DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Swaps Held

Product	Fixed Rate			Notional Amount ($ in thousands)		Index	Effective Date	Maturity Date
Swap		1.88	%	$	150,000	Daily Simple SOFR + 10 bps	11/09/2022	11/09/2024
Swap		0.44	%		50,000	Daily Simple SOFR + 10 bps	10/25/2022	11/09/2025
Swap		2.70	%		25,000	Daily Simple SOFR + 10 bps	11/09/2022	11/09/2025
Swap		4.12	%		25,000	Daily Simple SOFR + 10 bps	03/09/2023	11/09/2026
Swap (1)		0.82	%		50,000	Daily Simple SOFR + 10 bps	11/09/2023	11/09/2025
Swap		3.65	%		25,000	Daily Simple SOFR + 10 bps	11/09/2023	11/09/2026
Swap		4.25	%		25,000	Daily Simple SOFR + 10 bps	11/09/2023	11/09/2028
Swap		4.42	%		25,000	Daily Simple SOFR + 10 bps	11/13/2023	11/09/2028
Swap		4.04	%		25,000	Daily Simple SOFR + 10 bps	04/09/2024	04/09/2029
Swap		3.91	%		30,000	Daily Simple SOFR + 10 bps	04/09/2024	04/09/2029
Swap		3.88	%		30,000	Daily Simple SOFR + 10 bps	04/09/2024	04/09/2029
Swap		3.97	%		25,000	Daily Simple SOFR + 10 bps	11/09/2024	11/09/2029
Swap		1.48	%		50,000	Daily Simple SOFR + 10 bps	11/10/2025	11/09/2027
Swap		1.54	%		50,000	Daily Simple SOFR + 10 bps	11/10/2025	11/09/2027
Swap		2.25	%		25,000	1 month Term SOFR	11/10/2025	11/09/2028
Swap		1.49	%		50,000	Daily Simple SOFR + 10 bps	11/10/2025	11/09/2028
Swap		2.02	%		50,000	Daily Simple SOFR + 10 bps	11/10/2025	11/09/2028

(1)In November 2024, the notional amount of the swap will increase to $150 million

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The table below presents the fair value of our derivative financial instruments as well as their classification on the consolidated balance sheet.

	Derivative Assets					Derivative Liabilities
	Balance	Fair Value at				Balance	Fair Value at
(Dollars in thousands)	Sheet Location	June 30, 2024		December 31, 2023		Sheet Location	June 30, 2024		December 31, 2023
Derivatives designated as hedging instruments:
Interest rate swaps	Derivative assets	$	24,293	$	20,952	Derivative liabilities	$	348	$	2,968
Total		$	24,293	$	20,952		$	348	$	2,968

The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the consolidated balance sheets.

Offsetting of Derivative Assets

	Gross Amounts of		Gross Amounts Offset in the Consolidated		Net Amounts of Assets Presented in the Consolidated		Gross Amounts Not Offset in the Consolidated Balance Sheet
(In thousands)	Recognized Assets		Balance Sheet		Balance Sheet		Financial Instruments			Cash Collateral Received		Net Amount
June 30, 2024	$	24,293	$	—	$	24,293	$	(348	)	$	—	$	23,945
December 31, 2023		20,952		—		20,952		(920	)		—		20,032

Offsetting of Derivative Liabilities

	Gross Amounts of		Gross Amounts Offset in the Consolidated		Net Amounts of Liabilities Presented in the Consolidated		Gross Amounts Not Offset in the Consolidated Balance Sheet
(In thousands)	Recognized Liabilities		Balance Sheet		Balance Sheet		Financial Instruments			Cash Collateral Posted		Net Amount
June 30, 2024	$	348	$	—	$	348	$	(348	)	$	—	$	—
December 31, 2023		2,968		—		2,968		(920	)		—		2,048

Schedule of Derivative Instruments, Gain (Loss)

The table below presents the effect of our interest rate swaps on comprehensive income.

(Dollars in thousands)	Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)		Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)			Total Amount of Interest Expense Presented in the Consolidated Statements of Income
Three months ended June 30, 2024	$	3,486	Interest expense	$	(3,388	)	$	(12,324	)
Three months ended June 30, 2023		11,005	Interest expense		(2,562	)		(10,051	)
Six months ended June 30, 2024		12,156	Interest expense		(6,490	)		(24,605	)
Six months ended June 30, 2023		5,412	Interest expense		(4,639	)		(19,969	)