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Fair Value (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2024 using:
(In thousands)						Level 1						Level 2						Level 3						Balance at September 30, 2024
Assets
Investment securities:
Obligations of U.S. Government sponsored entities						$	—					$	248					$	—					$	248
Obligations of states and political subdivisions						—						206,370						—						206,370
U.S. Government sponsored entities’ asset-backed securities						—						560,849						—						560,849
Collateralized loan obligations						—						343,729						—						343,729
Corporate debt securities						—						12,099						6,580						18,679
Equity securities						7,348						—						513						7,861
Mortgage loans held for sale						—						5,022						—						5,022
Mortgage IRLCs						—						131						—						131
Loan interest rate swaps						—						672						—						672
Liabilities
Fair value swap						$	—					$	—					$	623					$	623
Loan interest rate swaps						—						672						—						672

 

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 and the nine-month periods ended September 30, 2024 and 2023, for financial instruments measured on a recurring basis and classified as Level 3:

Level 3 Fair Value Measurements
Three months ended September 30, 2024 and 2023
(In thousands)						Corporate debt securities						Equity securities						Fair value swap
Balance at July 1, 2024						$	6,427					$	495					$	(123)
Transfer into (out of) level 3						—						—						—
Total gains / (losses)
Included in other income / other (expense)						—						18						(500)
Included in other comprehensive income						153						—						—
Balance at September 30, 2024						$	6,580					$	513					$	(623)
Balance at July 1, 2023						$	6,116					$	455					$	(296)
Transfer into (out of) level 3, net						—						—						—
Total gains
Included in other income						—						11						—
Included in other comprehensive income						10						—						—
Purchases, sales, issuances and settlements, other, net						—						—						173
Balance at September 30, 2023						$	6,126					$	466					$	(123)

Level 3 Fair Value Measurements
Nine months ended September 30, 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 / (losses)
Included in other income / other (expense)						—						40						(500)
Included in other comprehensive income						231						—						—
Balance at September 30, 2024						$	6,580					$	513					$	(623)
Balance at January 1, 2023						$	7,000					$	439					$	(243)
Transfers into (out of) level 3, net						11						—						—
Total (losses) / gains
Included in other income / other (expense)						—						27						(175)
Included in other comprehensive income						(885)						—						—
Purchases, sales, issuances and settlements, other, net						—						—						295
Balance at September 30, 2023						$	6,126					$	466					$	(123)

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 September 30, 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 September 30, 2024 using:
(In thousands)						Level 1						Level 2						Level 3						Balance at September 30, 2024
Individually evaluated collateral dependent loans recorded at fair value:
Commercial real estate						$	—					$	—					$	2,070					$	2,070
Residential real estate						—						—						20						20
Total individually evaluated collateral dependent loans recorded at fair value						$	—					$	—					$	2,090					$	2,090
MSRs						$	—					$	497					$	—					$	497
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 September 30, 2024 and at December 31, 2023:

						September 30, 2024
(In thousands)						Real Estate						Business Assets						Other			Total
Commercial, financial and agricultural
Commercial, financial and agricultural						$	5,788					$	14,235					$	7,905		$	27,928
Commercial real estate						22,395						11						—			22,406
Construction real estate:
Commercial						618						—						—			618
Residential real estate:
Commercial						4,382						—						—			4,382
Mortgage						79						—						—			79
Leases						—						21						—			21
Total loans						$	33,262					$	14,267					$	7,905		$	55,434

						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 and the nine-month periods ended September 30, 2024 and 2023:

						Interest Income Recognized
(In thousands)						Three Months Ended September 30, 2024						Three Months Ended September 30, 2023									Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
Commercial, financial and agricultural:
Commercial, financial and agricultural						$	441					$	253								$	1,018					$	1,580
PPP loans						—						—									—						—
Overdrafts						—						—									—						—
Commercial real estate						257						177									822						537
Construction real estate:
Commercial						—						5									38						59
Retail						1						—									1						—
Residential real estate:
Commercial						62						37									169						100
Mortgage						85						58									238						160
HELOC						2						1									9						16
Installment						—						1									—						3
Consumer:
Consumer						32						25									90						65
Check loans						—						—									—						—
Leases						—						—									—						—
Total loans						$	880					$	557								$	2,385					$	2,520

Impaired Financing Receivables at fair value

						September 30, 2024
(In thousands)						Loan Balance						Prior Charge-Offs						Specific Valuation Allowance						Carrying Balance
Total individually evaluated collateral dependent loans recorded at fair value						$	2,103					$	1,948					$	13					$	2,090
Remaining individually evaluated loans						51,470						3,122						2,476						48,994
Total individually evaluated loans						$	53,573					$	5,070					$	2,489					$	51,084

						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 September 30, 2024 and December 31, 2023:

September 30, 2024

(In thousands)

Fair Value

Valuation Technique

Unobservable Input(s)

Range (Weighted Average)

Individually evaluated collateral dependent loans:

Commercial real estate

$

2,070

Sales comparison approach

Adj to comparables

0.0% - 46.6% (18.2%)

Income approach

Capitalization rate

6.3% - 10.0% (8.7%)

Residential real estate

$

20

Sales comparison approach

Adj to comparables

12.3% - 78.6% (33.4%)

OREO:

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%)

OREO:

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 September 30, 2024 and at December 31, 2023, was as follows:

						September 30, 2024
												Fair Value Measurements
(In thousands)						Carrying value						Level 1						Level 2						Level 3						Total fair value
Financial assets:
Cash and money market instruments						$	201,683					$	201,683					$	—					$	—					$	201,683
Investment securities (1)						1,129,875						—						1,123,295						6,580						1,129,875
Other investment securities (2)						7,861						7,348						—						513						7,861
Mortgage loans held for sale						5,022						—						5,022						—						5,022
Mortgage IRLCs						131						—						131						—						131
Individually evaluated loans carried at fair value						2,090						—						—						2,090						2,090
Other loans, net						7,636,504						—						—						7,491,584						7,491,584
Loans receivable, net						$	7,643,747					$	—					$	5,153					$	7,493,674					$	7,498,827
Financial liabilities:
Time deposits						$	722,236					$	—					$	723,599					$	—					$	723,599
Brokered deposits and Bid Ohio CDs						90,998						—						91,026						—						91,026
Other						4,488						4,488						—						—						4,488
Deposits (excluding demand deposits)						$	817,722					$	4,488					$	814,625					$	—					$	819,113
Short-term borrowings						$	117,442					$	—					$	117,442					$	—					$	117,442
Subordinated notes						189,522						—						184,213						—						184,213
Derivative financial instruments - assets:
Loan interest rate swaps						$	672					$	—					$	672					$	—					$	672
Derivative financial instruments - liabilities:
Fair value swap						$	623					$	—					$	—					$	623					$	623
Loan interest rate swaps						672						—						672						—						672

(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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Schedule of Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block]

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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).

+ References

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-Topic 820
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-Name Accounting Standards Codification
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