Park National Corporation · AMEX:PRK
Park National — Q3 2025 Earnings Presentation
45 slides from Park National's earnings presentation, Nov 10, 2025
Slide 1: Park National Corporation
Park National Corporation P A R K N A T I O N A L C O R P O R A T I O N
Slide 2: Safe Harbor Statement
Safe Harbor Statement P A R K N A T I O N A L C O R P O R A T I O N 2 This presentation contains forward-looking statements that are provided to assist in the understanding of anticipated future financial performance and the plans, expectations, projections, and benefits of the proposed merger (the
Slide 3: Disclaimer
Disclaimer No Offer or Solicitation This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, and no offer to s
Slide 4: Snapshot
Snapshot • Park National Corporation (NYSE American: PRK) is a $9.9 billion asset financial holding company headquartered in Newark, OH, that conducts banking operations through its wholly-owned subsidiary, The Park National Bank. • On October 27th, 2025 PRK announced its agreement to acquire First
Slide 5: Overview of Park National Corporation
P A R K N A T I O N A L C O R P O R A T I O N Overview of Park National Corporation
Slide 6: Overview of Park National Corporation
Overview of Park National Corporation P A R K N A T I O N A L C O R P O R A T I O N 6 • Park’s bank subsidiary, The Park National Bank, is headquartered in Newark, Ohio and was founded in 1908. • $9.9 billion total assets and $9.4 billion assets under management(1) at September 30, 2025. • Park comm
Slide 7: Attractive Geographic Footprint
Attractive Geographic Footprint P A R K N A T I O N A L C O R P O R A T I O N 7 Ohio North Carolina South CarolinaKentucky Region Deposits Trust AUM(1) Full-Time(2) Employees Counties Served Offices Western Ohio $1.68B $1.58B 165 6 20 Northern Ohio $1.88B $1.59B 203 7 22 Metro $1.13B $1.33B 195 7 14
Slide 8: Community Banking Regions leadership
• Strong history of operating in Park’s regional bank model. • Regional leadership team averages approximately 29 years of banking experience and 19 years of leadership tenure with Park. P A R K N A T I O N A L C O R P O R A T I O N 8 Community Banking Regions Name Position Age Years with PNB Years
Slide 9: Park M&A Strategy
Park M&A Strategy Two-prong strategy guidelines: 1. Traditional M&A • Strong franchise, good reputation and asset quality • Competitive market share • Continuity of management and leadership • Traditional community bank structure • Sticky, low-cost core deposits • Disciplined approach to pricing and
Slide 10: First Citizens Bancshares, Inc. Company Overview
1) Based on total deposits. Community bank defined as less than $25bn in total assets; Excludes mutual holding companies Note: YTD 2025 represents financial data as of September 30, 2025; Deposit market share data as of June 30, 2025 per FDIC Source: S&P Capital IQ Pro First Citizens Bancshares, Inc
Slide 11: Expansion into Attractive Markets
Note: Deposit market share data as of June 30, 2025 per FDIC; Balances exclude purchase accounting adjustments Source: S&P Capital IQ Pro Park & First Citizens | Expansion into Attractive Markets Market expansion into the attractive Tennessee markets with a quality, established franchise and opportu
Slide 12: Key Transaction Terms
1) Based on FIZN common and Class A shares outstanding of 3,824,578 2) Based on PRK’s closing stock price of $159.54 as of October 24, 2025 3) For illustrative purposes, excludes transaction expenses, assumes transaction closes on December 31, 2025, and cost savings are fully phased-in Note: Financi
Slide 13: Pro Forma Loans and Deposits
MRQ Pro Forma ¹ Yield on Loans: 6.37% Yield on Loans: 6.43% Yield on Loans: 6.38% Cost of Deposits: 1.19% Cost of Deposits: 2.50% Cost of Deposits: 1.46% Lo an C om po si tio n D ep os it C om po si tio n 26% 3% 25% 9% 5% 2% 29% 1-4 Multi CRE C&I C&D Farm + Ag. Cons. + Other 22% 5% 45% 6% 13% 6% 3%
Slide 14: Key Transaction Assumptions
Source: S&P Capital IQ Pro Park & First Citizens | Key Transaction Assumptions Earnings & Cost Savings • Net income for PRK based on consensus analyst median estimates FY2025E through FY2026E. Acquisition does not accelerate Durbin impact. Assumes a long-term annual earnings growth of 5% then adjust
Slide 15: Summary
1) For illustrative purposes, excludes transaction expenses, assumes transaction closes on December 31, 2025, and cost savings are fully phased-in Park & First Citizens | Summary Crossing $10B Assets Cultural Fit Footprint Expansion Upside Opportunity Financially Attractive+ • Continues PRK’s expans
Slide 16: TBV Dilution and Pro Forma Earnings Accretion
1) For illustrative purposes, excludes transaction expenses, assumes transaction closes on December 31, 2025, and cost savings are fully phased-in 2) Based on median consensus EPS estimates 3) FIZN anticipates divesting a subsidiary prior to closing of merger with PRK Note: Dollars in millions, exce
Slide 17: Financial Summary
P A R K N A T I O N A L C O R P O R A T I O N Financial Summary
Slide 18: 2025 Third Quarter Highlights
2025 Third Quarter Highlights P A R K N A T I O N A L C O R P O R A T I O N 18 • Park’s Consolidated Capital Ratios at September 30, 2025: – Total Shareholders’ Equity to Total Assets of 13.50% – Tangible Common Equity to Tangible Assets of 12.06%(1) – Leverage Ratio of 11.82% – Total Risk-Based Cap
Slide 19: Strong Balance Sheet
Strong Balance Sheet P A R K N A T I O N A L C O R P O R A T I O N 19 Total Assets Total Loans (excluding PPP) (1) Total Deposits (includes off balance sheet) (2) Total Shareholders’ Equity (Dollars in millions) (Dollars in millions) (Dollars in millions) (Dollars in millions) (1) Excludes PPP loans
Slide 20: Strong Earnings
Efficiency Ratio & Non-Int. Exp. / Avg. Assets(1) Strong Earnings P A R K N A T I O N A L C O R P O R A T I O N 20 (Dollars in millions) Net Income, ROAA & ROATE(1) Non-Interest Income / Operating Revenue (2) Pre-Tax, Pre-Provision Income / Avg. Assets(1) (1) See Reconciliation of Non-GAAP Financial
Slide 21: Stable Net Interest Margin
Stable Net Interest Margin P A R K N A T I O N A L C O R P O R A T I O N 21 Asset Yields, Liability Costs, and Net Interest Margin(1) (1) Net interest margin shown annualized QTD, on a fully taxable equivalent basis assuming a 21% corporate federal income tax rate. See “Reconciliation of Non-GAAP Fi
Slide 22: Diverse Fee Income
Diverse Fee Income P A R K N A T I O N A L C O R P O R A T I O N 22 Overview • The business lines responsible for generating the majority of fee income are wealth management, mortgage banking, and retail banking (interchange fees). • Diversified revenue base with approximately 21.4% non-interest inc
Slide 23: Disciplined Approach to Managing Operating Expenses
Disciplined Approach to Managing Operating Expenses P A R K N A T I O N A L C O R P O R A T I O N 23 Efficiency Ratio & Non-interest Expense Non-interest Expense Composition (YTD) Note: Financial data as of September 30, 2025 unless otherwise noted. (Dollars in millions) • Significant investment in
Slide 24: High Quality Capital Structure
High Quality Capital Structure P A R K N A T I O N A L C O R P O R A T I O N 24 Common Equity Tier 1 Allowance for Credit Losses Tier 1 Capital $1,193.7 million Tier 2 Capital $96.3 million Note: Financial data as of September 30, 2025 unless otherwise noted. ACL $96.3 Common Equity Tier 1 $1,193.7
Slide 25: Robust Capital Ratios
Robust Capital Ratios P A R K N A T I O N A L C O R P O R A T I O N 25 (1) Adequately capitalized thresholds plus capital conservation buffer of 2.5%. (2) Regional Peer Group was used, as defined in the 2025 proxy. PRK’s 2025 Q3 data above is compared to peer median data as of 2025 Q2. (3) The decli
Slide 26: High-Quality and Diversified Loan Portfolio
High-Quality and Diversified Loan Portfolio P A R K N A T I O N A L C O R P O R A T I O N 26 • Park has a well-secured loan portfolio with geographic and asset class diversity. • Out-of-market portfolio is largely limited to specialty lending, which has conservative underwriting and is subject to in
Slide 27: Healthy Allowance Levels Safeguard Shareholders' Equity
Healthy Allowance Levels Safeguard Shareholders’ Equity P A R K N A T I O N A L C O R P O R A T I O N 27 Allowance / Total LoansOverview • Allowance for credit losses was 1.15% of total loans as of September 30, 2025. • Conservative classification of commercial loans and prudent identification of pr
Slide 28: Stable Asset Quality
Stable Asset Quality P A R K N A T I O N A L C O R P O R A T I O N 28 Net Charge-Offs / Average Loans Classified Loans(2) / Tier 1 Capital + ACL Overview • Conservative underwriting and strong asset quality. • Of the $89.6 million in nonaccrual loans, $69.7 million, or about 77.8%, were current with
Slide 29: Stable, Low-Cost Core Deposits
Stable, Low-Cost Core Deposits P A R K N A T I O N A L C O R P O R A T I O N 29 • With minimal reliance on costly time deposits and a relatively high level of non-interest bearing deposits, Park has cultivated a loyal and low-cost source of funds. • Non-interest bearing deposits represented 31% of t
Slide 30: High Quality Securities Portfolio
High Quality Securities Portfolio P A R K N A T I O N A L C O R P O R A T I O N 30 • Park’s investment securities portfolio is highly rated(1): • 79.3% are AAA rated or Agency Backed • 18.3% are AA+, AA, AA- or A- rated • 2.4% are BBB, BBB- or Not Rated • 11.6% of the portfolio is floating rate. • A
Slide 31: Appendix
P A R K N A T I O N A L C O R P O R A T I O N Appendix
Slide 32: Senior Management
Senior Management P A R K N A T I O N A L C O R P O R A T I O N 32 David L. Trautman – Chairman of the Board and CEO – Age: 64 (42 years with Park) • Chairman of the Board since May 2019 and CEO since January 2014 of Park and Park National Bank. • President of Park and Park National Bank from Januar
Slide 33: Senior Management (continued)
Senior Management (continued) P A R K N A T I O N A L C O R P O R A T I O N 33 Brady T. Burt – Chief Financial Officer – Age: 53 (18 years with Park) • Chief Financial Officer of Park and Park National Bank since December 2012. • Chief Accounting Officer of Park and Park National Bank from April 200
Slide 34: Experienced Management Team
Experienced Management Team • Park National Bank’s management team consists of leaders with deep market knowledge. • The management team averages 27 years of banking experience. • The average team tenure with Park National Bank is approximately 20 years. P A R K N A T I O N A L C O R P O R A T I O N
Slide 35: Commercial Loan Repricing
Commercial Loan Repricing P A R K N A T I O N A L C O R P O R A T I O N 29% 13% 9% 12% 15% 22% Commercial Loan Repricing or Maturing by Year 2025 2026 2027 2028 2029 2030+ 2025 2026 2027 2028 2029 2030+ ≥3% $40,054,142 $53,298,666 $5,503,374 $694,277 $810,508 $5,474,051 <3% $1,183,036,200 $378,796,2
Slide 36: CRE Loan Repricing
CRE Loan Repricing P A R K N A T I O N A L C O R P O R A T I O N 17% 16% 9% 13% 18% 27% CRE Loan Repricing or Maturing by Year 2025 2026 2027 2028 2029 2030+ 2025 2026 2027 2028 2029 2030+ ≥3% $28,701,545 $28,890,665 $588,679 $141,500 $- $4,345,967 <3% $295,228,827 $267,183,012 $159,510,458 $221,032
Slide 37: Installment Lending Portfolio
Installment Lending Portfolio P A R K N A T I O N A L C O R P O R A T I O N 37 Note: Financial data as of September 30, 2025 • Park National Bank’s installment portfolio includes $1.7B of indirect loans and $194MM of direct loans. • Balances have nearly doubled since first exceeding $1B in 2017.
Slide 38: Installment Lending Portfolio (continued)
Installment Lending Portfolio (continued) P A R K N A T I O N A L C O R P O R A T I O N 38 Note: Financial data as of September 30, 2025
Slide 39: Specialty Lending
Specialty Lending • Park has successfully operated in the specialty finance area for many years, specifically focusing on turbo-prop and light jets and structured finance lending to non-bank consumer finance companies. Net charge-offs in specialty lending have not materially impacted Park’s overall
Slide 40: Insured Deposits Trend
Insured Deposits Trend Uninsured deposits were largely unchanged QoQ and continue to represent a reasonable level of exposure to the overall balance sheet relative to available funding capacities. 83.2% 83.1% 83.1% 82.4% 81.8% 82.1% 81.9% 4.9% 5.5% 5.0% 4.9% 4.9% 5.1% 4.8% 11.9% 11.4% 11.9% 12.7% 13
Slide 41: Historical Noncore Funding Position
Historical Noncore Funding Position Overall borrowings remain historically low, which has been a key driver of our ability to maintain a favorable funding position relative to peers through the current cycle. *Includes FHLB advances, Brokered Deposits and Brokered Repurchase Agreements. 0% 3% 6% 9%
Slide 42: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures P A R K N A T I O N A L C O R P O R A T I O N 42 Reconciliation of Average Shareholders' Equity to Average Tangible Equity For the Twelve Months Ended For the Three Months Ended For the Nine Months Ended 12/31/2021 12/31/2022 12/31/2023 12/31/2024 9/30/2
Slide 43: Reconciliation of Non-GAAP Financial Measures (continued)
Reconciliation of Non-GAAP Financial Measures (continued) P A R K N A T I O N A L C O R P O R A T I O N 43 Reconciliation of Fully Taxable Equivalent Net Interest Income to Net Interest Income For the Twelve Months Ended For the Three Months Ended For the Nine Months Ended 12/31/2021 12/31/2022 12/3
Slide 44: Reconciliation of Non-GAAP Financial Measures (continued)
Note: YTD 2025 represents financial data as of September 30, 2025 Source: S&P Capital IQ Pro Reconciliation of Shareholders’ Equity to Tangible Common Equity First Citizens Bancshares, Inc. Year Ended December 31, ($ in thousands) 2022 2023 2024 YTD 2025 Shareholders' Common Equity 153,355$ 180,722$
Slide 45: Park National Corporation
Park National Corporation P A R K N A T I O N A L C O R P O R A T I O N