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Leases
 6 Months Ended
Jun. 30, 2023
Leases [Abstract]  
Lessee, Operating Leases Leases
Park is a lessee in several noncancellable operating lease arrangements, primarily for retail branches, administrative and warehouse buildings, ATMs, and certain office equipment within its Ohio, North Carolina, South Carolina, and Kentucky markets. Certain of these leases contain renewal options for periods ranging from one to five years. Park’s leases generally do not include termination options for either party to the lease or restrictive financial or other covenants. Payments due under the lease arrangements include fixed payments plus, for many of Park’s real estate leases, variable payments such as Park's proportionate share of property taxes, insurance and common area maintenance.

Park's operating lease ROU asset and lease liability are presented in “Operating lease ROU asset" and "Operating lease liability," respectively, on Park's Consolidated Condensed Balance Sheets. The carrying amounts of Park's ROU asset and lease liability at June 30, 2023 were $16.6 million and $17.9 million, respectively. At December 31, 2022, the carrying amounts of Park's ROU asset and lease liability were $17.6 million and $19.3 million, respectively. Park's operating lease expense is recorded in "Occupancy expense" on the Company's Consolidated Condensed Statements of Income.
Other information related to operating leases for the three-month and the six-month periods ended June 30, 2023 and 2022 follows:

Three Months EndedSix Months Ended
(in thousands)June 30, 2023June 30, 2022June 30, 2023June 30, 2022
Lease cost
Operating lease cost$728 $751 $1,460 $1,475 
Sublease income(63)(63)(126)(126)
Total lease cost$665 $688 $1,334 $1,349 
Other information
Cash paid for amounts included in the measurement of lease liabilities:
      Operating cash flows from operating leases$921 $768 $1,844 $1,541 
ROU assets obtained in exchange for new operating lease liabilities$43 $4,182 $179 $4,182 
Reductions to ROU assets resulting from reductions to lease obligations$(777)$(695)$(1,554)$(1,393)

At each of June 30, 2023 and December 31, 2022, Park's operating leases had a weighted average remaining term of 10.0 years. The weighted average discount rate of Park's operating leases was 3.4% and 3.3% at June 30, 2023 and December 31, 2022, respectively.

Undiscounted cash flows included in lease liabilities have expected contractual payments as follows:

(in thousands)June 30, 2023
Six months ending December 31, 2023$1,805 
20242,538 
20252,188 
20262,140 
20272,032 
Thereafter11,020 
Total undiscounted minimum lease payments$21,723 
Present value adjustment(3,806)
Total lease liabilities$17,917