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Investment Securities | 3 Months Ended
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Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities The amortized cost and fair value of investment securities are shown in the following tables. Management performs a quarterly evaluation of investment securities for any other-than-temporary impairment. For the three-month periods ended March 31, 2016 and 2015, there were no investment securities deemed to be other-than-temporarily impaired. Investment securities at March 31, 2016, 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 |  | $ | 421,897 |  |  | $ | 201 |  |  | $ | 888 |  |  | $ | 421,210 |
U.S. Government sponsored entities' asset-backed securities |  | 931,644 |  |  | 18,026 |  |  | 1,319 |  |  | 948,351 |
Other equity securities |  | 1,120 |  |  | 1,502 |  |  | — |  |  | 2,622 |
Total |  | $ | 1,354,661 |  |  | $ | 19,729 |  |  | $ | 2,207 |  |  | $ | 1,372,183 |
Securities Held-to-Maturity (In thousands) |  | Amortized Cost |  | Gross Unrealized Holding Gains |  | Gross Unrealized Holding Losses |  | Estimated Fair Value
U.S. Government sponsored entities' asset-backed securities |  | $ | 96,129 |  |  | $ | 1,896 |  |  | $ | 68 |  |  | $ | 97,957 |
Obligations of states and political subdivisions |  | 75,144 |  |  | 1,438 |  |  | $ | 11 |  |  | 76,571 |
Total |  | $ | 171,273 |  |  | $ | 3,334 |  |  | $ | 79 |  |  | $ | 174,528 |
Securities with unrealized losses at March 31, 2016, were as follows:
|  | Unrealized loss position for less than 12 months |  | Unrealized loss position for 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 sponsored entities |  | $ | 204,466 |  |  | $ | 535 |  |  | $ | 66,544 |  |  | $ | 353 |  |  | $ | 271,010 |  |  | $ | 888 |
U.S. Government sponsored entities' asset-backed securities |  | 60,516 |  |  | 141 |  |  | $ | 111,585 |  |  | 1,178 |  |  | $ | 172,101 |  |  | 1,319 |
Total |  | $ | 264,982 |  |  | $ | 676 |  |  | $ | 178,129 |  |  | $ | 1,531 |  |  | $ | 443,111 |  |  | $ | 2,207 |
Securities Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government sponsored entities' asset-backed securities |  | $ | — |  |  | $ | — |  |  | $ | 7,784 |  |  | $ | 68 |  |  | $ | 7,784 |  |  | $ | 68 |
Obligations of states and political subdivisions |  | 2,369 |  |  | $ | 11 |  |  | — |  |  | — |  |  | $ | 2,369 |  |  | 11 |
Total |  | $ | 2,369 |  |  | $ | 11 |  |  | $ | 7,784 |  |  | $ | 68 |  |  | $ | 10,153 |  |  | $ | 79 |
Investment securities at December 31, 2015, 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 |  | $ | 527,605 |  |  | $ | — |  |  | $ | 5,542 |  |  | $ | 522,063 |
U.S. Government sponsored entities' asset-backed securities |  | 907,989 |  |  | 8,776 |  |  | 5,272 |  |  | 911,493 |
Other equity securities |  | 1,120 |  |  | 1,590 |  |  | — |  |  | 2,710 |
Total |  | $ | 1,436,714 |  |  | $ | 10,366 |  |  | $ | 10,814 |  |  | $ | 1,436,266 |
Securities Held-to-Maturity (In thousands) |  | Amortized Cost |  | Gross Unrealized Holding Gains |  | Gross Unrealized Holding Losses |  | Estimated Fair Value
Obligations of states and political subdivision |  | $ | 48,190 |  |  | $ | 734 |  |  | $ | — |  |  | $ | 48,924 |
U.S. Government sponsored entities' asset-backed securities |  | 101,112 |  |  | 1,526 |  |  | 134 |  |  | 102,504 |
Total |  | $ | 149,302 |  |  | $ | 2,260 |  |  | $ | 134 |  |  | $ | 151,428 |
Securities with unrealized losses at December 31, 2015, were as follows:
|  | Unrealized loss position for less than 12 months |  | Unrealized loss position for 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 sponsored entities |  | $ | 326,973 |  |  | $ | 2,117 |  |  | $ | 195,090 |  |  | $ | 3,425 |  |  | $ | 522,063 |  |  | $ | 5,542 |
U.S. Government sponsored entities' asset-backed securities |  | 384,169 |  |  | 2,776 |  |  | 114,543 |  |  | 2,496 |  |  | 498,712 |  |  | 5,272 |
Total |  | $ | 711,142 |  |  | $ | 4,893 |  |  | $ | 309,633 |  |  | $ | 5,921 |  |  | $ | 1,020,775 |  |  | $ | 10,814 |
Securities Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government sponsored entities' asset-backed securities |  | $ | 5,656 |  |  | $ | 10 |  |  | $ | 7,792 |  |  | $ | 124 |  |  | $ | 13,448 |  |  | $ | 134 |
Management does not believe any of the unrealized losses at March 31, 2016 or December 31, 2015 represented 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. Park’s U.S. Government sponsored entities' asset-backed securities consist of 15-year residential mortgage-backed securities and collateralized mortgage obligations. The amortized cost and estimated fair value of investments in debt securities at March 31, 2016, are shown in the following table by contractual maturity, except for asset-backed securities, which are shown as a single total, due to the unpredictability of the timing of principal repayments.
Securities Available-for-Sale (In thousands) |  | Amortized cost |  | Fair value |  | Tax equivalent yield
U.S. Treasury and sponsored entities' obligations: |  |  |  |  |  |  |  |
Due one through five years |  | $ | 320,000 |  |  | 319,717 |  |  | 1.18 | %
Due five through ten years |  | 101,897 |  |  | 101,493 |  |  | 2.33 | %
Total |  | $ | 421,897 |  |  | $ | 421,210 |  |  | 1.46 | %
U.S. Government sponsored entities' asset-backed securities: |  | $ | 931,644 |  |  | $ | 948,351 |  |  | 2.20 | %
Securities Held-to-Maturity (In thousands) |  | Amortized cost |  | Fair value |  | Tax equivalent yield
Obligations of state and political subdivisions: |  |  |  |  |  |
Due over ten years |  | $ | 75,144 |  |  | $ | 76,571 |  |  | 4.54 | %
Total |  | $ | 75,144 |  |  | $ | 76,571 |  |  | 4.54 | %
U.S. Government sponsored entities' asset-backed securities |  | $ | 96,129 |  |  | $ | 97,957 |  |  | 3.34 | %
Approximately $421.9 million of Park’s securities shown in the table above as U.S. Treasury and other U.S. Government sponsored entities' notes are callable notes. These callable securities have final maturities of 1 to 7 years. Of the $421.9 million reported at March 31, 2016, $150.0 million were expected to be called. The remaining average life of the investment portfolio is estimated to be 3.9 years. There were no sales of investment securities during the three-month periods ended March 31, 2016 or 2015.

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