Other Investment Securities

3 Months Ended

Mar. 31, 2019

Other Investment Securities [Abstract]

Other investment securities consist of stock investments in the FHLB, the Federal Reserve Bank ("FRB"), and equity securities. The FHLB and FRB restricted 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").

The carrying amount of other investment securities at March 31, 2019 and December 31, 2018 was as follows:



(In thousands)	March 31, 2019		December 31, 2018
FHLB stock	$	37,983	$	43,388
FRB stock	10,811		8,225
Equity investments carried at fair value	1,769		1,649
Equity investments carried at cost/modified cost ⁽¹⁾	2,589		2,589
Total other investment securities	$	53,152	$	55,851

⁽¹⁾ There have been no impairments, downward adjustments, or upward adjustments made to equity investments carried at modified cost.

During the three months ended March 31, 2019 and 2018, $121,000 and $(11,000), respectively, of unrealized gains (losses) were recorded within "Gain on equity securities, net" on the consolidated condensed statements of income. An additional $3.5 million gain recorded within “Gain on equity securities, net” on the consolidated condensed statement of income for the three months ended March 31, 2018 relates to Park's 8.55% investment in NewDominion which was held at March 31, 2018. See Note 3 - Business Combinations.