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Investment Securities
 9 Months Ended
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
 
Investment securities at September 30, 2022 and December 31, 2021, were as follows:

Debt securities AFS (In thousands)Amortized
Cost		Gross
Unrealized
Holding 
Gains		Gross
Unrealized
Holding 
Losses		Fair Value
September 30, 2022:
Obligations of U.S. Treasury and other U.S. Government sponsored entities$39,000 $— $878 $38,122 
Obligations of states and political subdivisions424,193 100 30,375 393,918 
U.S. Government sponsored entities' asset-backed securities877,435 — 92,572 784,863 
Collateralized loan obligations535,575 — 26,517 509,058 
Corporate debt securities17,250 — 1,088 16,162 
Total$1,893,453 $100 $151,430 $1,742,123 
 
Debt securities AFS (In thousands)Amortized
Cost		Gross
Unrealized
Holding 
Gains		Gross
Unrealized
Holding 
Losses		Fair Value
December 31, 2021:
Obligations of states and political subdivisions$366,933 $22,682 $24 $389,591 
U.S. Government sponsored entities' asset-backed securities849,114 13,437 8,088 854,463 
Collateralized loan obligations500,066 3 1,395 498,674 
Corporate debt securities11,250 169 7 11,412 
Total$1,727,363 $36,291 $9,514 $1,754,140 
Investment securities in an unrealized loss position at September 30, 2022, were as follows:

Unrealized loss position for less than 12 monthsUnrealized loss position for 12 months or longerTotal
(In thousands)Fair valueUnrealized
losses		Fair valueUnrealized
losses		Fair
value		Unrealized
losses
Debt securities AFS:
Obligations of U.S. Treasury and other U.S. Government sponsored entities$38,122 $878 $— $— $38,122 $878 
Obligations of states and political subdivisions369,881 30,375 — — 369,881 30,375 
U.S. Government sponsored entities' asset-backed securities548,839 46,623 236,024 45,949 784,863 92,572 
Collateralized loan obligations361,935 19,046 147,123 7,471 509,058 26,517 
Corporate debt securities9,162 1,088 — — 9,162 1,088 
Total$1,327,939 $98,010 $383,147 $53,420 $1,711,086 $151,430 
 
 Investment securities in an unrealized loss position at December 31, 2021, were as follows:

 
Unrealized loss position for less than 12 monthsUnrealized loss position for 12 months or longerTotal
(In thousands)Fair valueUnrealized
losses		Fair valueUnrealized
losses		Fair
value		Unrealized
losses
Debt securities AFS:
Obligations of states and political subdivisions$1,834 $24 $— $— $1,834 $24 
U.S. Government sponsored entities' asset-backed securities333,653 4,996 73,431 3,092 407,084 8,088 
Collateralized loan obligations429,671 1,395 — — 429,671 1,395 
Corporate debt securities2,243 7 — — 2,243 7 
Total$767,401 $6,422 $73,431 $3,092 $840,832 $9,514 

At September 30, 2022, Park’s debt securities portfolio consisted of $1.74 billion of securities, $1.71 billion of which were in an unrealized loss position with unrealized losses of $151.4 million. Of the $1.71 billion of securities in an unrealized loss position, $383.1 million were in an unrealized loss position for 12 months or longer. Of the $151.4 million in unrealized losses, an aggregate of $93.5 million were related to Park's "Obligations of U.S. Treasury and other U.S. Government sponsored entities" portfolio and Park's "U.S. Government sponsored entities' asset-backed securities" portfolio. For non-agency debt securities, Park verified that the current credit ratings remain above investment grade. Unrealized losses have not been recognized into earnings as they represent negative adjustments to fair value relative to the rate of interest paid on the securities and not losses related to the creditworthiness of the respective issuers. Management does not intend to sell, and it is not more likely than not that management would be required to sell, the securities prior to their anticipated recovery in respect of the unrealized losses. Management believes the value will recover as the securities approach maturity or market conditions change.

There was no allowance for credit losses recorded for debt securities AFS at either September 30, 2022 or December 31, 2021. Additionally, for the three months and the nine months ended September 30, 2022 and 2021, there were no credit-related investment impairment losses recognized.
The amortized cost and estimated fair value of investments in debt securities AFS at September 30, 2022, are shown in the following table by contractual maturity, except for asset-backed securities and collateral loan obligations, which are shown as a single total, due to the unpredictability of the timing of principal repayments. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

 (In thousands)Amortized
cost		Fair value
Tax equivalent yield (1)
Debt Securities AFS
Obligations of U.S. Treasury and other U.S. Government sponsored entities
Due one through five years$39,000 $38,122 2.37 %
Obligations of state and political subdivisions:
Due five through ten years$257,514 $251,544 3.67 %
Due over ten years166,679 142,374 3.20 %
Total (1)
$424,193 $393,918 3.49 %
U.S. Government sponsored entities' asset-backed securities$877,435 $784,863 1.92 %
Collateralized loan obligations$535,575 $509,058 4.54 %
Corporate debt securities
Due five through ten years$15,250 $14,393 3.88 %
Due over ten years$2,000 $1,769 3.13 %
Total$17,250 $16,162 3.79 %
(1) The tax equivalent yield for certain obligations of state and political subdivisions includes the effect of a taxable equivalent adjustment using a 21% federal corporate income tax rate.

There were no sales of debt securities AFS during the three-month or the nine-month periods ended September 30, 2022 or 2021.

Investment securities having an amortized cost of $764.0 million and $733.7 million at September 30, 2022 and December 31, 2021, respectively, were pledged to collateralize government and trust department deposits in accordance with federal and state requirements, to secure repurchase agreements sold and as collateral for FHLB advance borrowings.