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Other Investment Securities | 9 Months Ended
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Sep. 30, 2023
Other Investment Securities [Abstract] |
Other Investment Securities, | Other Investment Securities Other investment securities consist of restricted stock investments in the FHLB and 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 September 30, 2023 and December 31, 2022 were as follows:
(In thousands) |  | September 30, 2023 |  | December 31, 2022
FHLB stock |  | $ | 20,229 |  |  | $ | 11,197 |
FRB stock |  | 14,653 |  |  | 14,653 |
Equity investments carried at fair value |  | 2,794 |  |  | 1,859 |
Equity investments carried at modified cost (1) |  | 15,921 |  |  | 14,725 |
Equity investments carried at NAV |  | 46,074 |  |  | 44,657 |
Total other investment securities |  | $ | 99,671 |  |  | $ | 87,091 |
(1) There have been no impairments or downward adjustments made to equity investments carried at modified cost. An upward adjustment of $871,000 was recorded during the nine months ended September 30, 2022 as a result of observable price changes. There were no adjustments recorded during the three months ended September 30, 2022. There were no adjustments recorded during the three months or the nine months ended September 30, 2023 as a result of observable price changes. During the three months ended September 30, 2023, Park purchased 122,296 shares of FHLB stock with a book value of $12.2 million. During the nine months ended September 30, 2023, Park purchased 136,371 shares of FHLB stock with a book value of $13.6 million. During the three months ended September 30, 2023, the FHLB repurchased 10,002 shares of FHLB stock with a book value of $1.0 million. During the nine months ended September 30, 2023, the FHLB repurchased 46,054 shares of FHLB stock with a book value of $4.6 million. During the three months and the nine months ended September 30, 2022, the FHLB repurchased 22,160 shares of FHLB stock with a book value of $2.2 million. No shares of FRB stock were purchased or sold during the three months or the nine months ended September 30, 2023 or 2022. During the three months ended September 30, 2023 and 2022, $74,000 and $(39,000), respectively, of gains (losses) on equity investments carried at fair value were recorded within "Gain on equity securities, net" on the Consolidated Condensed Statements of Income. During the nine months ended September 30, 2023 and 2022, $(65,000) and $488,000, 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 September 30, 2023 and 2022, $924,000 and $97,000, respectively, of gains on equity investments carried at NAV were recorded within “Gain on equity securities, net” on the Consolidated Condensed Statements of Income. During the nine months ended September 30, 2023 and 2022, $683,000 and $2.6 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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