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Other Investment Securities | 9 Months Ended
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Sep. 30, 2021
Other Investment Securities [Abstract] |
Other Investment Securities, | Other Investment Securities Other investment securities consist of stock investments in the FHLB, the FRB, and equity securities. The FHLB and FRB stock investments are carried at their redemption value. Equity securities with a readily determinable fair value are carried at fair value. Equity securities without a readily determinable fair value are recorded at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions ("modified cost"). Park's portfolio of equity investments in limited partnerships which provide mezzanine funding ("Partnership Investments") are valued using the NAV practical expedient in accordance with ASC 820. The carrying amounts of other investment securities at September 30, 2021 and December 31, 2020 were as follows:
(In thousands) |  | September 30, 2021 |  | December 31, 2020
FHLB stock |  | $ | 13,413 |  |  | $ | 22,090 |
FRB stock |  | 14,653 |  |  | 14,653 |
Equity investments carried at fair value |  | 2,070 |  |  | 2,511 |
Equity investments carried at modified cost (1) |  | 4,689 |  |  | 4,689 |
Equity investments carried at NAV |  | 21,260 |  |  | 21,522 |
Total other investment securities |  | $ | 56,085 |  |  | $ | 65,465 |
(1) There have been no impairments, downward adjustments, or upward adjustments made to equity investments carried at modified cost. During the three months ended September 30, 2021 and 2020, the FHLB repurchased 21,286 and 13,971 shares, respectively, of FHLB stock with a book value of $2.1 million and $1.4 million, respectively. During the nine months ended September 30, 2021 and 2020, the FHLB repurchased 86,770 and 76,394 shares, respectively, of FHLB stock with a book value of $8.7 million and $7.6 million, respectively. No shares of FRB stock were purchased during the three months or the nine months ended September 30, 2021 or 2020. During the three months ended September 30, 2021 and 2020, $97,000 and $(89,000), respectively, of gains (losses) on equity investments carried at fair value were recorded within "Gain (loss) on equity securities, net" on the Consolidated Condensed Statements of Income. During the nine months ended September 30, 2021 and 2020, $492,000 and $(708,000), respectively, of gains (losses) on equity investments carried at fair value were recorded within "Gain (loss) on equity securities, net" on the Consolidated Condensed Statements of Income. During the three months ended September 30, 2021 and 2020, $0.5 million and $1.3 million, respectively, of gains on equity investments carried at NAV were recorded within “Gain (loss) on equity securities, net” on the Consolidated Condensed Statements of Income. During the nine months ended September 30, 2021 and 2020, $2.4 million and $(41,000), respectively, of gains (losses) on equity investments carried at NAV were recorded within “Gain (loss) on equity securities, net” on the Consolidated Condensed Statements of Income.

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