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Derivative Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | Select terms of the hedges are as follows:
($ in thousands) |  |  |  |  |  |
Notional |  | Fixed Rate |  | Effective Date |  | Maturity Date
$ | 50,000 |  |  | 6.56 | % |  | January 25, 2023 |  | February 1, 2027
$ | 100,000 |  |  | 6.63 | % |  | December 20, 2022 |  | January 1, 2028
$ | 100,000 |  |  | 6.66 | % |  | April 1, 2025 |  | April 1, 2030
Select terms of the hedges are as follows:
($ in thousands) |  |  |  |
Notional |  | Fixed Rate |  | Maturity Date
$ | 18,558 |  |  | 2.64 | % |  | March 15, 2026
$ | 13,506 |  |  | 2.64 | % |  | March 17, 2026
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 as well as their classification on the Balance Sheet:
| Notional Amount |  | Derivative Assets |  | Derivative Liabilities
($ in thousands) | September 30, 2024 |  | December 31, 2023 |  | September 30, 2024 |  | December 31, 2023 |  | September 30, 2024 |  | December 31, 2023
Derivatives designated as hedging instruments
Interest rate swaps | $ | 282,064 |  |  | $ | 211,962 |  |  | $ | 4,283 |  |  | $ | 1,389 |  |  | $ | — |  |  | $ | 233 |
Interest rate collar | 100,000 |  |  | 100,000 |  |  | 657 |  |  | 514 |  |  | — |  |  | — |
Total | $ | 382,064 |  |  | $ | 311,962 |  |  | $ | 4,940 |  |  | $ | 1,903 |  |  | $ | — |  |  | $ | 233 |
Derivatives not designated as hedging instruments
Interest rate swaps | $ | 750,241 |  |  | $ | 779,152 |  |  | $ | 11,637 |  |  | $ | 15,886 |  |  | $ | 11,640 |  |  | $ | 15,951 |
Derivative assets are classified on the balance sheet in other assets. Derivative liabilities are classified on the balance sheet in other liabilities.
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 of financial assets and liabilities presented on the Balance Sheet.
As of September 30, 2024
|  |  | 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 Posted |  | Net Amount
Assets: |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 15,920 |  |  | $ | — |  |  | $ | 15,920 |  |  | $ | 1,969 |  |  | $ | 13,080 |  |  | $ | 872 |
Interest rate collar | 657 |  |  | — |  |  | 657 |  |  | — |  |  | — |  |  | 657 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 11,640 |  |  | $ | — |  |  | $ | 11,640 |  |  | $ | 1,969 |  |  | $ | — |  |  | $ | 9,671 |
Interest rate collar | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Securities sold under agreements to repurchase | 134,612 |  |  | — |  |  | 134,612 |  |  | — |  |  | 134,612 |  |  | — |
As of December 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 Posted |  | Net Amount
Assets: |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 17,275 |  |  | $ | — |  |  | $ | 17,275 |  |  | $ | 1,105 |  |  | $ | 16,170 |  |  | $ | — |
Interest rate collar | 514 |  |  | — |  |  | 514 |  |  | — |  |  | — |  |  | 514 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 16,184 |  |  | $ | — |  |  | $ | 16,184 |  |  | $ | 1,105 |  |  | $ | — |  |  | $ | 15,079 |
Securities sold under agreements to repurchase | 250,197 |  |  | — |  |  | 250,197 |  |  | — |  |  | 250,197 |  |  | — |

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