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DERIVATIVE INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Fair Values of Interest Rate Swaps | The fair values of the interest rate swaps as of June 30, 2024 and December 31, 2023, were as follows (in thousands):
|  |  |  | Fair Value
|  |  |  | Derivative Assets (Liabilities)
Derivative Instrument | Aggregate Notional Amount | Effective Date | Maturity Date | June 30, 2024 |  | December 31, 2023
Interest rate swap | $ | 75,000 |  | July 21, 2023 | January 10, 2025 | $ | 587 |  |  | $ | 740 |
Interest rate swap | 50,000 |  | July 21, 2023 | January 10, 2025 | 392 |  |  | 494 |
Interest rate swap | 100,000 |  | January 10, 2025 | January 10, 2026 | (305) |  |  | — |
Interest rate swap | 50,000 |  | January 10, 2025 | January 10, 2026 | (153) |  |  | — |
|  |  |  | $ | 521 |  |  | $ | 1,234 |
Schedule of Net Unrealized Gain (Loss) in/from AOCL | The net unrealized gains and losses on the effective swaps were recognized in Other comprehensive income (loss), as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Unrealized (loss) gain on interest rate hedges | $ | (796) |  |  | $ | 854 |  |  | $ | (713) |  |  | $ | 521 |
The losses reclassified from Accumulated other comprehensive loss into interest expense for the three and six months ended June 30, 2024 and 2023, were as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Loss reclassified from accumulated other comprehensive loss into interest expense | $ | 510 |  |  | $ | 509 |  |  | $ | 1,020 |  |  | $ | 1,019 |

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- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
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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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