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Fair Value (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Assets And Liabilities Measured At Fair Value On A Recurring Basis
The following table presents assets and liabilities measured at fair value on a recurring basis:
 
Fair Value Measurements at June 30, 2024 using:
(In thousands)Level 1Level 2Level 3Balance at June 30, 2024
Assets    
Investment securities:    
Obligations of states and political subdivisions$— $202,127 $— $202,127 
U.S. Government sponsored entities’ asset-backed securities— 570,839 — 570,839 
Collateralized loan obligations— 378,996 — 378,996 
Corporate debt securities— 12,317 6,427 18,744 
Equity securities2,375 — 495 2,870 
Mortgage loans held for sale— 4,309 — 4,309 
Mortgage IRLCs— 102 — 102 
Loan interest rate swaps— 1,221 — 1,221 
Liabilities    
Fair value swap$— $— $123 $123 
Loan interest rate swaps— 1,221 — 1,221 
 
Fair Value Measurements at December 31, 2023 using:
(In thousands)Level 1Level 2Level 3Balance at December 31, 2023
Assets    
Investment securities:    
Obligations of states and political subdivisions$— $241,184 $— $241,184 
U.S. Government sponsored entities’ asset-backed securities— 635,475 — 635,475 
Collateralized loan obligations— 438,286 — 438,286 
Corporate debt securities— 11,548 6,349 17,897 
Equity securities1,616 — 473 2,089 
Mortgage loans held for sale— 3,235 — 3,235 
Mortgage IRLCs— 87 — 87 
Loan interest rate swaps— 1,069 — 1,069 
Liabilities    
Fair value swap$— $— $123 $123 
Loan interest rate swaps— 1,069 — 1,069 
Reconciliation Of Level 3 Input For Financial Instruments Measured On Recurring Basis
The following tables present a reconciliation of the beginning and ending balances of the Level 3 inputs for the three-month and the six-month periods ended June 30, 2024 and 2023, for financial instruments measured on a recurring basis and classified as Level 3:

Level 3 Fair Value Measurements
Three months ended June 30, 2024 and 2023
(In thousands)Corporate debt securitiesEquity securitiesFair value
swap
Balance at April 1, 2024$6,372 $495 $(123)
Transfer into (out of) level 3— — — 
Total gains  
Included in other income— — — 
    Included in other comprehensive income55 — — 
Balance at June 30, 2024$6,427 $495 $(123)
Balance at April 1, 2023$6,855 $449 $(121)
Transfer into (out of) level 3, net(611)— — 
Total (losses) / gains  
Included in other income / other (expense)— 6 (175)
Included in other comprehensive income(128)— — 
Balance at June 30, 2023$6,116 $455 $(296)
Level 3 Fair Value Measurements
Six months ended June 30, 2024 and 2023
(In thousands)Corporate debt securitiesEquity securitiesFair value
swap
Balance at January 1, 2024$6,349 $473 $(123)
Transfer into (out of) level 3— — — 
Total gains
Included in other income— 22 — 
    Included in other comprehensive income78 — — 
Balance at June 30, 2024$6,427 $495 $(123)
Balance at January 1, 2023$7,000 $439 $(243)
Transfers into (out of) level 3, net11 — — 
Total (losses) / gains
Included in other income / other (expense)— 16 (175)
Included in other comprehensive income(895)— — 
Purchases, sales, issuances and settlements, other, net— — 122 
Balance at June 30, 2023$6,116 $455 $(296)
Assets And Liabilities Measured At Fair Value On A Nonrecurring Basis
The following tables present assets and liabilities measured at fair value on a nonrecurring basis. Individually evaluated collateral dependent loans secured by real estate are carried at fair value if they have been charged down to fair value or if a specific valuation allowance has been established. At June 30, 2024 and December 31, 2023, there were no PCD loans carried at fair value. A new cost basis is established at the time a property is initially recorded in OREO. OREO are carried at fair value if a devaluation has been taken with respect to the property's value subsequent to the initial measurement.

Fair Value Measurements at June 30, 2024 using:
(In thousands)Level 1Level 2Level 3Balance at June 30, 2024
Individually evaluated collateral dependent loans recorded at fair value:    
Commercial real estate$— $— $2,078 $2,078 
Residential real estate— — 191 191 
Total individually evaluated collateral dependent loans recorded at fair value$— $— $2,269 $2,269 
MSRs$— $499 $— $499 
OREO recorded at fair value:
Commercial real estate$— $— $938 $938 
Total OREO recorded at fair value$— $— $938 $938 
Fair Value Measurements at December 31, 2023 using:
(In thousands)Level 1Level 2Level 3Balance at December 31, 2023
Individually evaluated collateral dependent loans recorded at fair value:    
Commercial real estate$— $— $2,315 $2,315 
Residential real estate— — 182 182 
Total individually evaluated collateral dependent loans recorded at fair value$— $— $2,497 $2,497 
MSRs$— $866 $— $866 
OREO recorded at fair value:
Commercial real estate$— $— $938 $938 
Total OREO recorded at fair value$— $— $938 $938 
Schedule of impaired financing receivables additional info
The following tables provide the amortized cost basis of collateral-dependent loans by class of loan, at June 30, 2024 and at December 31, 2023:

 June 30, 2024
(In thousands)Real EstateBusiness AssetsOtherTotal
Commercial, financial and agricultural
Commercial, financial and agricultural$8,685 $9,240 $8,522 $26,447 
Commercial real estate25,555 13 — 25,568 
Construction real estate:
Commercial641 — — 641 
Residential real estate:
Commercial4,307 — — 4,307 
Mortgage80 — — 80 
Leases— 40 — 40 
Total loans$39,268 $9,293 $8,522 $57,083 
 December 31, 2023
(In thousands)Real EstateBusiness AssetsOtherTotal
Commercial, financial and agricultural
Commercial, financial and agricultural$8,137 $9,377 $3,737 $21,251 
Commercial real estate22,096 514 — 22,610 
Construction real estate:
Commercial1,130 — — 1,130 
Residential real estate:
Commercial2,910 — — 2,910 
Mortgage76 — — 76 
Leases— 73 — 73 
Total loans$34,349 $9,964 $3,737 $48,050 

Interest income on nonaccrual loans individually evaluated for impairment is recognized on a cash basis only when Park expects to receive the entire recorded investment in the loans. The following table presents interest income recognized on nonaccrual loans for the three-month and the six-month periods ended June 30, 2024 and 2023:

Interest Income Recognized
(In thousands)Three Months Ended
June 30, 2024		Three Months Ended
June 30, 2023		Six Months Ended
June 30, 2024		Six Months Ended
June 30, 2023
Commercial, financial and agricultural:
Commercial, financial and agricultural$313 $722 $577 $1,327 
PPP loans— — — — 
Overdrafts— — — — 
Commercial real estate310 200 565 360 
Construction real estate:
Commercial1 22 38 54 
Retail— — — — 
Residential real estate:
Commercial59 37 107 63 
Mortgage83 53 153 102 
HELOC2 7 7 15 
Installment— 1 — 2 
Consumer:
Consumer27 21 58 40 
Check loans— — — — 
Leases— — — — 
Total loans$795 $1,063 $1,505 $1,963 
Impaired Financing Receivables at fair value
June 30, 2024
(In thousands)Loan BalancePrior Charge-OffsSpecific Valuation AllowanceCarrying Balance
Total individually evaluated collateral dependent loans recorded at fair value$2,327 $1,948 $58 $2,269 
Remaining individually evaluated loans 52,666 243 5,253 47,413 
Total individually evaluated loans$54,993 $2,191 $5,311 $49,682 

December 31, 2023
(In thousands)Loan BalancePrior Charge-OffsSpecific Valuation AllowanceCarrying Balance
Total individually evaluated collateral dependent loans recorded at fair value$2,499 $2,048 $2 $2,497 
Remaining individually evaluated loans42,716 301 4,981 37,735 
Total individually evaluated loans$45,215 $2,349 $4,983 $40,232 
Qualitative Information about Level 3 Fair Value Measurements Measured on Non-Recurring Basis
The following tables present qualitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at June 30, 2024 and December 31, 2023:

June 30, 2024
(In thousands)Fair ValueValuation TechniqueUnobservable Input(s)Range
(Weighted Average)
Individually evaluated collateral dependent loans:  
Commercial real estate$2,078 Sales comparison approachAdj to comparables
0.4% - 52.0% (19.9%)
Income approachCapitalization rate
6.3% - 9.5% (8.2%)
Residential real estate$191 Sales comparison approachAdj to comparables
0.0% - 78.6% (3.4%)
Other real estate owned:
Commercial real estate$938 Sales comparison approachAdj to comparables
5.0% - 10.0% (7.5%)
Cost approachEntrepreneurial profit
5.0% 5.0%
Cost approachAccumulated depreciation
50.0% 50.0%

December 31, 2023
(In thousands)Fair ValueValuation TechniqueUnobservable Input(s)Range
(Weighted Average)
Individually evaluated collateral dependent loans:  
Commercial real estate$2,315 Sales comparison approachAdj to comparables
0.2% - 89.0% (21.2%)
Income approachCapitalization rate
7.5% - 9.5% (8.9%)
Residential real estate$182 Sales comparison approachAdj to comparables
1.2% - 78.6% (7.6%)
Other real estate owned:
Commercial real estate$938 Sales comparison approachAdj to comparables
5.0% - 10.0% (7.5%)
Cost approachEntrepreneurial profit
5.0% (5.0%)
Cost approachAccumulated depreciation
50.0% (50.0%)
Fair Value, by Balance Sheet Grouping
The fair value of certain financial instruments at June 30, 2024 and at December 31, 2023, was as follows:

June 30, 2024
  Fair Value Measurements
(In thousands)Carrying valueLevel 1Level 2Level 3Total fair value
Financial assets:
Cash and money market instruments$261,465 $261,465 $— $— $261,465 
Investment securities (1)
1,170,706 — 1,164,279 6,427 1,170,706 
Other investment securities (2)
2,870 2,375 — 495 2,870 
Mortgage loans held for sale4,309 — 4,309 — 4,309 
Mortgage IRLCs102 — 102 — 102 
Individually evaluated loans carried at fair value2,269 — — 2,269 2,269 
Other loans, net7,571,122 — — 7,399,488 7,399,488 
Loans receivable, net$7,577,802 $— $4,411 $7,401,757 $7,406,168 
Financial liabilities:     
Time deposits$682,207 $— $682,949 $— $682,949 
Brokered deposits and Bid Ohio CDs176,199 — 176,133 — 176,133 
Other3,520 3,520 — — 3,520 
Deposits (excluding demand deposits)$861,926 $3,520 $859,082 $— $862,602 
Short-term borrowings$94,478 $— $94,478 $— $94,478 
Subordinated notes189,396 — 178,474 — 178,474 
Derivative financial instruments - assets:
Loan interest rate swaps$1,221 $— $1,221 $— $1,221 
Derivative financial instruments - liabilities:     
Fair value swap$123 $— $— $123 $123 
Loan interest rate swaps1,221 — 1,221 — 1,221 
(1) Includes debt securities AFS.
(2) Excludes FHLB stock and FRB stock which are carried at their respective redemption values, investment securities accounted for at modified cost as these investments do not have a readily determinable fair value, and Partnership Investments valued using the NAV practical expedient.
December 31, 2023
  Fair Value Measurements
(In thousands)Carrying valueLevel 1Level 2Level 3Total fair value
Financial assets:
Cash and money market instruments$218,268 $218,268 $— $— $218,268 
Investment securities (1)
1,332,842 — 1,326,493 6,349 1,332,842 
Other investment securities (2)
2,089 1,616 — 473 2,089 
Mortgage loans held for sale3,235 — 3,235 — 3,235 
Mortgage IRLCs87 — 87 — 87 
Individually evaluated loans carried at fair value2,497 — — 2,497 2,497 
Other loans, net7,386,657 — — 7,200,851 7,200,851 
Loans receivable, net$7,392,476 $— $3,322 $7,203,348 $7,206,670 
Financial liabilities:     
Time deposits$641,615 $— $641,180 — $641,180 
Brokered deposits and Bid Ohio CDs164,985 — 165,059 — 165,059 
Other1,261 1,261 — — 1,261 
Deposits (excluding demand deposits)$807,861 $1,261 $806,239 $— $807,500 
Short-term borrowings$328,182 $— $328,182 $— $328,182 
Subordinated notes189,147 — 172,059 — 172,059 
Derivative financial instruments - assets:     
Loan interest rate swaps$1,069 $— $1,069 $— $1,069 
Derivative financial instruments - liabilities:
Fair value swap$123 $— $— $123 $123 
Loan interest rate swaps1,069 — 1,069 — 1,069