Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Interest Rate Derivatives

The following is a summary of the terms of the Company’s current interest rate swaps as of March 31, 2024 (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 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
March 31, 2024:
Assets
Derivative financial instruments	$	—	$	552	$	—	$	552
December 31, 2023:
Assets
Derivative financial instruments	$	—	$	592	$	—	$	592

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 March 31, 2024 and December 31, 2023, respectively (in thousands):

Derivatives designed as hedging instruments	Balance sheet location	March 31, 2024 Fair Value		December 31, 2023 Fair Value
Interest rate products	Other assets	$	552	$	592

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 months ended March 31, 2024 and 2023, respectively (in thousands):

	Three Months Ended March 31,
	2024		2023
Amount of gain recognized in OCI on derivatives	$	343	$	11
Amount of gain reclassified from AOCI into interest	$	(383)	$	(16)