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Investment Securities | 3 Months Ended
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Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities Investment securities at March 31, 2021 and December 31, 2020, were as follows:
Debt securities AFS (In thousands) |  | Amortized Cost |  | Gross Unrealized Holding Gains |  | Gross Unrealized Holding Losses |  | Fair Value
March 31, 2021: |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 278,676 |  |  | $ | 19,637 |  |  | $ | — |  |  | $ | 298,313 |
U.S. Government sponsored entities' asset-backed securities |  | 800,312 |  |  | 20,955 |  |  | 6,358 |  |  | 814,909 |
Corporate debt securities |  | 2,000 |  |  | 62 |  |  | — |  |  | 2,062 |
Total |  | $ | 1,080,988 |  |  | $ | 40,654 |  |  | $ | 6,358 |  |  | $ | 1,115,284 |
Debt securities AFS (In thousands) |  | Amortized Cost |  | Gross Unrealized Holding Gains |  | Gross Unrealized Holding Losses |  | Fair Value
December 31, 2020: |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 279,245 |  |  | $ | 25,973 |  |  | $ | — |  |  | $ | 305,218 |
U.S. Government sponsored entities' asset-backed securities |  | 726,589 |  |  | 26,248 |  |  | 728 |  |  | 752,109 |
Corporate debt securities |  | 2,000 |  |  | 14 |  |  | — |  |  | 2,014 |
Total |  | $ | 1,007,834 |  |  | $ | 52,235 |  |  | $ | 728 |  |  | $ | 1,059,341 |
Park’s U.S. Government sponsored entities' asset-backed securities consist primarily of 15-year residential mortgage-backed securities and collateralized mortgage obligations. Investment securities in an unrealized loss position at March 31, 2021, 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
Debt securities AFS |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government sponsored entities' asset-backed securities |  | $ | 220,681 |  |  | $ | 6,326 |  |  | $ | 4,255 |  |  | $ | 32 |  |  | $ | 224,936 |  |  | $ | 6,358 |
Total |  | $ | 220,681 |  |  | $ | 6,326 |  |  | $ | 4,255 |  |  | $ | 32 |  |  | $ | 224,936 |  |  | $ | 6,358 |
Investment securities in an unrealized loss position at December 31, 2020, 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
Debt securities AFS |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government sponsored entities' asset-backed securities |  | $ | 86,393 |  |  | $ | 695 |  |  | $ | 4,727 |  |  | $ | 33 |  |  | $ | 91,120 |  |  | $ | 728 |
Total |  | $ | 86,393 |  |  | $ | 695 |  |  | $ | 4,727 |  |  | $ | 33 |  |  | $ | 91,120 |  |  | $ | 728 |
Unrealized losses on U.S. Government sponsored entities' asset-based securities have not been recognized into income as they represent negative adjustments to fair value relative to the rate of interest paid on the securities and not losses related to the creditworthiness of the issuer. Management does not intend to sell, and it is not more likely than not that management would be required to sell, the securities prior to their anticipated recovery. Management believes the value will recover as the securities approach maturity or market rates change. There was no allowance for credit losses recorded for AFS debt securities at March 31, 2021. Additionally, for the three-months ended March 31, 2021 and 2020, there were no credit-related investment impairment losses recognized. The amortized cost and estimated fair value of investments in debt securities at March 31, 2021, 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.
Debt securities AFS (In thousands) |  | Amortized cost |  | Fair value |  | Tax equivalent yield (1)
U.S. Government sponsored entities' asset-backed securities |  | $ | 800,312 |  |  | $ | 814,909 |  |  | 1.92 | %
Corporate debt securities |  |  |  |  |  |
Due five through ten years |  | $ | 2,000 |  |  | $ | 2,062 |  |  | 4.00 | %
Obligations of state and political subdivisions: |  |  |  |  |  |
Due five through ten years |  | $ | 96,354 |  |  | $ | 103,192 |  |  | 3.75 | %
Due over ten years |  | 182,322 |  |  | 195,121 |  |  | 3.67 | %
Total (1) |  | $ | 278,676 |  |  | $ | 298,313 |  |  | 3.70 | %
(1) The tax equivalent yield for certain obligations of state and political subdivisions includes the effects of a taxable equivalent adjustment using a 21% federal corporate income tax rate. There were no sales of AFS debt securities during the three-month periods ended March 31, 2021 or 2020. Investment securities having an amortized cost of $747 million and $691 million at March 31, 2021 and December 31, 2020, 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.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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