Repurchase Agreement Borrowings

12 Months Ended

Dec. 31, 2020

Transfers of Financial Assets Accounted for as Secured Borrowings [Abstract]

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Table Text Block]

Repurchase Agreement Borrowings

Securities sold under agreements to repurchase ("repurchase agreements") with customers represent funds deposited by customers, generally on an overnight basis, that are collateralized by investment securities owned by Park. Repurchase agreements with customers are included in short-term borrowings on the Consolidated Balance Sheets.

All repurchase agreements are subject to terms and conditions of repurchase/security agreements between Park and the client and are accounted for as secured borrowings. Park's repurchase agreements consisted of customer accounts and securities which are pledged on an individual security basis.

At December 31, 2020 and December 31, 2019, Park's repurchase agreement borrowings totaled $317 million and $176 million, respectively. These borrowings were collateralized with U.S. government and agency securities with a fair value of $366 million and $200 million at December 31, 2020 and December 31, 2019, respectively. Declines in the value of the collateral would require Park to pledge additional securities. As of December 31, 2020 and December 31, 2019, Park had $439 million and $756 million, respectively, of available unpledged securities.

The following table presents the carrying value of Park's repurchase agreement borrowings by remaining contractual maturity and collateral pledged at December 31, 2020 and December 31, 2019:

	December 31, 2020
(In thousands)	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 days		30 - 90 days		Greater than 90 days		Total
U.S. government and agency securities	$	317,230	$	—	$	—	$	—	$	317,230
	December 31, 2019
(In thousands)	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 days		30 - 90 days		Greater than 90 days		Total
U.S. government and agency securities	$	175,657	$	—	$	—	$	—	$	175,657

See Note 15 - Short-Term Borrowings for additional information related to repurchase agreements.