Hedge Accounting

9 Months Ended

Sep. 30, 2024

Hedge Accounting [Abstract]

Hedge Accounting

Note 18 – Hedge Accounting

As of September 30, 2024, our Company held derivative instruments to the notional value of $34.7 million. As of December 31, 2023, our Company held no derivative instruments.

The derivatives are recorded on the balance sheet at fair value and are included in the following line items:

	Liability Derivatives
	September 30,			December 31,
	2024			2023
(Dollars in thousands)	Balance sheet location	Fair value		Balance sheet location	Fair value
Interest rate contracts	Derivative financial instruments - current portion	$	—	Derivative financial instruments - current portion	$	—
	Derivative financial instruments - non-current portion		269	Derivative financial instruments - non-current portion		—
Total derivatives designated as hedging instruments		$	269		$	—
Total derivatives		$	269		$	—

The changes in fair value of that instrument were recorded in Other Comprehensive Income and released into interest expense in the same period(s) in which the hedged transactions affect earnings. In the quarter and nine months ended September 30, 2024 and September 30, 2023, respectively, the derivative instruments affected Comprehensive Income as follows:

(Dollars in thousands)	Location of Loss Recognized in Income on Derivatives	Amount of Loss (Gain) Recognized in Income on Derivatives
		Quarter Ended September 30				Nine Months Ended September 30
			2024		2023		2024		2023
Interest rate contracts	Interest expense	$	—	$	(26)	$	—	$	(812)
Total		$	—	$	(26)	$	—	$	(812)

	Loss (Gain) Recognized in OCI on Derivatives (Effective Portion)
(Dollars in thousands)	Amount				Amount
	Quarter Ended September 30				Nine Months Ended September 30
		2024		2023		2024		2023
Interest rate contracts	$	167	$	—	$	269	$	2
Total	$	167	$	—	$	269	$	2
	Loss (Gain) Reclassified from OCI into Income (Effective Portion)
Line Item	Amount				Amount
	Quarter Ended September 30				Nine Months Ended September 30
		2024		2023		2024		2023
Interest expense	$	—	$	(26)	$	—	$	(812)
Total	$	—	$	(26)	$	—	$	(812)