Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

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
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 September 30, 2024 and December 31, 2023, respectively (in thousands):

Derivatives designed as hedging instruments	Balance sheet location	September 30, 2024 Fair Value		December 31, 2023 Fair Value
Interest rate products	Other assets	$	—	$	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 and nine months ended September 30, 2024 and 2023, respectively (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Amount of gain recognized in OCI on derivatives	$	6	$	283	$	422	$	1,951
Amount of gain reclassified from AOCI into interest	$	(254)	$	(354)	$	(1,014)	$	(621)