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PARK NATIONAL CORP OH

For the period ended Jun 30, 2024. Filed Aug 2, 2024.

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About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2024 · Filed Aug 2, 2024

PRK$180.39+1.9%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________________ to __________________________

Commission File Number1-13006

PARK NATIONAL CORPORATION

(Exact name of registrant as specified in its charter)

Ohio31-1179518
(State or other jurisdiction ofincorporation or organization)(I.R.S. Employer Identification No.)
50 North Third Street,P.O. Box 3500Newark,Ohio43058-3500
(Address of principal executive offices) (Zip Code)
(740)349-8451
(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common shares, without par valuePRKNYSE American

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”,

“smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes☐ No ☒

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:16,151,640 Common Shares, no par value per share, outstanding at August 1, 2024.

PARK NATIONAL CORPORATION

CONTENTS

Page
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Condensed Balance Sheets at June 30, 2024 and December 31, 2023 (unaudited)5
Consolidated Condensed Statements of Income for the three and six months ended June 30, 2024 and 2023 (unaudited)7
Consolidated Condensed Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 (unaudited)9
Consolidated Condensed Statements of Changes in Shareholders’ Equity for the three and six months ended June 30, 2024 and 2023 (unaudited)10
Consolidated Condensed Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (unaudited)12
Notes to Unaudited Consolidated Condensed Financial Statements14
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations71
Item 3. Quantitative and Qualitative Disclosures About Market Risk98
Item 4. Controls and Procedures98
PART II. OTHER INFORMATION99
Item 1. Legal Proceedings99
Item 1A. Risk Factors99
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities99
Item 3. Defaults Upon Senior Securities100
Item 4. Mine Safety Disclosures100
Item 5. Other Information100
Item 6. Exhibits100
SIGNATURES102

Glossary of Abbreviations and Acronyms

Park has identified the following list of abbreviations and acronyms that are used in the Unaudited Consolidated Condensed Financial Statements, Notes to Unaudited Consolidated Condensed Financial Statements, and Management's Discussion and Analysis of Financial Condition and Results of Operations.

ACHAutomated clearing houseLDALoss driver analysis
ACLAllowance for credit lossesLGDLoss given default
AFSAvailable-for-saleLTIPLong-Term Incentive Plan
AllowanceAllowance for credit lossesMSRsMortgage servicing rights
ASCAccounting Standards CodificationNAVNet asset value
ASUAccounting Standards UpdateNewDominionNewDominion Bank
ATMAutomated teller machineNSFNon-sufficient funds
Carolina AllianceCAB Financial Corporation and its subsidiariesOREOOther real estate owned
CompanyPark National Corporation and its subsidiariesParkPark National Corporation and its subsidiaries
CorporationPark National Corporation and its subsidiariesPark National BankThe Park National Bank
COVID-19Novel coronavirusPBRSUsPerformance-based restricted stock units
DCFDiscounted cash flowPCDPurchased credit deteriorated
DDADemand deposit accountPDProbability of default
EPSEarnings per common sharePNBThe Park National Bank
FASBFinancial Accounting Standards BoardPPPCARES Act Paycheck Protection Program
FDICFederal Deposit Insurance CorporationPTPPPre-tax, pre-provision
FFIECFederal Financial Institutions Examination CouncilRegistrantPark National Corporation
FHLBFederal Home Loan BankROURight-of-use
FRBFederal Reserve BankSARsStock appreciation rights
FTEFully taxable equivalentSECU.S. Securities and Exchange Commission
GDPGross domestic productSERPSupplemental Executive Retirement Plan
HELOCHome equity line of creditTBRSUsTime-based restricted stock units
HPIHome price indexTDRsTroubled debt restructurings
ICSInsured Cash SweepU.S.United States of America
IRLCInterest rate lock commitmentU.S. GAAPUnited States Generally Accepted Accounting Principles
KSOPPark's qualified retirement plan that combines an employee stock ownership plan (ESOP) with a 401(k) planUnited StatesUnited States of America
VOVVerification of value
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.