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Benefit Plan (Tables)

9 Months Ended

Sep. 30, 2025

Retirement Benefits [Abstract]

Components Of Net Periodic Benefit Expense

The following table shows the components of net periodic pension benefit income:

						Three Months Ended September 30,															Nine Months Ended September 30,												Affected Line Item in the Consolidated Condensed Statements of Income
(In thousands)						2025						2024									2025						2024
Service cost						$	1,632					$	1,750								$	4,896					$	5,250					Employee benefits
Interest cost						1,478						1,719									4,434						5,157						Other components of net periodic pension benefit income
Expected return on plan assets						(3,834)						(3,936)									(11,502)						(11,806)						Other components of net periodic pension benefit income
Recognized prior service cost						12						13									36						37						Other components of net periodic pension benefit income
Pension settlement gain						—						(5,783)									—						(5,783)						Pension settlement gain
Net periodic pension benefit income						$	(712)					$	(6,237)								$	(2,136)					$	(7,145)

During the three months and nine months ended September 30, 2024, Park recognized a $5.8 million pension settlement gain due to a combination of lump sum payouts as well as the purchase of a nonparticipating annuity contract which will provide ongoing benefits to vested participants. To calculate the gain, the PBO was remeasured as of September 30, 2024. In calculating the September 30, 2024 PBO, a discount rate of 5.17% was used which was a 3 basis point increase from the discount rate utilized to calculate the December 31, 2023 PBO. There were no changes between December 31, 2023 and September 30, 2024 to the assumptions utilized for the long-term rate of return on plan assets, salaries increases, turnover rates or mortality. There was no pension settlement gain recognized during the three months or the nine months ended September 30, 2025.

Park has entered into Supplemental Executive Retirement Plan Agreements (the “SERP Agreements”) with certain key officers of Park and its subsidiaries which provide defined pension benefits in excess of limits imposed by federal tax law. The expense for the Corporation related to the SERP Agreements for the three months and nine months ended September 30, 2025 and 2024 was as follows:

						Three Months Ended September 30,												Nine Months Ended September 30,												Affected Line Item in the Consolidated Condensed Statements of Income
(In thousands)						2025						2024						2025						2024
Service cost						$	195					$	216					$	583					$	1,201					Employee benefits
Interest cost						183						154						547						464						Miscellaneous expense
Total SERP expense						$	378					$	370					$	1,130					$	1,665

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- References

No definition available.

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- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (h)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

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