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Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

The table below presents the fair value of the Company’s derivative financial instruments:

			Notional Amount												Derivative Assets												Derivative Liabilities
(in thousands)			March 31, 2023						December 31, 2022						March 31, 2023						December 31, 2022						March 31, 2023						December 31, 2022
Derivatives Designated as Hedging Instruments:
Interest rate swap			$	211,962					$	161,962					$	2,455					$	2,348					$	86					$	921
Interest rate collar			100,000						100,000						751						—						—						48
Total															$	3,206					$	2,348					$	86					$	969
Derivatives not Designated as Hedging Instruments:
Interest rate swap			$	705,097					$	687,902					$	16,769					$	20,610					$	16,772					$	20,612

The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s financial instruments subject to offsetting. The gross amounts of assets or liabilities can be reconciled to the tabular disclosure of fair value. The fair value table above provides the location financial assets and liabilities are presented on the Balance Sheet.

As of March 31, 2023
																					Gross Amounts Not Offset in the Statement of Financial Position
(in thousands)			Gross Amounts Recognized						Gross Amounts Offset in the Statement of Financial Position						Net Amounts of Assets presented in the Statement of Financial Position						Financial Instruments						Fair Value Collateral Received/ Pledged						Net Amount
Assets:
Interest rate swap			$	19,224					$	—					$	19,224					$	(1,290)					$	17,934					$	—
Interest rate collar			751						—						751						—						—						751
Liabilities:
Interest rate swap			$	16,858					$	—					$	16,858					$	(1,290)					$	—					$	15,568
Securities sold under agreements to repurchase			161,573						—						161,573						—						161,573						—
As of December 31, 2022
																					Gross Amounts Not Offset in the Statement of Financial Position
(in thousands)			Gross Amounts Recognized						Gross Amounts Offset in the Statement of Financial Position						Net Amounts of Assets presented in the Statement of Financial Position						Financial Instruments						Fair Value Collateral Received/ Pledged						Net Amount
Assets:
Interest rate swap			$	22,958					$	—					$	22,958					$	—					$	9,010					$	13,948
Liabilities:
Interest rate swap			$	21,533					$	—					$	21,533					$	—					$	—					$	21,533
Interest rate collar			48						—						48						—						—						48
Securities sold under agreements to repurchase			270,773						—						270,773						—						270,773						—

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- References

No definition available.

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

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