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Investments in Qualified Affordable Housing | 12 Months Ended
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Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract] |
Affordable Housing Program | Investments 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. As permitted by ASU 2014-01, Accounting for Investments in Qualified Affordable Housing Projects, Park has elected the proportional amortization method of accounting. Under the proportional amortization method, amortization expense and tax benefits are recognized through the provision for income taxes. The table below details the balances of Park’s affordable housing tax credit investments and related unfunded commitments as of December 31, 2024 and 2023.
(In thousands) |  | December 31, 2024 | December 31, 2023
Affordable housing tax credit investments |  | $ | 66,077 |  | $ | 62,703 |
Unfunded commitments |  | 29,677 |  | 28,768 |
Commitments are funded when capital calls are made by the general partner of a limited partnership. Park expects that the commitments as of December 31, 2024 will be funded between 2025 and 2039. During the years ended December 31, 2024, 2023 and 2022, Park recognized amortization expense of $8.1 million, $8.3 million and $7.7 million, respectively, which was included within the provision for income taxes on the Consolidated Statements of Income and within investment in qualified affordable housing tax credits amortization on the Consolidated Statements of Cash Flows. For the years ended December 31, 2024, 2023 and 2022, Park recognized tax credits and other benefits from its affordable housing tax credit investments of $10.0 million, $9.8 million and $9.3 million, respectively.

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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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