2) 5,783 Gain on the sale of OREO, net 50 2 Loss on the sale of debt securities, net (2) (Loss) gain on equity securities, net (2) (549) 1,557 Other components of net periodic pension benefit income (2) 2,344 2,204 Miscellaneous (3) 2,586 1,904 Total other income $ 30,574 $ 36,530 (1) ""Other Service Income"" totaled $3.7 million and $3.0 million for the three months ended September 30, 2025 and 2024, respectively. Of this aggregate revenue approximately $1.9 million and $1.4 million was within the scope of ASC 606, with the remaining $1.8 million and $1.6 million consisting primarily of certain residential real estate loan fees which were out of scope …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

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 September 30, 2025, 175,650 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 th …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

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 liabiliti …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Other Intangible Assets The following table shows the activity in goodwill and other intangible assets for the three-month and nine-month periods ended September 30, 2025 and 2024. (in thousands) Goodwill Other intangible assets Total July 1, 2024 $ 159,595 $ 4,012 $ 163,607 Amortization 287 287 September 30, 2024 $ 159,595 $ 3,725 $ 163,320 July 1, 2025 $ 159,595 $ 2,890 $ 162,485 Amortization 248 248 September 30, 2025 $ 159,595 $ 2,642 $ 162,237 (in thousands) Goodwill Other intangible assets Total December 31, 2023 $ 159,595 $ 4,652 $ 164,247 Amortization 927 927 September 30, 2024 $ 159,595 $ 3,725 $ 163,320 December 31, 2024 $ 159,595 $ 3,437 $ 163,032 Amortization 795 795 September 30, 2025 $ 159,595 $ 2,642 $ 162,237 Park evaluates goodwill for impairment during the second quarter of each year, with financial data as of the immediately prior March 31. 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 September 30, 2025 and at December 31, 2024: September 30, 2025 December 31, 2024 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Other intangible assets: Core deposit intangible assets $ 14,456 $ 11,814 $ 14,456 $ 11,019 Core deposit intangible assets are being amortized, on an accelerated basis, over …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"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, and Kentucky markets. Certain of these leases contain renewal options for periods ranging from one year to five years. Parks 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 Parks 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 September 30, 2025 were $15.9 million and $17.3 million, respectively. At December 31, 2024, the carrying amounts of Park's ROU asset and lease liability were $15.7 million and $16.5 million, respectively. Park's operating lease expense is recorded in ""Occupancy expense"" on the Company's Consolidated Condensed Statements of Income. Other information related to operating leases for the three-month and nine-month periods ended September 30, 2025 and 2024 follows: Three Months Ended Nine Months Ended (in thousands) September 30 …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

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 2024-02 - Codification Improvements - Amendments to Remove References to Concepts Statements: In March 2024, FASB issued ASU 2024-02 - Codification Improvements - Amendments to Remove References to the Concepts Statements. ASU 2024-02 contains amendments to the Codification that remove references to various Concepts Statements. In most cases the references were extraneous and not required to understand or apply the guidance. In other instances, the references were used in previous Statements to provide guidance on certain topical areas. ASU 2024-02 is effective for public business entities for fiscal years beginning after December 15, 2024. The adoption of ASU 2024-02 did not have an impact on Park's consolidated financial statements. Issued But Not Yet Effective Accounting Standards ASU 2023-09- Income Taxes (Topic 740) Improvement to Income Tax Disclosures In December 2023, FASB issued ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 will require entities to disclose more detailed information in the reconciliation of their statutory tax rate to their effective tax rate. ASU 2023-09 also requires entities to disclose more detailed information about income taxes paid, includ …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

"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 employees years of service and compensation. There were no Pension Plan contributions for any of the three-month or the nine-months periods ended September 30, 2025 or 2024. Additionally, no contributions are expected to be made during the remainder of 2025. The following table shows the components of net periodic pension benefit income: Three Months Ended September 30, Nine Months Ended September 30, Affected Line Item in the Consolidated Condensed Statements of Income (In thousands) 2025 2024 2025 2024 Service cost $ 1,632 $ 1,750 $ 4,896 $ 5,250 Employee benefits Interest cost 1,478 1,719 4,434 5,157 Other components of net periodic pension benefit income Expected return on plan assets (3,834) (3,936) (11,502) (11,806) Other components of net periodic pension benefit income Recognized prior service cost 12 13 36 37 Other components of net periodic pension benefit income Pension settlement gain (5,783) (5,783) Pension settlement gain Net periodic pension benefit income $ (712) $ (6,237) $ (2,136) $ (7,145) During the three months and nine months ended September 30, 2024, Park recognized a $5.8 million pension settlement gain due to a combination of lump sum payouts as well as the purchase of a nonparticipating annuity contract which will provide ongoing benefits to vested participants. To ca …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

"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 and nine-month periods ended September 30, 2025 and September 30, 2024: Three Months Ended September 30, Revenue by Operating Segment (in thousands) 2025 2024 Income from fiduciary activities Personal trust and agency accounts $ 3,311 $ 3,124 Employee benefit and retirement-related accounts 2,973 2,766 Investment management and investment advisory agency accounts 4,410 4,142 Other 621 583 Service charges on deposit accounts NSF fees 756 867 DDA charges 1,653 1,380 Other 169 115 Other service income (1) Credit card 704 693 HELOC 116 112 Installment 71 53 Real estate 2,216 1,869 Commercial 609 309 Debit card fee income 6,604 6,539 Bank owned life insurance income (2) 1,559 2,057 ATM fees 371 471 Pension settlement gain (2) 5,783 Gain on the sale of OREO, net 50 2 Loss on the sale of debt securities, net (2) (Loss) gain on equity securities, net (2) (549) 1,557 Other components of net periodic pension benefit income (2) 2,344 2,204 Miscellaneous (3) 2,586 1,904 Total other income $ 30,574 $ 36,530 (1) ""Other Service Income"" totaled $3.7 million and $3.0 million for th …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment Information Park's chief operating decision maker is Park's Chairman and Chief Executive Officer. 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 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Subsequent Events On October 27, 2025, Park, entered into an Agreement and Plan of Merger (the Merger Agreement) with First Citizens Bancshares, Inc., a Tennessee corporation (First Citizens). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, First Citizens would merge with and into Park (the Merger), with Park continuing as the surviving corporation in the Merger. Immediately following the Merger, Park will cause First Citizens' wholly owned banking subsidiary, First Citizens National Bank, a national banking association (First Citizens National Bank), to merge with and into Park's wholly owned banking subsidiary, The Park National Bank, a national banking association (Park National Bank) (the Bank Merger), with Park National Bank continuing as the surviving bank in the Bank Merger. Upon the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Merger (the Effective Time), each share of common stock, no par value per share, of First Citizens, issued and outstanding immediately prior to the Effective Time, will be converted into the right to receive 0.52 of a share of common stock, no par value, of Park (the Park Common Stock) (the Merger Consideration). The Merger Agreement contains customary representations and warranties from Park and First Citizens, and each party has agreed to customary covenants. The completion of the Merger is subject to customary conditions, including, amon …

SubsequentEventsTextBlock · excerpt; the full note is in the filing