Repurchase Agreement Borrowings

12 Months Ended

Dec. 31, 2021

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 the 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, 2021 and December 31, 2020, Park's repurchase agreement borrowings totaled $213.8 million and $317.2 million, respectively. These borrowings were collateralized with U.S. government sponsored entities' asset-backed securities with a fair value of $334.9 million and $366.0 million at December 31, 2021 and December 31, 2020, respectively. Declines in the value of the collateral would require Park to pledge additional securities. As of December 31, 2021 and December 31, 2020, Park had $1,225 million and $438.6 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, 2021 and December 31, 2020:

	December 31, 2021
(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 sponsored entities' asset-backed securities	$	213,786	$	—	$	—	$	—	$	213,786
	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 sponsored entities' asset-backed securities	$	317,230	$	—	$	—	$	—	$	317,230

See Note 14 - Short-Term Borrowings for additional information related to repurchase agreements.