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Investment Securities | 9 Months Ended
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Sep. 30, 2012
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities The amortized cost and fair values of investment securities are shown in the following table. Management performs a quarterly evaluation of investment securities for any other-than-temporary impairment. For the three months ended September 30, 2012, there were no investment securities deemed to be other-than-temporarily impaired. During the nine months ended September 30, 2012, Park recognized an other-than-temporary impairment charge of $54,000, related to an equity investment in a financial institution. For the three and nine months ended September 30, 2011, there were no investment securities deemed to be other-than-temporarily impaired. Investment securities at September 30, 2012, were as follows:
Securities Available-for-Sale (In thousands) |  | Amortized Cost |  | Gross Unrealized Holding Gains |  | Gross Unrealized Holding Losses |  | Estimated Fair Value
Obligations of U.S. Treasury and other U.S. Government sponsored entities |  | $ | 695,633 |  |  | $ | 2,837 |  |  | $ | — |  |  | $ | 698,470 |
Obligations of states and political subdivisions |  | 1,290 |  |  | 23 |  |  | — |  |  | 1,313 |
U.S. Government sponsored entities asset-backed securities |  | 315,057 |  |  | 17,791 |  |  | — |  |  | 332,848 |
Other equity securities |  | 1,134 |  |  | 1,108 |  |  | 3 |  |  | 2,239 |
Total |  | $ | 1,013,114 |  |  | $ | 21,759 |  |  | $ | 3 |  |  | $ | 1,034,870 |
Securities Held-to-Maturity (In thousands) |  | Amortized Cost |  | Gross Unrecognized Holding Gains |  | Gross Unrecognized Holding Losses |  | Estimated Fair Value
Obligations of states and political subdivisions |  | $ | 570 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 571 |
U.S. Government sponsored entities asset-backed securities |  | 552,034 |  |  | 13,039 |  |  | 45 |  |  | 565,028 |
Total |  | $ | 552,604 |  |  | $ | 13,040 |  |  | $ | 45 |  |  | $ | 565,599 |
Management does not believe any of the unrealized losses at September 30, 2012 or December 31, 2011 represent an other-than-temporary impairment. Should the impairment of any of these securities become other-than-temporary, the cost basis of the investment will be reduced and the resulting loss recognized within net income in the period the other-than-temporary impairment is identified. Securities with unrealized losses at September 30, 2012, were as follows:
|  | Less than 12 months |  | 12 months or longer |  | Total
(In thousands) |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses
Securities Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. Treasury and other U.S. Government agencies |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Other equity securities |  | $ | 46 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | 46 |  |  | $ | 3 |
Securities Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies' asset-backed securities |  | $ | 10,429 |  |  | $ | 45 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,429 |  |  | $ | 45 |
Total |  | $ | 10,475 |  |  | $ | 48 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,475 |  |  | $ | 48 |
Investment securities at December 31, 2011, were as follows:
Securities Available-for-Sale (In thousands) |  | Amortized cost |  | Gross unrealized holding gains |  | Gross unrealized holding losses |  | Estimated fair value
Obligations of U.S. Treasury and other U.S. Government sponsored entities |  | $ | 370,043 |  |  | $ | 1,614 |  |  | $ | — |  |  | $ | 371,657 |
Obligations of states and political subdivisions |  | 2,616 |  |  | 44 |  |  | — |  |  | 2,660 |
U.S. Government sponsored entities asset-backed securities |  | 427,300 |  |  | 16,995 |  |  | — |  |  | 444,295 |
Other equity securities |  | 1,188 |  |  | 877 |  |  | 32 |  |  | 2,033 |
Total |  | $ | 801,147 |  |  | $ | 19,530 |  |  | $ | 32 |  |  | $ | 820,645 |
Securities Held-to-Maturity (In thousands) |  | Amortized cost |  | Gross unrecognized holding gains |  | Gross unrecognized holding losses |  | Estimated fair value
Obligations of states and political subdivisions |  | $ | 1,992 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 1,997 |
U.S. Government sponsored entities asset-backed securities |  | 818,232 |  |  | 14,377 |  |  | 32 |  |  | 832,577 |
Total |  | $ | 820,224 |  |  | $ | 14,382 |  |  | $ | 32 |  |  | $ | 834,574 |
Securities with unrealized losses at December 31, 2011, were as follows:
|  | Less than 12 months |  | 12 months or longer |  | Total
(In thousands) |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses
Securities Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |
Other equity securities |  | $ | — |  |  | $ | — |  |  | $ | 80 |  |  | $ | 32 |  |  | $ | 80 |  |  | $ | 32 |
Securities Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government sponsored entities asset-backed securities |  | $ | — |  |  | $ | — |  |  | $ | 38,775 |  |  | $ | 32 |  |  | $ | 38,775 |  |  | $ | 32 |
Total |  | $ | — |  |  | $ | — |  |  | $ | 38,855 |  |  | $ | 64 |  |  | $ | 38,855 |  |  | $ | 64 |
Park’s U.S. Government sponsored entities asset-backed securities consist primarily of 15-year residential mortgage-backed securities and collateralized mortgage obligations. The amortized cost and estimated fair value of investments in debt securities at September 30, 2012, are shown in the following table by contractual maturity or the expected call date, except for asset-backed securities, which are shown as a single total, due to the unpredictability of the timing in principal repayments.
Securities Available-for-Sale (In thousands) |  | Amortized cost |  | Fair value
U.S. Treasury and sponsored entities notes: |  |  |  |  |  |
Due within one year |  | $ | 695,633 |  |  | $ | 698,470 |
Due one through five years |  | — |  |  | — |
Due five through ten years |  | — |  |  | — |
Total |  | $ | 695,633 |  |  | $ | 698,470 |
Obligations of states and political subdivisions: |  |  |  |  |  |
Due within one year |  | $ | 1,068 |  |  | $ | 1,081 |
Due one through five years |  | 222 |  |  | 232 |
|  | $ | 1,290 |  |  | $ | 1,313 |
U.S. Government sponsored entities asset-backed securities: |  |  |  |  |  |
Total |  | $ | 315,057 |  |  | $ | 332,848 |
Securities Held-to-Maturity (In thousands) |  | Amortized cost |  | Fair value
Obligations of state and political subdivisions: |  |  |  |  |  |
Due within one year |  | $ | 570 |  |  | $ | 571 |
Due one through five years |  | — |  |  | — |
Total |  | $ | 570 |  |  | $ | 571 |
U.S. Government sponsored entities asset-backed securities: |  |  |  |  |  |
Total |  | $ | 552,034 |  |  | $ | 565,028 |
The $695.6 million of Park’s securities shown in the above table as U.S. Treasury and sponsored entities notes are callable notes. These callable securities have a final maturity in 9 to 15 years, but are shown in the table at their expected call date. There were no sales of investment securities during the three and nine month periods ended September 30, 2012. During the first quarter of 2011, Park sold $105.4 million of U.S. Government sponsored entity mortgage-backed securities for a pre-tax gain of $6.6 million. Park also sold $1.0 million of municipal securities during the first quarter of 2011 for no gain or loss. During the second quarter of 2011, Park sold $191.0 million of U.S. Government sponsored entity mortgage-backed securities for a pre-tax gain of $15.4 million. During the third quarter of 2011, Park sold $212.8 million of U.S. Government sponsored entity mortgage-backed securities for a pre-tax gain of $3.5 million.

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