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Investment in Qualified Affordable Housing
 9 Months Ended
Sep. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Qualified Affordable Housing 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 its 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 at September 30, 2021 and December 31, 2020.

(in thousands)September 30, 2021December 31, 2020
Affordable housing tax credit investments$60,457 $56,024 
Unfunded commitments33,116 29,298 

Commitments are funded when capital calls are made by the general partner. Park expects that the current commitments will be funded between 2021 and 2031.
Park recognized amortization expense of $1.9 million and $1.8 million, respectively, for the three months ended September 30, 2021 and 2020, and recognized $5.6 million and $5.5 million for each of the nine months ended September 30, 2021 and 2020, which were included within the provision for income taxes. Additionally, during the three months ended September 30, 2021 and 2020, Park recognized tax credits and other benefits from its affordable housing tax credit investments of $1.9 million and $2.3 million, respectively, and during the nine months ended September 30, 2021 and 2020, recognized $7.2 million and $6.9 million, respectively, which were included within the provision for income taxes.