Securities sold under agreements to repurchase ("repurchase agreements") with customers represent funds deposited by customers, generally on an overnight basis, that are collateralized by investment securities owned by Park. Repurchase agreements with customers are included in "Short-term borrowings" on the consolidated condensed balance sheets.

All repurchase agreements are subject to terms and conditions of repurchase/security agreements between Park and the customer and are accounted for as secured borrowings. Park's repurchase agreements consist of customer accounts and securities which are pledged on an individual security basis.

At June 30, 2025 and at December 31, 2024, Park's repurchase agreement borrowings totaled $95.7 million and $90.4 million, respectively. These borrowings were collateralized with U.S. Government sponsored entities' asset-backed securities with a fair value of $117.2 million and $124.1 million at June 30, 2025 and at December 31, 2024, respectively. Declines in the value of the collateral would require Park to pledge additional securities. At June 30, 2025 and at December 31, 2024, Park had $377.8 million and $440.2 million, respectively, of available unpledged securities.

The table below shows the remaining contractual maturity of repurchase agreements by collateral pledged at June 30, 2025 and at December 31, 2024:


	June 30, 2025
(in thousands)	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 days		30 - 90 days		Greater than 90 days		Total
U.S. government sponsored entities' asset-backed securities	$	95,670	$	—	$	—	$	—	$	95,670

	December 31, 2024
(in thousands)	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 days		30 - 90 days		Greater than 90 days		Total
U.S. government sponsored entities' asset-backed securities	$	90,432	$	—	$	—	$	—	$	90,432