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Investment Securities | 9 Months Ended
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Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities Investment securities at September 30, 2022 and December 31, 2021, were as follows:
Debt securities AFS (In thousands) |  | Amortized Cost |  | Gross Unrealized Holding Gains |  | Gross Unrealized Holding Losses |  | Fair Value
September 30, 2022: |  |  |  |  |  |  |  |
Obligations of U.S. Treasury and other U.S. Government sponsored entities |  | $ | 39,000 |  |  | $ | — |  |  | $ | 878 |  |  | $ | 38,122 |
Obligations of states and political subdivisions |  | 424,193 |  |  | 100 |  |  | 30,375 |  |  | 393,918 |
U.S. Government sponsored entities' asset-backed securities |  | 877,435 |  |  | — |  |  | 92,572 |  |  | 784,863 |
Collateralized loan obligations |  | 535,575 |  |  | — |  |  | 26,517 |  |  | 509,058 |
Corporate debt securities |  | 17,250 |  |  | — |  |  | 1,088 |  |  | 16,162 |
Total |  | $ | 1,893,453 |  |  | $ | 100 |  |  | $ | 151,430 |  |  | $ | 1,742,123 |
Debt securities AFS (In thousands) |  | Amortized Cost |  | Gross Unrealized Holding Gains |  | Gross Unrealized Holding Losses |  | Fair Value
December 31, 2021: |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 366,933 |  |  | $ | 22,682 |  |  | $ | 24 |  |  | $ | 389,591 |
U.S. Government sponsored entities' asset-backed securities |  | 849,114 |  |  | 13,437 |  |  | 8,088 |  |  | 854,463 |
Collateralized loan obligations |  | 500,066 |  |  | 3 |  |  | 1,395 |  |  | 498,674 |
Corporate debt securities |  | 11,250 |  |  | 169 |  |  | 7 |  |  | 11,412 |
Total |  | $ | 1,727,363 |  |  | $ | 36,291 |  |  | $ | 9,514 |  |  | $ | 1,754,140 |
Investment securities in an unrealized loss position at September 30, 2022, 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: |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. Treasury and other U.S. Government sponsored entities |  | $ | 38,122 |  |  | $ | 878 |  |  | $ | — |  |  | $ | — |  |  | $ | 38,122 |  |  | $ | 878 |
Obligations of states and political subdivisions |  | 369,881 |  |  | 30,375 |  |  | — |  |  | — |  |  | 369,881 |  |  | 30,375 |
U.S. Government sponsored entities' asset-backed securities |  | 548,839 |  |  | 46,623 |  |  | 236,024 |  |  | 45,949 |  |  | 784,863 |  |  | 92,572 |
Collateralized loan obligations |  | 361,935 |  |  | 19,046 |  |  | 147,123 |  |  | 7,471 |  |  | 509,058 |  |  | 26,517 |
Corporate debt securities |  | 9,162 |  |  | 1,088 |  |  | — |  |  | — |  |  | 9,162 |  |  | 1,088 |
Total |  | $ | 1,327,939 |  |  | $ | 98,010 |  |  | $ | 383,147 |  |  | $ | 53,420 |  |  | $ | 1,711,086 |  |  | $ | 151,430 |
Investment securities in an unrealized loss position at December 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: |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 1,834 |  |  | $ | 24 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,834 |  |  | $ | 24 |
U.S. Government sponsored entities' asset-backed securities |  | 333,653 |  |  | 4,996 |  |  | 73,431 |  |  | 3,092 |  |  | 407,084 |  |  | 8,088 |
Collateralized loan obligations |  | 429,671 |  |  | 1,395 |  |  | — |  |  | — |  |  | 429,671 |  |  | 1,395 |
Corporate debt securities |  | 2,243 |  |  | 7 |  |  | — |  |  | — |  |  | 2,243 |  |  | 7 |
Total |  | $ | 767,401 |  |  | $ | 6,422 |  |  | $ | 73,431 |  |  | $ | 3,092 |  |  | $ | 840,832 |  |  | $ | 9,514 |
At September 30, 2022, Park’s debt securities portfolio consisted of $1.74 billion of securities, $1.71 billion of which were in an unrealized loss position with unrealized losses of $151.4 million. Of the $1.71 billion of securities in an unrealized loss position, $383.1 million were in an unrealized loss position for 12 months or longer. Of the $151.4 million in unrealized losses, an aggregate of $93.5 million were related to Park's "Obligations of U.S. Treasury and other U.S. Government sponsored entities" portfolio and Park's "U.S. Government sponsored entities' asset-backed securities" portfolio. For non-agency debt securities, Park verified that the current credit ratings remain above investment grade. Unrealized losses have not been recognized into earnings 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 respective issuers. 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 in respect of the unrealized losses. Management believes the value will recover as the securities approach maturity or market conditions change. There was no allowance for credit losses recorded for debt securities AFS at either September 30, 2022 or December 31, 2021. Additionally, for the three months and the nine months ended September 30, 2022 and 2021, there were no credit-related investment impairment losses recognized. The amortized cost and estimated fair value of investments in debt securities AFS at September 30, 2022, are shown in the following table by contractual maturity, except for asset-backed securities and collateral loan obligations, which are shown as a single total, due to the unpredictability of the timing of principal repayments. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties.
(In thousands) |  | Amortized cost |  | Fair value |  | Tax equivalent yield (1)
Debt Securities AFS |  |  |  |  |  |
Obligations of U.S. Treasury and other U.S. Government sponsored entities |  |  |  |  |  |
Due one through five years |  | $ | 39,000 |  |  | $ | 38,122 |  |  | 2.37 | %
Obligations of state and political subdivisions: |  |  |  |  |  |
Due five through ten years |  | $ | 257,514 |  |  | $ | 251,544 |  |  | 3.67 | %
Due over ten years |  | 166,679 |  |  | 142,374 |  |  | 3.20 | %
Total (1) |  | $ | 424,193 |  |  | $ | 393,918 |  |  | 3.49 | %
U.S. Government sponsored entities' asset-backed securities |  | $ | 877,435 |  |  | $ | 784,863 |  |  | 1.92 | %
Collateralized loan obligations |  | $ | 535,575 |  |  | $ | 509,058 |  |  | 4.54 | %
Corporate debt securities |  |  |  |  |  |
Due five through ten years |  | $ | 15,250 |  |  | $ | 14,393 |  |  | 3.88 | %
Due over ten years |  | $ | 2,000 |  |  | $ | 1,769 |  |  | 3.13 | %
Total |  | $ | 17,250 |  |  | $ | 16,162 |  |  | 3.79 | %
(1) The tax equivalent yield for certain obligations of state and political subdivisions includes the effect of a taxable equivalent adjustment using a 21% federal corporate income tax rate. There were no sales of debt securities AFS during the three-month or the nine-month periods ended September 30, 2022 or 2021. Investment securities having an amortized cost of $764.0 million and $733.7 million at September 30, 2022 and December 31, 2021, 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 https://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 https://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 https://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 https://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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