Investment in Qualified Affordable Housing Investment in Qualified Affordable Housing

3 Months Ended

Mar. 31, 2018

Equity Method Investments and Joint Ventures [Abstract]

Affordable Housing Program [Text Block]

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 our 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 as of March 31, 2018 and December 31, 2017.

(in thousands)	March 31, 2018		December 31, 2017
Affordable housing tax credit investments	$	47,818	$	49,669
Unfunded commitments	14,282		14,282

Commitments are funded when capital calls are made by the general partner. Park expects that the current commitments will be funded between 2018 and 2027.

During both the three months ended March 31, 2018 and 2017, Park recognized amortization expense of $1.9 million, which was included within the provision for income taxes. Additionally, during the three months ended March 31, 2018 and 2017, Park recognized tax credits and other benefits from its affordable housing tax credit investments of $2.7 million and $2.4 million, respectively.