Other Investment Securities

3 Months Ended

Mar. 31, 2025

Other Investment Securities [Abstract]

Other Investment Securities

Other investment securities consist of restricted stock investments in the FHLB and the FRB, and equity securities. The restricted FHLB and FRB stock investments are carried at their redemption value. Equity securities with a readily determinable fair value are carried at fair value. Equity securities without a readily determinable fair value are recorded at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions ("modified cost"). Park's portfolio of equity investments in limited partnerships which provide mezzanine funding ("Partnership Investments") are valued using the NAV practical expedient in accordance with ASC 820.

The carrying amounts of other investment securities at March 31, 2025 and December 31, 2024 were as follows:


(In thousands)	March 31, 2025		December 31, 2024
FHLB stock	$	7,983	$	8,607
FRB stock	14,653		14,653
Equity investments carried at fair value	12,001		11,488
Equity investments carried at modified cost (1)	18,346		19,347
Equity investments carried at NAV	50,941		50,142
Total other investment securities	$	103,924	$	104,237

(1) There have been no impairments or downward adjustments made to equity investments carried at modified cost. Cumulatively, upward adjustments of $1.4 million have been recorded as a result of observable price changes. There were no adjustments recorded during the three months ended March 31, 2025 or March 31, 2024 as a result of observable price changes.

No shares of FHLB stock were purchased during the three months ended March 31, 2025. During the three months ended March 31, 2024, Park purchased 2,246 shares of FHLB stock with a book value of $225,000.

During the three months ended March 31, 2025, the FHLB repurchased 6,243 shares of FHLB stock with a book value of $624,000. During the three months ended March 31, 2024, the FHLB repurchased 45,630 shares of FHLB stock with a book value of $4.6 million.

No shares of FRB stock were purchased or sold during the three months ended March 31, 2025 or 2024.

During the three months ended March 31, 2025 and 2024, $(563,000) and $3,000, respectively, of (losses) gains on equity investments carried at fair value were recorded within "Loss on equity securities, net" on the Consolidated Condensed Statements of Income.

During the three months ended March 31, 2025 and 2024, $(299,000) and $(690,000), respectively, of losses on equity investments carried at NAV were recorded within “Loss on equity securities, net” on the Consolidated Condensed Statements of Income.