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Fair Value (Tables)
 3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Assets And Liabilities Measured At Fair Value On A Recurring Basis
The following table presents assets and liabilities measured at fair value on a recurring basis:
 
Fair Value Measurements at March 31, 2022 using:
(In thousands)Level 1Level 2Level 3Balance at March 31, 2022
Assets    
Investment securities:    
Obligations of U.S. Treasury and other U.S. Government sponsored entities$— $38,562 $— $38,562 
Obligations of states and political subdivisions— 371,641 — 371,641 
U.S. Government sponsored entities’ asset-backed securities— 834,802 — 834,802 
Collateralized loan obligations— 494,917 — 494,917 
Corporate debt securities— 17,225 — 17,225 
Equity securities1,546 — 491 2,037 
Mortgage loans held for sale— 7,852 — 7,852 
Mortgage IRLCs— 301 — 301 
Loan interest rate swaps— 923 — 923 
Liabilities    
Fair value swap$— $— $226 $226 
Borrowing interest rate swap— 86 — 86 
Loan interest rate swaps— 923 — 923 
 
Fair Value Measurements at December 31, 2021 using:
(In thousands)Level 1Level 2Level 3Balance at December 31, 2021
Assets    
Investment securities:    
Obligations of states and political subdivisions$— $389,591 $— $389,591 
U.S. Government sponsored entities’ asset-backed securities— 854,463 — 854,463 
Collateralized loan obligations— 498,674 — 498,674 
Corporate debt securities— 11,412 — 11,412 
Equity securities1,630 — 499 2,129 
Mortgage loans held for sale— 9,387 — 9,387 
Mortgage IRLCs— 333 — 333 
Loan interest rate swaps— 1,952 — 1,952 
Liabilities    
Fair value swap$— $— $226 $226 
Borrowing interest rate swap— 262 — 262 
Loan interest rate swaps— 1,952 — 1,952 
Reconciliation Of Level 3 Input For Financial Instruments Measured On Recurring Basis
The table below presents a reconciliation of the beginning and ending balances of the Level 3 inputs for the three-month periods ended March 31, 2022 and 2021, for financial instruments measured on a recurring basis and classified as Level 3:

Level 3 Fair Value Measurements
Three months ended March 31, 2022 and 2021
(In thousands)Equity
Securities		Fair value
swap
Balance at January 1, 2022$499 $(226)
Total losses  
Included in other income(8)— 
Balance at March 31, 2022$491 $(226)
Balance at January 1, 2021$485 $(226)
Total gains  
Included in other income5 — 
Balance at March 31, 2021$490 $(226)
Assets And Liabilities Measured At Fair Value On A Nonrecurring Basis
The following tables present assets and liabilities measured at fair value on a nonrecurring basis. Individually evaluated collateral dependent loans secured by real estate are carried at fair value if they have been charged down to fair value or if a specific valuation allowance has been established. As of March 31, 2022 and December 31, 2021, there were no PCD loans carried at fair value. A new cost basis is established at the time a property is initially recorded in OREO. OREO properties are carried at fair value if a devaluation has been taken with respect to the property's value subsequent to the initial measurement.

Fair Value Measurements at March 31, 2022 using:
(In thousands)Level 1Level 2Level 3Balance at March 31, 2022
Individually evaluated collateral dependent loans recorded at fair value:    
Commercial real estate$— $— $566 $566 
Residential real estate— — 261 261 
Total individually evaluated collateral dependent loans recorded at fair value$— $— $827 $827 
MSRs$— $14,021 $— $14,021 
OREO recorded at fair value:
Residential real estate— — 760 760 
Total OREO recorded at fair value$— $— $760 $760 
Other repossessed assets$— $— $— $— 
 
Fair Value Measurements at December 31, 2021 using:
(In thousands)Level 1Level 2Level 3Balance at December 31, 2021
Individually evaluated collateral dependent loans recorded at fair value:    
Commercial real estate$— $— $831 $831 
Residential real estate— — 272 272 
Total individually evaluated collateral dependent loans recorded at fair value$— $— $1,103 $1,103 
MSRs$— $13,482 $— $13,482 
OREO recorded at fair value:
Residential real estate— — 775 775 
Total OREO recorded at fair value$— $— $775 $775 
Other repossessed assets$— $— $2,750 $2,750 
Schedule of impaired financing receivables additional info
The following tables provide the amortized cost basis of collateral-dependent loans by class of loan, as of March 31, 2022 and December 31, 2021:

 March 31, 2022
(In thousands)Real EstateBusiness AssetsOtherTotal
Commercial, financial and agricultural
Commercial, financial and agricultural$8,343 $13,742 $201 $22,286 
Commercial real estate42,534 35 — 42,569 
Construction real estate:
Commercial1,152 — — 1,152 
Residential real estate:
Commercial2,620 20 — 2,640 
Mortgage366 — — 366 
HELOC124 — — 124 
Leases— 1,059 — 1,059 
Total loans$55,139 $14,856 $201 $70,196 
 December 31, 2021
(In thousands)Real EstateBusiness AssetsOtherTotal
Commercial, financial and agricultural
Commercial, financial and agricultural$9,321 $13,366 $156 $22,843 
Commercial real estate52,901 37 — 52,938 
Construction real estate:
Commercial1,178 — — 1,178 
Residential real estate:
Commercial2,906 — 57 2,963 
Mortgage370 — — 370 
HELOC148 — — 148 
Leases— 1,211 — 1,211 
Total loans$66,824 $14,614 $213 $81,651 

Interest income on nonaccrual loans individually evaluated for impairment is recognized on a cash basis only when Park expects to receive the entire recorded investment in the loans. Interest income on accruing TDRs individually evaluated for impairment continues to be recorded on an accrual basis. The following table presents interest income recognized on nonaccrual loans for the three-month periods ended March 31, 2022 and 2021:

Interest Income Recognized
(In thousands)Three Months Ended
March 31, 2022		Three Months Ended
March 31, 2021
Commercial, financial and agricultural:
Commercial, financial and agricultural$17 $57 
PPP loans— — 
Overdrafts— — 
Commercial real estate257 515 
Construction real estate:
Commercial1 33 
Retail4 1 
Residential real estate:
Commercial20 46 
Mortgage33 79 
HELOC4 4 
Installment2 1 
Consumer:
Consumer14 23 
GFSC2 5 
Check loans— — 
Leases14 20 
Total loans$368 $784 
Qualitative Information about Level 3 Fair Value Measurements Measured on Non-Recurring Basis
The following tables present qualitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at March 31, 2022 and December 31, 2021:

March 31, 2022
(In thousands)Fair ValueValuation TechniqueUnobservable Input(s)Range
(Weighted Average)
Individually evaluated collateral dependent loans:    
Commercial real estate$566 Sales comparison approachAdj to comparables
0.0% - 232.0% (22.8%)
Residential real estate$261 Sales comparison approachAdj to comparables
0.5% - 78.6% (11.4%)
Cost approachAccumulated depreciation
8.3% (8.3%)
Other real estate owned:
Residential real estate$760 Sales comparison approachAdj to comparables
5.0% - 32.5% (19.1%)

Balance at December 31, 2021
(In thousands)Fair ValueValuation TechniqueUnobservable Input(s)Range
(Weighted Average)
Individually evaluated collateral dependent loans:    
Commercial real estate$831 Sales comparison approachAdj to comparables
0.0% - 232.0% (28.3%)
Residential real estate$272 Sales comparison approachAdj to comparables
0.5% - 78.6% (11.6%)
Cost approachAccumulated depreciation
8.3% (8.3%)
Other real estate owned:
Residential real estate$775 Sales comparison approachAdj to comparables
5.0% - 32.5% (19.1%)
Fair Value, by Balance Sheet Grouping
The fair value of certain financial instruments at March 31, 2022 and December 31, 2021, was as follows:

March 31, 2022
  Fair Value Measurements
(In thousands)Carrying valueLevel 1Level 2Level 3Total fair value
Financial assets:
Cash and money market instruments$246,892 $246,892 $— $— $246,892 
Investment securities (1)
1,757,147 — 1,757,147 — 1,757,147 
Other investment securities (2)
2,037 1,546 — 491 2,037 
Mortgage loans held for sale7,852 — 7,852 — 7,852 
Mortgage IRLCs301 — 301 — 301 
Individually evaluated loans carried at fair value827 — — 827 827 
Other loans, net6,733,765 — — 6,713,878 6,713,878 
Loans receivable, net$6,742,745 $— $8,153 $6,714,705 $6,722,858 
Financial liabilities:     
Time deposits$694,544 $— $696,789 $— $696,789 
Other2,770 2,770 — — 2,770 
Deposits (excluding demand deposits)$697,314 $2,770 $696,789 $— $699,559 
Short-term borrowings$205,927 $— $205,927 $— $205,927 
Subordinated notes188,322 — 201,516 — 201,516 
Derivative financial instruments - assets:
Loan interest rate swaps923 — 923 — 923 
Derivative financial instruments - liabilities:     
Fair value swap226 — — 226 226 
Borrowing interest rate swap86 — 86 — 86 
Loan interest rate swaps923 — 923 — 923 
(1) Includes debt securities AFS.
(2) Excludes FHLB stock and FRB stock which are carried at their respective redemption values, investment securities accounted for at modified cost as these investments do not have a readily determinable fair value, and Partnership Investments valued using the NAV practical expedient.
December 31, 2021
  Fair Value Measurements
(In thousands)Carrying valueLevel 1Level 2Level 3Total fair value
Financial assets:
Cash and money market instruments$219,180 $219,180 $— $— $219,180 
Investment securities (1)
1,754,140 — 1,754,140 — 1,754,140 
Other investment securities (2)
2,129 1,630 — 499 2,129 
Mortgage loans held for sale9,387 — 9,387 — 9,387 
Mortgage IRLCs333 — 333 — 333 
Individually evaluated loans carried at fair value1,103 — — 1,103 1,103 
Other loans, net6,777,102 — — 6,783,848 6,783,848 
Loans receivable, net$6,787,925 $— $9,720 $6,784,951 $6,794,671 
Financial liabilities:     
Time deposits$711,660 $— $714,307 — $714,307 
Other1,465 1,465 — — 1,465 
Deposits (excluding demand deposits)$713,125 $1,465 $714,307 $— $715,772 
Short-term borrowings$238,786 $— $238,786 $— $238,786 
Subordinated notes188,210 — 207,912 — 207,912 
Derivative financial instruments - assets:     
Loan interest rate swaps1,952 — 1,952 — 1,952 
Derivative financial instruments - liabilities:
Fair value swap$226 $— $— $226 $226 
Borrowing interest rate swap262 — 262 — 262 
Loan interest rate swaps1,952 — 1,952 — 1,952 
Impaired Financing Receivables at fair value
March 31, 2022
(In thousands)Loan BalancePrior Charge-OffsSpecific Valuation AllowanceCarrying Balance
Total individually evaluated collateral dependent loans recorded at fair value$970 $240 $143 $827 
Remaining individually evaluated loans 62,239 384 1,370 60,869 
Total individually evaluated loans$63,209 $624 $1,513 $61,696 

December 31, 2021
(In thousands)Loan BalancePrior Charge-OffsSpecific Valuation AllowanceCarrying Balance
Total individually evaluated collateral dependent loans recorded at fair value$1,291 $240 $188 $1,103 
Remaining individually evaluated loans73,211 384 1,428 71,783 
Total individually evaluated loans$74,502 $624 $1,616 $72,886