Park makes certain equity investments in various limited partnerships that sponsor affordable housing projects. The purposes of these investments are to achieve a satisfactory return on capital, help create affordable housing opportunities, and assist the Company to achieve its goals associated with the Community Reinvestment Act.

The table below details the balances of Park’s affordable housing tax credit investments and related unfunded commitments at June 30, 2025 and December 31, 2024.

Commitments are funded when capital calls are made by the general partner. Park expects that the current commitments will be funded between the remainder of 2025 through 2039.

Park recognized amortization expense of $2.3 million and $2.1 million for the three months ended June 30, 2025 and 2024, and $4.6 million and $4.3 million, respectively for the six months ended June 30, 2025 and 2024, which were included within "Income taxes" in the consolidated condensed statements of income. Additionally, during the three months ended June 30, 2025 and 2024, Park recognized tax credits and other benefits from its affordable housing tax credit investments of $2.9 million and $2.6 million, and during the six months ended June 30, 2025 and 2024, recognized $5.7 million and $5.2 million respectively, which were included within "Income taxes" in the consolidated condensed statements of income.