Derivative and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives

The following is a summary of the terms of the Company’s current interest rate swaps as of December 31, 2019 (in thousands):

Swap Counterparty	Notional Amount		Effective Date	Maturity Date
Interest Rate Swap Agreements:
Bank of Montreal	$	100,000	12/29/2017	8/31/2022
U.S. Bank	$	100,000	12/29/2017	8/31/2022
Regions Bank	$	50,000	1/31/2019	8/31/2022
Royal Bank of Canada	$	50,000	1/31/2019	8/31/2022

Schedule of Derivative Assets and Liabilities at Fair Value

The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands).

	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
December 31, 2019:
Liabilities
Derivative financial instruments	$	—	$	(3,865)	$	—	$	(3,865)
December 31, 2018:
Assets
Derivative financial instruments	$	—	$	4,931	$	—	$	4,931
Liabilities
Derivative financial instruments	$	—	$	(580)	$	—	$	(580)

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the balance sheet as of December 31, 2019 and 2018, respectively (in thousands):

Derivatives designed as hedging instruments	Balance sheet location	December 31, 2019 Fair Value		December 31, 2018 Fair Value
Interest rate products	Other assets	$	—	$	4,931
Interest rate products	Other liabilities	$	(3,865)	$	(580)

Derivative Instruments, Gain (Loss)

The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the years ended December 31, 2019, 2018, and 2017, respectively (in thousands).  Amounts reclassified from other comprehensive income (“OCI”) due to ineffectiveness are recognized as interest expense.

	Year Ended December 31,
	2019		2018		2017
Amount of (loss) gain recognized in OCI on derivatives	$	(7,348)	$	1,648	$	3,665
Amount of (gain) loss reclassified from AOCI into interest	$	(345)	$	57	$	1,920