Derivative and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021 (in thousands):

Swap Counterparty	Notional Amount		Effective Date	Maturity Date
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 Derivatives 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, 2021:
Liabilities
Derivative financial instruments	$	—	$	(3,447)	$	—	$	(3,447)
December 31, 2020:
Liabilities
Derivative financial instruments	$	—	$	(9,511)	$	—	$	(9,511)

Schedule of Derivatives Fair Value and Classification

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, 2021 and December 31, 2020, respectively (in thousands):

Derivatives designed as hedging instruments	Balance sheet location	December 31, 2021 Fair Value		December 31, 2020 Fair Value
Interest rate products	Other liabilities	$	(3,447)	$	(9,511)

Schedule of Derivatives Recognized 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, 2021, 2020, and 2019, respectively (in thousands):

	Year Ended December 31,
	2021		2020		2019
Amount of gain (loss) recognized in OCI on derivatives	$	216	$	(9,925)	$	(7,348)
Amount of loss (gain) reclassified from AOCI into interest	$	5,894	$	4,572	$	(345)