XML 29 R18.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Investment Securities | 9 Months Ended
--- | ---
Sep. 30, 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 and nine month periods ended September 30, 2016 and 2015, there were no investment securities deemed to be other-than-temporarily impaired. Investment securities at September 30, 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 |  | $ | 270,000 |  |  | $ | — |  |  | $ | 855 |  |  | $ | 269,145 |
U.S. Government sponsored entities' asset-backed securities |  | 932,869 |  |  | 20,157 |  |  | 129 |  |  | 952,897 |
Other equity securities |  | 1,119 |  |  | 1,688 |  |  | — |  |  | 2,807 |
Total |  | $ | 1,203,988 |  |  | $ | 21,845 |  |  | $ | 984 |  |  | $ | 1,224,849 |
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 |  | $ | 81,812 |  |  | $ | 1,885 |  |  | $ | 19 |  |  | $ | 83,678 |
Obligations of states and political subdivisions |  | 113,283 |  |  | 3,777 |  |  | $ | 200 |  |  | 116,860 |
Total |  | $ | 195,095 |  |  | $ | 5,662 |  |  | $ | 219 |  |  | $ | 200,538 |
Securities with unrealized losses at September 30, 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 |  | $ | 269,145 |  |  | $ | 855 |  |  | $ | — |  |  | $ | — |  |  | $ | 269,145 |  |  | $ | 855 |
U.S. Government sponsored entities' asset-backed securities |  | 48,885 |  |  | 64 |  |  | $ | 28,993 |  |  | 65 |  |  | $ | 77,878 |  |  | 129 |
Total |  | $ | 318,030 |  |  | $ | 919 |  |  | $ | 28,993 |  |  | $ | 65 |  |  | $ | 347,023 |  |  | $ | 984 |
Securities Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government sponsored entities' asset-backed securities |  | $ | — |  |  | $ | — |  |  | $ | 7,700 |  |  | $ | 19 |  |  | $ | 7,700 |  |  | $ | 19 |
Obligations of states and political subdivisions |  | 13,259 |  |  | $ | 200 |  |  | — |  |  | — |  |  | $ | 13,259 |  |  | 200 |
Total |  | $ | 13,259 |  |  | $ | 200 |  |  | $ | 7,700 |  |  | $ | 19 |  |  | $ | 20,959 |  |  | $ | 219 |
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 September 30, 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 September 30, 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
Obligations of U.S. Treasury and other U.S. Government sponsored entities' obligations: |  |  |  |  |  |  |  |
Due one through five years |  | $ | 270,000 |  |  | 269,145 |  |  | 1.18 | %
Total |  | $ | 270,000 |  |  | $ | 269,145 |  |  | 1.18 | %
U.S. Government sponsored entities' asset-backed securities: |  | $ | 932,869 |  |  | $ | 952,897 |  |  | 2.13 | %
Securities Held-to-Maturity (In thousands) |  | Amortized cost |  | Fair value |  | Tax equivalent yield
Obligations of state and political subdivisions: |  |  |  |  |  |
Due over ten years |  | $ | 113,283 |  |  | $ | 116,860 |  |  | 4.35 | %
Total |  | $ | 113,283 |  |  | $ | 116,860 |  |  | 4.35 | %
U.S. Government sponsored entities' asset-backed securities |  | $ | 81,812 |  |  | $ | 83,678 |  |  | 3.31 | %
All 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 4 years. Of the $269.1 million reported at September 30, 2016, none were expected to be called. The remaining average life of the investment portfolio is estimated to be 4.0 years. There were no sales of investment securities during the three-month or nine-month periods ended September 30, 2016 or 2015. Investment securities having an amortized cost of $1,033 million and $1,072 million at September 30, 2016 and December 31, 2015, respectively, were pledged to collateralize government and trust department deposits in accordance with federal and state requirements, to secure repurchase agreements sold and as collateral for FHLB advance borrowings.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27290-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27232-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27161-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27357-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27405-111563 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration