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• A smaller, community-focused version of a regional bank like KeyCorp or Huntington Bancshares.
• A traditional regional bank providing local services, much like a scaled-down PNC or U.S. Bancorp.

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• Commercial Banking: Provides loans, lines of credit, and deposit services to businesses of all sizes.
• Retail Banking: Offers checking, savings, money market accounts, personal loans, mortgages, and credit cards to individual consumers.
• Real Estate Lending: Specializes in financing for commercial and residential properties, including construction and development loans.
• Wealth Management and Trust Services: Delivers investment management, financial planning, and trust administration for individuals, families, and institutions.

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Park National Corporation (symbol: PRK) is a bank holding company that serves a broad base of customers, primarily individuals and various types of businesses within its operating regions. It does not have a few "major customers" in the sense of named corporate entities that constitute the bulk of its revenue. Instead, its customer base is diversified across the following categories:

• Individuals/Consumers: This category includes retail customers who utilize a full range of personal banking services such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs), mortgages, home equity loans, auto loans, personal loans, credit cards, and wealth management services.

• Businesses: This category encompasses a wide array of commercial clients, from small businesses to larger corporations. They use services like business checking and savings accounts, commercial loans, lines of credit, treasury management services, merchant services, equipment financing, and commercial real estate loans.

• Governmental Entities and Non-Profit Organizations: Park National also serves local government agencies, municipalities, and various non-profit organizations, providing specialized banking solutions tailored to their unique financial management and operational needs.

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David L. Trautman Chairman and CEO

Mr. Trautman has served as Chairman of the Board of Park National Corporation since May 2019 and as Chief Executive Officer since January 2014. He joined Park National in 1983 as a management trainee. He previously served as President of Park National Corporation from January 2005 through April 2019 and as President of First-Knox National Bank, a division of Park National Bank, from 1997 to 2001.

Matthew R. Miller President

Mr. Miller will become Chief Executive Officer of Park National Corporation and Park National Bank effective January 1, 2026, while retaining his title as President. He has served as President of Park National Corporation and Park National Bank since May 2019. Prior to this, he held various roles including Executive Vice President from 2017 to 2019 and Chief Accounting Officer from 2012 to 2017. Before joining Park in 2009, Mr. Miller began his career at Deloitte & Touche LLP.

Brady T. Burt Chief Financial Officer and Secretary

Mr. Burt was named Senior Vice President and Chief Financial Officer of Park National Corporation in December 2012, having previously served as Vice President and Chief Accounting Officer from April 2007 to December 2012. Before his tenure at Park, Mr. Burt was the Executive Vice President and Chief Financial Officer of Vail Banks, Inc., which was the parent company for West Star Bank of Vail, Colorado, from June 2005 to November 2006. Vail Banks, Inc. was sold to U.S. Bancorp in September 2006.

Todd Bogdan Chief Operations Officer

Mr. Bogdan serves as the Chief Operations Officer at Park National Bank.

Jeff Wilson Chief Risk Officer

Mr. Wilson serves as the Chief Risk Officer at Park National Bank.

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1. Risks Related to the Merger with First Citizens Bancshares, Inc.
   Park National Corporation is currently pursuing an all-stock merger with First Citizens Bancshares, Inc. This transaction introduces several significant risks. These include the complexities of integrating the operations, systems, and staff of both companies. There is also a potential risk of losing key employees from First Citizens following the merger. Furthermore, the completion of the merger is contingent upon receiving multiple regulatory approvals and separate class votes from First Citizens shareholders, creating uncertainty. For existing Park National shareholders, the all-stock nature of the deal (aside from cash in lieu of fractional shares) means that future performance and the value of their holdings will be dependent on how the combined entity operates, and there is an inherent risk of dilution.
2. Operational and Strategic Execution Risks
   As a financial institution, Park National faces ongoing risks related to its ability to successfully execute its business plan and manage strategic initiatives. These encompass a broad range of operational challenges that could impact financial performance, including unforeseen difficulties in implementing new strategies or maintaining existing operations effectively.
3. Credit Risk Exposure to Commercial Real Estate (Office Sector)
   Park National has identified that the office sector continues to face challenges due to the "work from home" trend, particularly for properties in downtown and urban business districts. While Park National's portfolio of loans secured by non-owner-occupied office space is not currently exhibiting signs of stress, the company continues to actively monitor this portfolio for any potential deterioration. This exposure represents a specific credit risk that could impact asset quality and profitability if market conditions in the office real estate sector worsen.

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The proliferation and increasing market share of digital-first financial service providers, including neobanks, online lenders, and robo-advisors. These entities, with their often lower-fee structures, superior digital user experiences, and lack of reliance on physical branch networks, directly threaten Park National's traditional community banking model by attracting customers away from traditional deposit, lending, and wealth management services.

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Park National Corporation (PRK) offers a range of financial products and services primarily within the United States, specifically in Ohio, Kentucky, North Carolina, and South Carolina. The addressable markets for their main services are as follows:

• Retail Banking: The addressable market for retail banking services in the U.S. is estimated to be between approximately USD 0.87 trillion (2025) and USD 1.105 trillion (2024).
• Commercial Banking: The U.S. commercial banking market is estimated at approximately USD 700.55 billion in 2025. Within commercial banking, the U.S. commercial lending market, a significant component, was approximately USD 8.9 trillion in 2024.
• Mortgage Banking: The U.S. home loan market, representing the addressable market for mortgage banking services, reached USD 2.29 trillion in 2025 and is forecasted to grow to USD 3.02 trillion by 2030.
• Wealth Management: This segment encompasses several areas:
  • For Portfolio Management & Investment Advice, the market size in the U.S. is projected to be USD 603.0 billion in 2025.
  • For Trusts & Estates, the industry revenue in the U.S. is estimated to reach USD 290.1 billion in 2025.

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1. Loan Growth: Park National has demonstrated "solid loan growth" in recent periods, specifically in home equity, commercial, and real estate loans, which has contributed to its success. This trend is anticipated to continue, with total loans increasing by 4.6% during 2024 and further increases in the first half of 2025. Management commentary also points to a continued focus on loan growth as a key factor.
2. Net Interest Margin (NIM) Expansion: The company has shown a consistent upward trend in its net interest margin, which has expanded by 11 basis points to reach 4.62% for the seventh consecutive quarter (as of Q1 2025). This sustained improvement in NIM indicates ongoing strength in the company's profitability metrics and is a significant driver of net interest income, a primary component of revenue.
3. Deepening and Expanding Customer Relationships: Park National's leadership consistently emphasizes a focus on "meeting customer needs," "deepening relationships with our customers," and "growing these and new relationships." This strategic emphasis on customer engagement and retention, alongside the acquisition of new customers through its banking operations across Ohio, Kentucky, and the Carolinas, is expected to drive organic growth in deposits and loan volumes.
4. Efficiency Gains Outpacing Industry Peers: Park National has demonstrated improving efficiency, with net profit margins expanding and outpacing industry averages. While primarily impacting net income, enhanced efficiency can indirectly support revenue growth by allowing for more competitive offerings, better resource allocation for growth initiatives, and a stronger financial position to pursue market opportunities.

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Share Repurchases

• Park National (PRK) executed share repurchases including $7.51 million in the first quarter of 2020, $16.05 million in the third quarter of 2021, and a total of approximately $23 million across the first three quarters of 2023.
• A stock repurchase program was announced as completed on September 19, 2025.
• Projected share repurchases for the second quarter of 2025 were approximately $20.13 million.

Share Issuance

• As of September 30, 2024, and December 31, 2023, Park National had 17,623,104 common shares issued.
• The company has authorized 20,000,000 common shares.
• In October 2025, Park National entered into an agreement to acquire First Citizens Bancshares in an all-stock transaction, which will involve the issuance of approximately 1.99 million Park National shares.

Outbound Investments

• In October 2025, Park National signed a definitive merger agreement to acquire First Citizens Bancshares in an all-stock transaction valued at approximately $317.3 million, expected to close in Q1 2026.
• This acquisition is anticipated to result in a combined company with $12.5 billion in assets, $10.5 billion in deposits, and $9.6 billion in loans.
• Park National Bank consolidated 23 branch offices in 2020 and announced the consolidation of 12 branch offices, 3 relocations, and 2 new market locations in Ohio in October 2023, as part of its strategy to align its branch network with banking trends.

Capital Expenditures

• Park National has made significant investments in people, processes, and technology over the past two years, preparing for potential increased regulatory expectations associated with crossing $10 billion in assets.
• The company engaged Promontory, a third-party professional services firm, in Q3 2022 to assess its preparedness for regulatory expectations related to exceeding $10 billion in assets, implying investments in enterprise risk management, compliance, and operating efficiency.
• Investments include digital, data science, and customer experience initiatives to position the company for growth.