Park National Corporation · AMEX:PRK
Park National — Q4 2025 Earnings Presentation
43 slides from Park National's earnings presentation, 2026
Slide 1: Park National Corporation
Park National Corporation PARK NATIONAL CORPORATION
Slide 2: Safe Harbor Statement
Safe Harbor Statement • 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 recently completed merger (the “Merger”) of Park National Corporati
Slide 3: Disclaimer
Disclaimer Non-GAAP Financial Measures This presentation contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the U.S. (“GAAP”). Management believes that the disclosure of these “non-GAAP” financial measures presents a
Slide 4: Snapshot
Snapshot • As of December 31, 2025, Park National Corporation (NYSE American: PRK) was a $9.8 billion asset financial holding company headquartered in Newark, OH, and it conducts banking operations through its wholly-owned subsidiary, The Park National Bank. • On February 1, 2026, PRK closed the pre
Slide 5: Overview of Park National Corporation
Overview of Park National Corporation PARK NATIONAL CORPORATION
Slide 6: Overview of Park National Corporation
Overview of Park National Corporation Company Overview • Park’s bank subsidiary, The Park National Bank, is headquartered in Newark, Ohio and was founded in 1908. • $9.8 billion total assets and $9.3 billion assets under management(1) at December 31, 2025. • Park common shares are publicly traded un
Slide 7: Attractive Geographic Footprint
Attractive Geographic Footprint Ohio North Carolina Overview • Distinct operating regions provide for attractive mix of customers and demographic opportunities. Kentucky • Park entered several new geographic markets in the last 6-7 years via acquisitions and de novo branch openings. • These new mark
Slide 8: Community Bank Regions
Community Bank Regions • Strong history of operating in Park’s regional bank model. • Regional leadership team averages approximately 30 years of banking experience and 22 years of leadership tenure with Park. Years with Years in Name Position Age PNB (1) Industry Jeff D. Agee CEO - Tennessee Region
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
First Citizens Bancshares, Inc. | Company Overview Company Overview Overview of Branch Locations FIZN (24) 1889 Dyersburg, TN 5th in Deposits¹ Headquarters Year Founded Headquarters TN Community Banks • Dyersburg, TN: Like many current PRK markets, FIZN has #1 deposit market share in its headquarter
Slide 11: Acquisition of First Citizens | Expansion into Attractive Markets
Acquisition of First Citizens | Expansion into Attractive Markets PRK has expanded into the attractive Tennessee market with a quality, established franchise, creating opportunity to further scale relationships PRK (84) FIZN (24) • Attractive markets that PRK intends to invest in and grow post-closi
Slide 12: Park & First Citizens | Key Transaction Terms
Park & First Citizens | Key Transaction Terms (from Announcement on October 27, 2025) • 100% stock consideration Transaction • Fixed exchange ratio of 0.5200x PRK shares for each FIZN share Structure & (amortized over 10 years, sum-of-years-digits) PRO FORMA Timing • Anticipated system integration w
Slide 13: Park & First Citizens | Pro Forma Loans and Deposits
Park & First Citizens | Pro Forma Loans and Deposits 2025Q2 Pro Forma Loan and Deposit Composition MRQ Pro Forma ¹ 1-4 1-4 1-4 6% 3% Loan Composition Multi Multi Multi 26% 22% 25% 25% 29% CRE 13% CRE CRE $8.0B C&I 6% $1.6B 5% C&I $9.5B C&I 3% Loans 3% C&D Loans C&D Loans 4% C&D 2% 7% 5% Farm + Farm
Slide 14: Park & First Citizens | Summary
Park & First Citizens | Summary • Continues PRK’s expansion strategy into Footprint Expansion higher-growth, demographically attractive markets • Proactive preparation over the last five years with considerable investments • Incremental earnings from the transaction offset Crossing $10B Assets the f
Slide 15: Financial Summary
Financial Summary PARK NATIONAL CORPORATION
Slide 16: 2025 Fourth Quarter Highlights
2025 Fourth Quarter Highlights Park Performance Summary (1) • Park’s Consolidated Capital Ratios (2) at December 31, 2025: – Total Shareholders’ Equity to Total Assets of 13.80% – Tangible Common Equity to Tangible Assets of 12.35%(1) – Leverage Ratio of 12.11% – Total Risk-Based Capital Ratio of 15
Slide 17: Strong Balance Sheet
Strong Balance Sheet Total Assets Total Loans (excluding PPP) (1) (Dollars in millions) (Dollars in millions) CAGR(3) 4.3% $9,560 $9,855 $9,837 $9,805 $9,805 $7,816 $8,051 $7,474 $7,138 $6,797 2021Y 2022Y 2023Y 2024Y 2025Y 2021Y 2022Y 2023Y 2024Y 2025Y Total Deposits (includes off balance sheet) (2)
Slide 18: Strong Earnings
Strong Earnings Net Income, ROAA & ROATE(1) Pre-Tax, Pre-Provision Income / Avg. Assets(1) (Dollars in millions) (Dollars in millions) Net Income ROAA ROATE PPNR PPNR/Avg. Assets 15.8% 2.30% 17.2% 14.7% 20.0% $200.0 16.3% 2.4 0% $26 0.0 1.79% 1.84% 2.01% 1.57% $180.0 13.6% $232.8 2.2 0% $21 0.0 16.0
Slide 19: Stable Net Interest Margin
Stable Net Interest Margin Asset Yields, Liability Costs, and Net Interest Margin(1) 7.00% Interest Earning Asset Yield 5.78% 5.90% (%) 6.00% Net Interest Margin (%) 5.18% Interest Bearing Liability Cost 5.00% 4.75% (%) 4.41% 4.14% All Deposit Cost (%) 3.86% 4.00% 4.11% Interest Bearing Deposit Cost
Slide 20: Diverse Fee Income
Diverse Fee Income Overview Non-Interest Income / Operating Revenue • The business lines responsible for generating the (Dollars in millions) Net Interest Income majority of fee income are wealth management, Non-Interest Income (2) mortgage banking, and retail banking (interchange Non-Interest Incom
Slide 21: Disciplined Approach to Managing Operating Expenses
Disciplined Approach to Managing Operating Expenses Efficiency Ratio & Non-interest Expense (Dollars in millions) Non-interest Expense Efficiency Ratio 65.9% 61.3% 61.2% 61.4% 57.9% • Significant investment in people, processes, and technology over the last five years to prepare for crossing $10 bil
Slide 22: High Quality Capital Structure
High Quality Capital Structure Regulatory Capital at December 31, 2025 (Dollars in millions) Common Equity Tier 1 Common Equity Tier 1 $1,201.9 Allowance for Credit Losses ACL $98.2 1 22 Capital figures as of December 31, 2025 are draft. PARK NATIONAL CORPORATION Note: Financial data as of December
Slide 23: Robust Capital Ratios
Robust Capital Ratios Tier 1 Leverage Ratio Common Equity Tier 1 Ratio 12.1% 14.0% 14.0% 16.0% 11.5% 13.3% 12.0% 10.7% 12.4% 12.6% 12.8% 9.9% 14.0% 9.8% 12.0% 10.0% 10.0% 8.0% 7.0%(1) 8.0% 6.0% (1) 6.0% 4.0% 4.0% 4.0% 2.0% 2.0% – – 2021Q4 2022Q4 2023 Q4 2024 Q4 2025 Q4 2021Q4 2022Q4 2023 Q4 2024 Q4
Slide 24: High-Quality and Diversified Loan Portfolio
High-Quality and Diversified Loan Portfolio Leases Commercial, • Park has a well-secured loan portfolio with geographic and 0% Financial, and Agricultural asset class diversity. Consumer 15% 23% • Out-of-market portfolio is largely limited to specialty lending, which has conservative underwriting an
Slide 25: Healthy Allowance Levels Safeguard Shareholders’ Equity
Healthy Allowance Levels Safeguard Shareholders’ Equity Allowance / Total Loans Overview (Dollars in millions) • Allowance for credit losses was 1.15% of 1.12% 1.13% 1.15% 1.21% 1.20% total loans as of December 31, 2025. • Conservative classification of commercial $8,051 $7,817 loans and prudent ide
Slide 26: Stable Asset Quality
Stable Asset Quality Overview NPAs / Total Assets (1) 0.80% 0.82% • Conservative underwriting and strong 0.70% 0.69% asset quality. 0.62% • Of the $66.5 million in nonaccrual loans, $50.5 million, or about 75.9%, were current with contractual payments at December 31, 2025. 2021Q4 2022Q4 2023Q4 2024Q
Slide 27: Stable, Low-Cost Core Deposits
Stable, Low-Cost Core Deposits Brokered/BID Deposits 0% • With minimal reliance on costly time deposits and a relatively high level of non-interest bearing deposits, CDs Park has cultivated a loyal and low-cost source of 9% funds. Non-interest • Non-interest bearing deposits represented 32% of total
Slide 28: High Quality Securities Portfolio
High Quality Securities Portfolio • Park’s investment securities portfolio is highly rated(1): Corporate Debt • 77.8% are AAA rated or Agency Backed Securities 3% • 19.2% are AA+, AA, AA-, or A- rated Collateralized Loan • 3.0% are BBB, BBB-, or Not Rated Obligations 8% • 8.2% of the portfolio is fl
Slide 29: Appendix
Appendix PARK NATIONAL CORPORATION
Slide 30: Senior Management
Senior Management Matthew R. Miller – CEO and President – Age: 47 (16 years with Park) • CEO of Park and Park National Bank since January 2026. • President of Park and Park National Bank since May 2019. • Executive Vice President of Park and Park National Bank from April 2017 through April 2019. • C
Slide 31: Senior Management (continued)
Senior Management (continued) 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 2007 to December 2012. • Worked at Vail Banks, Inc.
Slide 32: Experienced Management Team
Experienced Management Team • Park National Bank’s management team consists of leaders with deep market knowledge. • The management team averages 25 years of banking experience. • The average team tenure with Park National Bank is approximately 18 years. Years with Years in Name Position Age PNB Ind
Slide 33: Commercial Loan Repricing
Commercial Loan Repricing Commercial Loan Repricing or Maturing by Year Commercial Loan Repricing Rate Shock by Year <3% ≥3% 2031+ $1,800,000,000 8% $1,600,000,000 1.3% of commercial repricing loans (1) 2030 $1,400,000,000 17% $1,200,000,000 2026 40% $1,000,000,000 $800,000,000 2029 14% $600,000,000
Slide 34: CRE Loan Repricing
CRE Loan Repricing CRE Loan Repricing or Maturing by Year CRE Loan Repricing Rate Shock by Year <3% ≥3% 2031+ $700,000,000 10% $600,000,000 1.4% of CRE repricing loans (1) 2026 2030 31% $500,000,000 18% $400,000,000 $300,000,000 2027 $200,000,000 2029 9% 17% 2028 $100,000,000 15% $- 2026 2027 2028 2
Slide 35: Installment Lending Portfolio
Installment Lending Portfolio Installment Loan Portfolio by Credit Tier C D B 0.50% 0.40% 4.64% • Park National Bank’s installment portfolio includes $1.6B of indirect loans and $186MM of A direct loans. Premier (FICO 780+ 15.14% A+ (FICO 740 - 779) A (FICO 710 - 739) • Balances have nearly doubled
Slide 36: Installment Lending Portfolio (continued)
Installment Lending Portfolio (continued) Installment Loan Balances by Origination Year/Collateral Type 800,000,000 700,000,000 600,000,000 500,000,000 ($ in 000s) 400,000,000 300,000,000 200,000,000 100,000,000 - Pre-2020 2020 2021 2022 2023 2024 2025 All Other 4,355,433 1,267,559 2,083,507 2,173,6
Slide 37: 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 structured finance lending to non-bank consumer finance 3.40% Scope Aircraft companies. Net charge-offs in specialty lending have
Slide 38: Insured Deposits Trend
Insured Deposits Trend 90.0% 83.2% 83.1% 83.1% 82.4% 82.1% 81.8% 81.9% 81.5% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 13.4% 12.8% 13.3% 13.8% 11.9% 11.9% 12.7% 11.4% 10.0% 4.9% 5.5% 5.0% 4.9% 4.9% 5.1% 4.8% 4.6% 0.0% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Insured Collateral
Slide 39: Historical Borrowing Summary
Historical Borrowing Summary 1,600,000,000 24% 1,400,000,000 21% 1,200,000,000 18% 1,000,000,000 15% 800,000,000 12% 600,000,000 9% 400,000,000 6% 200,000,000 3% - 0% Brokered Repurchase Agreements Brokered Deposits FHLB Advances FHLB Borrowings and Brokered Deposits/Repurchase Agreements as % of To
Slide 40: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Reconciliation of Average Shareholders' Equity to Average Tangible Equity For the Twelve For the Twelve Months Ended For the Three Months Ended Months Ended 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 1
Slide 41: Reconciliation of Non-GAAP Financial Measures (continued)
Reconciliation of Non-GAAP Financial Measures (continued) Reconciliation of Fully Taxable Equivalent Net Interest Income to Net Interest Income For the Twelve For the Twelve Months Ended For the Three Months Ended Months Ended 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2024 3/31/2025 6/30/202
Slide 42: Reconciliation of Non-GAAP Financial Measures (continued)
Reconciliation of Non-GAAP Financial Measures (continued) Reconciliation of Shareholders’ Equity to Tangible Common Equity First Citizens Bancshares, Inc. Year Ended December 31, ($ in thousands) 2022 2023 2024 2025 Shareholders' Common Equity $ 153,355 $ 180,722 $ 180,634 $ 224,296 ( - ) Goodwill a
Slide 43: Park National Corporation
Park National Corporation PARK NATIONAL CORPORATION