Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The table below presents the fair value of the Company’s derivative financial instruments:

	Notional Amount				Derivative Assets				Derivative Liabilities
(in thousands)	June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022
Derivatives Designated as Hedging Instruments:
Interest rate swap	$	211,962	$	161,962	$	2,305	$	2,348	$	2,916	$	921
Interest rate collar	100,000		100,000		—		—		449		48
Total					$	2,305	$	2,348	$	3,365	$	969
Derivatives not Designated as Hedging Instruments:
Interest rate swap	$	744,102	$	687,902	$	20,805	$	20,610	$	20,807	$	20,612

The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s financial instruments subject to offsetting. The gross amounts of assets or liabilities can be reconciled to the tabular disclosure of fair value. The fair value table above provides the location financial assets and liabilities are presented on the Balance Sheet.

As of June 30, 2023
							Gross Amounts Not Offset in the Statement of Financial Position
(in thousands)	Gross Amounts Recognized		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets presented in the Statement of Financial Position		Financial Instruments		Fair Value Collateral Received/ Pledged		Net Amount
Assets:
Interest rate swap	$	23,110	$	—	$	23,110	$	3,534	$	19,576	$	—
Interest rate collar	—		—		—		—		—		—
Liabilities:
Interest rate swap	$	23,723	$	—	$	23,723	$	3,534	$	—	$	20,189
Interest rate collar	449		—		449		—		—		449
Securities sold under agreements to repurchase	148,901		—		148,901		—		148,901		—
As of December 31, 2022
							Gross Amounts Not Offset in the Statement of Financial Position
(in thousands)	Gross Amounts Recognized		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets presented in the Statement of Financial Position		Financial Instruments		Fair Value Collateral Received/ Pledged		Net Amount
Assets:
Interest rate swap	$	22,958	$	—	$	22,958	$	—	$	9,010	$	13,948
Liabilities:
Interest rate swap	$	21,533	$	—	$	21,533	$	—	$	—	$	21,533
Interest rate collar	48		—		48		—		—		48
Securities sold under agreements to repurchase	270,773		—		270,773		—		270,773		—