
(In thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
March 31, 2026:
Debt Securities Available-for-Sale
Obligations of U.S. Government sponsored entities	$	109,520	$	—	$	263	$	109,257
Obligations of states and political subdivisions	245,912		2,445		10,251		238,106
U.S. Government sponsored entities' asset-backed securities	860,656		3,692		30,833		833,515
Collateralized loan obligations	38,200		1		68		38,133
Corporate debt securities	21,088		198		569		20,717
Total	$	1,275,376	$	6,336	$	41,984	$	1,239,728


(In thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
December 31, 2025:
Debt Securities Available-for-Sale
Obligations of states and political subdivisions	$	220,285	$	1,808	$	10,270	$	211,823
U.S. Government sponsored entities' asset-backed securities	432,051		1,142		33,229		399,964
Collateralized loan obligations	56,200		21		78		56,143
Corporate debt securities	21,076		188		526		20,738
Total	$	729,612	$	3,159	$	44,103	$	688,668


	Unrealized loss position for less than 12 months				Unrealized loss position for 12 months or longer				Total
(In thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Debt securities AFS:
Obligations of U.S. Government sponsored entities	$	109,257	$	263	$	—	$	—	$	109,257	$	263
Obligations of states and political subdivisions	44,941		822		86,443		9,429		131,384		10,251
U.S. Government sponsored entities' asset-backed securities	279,777		1,857		316,000		28,976		595,777		30,833
Collateralized loan obligations	31,132		68		—		—		31,132		68
Corporate debt securities	7,356		43		9,724		526		17,080		569
Total	$	472,463	$	3,053	$	412,167	$	38,931	$	884,630	$	41,984


	Unrealized loss position for less than 12 months				Unrealized loss position for 12 months or longer				Total
(In thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Debt securities AFS:
Obligations of states and political subdivisions	$	2,078	$	33	$	107,828	$	10,237	$	109,906	$	10,270
U.S. Government sponsored entities' asset-backed securities	21,603		187		335,095		33,042		356,698		33,229
Collateralized loan obligations	23,172		78		—		—		23,172		78
Corporate debt securities	999		1		9,725		525		10,724		526
Total	$	47,852	$	299	$	452,648	$	43,804	$	500,500	$	44,103

At March 31, 2026, Park’s debt securities portfolio consisted of $1,239.7 million of securities, $884.6 million of which were in an unrealized loss position with aggregate unrealized losses of $42.0 million. Of the $884.6 million of securities in an unrealized loss position, $412.2 million were in an unrealized loss position for 12 months or longer. Of the $42.0 million in unrealized losses, $31.1 million were related to Park's "Obligations of U.S. Government sponsored entities" and "U.S. Government sponsored entities' asset-backed securities" portfolios. For non-agency debt securities, Park verified that the current credit ratings remain above investment grade. On a quarterly basis, management reviews the credit profile of each non-agency debt security and assesses whether any impairment to the contractually obligated cash flow is likely to occur. Based on these reviews, management has concluded that the underlying creditworthiness for each security remains sufficient to maintain required payment obligations and that changes in value are largely the result of changes in the yield curve, therefore, unrealized losses have not been recognized into net income. Management does not intend to sell, and it is not more likely than not that management would be required to sell, the securities prior to their anticipated recovery in respect of the unrealized losses. Management believes the value will recover as the securities approach maturity or market interest rates change.

The amortized cost and estimated fair value of investments in debt securities AFS at March 31, 2026, are shown in the following table by contractual maturity, except for asset-backed securities and collateral loan obligations, which are shown as a single total due to the unpredictability of the timing of principal repayments. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties.


(In thousands)	Amortized cost		Fair value		Tax equivalent yield (1)
Debt Securities AFS
Obligations of U.S.Government sponsored entities
Due within one year	$	29,637	$	29,627	3.61	%
Due one through five years	79,883		79,630		3.66	%
Total	$	109,520	$	109,257	3.64	%

Obligations of state and political subdivisions:
Due one through five years	$	7,557	$	7,466	3.22	%
Due six through ten years	68,704		63,762		2.55	%
Due over ten years	169,651		166,878		4.41	%
Total (1)	$	245,912	$	238,106	3.85	%

U.S. Government sponsored entities' asset-backed securities	$	860,656	$	833,515	3.22	%

Collateralized loan obligations	$	38,200	$	38,133	5.34	%

Corporate debt securities
Due one through five years	$	2,000	$	1,981	7.57	%
Due six through ten years	19,088		18,736		4.29	%
Total	$	21,088	$	20,717	4.60	%

The tax equivalent yield for certain obligations of state and political subdivisions includes the effect of a taxable equivalent adjustment using a 21% federal corporate income tax rate.

AFS debt securities are those debt securities that would be available to be sold in the future in response to the Corporation’s liquidity needs, changes in market interest rates, and asset-liability management strategies, among other reasons. During the three-month period ended March 31, 2026, Park sold certain AFS debt securities with a book value of $364.8 million at a gross gain of $2.7 million and sold certain AFS debt securities with a book value of $217.3 million at a gross loss of $1.6 million which sales included certain AFS debt securities acquired in the First Citizens merger. There were no sales of AFS debt securities during the three-month period ended March 31, 2025.