XML 105 R58.htm IDEA: XBRL DOCUMENT v3.20.1
Other Investment Securities (Schedule Of Other Investment Securities) (Details) - USD ($)
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Schedule of Investments [Line Items]      
Other Investment Securities, Other Investment Securities
 
Other investment securities consist of stock investments in the FHLB, the FRB, and equity securities. The FHLB and FRB 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"). Park's portfolio of equity investments in limited partnerships which provide mezzanine funding ("Partnership Investments") are valued using the NAV practical expedient in accordance with ASC 820.

The carrying amounts of other investment securities at March 31, 2020 and December 31, 2019 were as follows:
 
(In thousands)March 31, 2020December 31, 2019
FHLB stock$28,843  $30,060  
FRB stock14,653  14,653  
Equity investments carried at fair value1,982  1,993  
Equity investments carried at modified cost (1)
2,689  2,689  
Equity investments carried at net asset value20,521  20,411  
Total other investment securities$68,688  $69,806  
(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, 2020 and 2019, the FHLB repurchased 12,163 and 54,053 shares, respectively, of FHLB stock with a book value of $1.2 million and $5.4 million, respectively. During the three months ended March 31, 2019, Park purchased 51,722 shares of FRB stock, with a book value of $2.6 million. No shares of FRB stock were purchased during the three months ended March 31, 2020.
During the three months ended March 31, 2020 and 2019, $(769,000) and $121,000, respectively, of unrealized (losses) gains on equity investments carried at fair value were recorded within "(Loss) gain on equity securities, net" on the Consolidated Condensed Statements of Income. During the three months ended March 31, 2020 and 2019, $(0.2) million and $1.6 million, respectively, of (losses) gains on equity investments carried at NAV were recorded within “(Loss) gain on equity securities, net” on the Consolidated Condensed Statements of Income. 		   
Federal Home Loan Bank Stock $ 28,843,000   $ 30,060,000
Federal Reserve Bank Stock 14,653,000   14,653,000
Equity investments carried at fair value 1,982,000   1,993,000
Equity Method Investments 2,689,000   2,689,000
Alternative Investment 20,521,000   20,411,000
Other investment securities $ 68,688,000   $ 69,806,000
equity investment shares sold 12,163 54,053  
Payments for (Proceeds from) Federal Home Loan Bank Stock $ (1,216,000) $ (5,405,000)  
equity investment purchased, shares   51,722  
Payments to Acquire Federal Reserve Bank Stock 0 $ 2,585,000  
Loss (gain) on equity securities, net (973,000) 1,742,000  
Alternative Investment, income recognized (204,000) 1,600,000  
Equity Securities [Member]      
Schedule of Investments [Line Items]      
Loss (gain) on equity securities, net $ (769,000) $ 121,000