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Other Investment Securities | 3 Months Ended
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Mar. 31, 2022
Other Investment Securities [Abstract] |
Other Investment Securities, | Other Investment Securities Other investment securities consist of restricted stock investments in the FHLB, the FRB, and equity securities. The restricted 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 March 31, 2022 and December 31, 2021 were as follows:
(In thousands) |  | March 31, 2022 |  | December 31, 2021
FHLB stock |  | $ | 13,413 |  |  | $ | 13,413 |
FRB stock |  | 14,653 |  |  | 14,653 |
Equity investments carried at fair value |  | 2,037 |  |  | 2,129 |
Equity investments carried at modified cost (1) |  | 6,319 |  |  | 4,689 |
Equity investments carried at NAV |  | 38,705 |  |  | 26,384 |
Total other investment securities |  | $ | 75,127 |  |  | $ | 61,268 |
(1) There have been no impairments, downward adjustments, or upward adjustments made to equity investments carried at modified cost. No shares of FHLB stock were repurchased during the three months ended March 31, 2022. During the three months ended March 31, 2021, the FHLB repurchased 42,833 shares of FHLB stock with a book value of $4.3 million. No shares of FRB stock were purchased or sold during the three months ended March 31, 2022 or 2021. During the three months ended March 31, 2022 and 2021, $(92,000) and $435,000, respectively, of (losses) gains on equity investments carried at fair value were recorded within "Gain on equity securities, net" on the Consolidated Condensed Statements of Income. During the three months ended March 31, 2022 and 2021, $2.4 million and $1.4 million, respectively, of gains on equity investments carried at NAV were recorded within “Gain on equity securities, net” on the Consolidated Condensed Statements of Income.

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