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Other Investment Securities
 9 Months Ended
Sep. 30, 2022
Other Investment Securities [Abstract]  
Other Investment Securities, Other Investment Securities
 
Other investment securities consist of restricted stock investments in the FHLB, the FRB, and equity securities. The restricted FHLB and FRB stock investments are carried at their redemption value. Equity securities with a readily determinable fair value are carried at fair value. Equity securities without a readily determinable fair value are recorded at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions ("modified cost"). Park's portfolio of equity investments in limited partnerships which provide mezzanine funding ("Partnership Investments") are valued using the NAV practical expedient in accordance with ASC 820.

The carrying amounts of other investment securities at September 30, 2022 and December 31, 2021 were as follows:
 
(In thousands)September 30, 2022December 31, 2021
FHLB stock$11,197 $13,413 
FRB stock14,653 14,653 
Equity investments carried at fair value1,746 2,129 
Equity investments carried at modified cost (1)
14,726 4,689 
Equity investments carried at NAV43,623 26,384 
Total other investment securities$85,945 $61,268 
(1) There have been no impairments or downward adjustments made to equity investments carried at modified cost. An upward adjustment of $871,000 was recorded in the nine months ended September 30, 2022 as a result of observable price changes.

During the three months and the nine months ended September 30, 2022, the FHLB repurchased 22,160 shares of FHLB stock with a book value of $2.2 million. During the three months ended September 30, 2021, the FHLB repurchased 21,286 shares of FHLB stock with a book value of $2.1 million. During the nine months ended September 30, 2021, the FHLB repurchased 86,770 shares of FHLB stock with a book value of $8.7 million. No shares of FRB stock were purchased or sold during the three months or the nine months ended September 30, 2022 or 2021.

During the three months ended September 30, 2022 and 2021, $(39,000) and $97,000, respectively, of (losses) gains on equity investments carried at fair value or modified cost were recorded within "Gain on equity securities, net" on the Consolidated Condensed Statements of Income. During the nine months ended September 30, 2022 and 2021, $488,000 and $492,000, respectively, of gains on equity investments carried at fair value or modified cost were recorded within "Gain on equity securities, net" on the Consolidated Condensed Statements of Income.
During the three months ended September 30, 2022 and 2021, $97,000 and $512,000, respectively, of gains on equity investments carried at NAV were recorded within “Gain on equity securities, net” on the Consolidated Condensed Statements of Income. During the nine months ended September 30, 2022 and 2021, $2.6 million and $2.4 million, respectively, of gains on equity investments carried at NAV were recorded within “Gain on equity securities, net” on the Consolidated Condensed Statements of Income.