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Leases
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Lessee, Operating Leases Leases
Park is a lessee in several noncancellable operating lease arrangements, primarily for retail branches, administrative and warehouse buildings, ATMs, and certain office equipment within its Ohio, North Carolina, South Carolina, and Kentucky markets. Certain of these leases contain renewal options for periods ranging from one year to five years. Park’s leases generally do not include termination options for either party to the lease or restrictive financial or other covenants. Payments due under the lease arrangements include fixed payments plus, for many of Park’s real estate leases, variable payments such as Park's proportionate share of property taxes, insurance and common area maintenance.

Park's operating lease ROU asset and lease liability are presented in “Operating lease ROU asset" and "Operating lease liability," respectively, on Park's Consolidated Condensed Balance Sheets. The carrying amounts of Park's ROU asset and lease liability at September 30, 2024 were $16.2 million and $17.3 million, respectively. At December 31, 2023, the carrying amounts of Park's ROU asset and lease liability were $15.7 million and $16.6 million, respectively. Park's operating lease expense is recorded in "Occupancy expense" on the Company's Consolidated Condensed Statements of Income.
Other information related to operating leases for the three-month and the nine-month periods ended September 30, 2024 and 2023 follows:

Three Months EndedNine Months Ended
(in thousands)September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Lease cost
Operating lease cost$640 $727 $1,880 $2,187 
Sublease income— (73)(10)(199)
Total lease cost$640 $654 $1,870 $1,988 
Other information
Cash paid for amounts included in the measurement of lease liabilities:
      Operating cash flows from operating leases$573 $890 $1,944 $2,734 
ROU assets obtained in exchange for new operating lease liabilities$204 $320 $2,654 $499 
Reductions to ROU assets resulting from reductions to lease obligations$(435)$(753)$(1,530)$(2,307)

Park's operating leases had a weighted average remaining term of 9.8 years and 10.1 years at September 30, 2024 and at December 31, 2023, respectively. The weighted average discount rate of Park's operating leases was 3.8% and 3.5% at September 30, 2024 and at December 31, 2023, respectively.

Undiscounted cash flows included in lease liabilities have expected contractual payments as follows:

(in thousands)September 30, 2024
Three months ending December 31, 2024 (1)
$87 
20252,504 
20262,506 
20272,389 
20282,359 
Thereafter11,641 
Total undiscounted minimum lease payments$21,486 
Present value adjustment(4,204)
Total lease liabilities$17,282 
(1) Includes a tenant improvement allowance of $524,000 related to the reimbursement of leasehold expenditures.