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Other Investment Securities
 6 Months Ended
Jun. 30, 2020
Other Investment Securities [Abstract]  
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 June 30, 2020 and December 31, 2019 were as follows:
 
(In thousands)June 30, 2020December 31, 2019
FHLB stock$23,818  $30,060  
FRB stock14,653  14,653  
Equity investments carried at fair value2,131  1,993  
Equity investments carried at modified cost (1)
4,689  2,689  
Equity investments carried at net asset value19,674  20,411  
Total other investment securities$64,965  $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 June 30, 2020 and 2019, the FHLB repurchased 50,260 and 27,026 shares, respectively, of FHLB stock with a book value of $5.0 million and $4.1 million, respectively. During the six months ended June 30, 2020 and 2019, the FHLB repurchased 62,423 and 81,079 shares, respectively, of FHLB stock with a book value of $6.2 million and $9.5 million, respectively. During the six months ended June 30, 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 and six months ended June 30, 2020 or the three months ended June 30, 2019.

During the three months ended June 30, 2020 and 2019, $150,000 and $62,000, respectively, of unrealized 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 six months ended June 30, 2020 and 2019, $(619,000) and $183,000, 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 June 30, 2020 and 2019, $(1.1) million and $170,000, 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. During the six months ended June 30, 2020 and 2019, $(1.3) million and $1.8 million, respectively, of (losses) gains on equity investments carried at NAV were recorded within "(Loss) gain on equity securities, net" on the Consolidiated Condensed Statements of Income.