Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of cash flow hedges included in accumulated other comprehensive income (loss)

the Company had interest rate derivatives that were designated as cash flow hedges of interest rate risk. The table below presents the notional value and weighted average rates of the Company's derivative financial instruments as of December 31, 2022 and 2021:

	NOTIONAL VALUE AS OF		WEIGHTED AVERAGE RATE
EXPIRATION DATE	DECEMBER 31, 2022
January 31, 2023	$	300,000	1.42	%
January 15, 2024	200,000		1.21	%
May 1, 2026	100,000		2.15	%
December 1, 2026	150,000		3.84	%
June 1, 2027	150,000		4.13	%
December 1, 2027	250,000		3.79	%
	$	1,150,000	2.63	%

On February 16, 2023, the Company entered into a swap transaction with a notional amount of $50.0 million and a fixed rate of 4.16%. The swap agreement has an effective date of March 1, 2023 and a termination date of June 1, 2026.

The table below presents the effect of cash flow hedge accounting on Accumulated other comprehensive income (loss) as of December 31, 2022 related to the Company's outstanding interest rate swaps.

	AMOUNT OF GAIN/(LOSS) RECOGNIZED IN OCI on derivatives			AMOUNT OF (GAIN)/LOSS RECLASSIFIED FROM OCI INTO INCOME for the year ended December 31,
Dollars in thousands	2022			2022		2021
Interest rate swaps 2017	$	302	Interest expense	$	118	$	527
Interest rate swaps 2018	616		Interest expense	361		1,194
Interest rate swaps 2019	12,964		Interest expense	563		2,157
Interest rate swaps 2022	(3,252)		Interest expense	(109)		—
Settled treasury hedges	—		Interest expense	426		426
Settled interest rate swaps	—		Interest expense	168		168
	$	10,630	Total interest expense	$	1,527	$	4,472

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 as well as their classification on the Consolidated Balance Sheets as of December 31, 2022 and 2021.

	AS OF DECEMBER 31, 2022			AS OF DECEMBER 31, 2021
Dollars in thousands	BALANCE SHEET LOCATION	FAIR VALUE		BALANCE SHEET LOCATION	FAIR VALUE
Derivatives designated as hedging instruments
Interest rate swaps 2017				Other liabilities	$	(420)
Interest rate swaps 2018				Other liabilities	(976)
Interest rate swaps 2019	Other Assets	$	13,603	Other liabilities	(4,521)
Interest rate swaps 2022	Other Assets	909			—
Interest rate swaps 2022	Other Liabilities	(4,269)			—
Total derivatives designated as hedging instruments		$	10,243		$	(5,917)

Schedule of offsetting assets

The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company's derivatives as of December 31, 2022. The net amounts of derivative liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative liabilities are presented on the Company's Consolidated Balance Sheets.

Offsetting of Derivative Assets
	GROSS AMOUNTS of recognized assets		GROSS AMOUNTS OFFSET in the Consolidated Balance Sheets		NET AMOUNTS OF ASSETS presented in the Consolidated Balance Sheets		GROSS AMOUNTS NOT OFFSET in the Consolidated Balance Sheets
							FINANCIAL INSTRUMENTS		CASH COLLATERAL		NET AMOUNT
Derivatives	$	14,512	$	—	$	14,512	$	(4,269)	$	—	$	10,243

Offsetting of Derivative Liabilities
	GROSS AMOUNTS of recognized liabilities		GROSS AMOUNTS OFFSET in the Consolidated Balance Sheets		NET AMOUNTS OF LIABILITIES presented in the Consolidated Balance Sheets		GROSS AMOUNTS NOT OFFSET in the Consolidated Balance Sheets
							FINANCIAL INSTRUMENTS		CASH COLLATERAL		NET AMOUNT
Derivatives	$	(4,269)	$	—	$	(4,269)	$	4,269	$	—	$	—

Schedule of offsetting liabilities

The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company's derivatives as of December 31, 2022. The net amounts of derivative liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative liabilities are presented on the Company's Consolidated Balance Sheets.

Offsetting of Derivative Assets
	GROSS AMOUNTS of recognized assets		GROSS AMOUNTS OFFSET in the Consolidated Balance Sheets		NET AMOUNTS OF ASSETS presented in the Consolidated Balance Sheets		GROSS AMOUNTS NOT OFFSET in the Consolidated Balance Sheets
							FINANCIAL INSTRUMENTS		CASH COLLATERAL		NET AMOUNT
Derivatives	$	14,512	$	—	$	14,512	$	(4,269)	$	—	$	10,243

Offsetting of Derivative Liabilities
	GROSS AMOUNTS of recognized liabilities		GROSS AMOUNTS OFFSET in the Consolidated Balance Sheets		NET AMOUNTS OF LIABILITIES presented in the Consolidated Balance Sheets		GROSS AMOUNTS NOT OFFSET in the Consolidated Balance Sheets
							FINANCIAL INSTRUMENTS		CASH COLLATERAL		NET AMOUNT
Derivatives	$	(4,269)	$	—	$	(4,269)	$	4,269	$	—	$	—