Subsequent Events (Notes)

9 Months Ended

Sep. 30, 2016

Subsequent Event [Line Items]

Subsequent Events [Text Block]

Subsequent Events

On October 20, 2016, Park prepaid $50 million of FHLB advances, incurring a $5.6 million prepayment penalty which will be reflected as an expense in the fourth quarter of 2016. These advances had an interest rate of 3.15% and a maturity date of November 13, 2023. The advances prepaid had an expected annual expense of $1.575 million for the year ended December 31, 2017.

The prepayment was made using excess cash, which averaged $220.5 million for the nine months ended September 30, 2016. Excess cash is shown as money market instruments on the consolidated condensed balance sheets and is invested overnight with the Federal Reserve at the overnight federal funds sold rate. For the nine months ended September 30, 2016, Park earned 0.51% on these money market instruments.