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Investment in Qualified Affordable Housing | 9 Months Ended
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Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Qualified Affordable Housing | 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 September 30, 2024 and December 31, 2023.
(in thousands) |  | September 30, 2024 | December 31, 2023
Affordable housing tax credit investments |  | $ | 67,287 |  | $ | 62,703 |
Unfunded commitments |  | 31,688 |  | 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 2039. Park recognized amortization expense of $2.1 million for both the three months ended September 30, 2024 and 2023, and $6.4 million and $6.3 million, respectively, for the nine months ended September 30, 2024 and 2023, which were included within the provision for income taxes. Additionally, during each of the three months ended September 30, 2024 and 2023, Park recognized tax credits and other benefits from its affordable housing tax credit investments of $2.7 million and $2.6 million, respectively, and during the nine months ended September 30, 2024 and 2023, recognized $7.9 million and $7.6 million respectively, which were included within the provision for income taxes.

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- Definition The entire disclosure for Affordable Housing Program (AHP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942/tableOfContent + Details
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