Derivative and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023 (in thousands):

Swap Counterparty	Notional Amount		Effective Date	Maturity Date
Wells Fargo	$	100,000	3/31/2023	8/31/2024
U.S. Bank	$	50,000	3/31/2023	8/31/2024

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, 2023:
Assets
Derivative financial instruments	$	—	$	592	$	—	$	592

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, 2023 and December 31, 2022, respectively (in thousands):

Derivatives designed as hedging instruments	Balance sheet location	December 31, 2023 Fair Value		December 31, 2022 Fair Value
Interest rate products	Other assets	$	592	$	—

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, 2023, 2022, and 2021, respectively (in thousands):

	Year Ended December 31,
	2023		2022		2021
Amount of gain recognized in OCI on derivatives	$	1,582	$	1,104	$	216
Amount of (gain) loss reclassified from AOCI into interest	$	(1,005)	$	2,286	$	5,894