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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Schedule of marketable securities
Debt Securities
The following table summarizes the amortized cost and fair value of debt securities at December 31, 2022 and December 31, 2021 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive (loss) income.

 
(In thousands)Amortized CostGross Unrealized Holding GainsGross Unrealized Holding LossesFair Value
2022:
Debt Securities Available-for-Sale
Obligations of U.S. Government sponsored entities$39,000 $— $1,787 $37,213 
Obligations of states and political subdivisions423,285 1,620 18,194 406,711 
U.S. Government sponsored entities’ asset-backed securities839,399 — 82,638 756,761 
Collateralized loan obligations535,518 — 18,979 516,539 
Corporate debt securities17,650 — 1,178 16,472 
Total
$1,854,852 $1,620 $122,776 $1,733,696 

(In thousands)Amortized CostGross Unrealized Holding GainsGross Unrealized Holding LossesFair Value
2021:
Debt Securities Available-for-Sale
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 31,395 498,674 
Corporate debt securities11,250 1697 11,412 
Total$1,727,363 $36,291 $9,514 $1,754,140 
Schedule of unrealized loss on investments
The following table provides detail on investment securities in an unrealized loss position for which an allowance for credit losses had not been recorded at December 31, 2022 and December 31, 2021, aggregated by major security type and length of time in a continuous unrealized loss position:
 
Less than 12 Months12 Months or LongerTotal
(In thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
2022:
Debt Securities Available-for-Sale
Obligations of U.S. Government sponsored entities$37,213 $1,787 $— $— $37,213 $1,787 
Obligations of states and political subdivisions270,905 18,194 — — 270,905 18,194 
U.S. Government sponsored entities’ asset-backed securities446,423 27,507 310,338 55,131 756,761 82,638 
Collateralized loan obligations415,491 15,446 101,048 3,533 516,539 18,979 
Corporate debt securities7,388 862 1,684 316 9,072 1,178 
Total
$1,177,420 $63,796 $413,070 $58,980 $1,590,490 $122,776 

Less than 12 Months12 Months or LongerTotal
(In thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
2021:
Debt Securities Available-for-Sale
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 
Unrealized Gain (Loss) on Investments
At December 31, 2022, Park’s debt security portfolio consisted of $1.7 billion of securities, $1.6 billion of which were in an unrealized loss position with unrealized losses of $122.8 million. Of the $1.6 billion of securities in an unrealized loss position, $413.1 million were in an unrealized loss position for 12 months or longer. Of the $122.8 million in unrealized losses, an aggregate of $84.4 million were related to Park's "Obligations of 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. Management periodically reviews the credit profile of each non-agency debt security and assesses whether any impairment to the contractually obligated cash flow is likely to occur. Based on these reviews, management has concluded that the underlying creditworthiness for each security remains sufficient to maintain required payment obligations and, therefore, unrealized losses have not been recognized into net income. 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 rates change.

There was no allowance for credit losses recorded for debt securities AFS at December 31, 2022 and December 31, 2021. Additionally, for the years ended December 31, 2022, 2021, and 2020, there were no credit-related investment impairment losses recognized.
Schedule of contractual maturity of debt securities
The amortized cost and estimated fair value of investments in debt securities at December 31, 2022, are shown in the following table by contractual maturity, except for asset-backed securities and collateralized loan obligations, which are shown as a single total, due to the unpredictability of the timing in 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 CostFair Value
Tax Equivalent Yield (1)
Debt Securities Available-for-Sale
Obligations of U.S. Government sponsored entities
Due one through five years$39,000 $37,213 2.37 %
Obligations of states and political subdivisions
Due one through five years$2,289 $2,278 2.97 %
Due five through ten years271,564 271,658 3.68 %
Due greater than ten years149,432 132,775 3.15 %
Total$423,285 $406,711 3.49 %
U.S. Government sponsored entities’ asset-backed securities$839,399 $756,761 1.91 %
Collateralized loan obligations$535,518 $516,539 6.30 %
Corporate debt securities
Due five through ten years$17,650 $16,472 3.89 %
(1) The tax equivalent yield for obligations of states and political subdivisions includes the effects of a taxable equivalent adjustment using a 21% federal corporate income tax rate.