Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

The following table shows the ratio of earnings to fixed charges for Park National Corporation ("Park"), which includes Park’s subsidiaries, on a consolidated basis for the each of the periods indicated:

	For the Nine Months Ended September 30, 2018		For the Fiscal Year Ended December 31,
			2017		2016		2015		2014		2013
Ratio of earnings to fixed charges (1)
Excluding Interest on Deposits	11.85		5.91		5.85		5.45		5.07		4.72
Including Interest on Deposits	4.16		3.74		4.17		4.00		3.97		3.58
(1) For the purpose of computing the ratios of earnings to fixed charges, earnings consist of consolidated income before income tax expense and fixed charges. Fixed charges consist of interest on borrowings and long-term debt, including/excluding interest on deposits, and one-third of rental expense (which Park believes is representative of the interest factor).
(in thousands)
Earnings:
Income before income tax expense	$	100,733	$	118,470	$	122,895	$	113,579	$	120,416	$	109,372
Fixed Charges:
Interest on deposits	22,574		19,093		13,416		12,354		11,000		13,008
Interest on borrowings and long-term debt	8,792		23,571		24,755		25,088		29,099		28,914
Rental expense interest factor (1/3)	488		552		592		447		475		478
Total fixed charges:
Including interest on deposits	$	31,854	$	43,216	$	38,763	$	37,889	$	40,574	$	42,400
Excluding interest on deposits	$	9,280	$	24,123	$	25,347	$	25,535	$	29,574	$	29,392