Hedge Accounting

12 Months Ended

Dec. 31, 2024

Hedge Accounting [Abstract]

Hedge Accounting

NOTE 20 – HEDGE ACCOUNTING

As of December 31, 2024 the Company held interest rate derivatives in the total notional amount $33.0 million (AU$50.0 million). As of December 31, 2023, the Company held no interest rate derivatives.

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

	Asset Derivatives
	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		—	Derivative financial instruments - non-current portion		—
Total derivatives designated as hedging instruments		$	—		$	—
Total derivatives		$	—		$	—
	Liability Derivatives
	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		137	Derivative financial instruments - non-current portion		—
Total derivatives designated as hedging instruments		$	137		$	—
Total derivatives		$	137		$	—

The changes in fair value are recorded in Other Comprehensive Income and released into interest expense in the same period(s) in which the hedged transactions affect earnings. In 2024 and 2023, the derivative instruments affected Comprehensive Income as follows:

(Dollars in thousands)	Location of Loss Recognized in Income on Derivatives	Amount of Loss Recognized in Income on Derivatives
			2024		2023
Interest rate contracts	Interest expense, net	$	—	$	(821)
Total		$	—	$	(821)

	Loss Recognized in OCI on Derivatives (Effective Portion)				Loss Reclassified from OCI into Income (Effective Portion)					Loss Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)
(Dollars in thousands)	Amount				Line Item	Amount				Line Item	Amount
	2024		2023			2024		2023			2024		2023
Interest rate contracts	$	137	$	2	Interest expense, net	$	—	$	821	Interest expense, net	$	—	$	—
Total	$	137	$	2		$	—	$	821		$	—	$	—

As of December 31, 2024, we expect to release $129,000 to earnings.