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Investment in Qualified Affordable Housing

3 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investment in Qualified Affordable Housing

Park makes certain equity investments in various limited partnerships that sponsor affordable housing projects. The purposes of these investments are to achieve a satisfactory return on capital, help create affordable housing opportunities, and assist the Company to achieve its goals associated with the Community Reinvestment Act.

The table below details the balances of Park’s affordable housing tax credit investments and related unfunded commitments at March 31, 2024 and December 31, 2023.


(in thousands)	March 31, 2024		December 31, 2023
Affordable housing tax credit investments	$	60,565	$	62,703
Unfunded commitments	24,674		28,768

Commitments are funded when capital calls are made by the general partner. Park expects that the current commitments will be funded between the remainder of 2024 through 2033.

Park recognized amortization expense of $2.1 million for both the three months ended March 31, 2024 and 2023, which were included within the provision for income taxes. Additionally, during the three months ended March 31, 2024 and 2023, Park recognized tax credits and other benefits from its affordable housing tax credit investments of $2.6 million and $2.4 million, respectively, which were included within the provision for income taxes.