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Derivative Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 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) | September 30, 2023 |  | December 31, 2022 |  | September 30, 2023 |  | December 31, 2022 |  | September 30, 2023 |  | December 31, 2022
Derivatives Designated as Hedging Instruments: |  |  |  |  |  |  |  |  |  |  |
Interest rate swap | $ | 211,962 |  |  | $ | 161,962 |  |  | $ | 2,181 |  |  | $ | 2,348 |  |  | $ | 4,971 |  |  | $ | 921 |
Interest rate collar | 100,000 |  |  | 100,000 |  |  | — |  |  | — |  |  | 1,559 |  |  | 48 |
Total |  |  |  |  | $ | 2,181 |  |  | $ | 2,348 |  |  | $ | 6,530 |  |  | $ | 969 |
Derivatives not Designated as Hedging Instruments: |  |  |  |  |  |  |  |  |  |  |
Interest rate swap | $ | 772,498 |  |  | $ | 687,902 |  |  | $ | 23,763 |  |  | $ | 20,610 |  |  | $ | 23,764 |  |  | $ | 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 September 30, 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 | $ | 25,944 |  |  | $ | — |  |  | $ | 25,944 |  |  | $ | 6,538 |  |  | $ | 19,406 |  |  | $ | — |
Interest rate collar | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Interest rate swap | $ | 28,735 |  |  | $ | — |  |  | $ | 28,735 |  |  | $ | 6,538 |  |  | $ | — |  |  | $ | 22,197 |
Interest rate collar | 1,559 |  |  | — |  |  | 1,559 |  |  | — |  |  | — |  |  | 1,559 |
Securities sold under agreements to repurchase | 133,312 |  |  | — |  |  | 133,312 |  |  | — |  |  | 133,312 |  |  | — |
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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- 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 -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B + Details
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