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Fair Value (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Assets And Liabilities Measured At Fair Value On A Recurring Basis

The following table presents assets and liabilities measured at fair value on a recurring basis:

 

Fair Value Measurements at March 31, 2024 using:
(In thousands)						Level 1						Level 2						Level 3						Balance at March 31, 2024
Assets
Investment securities:
Obligations of states and political subdivisions						$	—					$	206,526					$	—					$	206,526
U.S. Government sponsored entities’ asset-backed securities						—						603,009						—						603,009
Collateralized loan obligations						—						418,997						—						418,997
Corporate debt securities						—						13,883						6,372						20,255
Equity securities						1,597						—						495						2,092
Mortgage loans held for sale						—						2,037						—						2,037
Mortgage IRLCs						—						158						—						158
Loan interest rate swaps						—						1,241						—						1,241
Liabilities
Fair value swap						$	—					$	—					$	123					$	123
Loan interest rate swaps						—						1,241						—						1,241

 

Fair Value Measurements at December 31, 2023 using:
(In thousands)						Level 1						Level 2						Level 3						Balance at December 31, 2023
Assets
Investment securities:
Obligations of states and political subdivisions						$	—					$	241,184					$	—					$	241,184
U.S. Government sponsored entities’ asset-backed securities						—						635,475						—						635,475
Collateralized loan obligations						—						438,286						—						438,286
Corporate debt securities						—						11,548						6,349						17,897
Equity securities						1,616						—						473						2,089
Mortgage loans held for sale						—						3,235						—						3,235
Mortgage IRLCs						—						87						—						87
Loan interest rate swaps						—						1,069						—						1,069
Liabilities
Fair value swap						$	—					$	—					$	123					$	123
Loan interest rate swaps						—						1,069						—						1,069

Reconciliation Of Level 3 Input For Financial Instruments Measured On Recurring Basis

The following tables present a reconciliation of the beginning and ending balances of the Level 3 inputs for the three-month periods ended March 31, 2024 and 2023, for financial instruments measured on a recurring basis and classified as Level 3:

Level 3 Fair Value Measurements
Three months ended March 31, 2024 and 2023
(In thousands)						Corporate debt securities						Equity securities						Fair value swap
Balance at January 1, 2024						$	6,349					$	473					$	(123)
Transfer into (out of) level 3						—						—						—
Total gains
Included in other income						—						22						—
Included in other comprehensive income						23						—						—
Purchases, sales, issuances and settlements, other, net						—						—						—
Balance at March 31, 2024						$	6,372					$	495					$	(123)
Balance at January 1, 2023						$	7,000					$	439					$	(243)
Transfer into level 3						622						—						—
Total gains / (losses)
Included in other income						—						10						—
Included in other comprehensive income						(767)						—						—
Purchases, sales, issuances and settlements, other, net						—						—						122
Balance at March 31, 2023						$	6,855					$	449					$	(121)

Assets And Liabilities Measured At Fair Value On A Nonrecurring Basis

The following tables present assets and liabilities measured at fair value on a nonrecurring basis. Individually evaluated collateral dependent loans secured by real estate are carried at fair value if they have been charged down to fair value or if a specific valuation allowance has been established. At March 31, 2024 and December 31, 2023, there were no PCD loans

carried at fair value. A new cost basis is established at the time a property is initially recorded in OREO. OREO are carried at fair value if a devaluation has been taken with respect to the property's value subsequent to the initial measurement.

Fair Value Measurements at March 31, 2024 using:
(In thousands)						Level 1						Level 2						Level 3						Balance at March 31, 2024
Individually evaluated collateral dependent loans recorded at fair value:
Commercial real estate						$	—					$	—					$	1,641					$	1,641
Residential real estate						—						—						176						176
Total individually evaluated collateral dependent loans recorded at fair value						$	—					$	—					$	1,817					$	1,817
MSRs						$	—					$	950					$	—					$	950
OREO recorded at fair value:
Commercial real estate						$	—					$	—					$	938					$	938
Total OREO recorded at fair value						$	—					$	—					$	938					$	938

Fair Value Measurements at December 31, 2023 using:
(In thousands)						Level 1						Level 2						Level 3						Balance at December 31, 2023
Individually evaluated collateral dependent loans recorded at fair value:
Commercial real estate						$	—					$	—					$	2,315					$	2,315
Residential real estate						—						—						182						182
Total individually evaluated collateral dependent loans recorded at fair value						$	—					$	—					$	2,497					$	2,497
MSRs						$	—					$	866					$	—					$	866
OREO recorded at fair value:
Commercial real estate						$	—					$	—					$	938					$	938
Total OREO recorded at fair value						$	—					$	—					$	938					$	938

Schedule of impaired financing receivables additional info

The following tables provide the amortized cost basis of collateral-dependent loans by class of loan, at March 31, 2024 and at December 31, 2023:

						March 31, 2024
(In thousands)						Real Estate						Business Assets						Other			Total
Commercial, financial and agricultural
Commercial, financial and agricultural						$	8,319					$	9,867					$	8,766		$	26,952
Commercial real estate						22,968						512						—			23,480
Construction real estate:
Commercial						2,564						—						—			2,564
Residential real estate:
Commercial						4,062						—						—			4,062
Mortgage						83						—						—			83
Leases						—						55						—			55
Total loans						$	37,996					$	10,434					$	8,766		$	57,196

						December 31, 2023
(In thousands)						Real Estate						Business Assets						Other			Total
Commercial, financial and agricultural
Commercial, financial and agricultural						$	8,137					$	9,377					$	3,737		$	21,251
Commercial real estate						22,096						514						—			22,610
Construction real estate:
Commercial						1,130						—						—			1,130
Residential real estate:
Commercial						2,910						—						—			2,910
Mortgage						76						—						—			76
Leases						—						73						—			73
Total loans						$	34,349					$	9,964					$	3,737		$	48,050

Interest income on nonaccrual loans individually evaluated for impairment is recognized on a cash basis only when Park expects to receive the entire recorded investment in the loans. The following table presents interest income recognized on nonaccrual loans for the three-month periods ended March 31, 2024 and 2023:

						Interest Income Recognized
(In thousands)						Three Months Ended March 31, 2024						Three Months Ended March 31, 2023
Commercial, financial and agricultural:
Commercial, financial and agricultural						$	264					$	605
PPP loans						—						—
Overdrafts						—						—
Commercial real estate						255						160
Construction real estate:
Commercial						37						32
Retail						—						—
Residential real estate:
Commercial						48						26
Mortgage						70						49
HELOC						5						8
Installment						—						1
Consumer:
Consumer						31						19
Check loans						—						—
Leases						—						—
Total loans						$	710					$	900

Impaired Financing Receivables at fair value

						March 31, 2024
(In thousands)						Loan Balance						Prior Charge-Offs						Specific Valuation Allowance						Carrying Balance
Total individually evaluated collateral dependent loans recorded at fair value						$	1,852					$	2,048					$	35					$	1,817
Remaining individually evaluated loans						52,890						263						4,997						47,893
Total individually evaluated loans						$	54,742					$	2,311					$	5,032					$	49,710

						December 31, 2023
(In thousands)						Loan Balance						Prior Charge-Offs						Specific Valuation Allowance						Carrying Balance
Total individually evaluated collateral dependent loans recorded at fair value						$	2,499					$	2,048					$	2					$	2,497
Remaining individually evaluated loans						42,716						301						4,981						37,735
Total individually evaluated loans						$	45,215					$	2,349					$	4,983					$	40,232

Qualitative Information about Level 3 Fair Value Measurements Measured on Non-Recurring Basis

The following tables present qualitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at March 31, 2024 and December 31, 2023:

March 31, 2024

(In thousands)

Fair Value

Valuation Technique

Unobservable Input(s)

Range (Weighted Average)

Individually evaluated collateral dependent loans:

Commercial real estate

$

1,641

Sales comparison approach

Adj to comparables

2.6% - 52.0% (22.7%)

Income approach

Capitalization rate

7.5% - 9.5% (9.0%)

Residential real estate

$

176

Sales comparison approach

Adj to comparables

1.2% - 78.6% (7.5%)

Other real estate owned:

Commercial real estate

$

938

Sales comparison approach

Adj to comparables

5.0% - 10.0% (7.5%)

Cost approach

Entrepreneurial profit

5.0% 5.0%

Cost approach

Accumulated depreciation

50.0% 50.0%

December 31, 2023

(In thousands)

Fair Value

Valuation Technique

Unobservable Input(s)

Range (Weighted Average)

Individually evaluated collateral dependent loans:

Commercial real estate

$

2,315

Sales comparison approach

Adj to comparables

0.2% - 89.0% (21.2%)

Income approach

Capitalization rate

7.5% - 9.5% (8.9%)

Residential real estate

$

182

Sales comparison approach

Adj to comparables

1.2% - 78.6% (7.6%)

Other real estate owned:

Commercial real estate

$

938

Sales comparison approach

Adj to comparables

5.0% - 10.0% (7.5%)

Cost approach

Entrepreneurial profit

5.0% (5.0%)

Cost approach

Accumulated depreciation

50.0% (50.0%)

Fair Value, by Balance Sheet Grouping

The fair value of certain financial instruments at March 31, 2024 and at December 31, 2023, was as follows:

						March 31, 2024
												Fair Value Measurements
(In thousands)						Carrying value						Level 1						Level 2						Level 3						Total fair value
Financial assets:
Cash and money market instruments						$	306,081					$	306,081					$	—					$	—					$	306,081
Investment securities (1)						1,248,787						—						1,242,415						6,372						1,248,787
Other investment securities (2)						2,092						1,597						—						495						2,092
Mortgage loans held for sale						2,037						—						2,037						—						2,037
Mortgage IRLCs						158						—						158						—						158
Individually evaluated loans carried at fair value						1,817						—						—						1,817						1,817
Other loans, net						7,435,909						—						—						7,260,568						7,260,568
Loans receivable, net						$	7,439,921					$	—					$	2,195					$	7,262,385					$	7,264,580
Financial liabilities:
Time deposits						$	663,859					$	—					$	664,032					$	—					$	664,032
Brokered deposits and Bid Ohio CDs						180,332						—						180,241						—						180,241
Other						2,461						2,461						—						—						2,461
Deposits (excluding demand deposits)						$	846,652					$	2,461					$	844,273					$	—					$	846,734
Short-term borrowings						$	105,859					$	—					$	105,859					$	—					$	105,859
Subordinated notes						189,271						—						180,947						—						180,947
Derivative financial instruments - assets:
Loan interest rate swaps						$	1,241					$	—					$	1,241					$	—					$	1,241
Derivative financial instruments - liabilities:
Fair value swap						$	123					$	—					$	—					$	123					$	123
Loan interest rate swaps						1,241						—						1,241						—						1,241

(1) Includes debt securities AFS.

(2) Excludes FHLB stock and FRB stock which are carried at their respective redemption values, investment securities accounted for at modified cost as these investments do not have a readily determinable fair value, and Partnership Investments valued using the NAV practical expedient.

						December 31, 2023
												Fair Value Measurements
(In thousands)						Carrying value						Level 1						Level 2						Level 3						Total fair value
Financial assets:
Cash and money market instruments						$	218,268					$	218,268					$	—					$	—					$	218,268
Investment securities (1)						1,332,842						—						1,326,493						6,349						1,332,842
Other investment securities (2)						2,089						1,616						—						473						2,089
Mortgage loans held for sale						3,235						—						3,235						—						3,235
Mortgage IRLCs						87						—						87						—						87
Individually evaluated loans carried at fair value						2,497						—						—						2,497						2,497
Other loans, net						7,386,657						—						—						7,200,851						7,200,851
Loans receivable, net						$	7,392,476					$	—					$	3,322					$	7,203,348					$	7,206,670
Financial liabilities:
Time deposits						$	641,615					$	—					$	641,180					—						$	641,180
Brokered deposits and Bid Ohio CDs						164,985												165,059												165,059
Other						1,261						1,261						—						—						1,261
Deposits (excluding demand deposits)						$	807,861					$	1,261					$	806,239					$	—					$	807,500
Short-term borrowings						$	328,182					$	—					$	328,182					$	—					$	328,182
Subordinated notes						189,147						—						172,059						—						172,059
Derivative financial instruments - assets:
Loan interest rate swaps						$	1,069					$	—					$	1,069					$	—					$	1,069
Derivative financial instruments - liabilities:
Fair value swap						$	123					$	—					$	—					$	123					$	123
Loan interest rate swaps						1,069						—						1,069						—						1,069

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of impaired financing receivables.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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