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Other Investment Securities
 6 Months Ended
Jun. 30, 2023
Other Investment Securities [Abstract]  
Other Investment Securities, Other Investment Securities
 
Other investment securities consist of restricted stock investments in the FHLB and 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 June 30, 2023 and December 31, 2022 were as follows:
 
(In thousands)June 30, 2023December 31, 2022
FHLB stock$8,999 $11,197 
FRB stock14,653 14,653 
Equity investments carried at fair value2,720 1,859 
Equity investments carried at modified cost (1)
15,921 14,725 
Equity investments carried at NAV45,796 44,657 
Total other investment securities$88,089 $87,091 
(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 during the three months and the six months ended June 30, 2022 as a result of observable price changes. There were no adjustments recorded during the three months or the six months ended June 30, 2023 as a result of observable price changes.

During the three months and the six months ended June 30, 2023, Park purchased 14,075 shares of FHLB stock with a book value of $1.4 million. During the three months ended June 30, 2023, the FHLB repurchased 5,114 shares of FHLB stock with a book value of $511,000. During the six months ended June 30, 2023, the FHLB repurchased 36,052 shares of FHLB stock with a book value of $3.6 million. No shares of FHLB stock were repurchased during the three months or the six months ended June 30, 2022. No shares of FRB stock were purchased or sold during the three months or the six months ended June 30, 2023 or 2022.

During the three months ended June 30, 2023 and 2022, $(112,000) and $619,000, respectively, of (losses) gains on equity investments carried at fair value were recorded within "Gain (loss) on equity securities, net" on the Consolidated Condensed Statements of Income. During the six months ended June 30, 2023 and 2022, $(139,000) and $527,000, respectively, of (losses) gains on equity investments carried at fair value were recorded within "Gain (loss) on equity securities, net" on the Consolidated Condensed Statements of Income.
During the three months ended June 30, 2023 and 2022, $137,000 and $90,000, respectively, of gains on equity investments carried at NAV were recorded within “Gain (loss) on equity securities, net” on the Consolidated Condensed Statements of Income. During the six months ended June 30, 2023 and 2022, $(241,000) and $2.5 million, respectively, of (losses) gains on equity investments carried at NAV were recorded within “Gain (loss) on equity securities, net” on the Consolidated Condensed Statements of Income.