Other Investment Securities

9 Months Ended

Sep. 30, 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 September 30, 2025 and December 31, 2024 were as follows:


(In thousands)	September 30, 2025		December 31, 2024
FHLB stock	$	8,013	$	8,607
FRB stock	14,653		14,653
Equity investments carried at fair value	16,086		11,488
Equity investments carried at modified cost (1)	18,347		19,347
Equity investments carried at NAV	52,122		50,142
Total other investment securities	$	109,221	$	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 or nine months ended September

30, 2025 as a result of observable price changes. There were $571,000 in upward adjustments recorded during the nine months ended September 30, 2024 as a result of observable price changes. There were no adjustments recorded during the three months ended September 30, 2024 as a result of observable price changes.

During the nine months ended September 30, 2025, Park purchased 4,940 shares of FHLB stock with a book value of $494,000. There were no purchases of FHLB stock during the three months ended September 30, 2025. During the three months ended September 30, 2024, Park purchased 27,233 shares of FHLB stock with a book value of $2.7 million. During the nine months ended September 30, 2024, Park purchased 92,245 shares of FHLB stock with a book value of $9.2 million.

During the nine months ended September 30, 2025, the FHLB repurchased 10,878 shares of FHLB stock with a book value of $1.1 million. There were no repurchases of FHLB stock during the three months ended September 30, 2025. During the three months ended September 30, 2024, the FHLB repurchased 23,548 shares of FHLB stock with a book value of $2.4 million. During the nine months ended September 30, 2024, the FHLB repurchased 159,886 shares of FHLB stock with a book value of $16.0 million.

No shares of FRB stock were purchased or sold during the three months or nine months ended September 30, 2025 or 2024.

During the three months ended September 30, 2025 and 2024, $(1.7) million and $700,000, respectively, of (losses) gains on equity investments carried at fair value were recorded within "(Loss) gain on equity securities, net" on the Consolidated Condensed Statements of Income. During the nine months ended September 30, 2025 and 2024, $51,000 and $1.2 million, respectively, of gains on equity investments carried at fair value were recorded within "Loss (gain) on equity securities, net" on the Consolidated Condensed Statements of Income.

During the three months ended September 30, 2025 and 2024, $1.1 million and $857,000, respectively, of gains on equity investments carried at NAV were recorded within “(Loss) gain on equity securities, net” on the Consolidated Condensed Statements of Income. During the nine months ended September 30, 2025 and 2024, $1.0 million and $75,000, respectively, of gains on equity investments carried at NAV were recorded within "(Loss) gain on equity securities, net” on the Consolidated Condensed Statements of Income.