Investment in Qualified Affordable Housing

3 Months Ended

Mar. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

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 March 31, 2025 and December 31, 2024.


(in thousands)	March 31, 2025		December 31, 2024
Affordable housing tax credit investments	$	63,802	$	66,077
Unfunded commitments	24,909		29,677

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 2025 through 2039.

Park recognized amortization expense of $2.3 million and $2.1 million for the three months ended March 31, 2025 and 2024, respectively, which were included within "Income taxes" in the consolidated condensed statements of income. Additionally, during the three months ended March 31, 2025 and 2024, Park recognized tax credits and other benefits from its affordable housing tax credit investments of $2.8 million and $2.6 million, respectively, which were included within "Income taxes" in the consolidated condensed statements of income.