Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2017

Fair Value Disclosures [Abstract]

Schedule of Derivative Instruments

The following is a summary of the terms of the Company’s interest rate swaps as of September 30, 2017 (in thousands):

Swap Counterparty	Notional Amount		Effective Date	Maturity Date
Interest Rate Swap Agreements:
Bank of Montreal	$	50,000	1/29/2016	1/31/2019
Regions Bank	$	50,000	2/29/2016	1/31/2019
Forward Starting Interest Rate Swap Agreements:
Bank of Montreal	$	100,000	12/29/2017	8/31/2022
US Bank	$	100,000	12/29/2017	8/31/2022

Schedule of Fair Value, Assets and Liabilities Measured 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
September 30, 2017:
Assets
Derivative financial instruments	$	—	$	2,379	$	—	$	2,379

Fair Value, by Balance Sheet Grouping

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, 2017 and December 31, 2016, respectively (in thousands):

Derivatives designed as hedging instruments	Balance sheet location	September 30, 2017 Fair Value		December 31, 2016 Fair Value
Interest rate products	Other assets	$	2,379	$	875

Derivative Instruments, 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 three and nine months ended September 30, 2017 and 2016, respectively (in thousands).

	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
Amount of gain (loss) recognized in OCI on derivative	$	1,520	$	416	$	1,617	$	(402	)
Amount of loss reclassified from accumulated OCI into interest	$	439	$	628	$	1,491	$	1,861