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Mortgage Loans Held for Sale | 9 Months Ended
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Sep. 30, 2023
Receivable, Held-for-Sale [Abstract] |
Mortgage Loans Held For Sale | Loans Held For Sale Mortgage loans held for sale are carried at their fair value. At September 30, 2023 and at December 31, 2022, respectively, Park had $2.9 million and $2.1 million in mortgage loans held for sale. These amounts are included in loans on the Consolidated Condensed Balance Sheets and in the residential real estate loan portfolio segment in Note 5 - Loans, and Note 6 - Allowance for Credit Losses. The contractual balance was $2.8 million and $2.1 million at September 30, 2023 and at December 31, 2022, respectively. The gain expected upon sale was $44,000 and $41,000 at September 30, 2023 and at December 31, 2022, respectively. None of these loans were 90 days or more past due or on nonaccrual status at September 30, 2023 or at December 31, 2022. During the three months ended June 30, 2022, Park transferred certain commercial loans held for investment, previously nonperforming, with an amortized cost of $6.3 million, to the loans held for sale portfolio. The transferred loans were recorded at the lower of cost or fair value, with a charge-off recorded in each instance where the fair value of an individual loan was deemed to be below the carrying cost at the time the loans were moved to the held for sale portfolio. The sale of $3.9 million in loans held for sale was subsequently completed during the three months ended September 30, 2022, and Park recognized a gain on sale of $495,000 which is recorded within "Miscellaneous income" on the Consolidated Condensed Statements of Income for the three months ended September 30, 2022. The remaining $2.4 million in loans held for sale were transferred back to loans held for investment at the lower of cost or fair value. No non-performing loans were held for sale or sold during the three months or the nine months ended September 30, 2023.

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