XML 62 R46.htm IDEA: XBRL DOCUMENT v3.25.0.1
Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of cash flow hedges included in accumulated other comprehensive income (loss)
As of December 31, 2024, 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, 2024 and 2023:
NOTIONAL VALUE AS OF WEIGHTED AVERAGE RATENOTIONAL VALUE AS OFWEIGHTED AVERAGE RATE
EXPIRATIONDECEMBER 31, 2024EXPIRATIONDECEMBER 31, 2023
January 2024$200,000 1.21 %
May 2026$275,000 3.74 %May 2026275,000 3.74 %
June 2026150,000 3.83 %June 2026150,000 3.83 %
December 2026150,000 3.84 %December 2026150,000 3.84 %
June 2027200,000 4.27 %June 2027200,000 4.27 %
December 2027300,000 3.93 %December 2027300,000 3.93 %
$1,075,000 3.92 %$1,275,000 3.49 %
Tabular Disclosure of the Effect of Fair Value and Cash Flow Hedge Accounting on Accumulated Other Comprehensive
Income (Loss)
The table below presents the effect of cash flow hedge accounting on Accumulated other comprehensive income (loss) ("AOCI") as of December 31, 2024 and 2023 related to the Company's outstanding interest rate swaps.
AMOUNT OF GAIN/(LOSS) RECOGNIZED
IN AOCI ON DERIVATIVE
for the year ended December 31,		AMOUNT OF (GAIN)/LOSS RECLASSIFIED
FROM AOCI INTO INCOME
for the year ended December 31,
Dollars in thousands2024202320242023
Interest rate swaps 2019$— $1,995 Interest expense$— $(6,964)
Interest rate swaps 202215,237 4,583 Interest expense(10,317)(6,289)
Interest rate swaps 20237,572 (5,115)Interest expense(3,416)(1,829)
Settled treasury hedges— — Interest expense428 426 
Settled interest rate swaps— — Interest expense168 168 
Total$22,809 $1,463 Total $(13,137)$(14,488)
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, 2024 and 2023.
AS OF DECEMBER 31, 2024AS OF DECEMBER 31, 2023
Dollars in thousandsBALANCE SHEET LOCATIONFAIR
VALUE		BALANCE SHEET LOCATIONFAIR
VALUE
Interest rate swaps 2019Other Assets$2,493 Other Assets$4,214 
Interest rate swaps 2022Other Assets2,250 
Interest rate swaps 2022Other Liabilities(853)Other Liabilities(5,067)
Interest rate swaps 2023Other Assets521 Other Assets411 
Interest rate swaps 2023Other Liabilities(3,310)Other Liabilities(7,357)
Total derivatives designated as hedging instruments$1,101 $(7,799)
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, 2024. 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 INSTRUMENTSCASH
COLLATERAL		NET
AMOUNT
Derivatives$5,264 $— $5,264 $(5,264)$— $— 
Offsetting of Derivative Liabilities
GROSS AMOUNTS
of recognized liabilities		GROSS AMOUNTS OFFSET
in the Consolidated
Balance Sheets		NET AMOUNTS OF LIABILITIES
presented in the Consolidated Balance Sheets		GROSS AMOUNTS NOT OFFSET
in the Consolidated Balance Sheets
FINANCIAL INSTRUMENTSCASH
COLLATERAL		NET
AMOUNT
Derivatives$(4,163)$— $(4,163)$5,264 $— $1,101 
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, 2024. 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 INSTRUMENTSCASH
COLLATERAL		NET
AMOUNT
Derivatives$5,264 $— $5,264 $(5,264)$— $— 
Offsetting of Derivative Liabilities
GROSS AMOUNTS
of recognized liabilities		GROSS AMOUNTS OFFSET
in the Consolidated
Balance Sheets		NET AMOUNTS OF LIABILITIES
presented in the Consolidated Balance Sheets		GROSS AMOUNTS NOT OFFSET
in the Consolidated Balance Sheets
FINANCIAL INSTRUMENTSCASH
COLLATERAL		NET
AMOUNT
Derivatives$(4,163)$— $(4,163)$5,264 $— $1,101