Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Summary of Terms of Interest Rate Swaps

The following is a summary of the terms of the Company’s current interest rate swaps as of June 30, 2022 (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 Assets and Liabilities Measured at Fair Value on Recurring Basis

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
June 30, 2022:
Assets
Derivative financial instruments	$	—	$	63	$	—	$	63
Liabilities
Derivative financial instruments	$	—	$	(111)	$	—	$	(111)
December 31, 2021:
Liabilities
Derivative financial instruments	$	—	$	(3,447)	$	—	$	(3,447)

Schedule of Derivative Financial Instruments and Classification on Balance Sheet

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 June 30, 2022 and December 31, 2021, respectively (in thousands):

Derivatives designed as hedging instruments	Balance sheet location	June 30, 2022 Fair Value		December 31, 2021 Fair Value
Interest rate products	Other assets	$	63	$	—
Interest rate products	Other liabilities	$	(111)	$	(3,447)

Schedule of Gain or Loss Recognized on Interest Rate Derivatives Designated as Cash Flow Hedges

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 three and six months ended June 30, 2022 and 2021, respectively (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Amount of gain (loss) recognized in OCI on derivatives	$	235	$	(113)	$	1,043	$	(37)
Amount of loss reclassified from AOCI into interest	$	932	$	1,456	$	2,327	$	2,953