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Other Investment Securities
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024 and December 31, 2023 were as follows:
 
(In thousands)March 31, 2024December 31, 2023
FHLB stock$13,415 $17,754 
FRB stock14,653 14,653 
Equity investments carried at fair value2,092 2,089 
Equity investments carried at modified cost (1)
15,921 15,921 
Equity investments carried at NAV44,879 45,885 
Total other investment securities$90,960 $96,302 
(1) There have been no impairments or downward adjustments made to equity investments carried at modified cost. Cumulatively, upward adjustments of $871,000 have been recorded as a result of observable price changes. There were no adjustments recorded during the three months March 31, 2024 or March 31, 2023 as a result of observable price changes.

During the three months ended March 31, 2024, Park purchased 2,246 shares of FHLB stock with a book value of $225,000. No shares of FHLB stock were purchased during the three months ended March 31, 2023. During the three months ended March 31, 2024, the FHLB repurchased 45,630 shares of FHLB stock with a book value of $4.6 million. During the three months ended March 31, 2023, the FHLB repurchased 30,938 shares of FHLB stock with a book value of $3.1 million. No shares of FRB stock were purchased or sold during the three months ended March 31, 2024 or 2023.

During the three months ended March 31, 2024 and 2023, $3,000 and $(27,000), respectively, of gains (losses) on equity investments carried at fair value were recorded within "Loss on equity securities, net" on the Consolidated Condensed Statements of Income.
During the three months ended March 31, 2024 and 2023, $(690,000) and $(378,000), respectively, of losses on equity investments carried at NAV were recorded within “Loss on equity securities, net” on the Consolidated Condensed Statements of Income.