Investment Securities

3 Months Ended

Mar. 31, 2013

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Investment Securities

The amortized cost and fair values of investment securities are shown in the following table. Management performs a quarterly evaluation of investment securities for any other-than-temporary impairment. For the three months ended March 31, 2013 and 2012, there were no investment securities deemed to be other-than-temporarily impaired.

Investment securities at March 31, 2013, were as follows:

Securities Available-for-Sale (In thousands)	Amortized Cost		Gross Unrealized Holding  Gains		Gross Unrealized Holding  Losses		Estimated  Fair Value
Obligations of U.S. Treasury and other U.S. Government sponsored entities	$	570,639	$	338	$	2,957	$	568,020
Obligations of states and political subdivisions	984		11		—		995
U.S. Government sponsored entities' asset-backed securities	417,356		12,869		358		429,867
Other equity securities	1,137		1,232		—		2,369
Total	$	990,116	$	14,450	$	3,315	$	1,001,251

Securities Held-to-Maturity (In thousands)	Amortized Cost		Gross Unrecognized Holding  Gains		Gross Unrecognized Holding  Losses		Estimated Fair Value
Obligations of states and political subdivisions	$	485	$	1	$	—	$	486
U.S. Government sponsored entities' asset-backed securities	284,765		9,063		—		293,828
Total	$	285,250	$	9,064	$	—	$	294,314

Securities with unrealized losses at March 31, 2013, were as follows:

	Less than 12 months				12 months or longer				Total
(In thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Securities Available-for-Sale
Obligations of U.S. Treasury and other U.S. Government agencies	$	387,683	$	2,957	$	—	$	—	$	387,683	$	2,957
U.S. Government agencies' asset-backed securities	$	171,450	$	358	$	—	$	—	$	171,450	$	358
Total	$	559,133	$	3,315	$	—	$	—	$	559,133	$	3,315

Investment securities at December 31, 2012, were as follows:

Securities Available-for-Sale (In thousands)	Amortized  cost		Gross unrealized holding gains		Gross unrealized holding losses		Estimated fair value
Obligations of U.S. Treasury and other U.S. Government sponsored entities	$	695,655	$	1,352	$	1,280	$	695,727
Obligations of states and political subdivisions	984		19		—		1,003
U.S. Government sponsored entities' asset-backed securities	401,882		14,067		447		415,502
Other equity securities	1,137		1,085		—		2,222
Total	$	1,099,658	$	16,523	$	1,727	$	1,114,454

Securities Held-to-Maturity (In thousands)	Amortized  cost		Gross unrecognized holding gains		Gross unrecognized holding losses		Estimated fair value
Obligations of states and political subdivisions	$	570	$	2	$	—	$	572
U.S. Government sponsored entities' asset-backed securities	400,820		9,351		38		410,133
Total	$	401,390	$	9,353	$	38	$	410,705

Securities with unrealized losses at December 31, 2012, were as follows:

	Less than 12 months				12 months or longer				Total
(In thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Securities Available-for-Sale
Obligations of U.S. Treasury and other U.S. Government sponsored entities	$	177,470	$	1,280	$	—	$	—	$	177,470	$	1,280
U.S. Government sponsored entities' asset-backed securities	$	123,631	$	447	$	—	$	—	$	123,631	$	447
Total	$	301,101	$	1,727	$	—	$	—	$	301,101	$	1,727
Securities Held-to-Maturity
U.S. Government sponsored entities' asset-backed securities	$	10,120	$	38	$	—	$	—	$	10,120	$	38

Management does not believe any of the unrealized losses at March 31, 2013 or December 31, 2012 represent an other-than-temporary impairment. Should the impairment of any of these securities become other-than-temporary, the cost basis of the investment will be reduced and the resulting loss recognized within net income in the period the other-than-temporary impairment is identified.

Park’s U.S. Government sponsored entities asset-backed securities consist primarily of 15-year residential mortgage-backed securities and collateralized mortgage obligations.

The amortized cost and estimated fair value of investments in debt securities at March 31, 2013, are shown in the following table by contractual maturity or the expected call date, except for asset-backed securities, which are shown as a single total, due to the unpredictability of the timing of principal repayments.

Securities Available-for-Sale (In thousands)	Amortized cost		Fair value
U.S. Treasury and sponsored entities' obligations:
Due within one year	$	180,000	$	180,338
Due one through five years	173,750		171,548
Due five through ten years	216,889		216,134
Total	$	570,639	$	568,020
Obligations of states and political subdivisions:
Due within one year	$	984	$	995
U.S. Government sponsored entities' asset-backed securities:	$	417,356	$	429,867

Securities Held-to-Maturity (In thousands)	Amortized cost		Fair value
Obligations of state and political subdivisions:
Due within one year	$	485	$	486
U.S. Government sponsored entities' asset-backed securities:	$	284,765	$	293,828

The $570.6 million of Park’s securities shown in the above table as U.S. Treasury and sponsored entities notes are callable notes. Of the $570.6 million reported, $303.8 million are expected to be called and are shown in the table at their expected call date. These callable securities have a final maturity in 10 to 14 years.

There were no sales of investment securities during the three-month periods ended March 31, 2013 or 2012.