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• PNC for smaller cities and towns.
• A community-focused U.S. Bancorp.

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• Deposit Accounts: Offers various accounts including demand, savings, and time deposits.
• Commercial Loans: Provides financing for industrial and commercial properties, equipment, inventory, accounts receivable, and acquisitions, along with commercial leasing.
• Commercial Real Estate Loans: Offers mortgage loans to developers and owners of commercial real estate.
• Consumer Loans: Includes automobile loans and leases, as well as other personal installment loans.
• Residential Real Estate and Construction Loans: Provides mortgages for residential properties and financing for home construction.
• Home Equity Loans/Lines of Credit: Offers financing secured by the equity in a borrower's home.
• Trust and Wealth Management Services: Delivers services for managing trusts and personal wealth.
• Asset Management Services: Provides professional management of financial assets for clients.
• Cash Management Services: Helps businesses manage their cash flow efficiently.
• Digital Banking Solutions: Offers internet and mobile banking with bill pay, and electronic funds transfers.
• Credit Cards: Provides credit card options for individual customers.
• Aircraft Financing: Offers specialized financing for aircraft acquisitions.
• Safe Deposit Services: Provides secure storage for valuables.

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Park National Corporation (PRK) is a commercial bank that serves a broad base of customers rather than having a few major identifiable corporate customers. Its customer base can be categorized into the following groups:

• Individual Customers: These include individuals seeking personal banking services such as demand, savings, and time accounts; trust and wealth management; consumer loans (e.g., automobile loans, home equity lines of credit, residential real estate loans); credit cards; and digital banking solutions.
• Commercial Businesses: Small and medium-sized businesses and corporations constitute this category. They utilize the bank for commercial loans (including financing for industrial and commercial properties, equipment, inventory, accounts receivable, and acquisitions), commercial leasing, cash management services, and other business banking needs. This category also encompasses specific entities like consumer finance companies.
• Real Estate Developers and Investors: This group comprises developers and owners of commercial real estate, as well as those involved in residential real estate and construction projects. The bank provides them with mortgage loans and construction financing.

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Matthew R. Miller, Chief Executive Officer and President

Matthew R. Miller joined Park National in 2009 and has held various key leadership roles, including Chief Accounting Officer, Executive Vice President, and President since 2019. Effective January 1, 2026, he was named Chief Executive Officer of both Park National Corporation and Park National Bank, while retaining his title as President. Before joining Park, Mr. Miller worked for eight years at Deloitte LLP, serving clients in the financial services industry. He has also served on numerous nonprofit and civic boards.

Brady T. Burt, Chief Financial Officer and Secretary

Brady T. Burt was appointed Senior Vice President and Chief Financial Officer of Park National Corporation in December 2012, after serving as Vice President and Chief Accounting Officer from April 2007 to December 2012. Prior to his career with Park, Mr. Burt was the Executive Vice President and Chief Financial Officer of Vail Banks, Inc. from June 2005 to November 2006. Vail Banks, Inc. was subsequently sold to U.S. Bancorp in September 2006.

David L. Trautman, Chairman

David L. Trautman has served as Chairman of the Board of Park National Corporation since May 2019. He previously held the role of Chief Executive Officer from January 2014 through December 2025 and served as President from January 2005 through April 2019. Mr. Trautman has been involved in various leadership capacities at Park for 42 years, including executive positions with Park National Bank and the First-Knox National Bank Division for over 10 years before January 2005.

C. Daniel DeLawder, Chairman, Executive Committee

C. Daniel DeLawder has a distinguished 55-year career with Park National. He retired as an executive officer of Park and Park National Bank on June 30, 2021, but continues to serve as a member of the board of directors and as Chairman of the Executive Committee. Mr. DeLawder served a 15-year term as CEO from January 1999 through December 2013 and was Chairman of the board from January 2005 through April 2019. His professional career was exclusively with Park National. In 1985, he led the bank's first merger outside Licking County as president of Park's Fairfield National Bank affiliate.

Kelly Herreman, Chief Accounting Officer

Kelly Herreman serves as the Chief Accounting Officer for Park National Corporation.

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Here are the key risks to Park National Corporation (PRK):

1. Regulatory Risks and Heightened Scrutiny: Park National Corporation's acquisition of First Citizens Bancshares, Inc. has pushed its total consolidated assets above the $10 billion threshold. This triggers significantly increased regulatory scrutiny and new obligations under the Dodd-Frank Act. These obligations include direct supervision by the Consumer Financial Protection Bureau (CFPB) for consumer compliance and caps on debit interchange fees, which can reduce noninterest income. This transition subjects Park National to heightened regulatory requirements and potentially higher compliance costs.
2. Interest Rate Risk and Net Interest Margin (NIM) Compression: As a regional bank, Park National is significantly exposed to interest rate fluctuations. Changes in market interest rates can adversely impact its net interest income, affecting the origination and prepayment of loans, as well as the value and purchase of investments. The need to offer competitive interest rates on deposits to retain customers, coupled with higher U.S. Treasury yields, can lead to increased funding costs and compress net interest margins, thereby eroding profitability.
3. Credit Risk, particularly Commercial Real Estate (CRE) Exposure: Park National's loan portfolio includes commercial loans and commercial real estate (CRE) loans. Regional banks generally have a notable concentration in CRE debt, and the sector faces risks from deteriorating credit quality in this area. High interest rates, challenges in refinancing, lower property values, and reduced demand for office spaces can increase the likelihood of loan defaults and higher credit losses. While Park National's loan book is diversified, an economic downturn or specific issues within the CRE market could adversely affect its asset quality and financial performance.

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The emergence and rapid growth of various fintech companies, including neobanks, online lenders, and robo-advisors, pose a clear emerging threat. These digital-first entities leverage technology to offer specialized banking services such as deposits, various forms of lending, and wealth management with often lower costs, greater convenience, and superior user experiences, directly challenging Park National's traditional branch-based and full-service banking model.

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Here are the addressable market sizes for Park National Corporation's main products and services:

• Deposits (Demand, Savings, and Time Accounts):
  • In Ohio, total deposits in banks were approximately $3.73 trillion as of Q1 2025.
  • In Kentucky, total deposits in banks were approximately $116 billion as of Q2 2024.
  • In North Carolina, total deposits in banks were approximately $693 billion as of Q2 2024.
  • For the broader U.S. retail banking market, which includes deposits, the market generated $454.3 billion in revenue in 2024 and is expected to reach $678.3 billion by 2033.
• Trust and Wealth Management Services:
  • The wealth management platform market in North America was valued at $1.26 billion in 2025 and is projected to reach $1.4 billion in 2026. The global wealth management platform market was valued at $3.73 billion in 2025 and is projected to grow to $9.99 billion by 2034. Within this, North America held the largest market share of 33.10% in 2025. Separately, robo-advisors in the U.S. managed over $1 trillion in assets as of 2025, with forecasts predicting this figure could approach $2 trillion within the next couple of years.
• Commercial Loans:
  • The total commercial lending market in North America is projected to reach $2,892.50 billion by 2025. Total U.S. bank commercial loans outstanding were $2,785 billion as of February 2026.
  • For commercial real estate lending in the U.S., total mortgage borrowing and lending is estimated to have been $498 billion in 2024. Commercial mortgage originations in the U.S. climbed 40% in 2025 from 2024 levels. In Ohio, the commercial real estate market sees approximately $14.2 billion in annual transaction volume.
• Consumer Loans (including automobile loans and leases, consumer finance services, home equity lines of credit, and residential real estate and construction loans):
  • The consumer lending market in the U.S. has a market size of $27 trillion and is growing. Total U.S. bank consumer loans outstanding were $1,873 billion as of February 2026.
• Credit Cards:
  • The U.S. credit card market size was $190 billion in 2024 and is expected to reach $388.4 billion by 2032. Americans were carrying a total balance of $1.12 trillion across their credit cards in the first quarter of 2024.
• Cash Management Services:
  • Cash management services are a component of commercial banking. The U.S. commercial banking market size is estimated at $765.53 billion in 2026. Treasury Management services, a key aspect of cash management, are projected to lead growth within this market at a 6.58% CAGR through 2031.

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Park National Corporation (PRK) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

• Loan and Deposit Growth: The company has demonstrated consistent growth in its loan and deposit portfolios, which is a fundamental driver for a commercial bank. For instance, Park National's total loans increased 3.0% during 2025, and total deposits grew 1.2% in the same period. Similarly, total loans increased 3.4% and deposits grew 2.7% (including off-balance sheet deposits) during 2024. Management emphasizes a focus on relationship-driven banking to sustain this growth.
• Net Interest Margin (NIM) Optimization: Park National has shown a focus on expanding and efficiently managing its net interest margin. The bank's net interest margin improved to 4.75% for the full year 2025, up from 4.41% in 2024. This expansion in NIM suggests the bank is effectively navigating the interest rate environment and generating strong interest income from its lending activities.
• Strategic Market Expansion and Acquisitions: Park National is actively pursuing a "Metro Strategy" of expanding into higher-growth, demographically attractive markets. This includes de novo branching in areas like Louisville, Kentucky, and acquisitions. A significant example is the acquisition of First Citizens Bancshares, Inc., which was expected to close on February 1, 2026. This strategic move is anticipated to contribute to incremental earnings and market share growth, particularly in Tennessee, Charlotte, Asheville, NC, and upstate SC.
• Growth in Fee-Based Income: To diversify its revenue streams and reduce sensitivity to interest rate fluctuations, Park National is actively scaling its fee income, particularly through wealth management and trust services. The company aims for fee-based revenue to approach 26% of total revenue by the end of 2026, supported by cross-selling opportunities across its customer base. Over 21% of PRK's revenues came from fee income in 2025.

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Share Repurchases

• Park National Corporation repurchased $20.13 million in shares as of June 30, 2025.
• The company executed share repurchases of $5.16 million on September 30, 2023, $2.55 million on June 30, 2023, and $15.31 million on March 31, 2023.
• Share repurchases also occurred on September 30, 2021, amounting to $16.05 million.

Share Issuance

• Park National Corporation issued 1,988,131 common shares as consideration for the acquisition of First Citizens Bancshares, Inc., which closed on February 1, 2026.
• The company intends to file a Registration Statement on Form S-4 with the SEC to register the common stock shares to be issued in connection with the First Citizens transaction.

Outbound Investments

• Park National Corporation entered an agreement on October 27, 2025, to acquire First Citizens Bancshares, Inc., a Tennessee-headquartered bank with $2.6 billion in assets.
• The all-stock merger with First Citizens Bancshares, Inc. was completed on February 1, 2026, with a value of $324.1 million.
• This acquisition expanded Park National's franchise by adding $2.6 billion in assets, $1.6 billion in loans and leases, and $2.2 billion in deposits.

Capital Expenditures

• Park National invested $2.5 million in capital expenditures during the fourth quarter of 2025, representing a 65.3% increase from the prior quarter.
• These capital expenditures primarily focused on funding long-term assets and infrastructure.