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Hedge Accounting | 9 Months Ended
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Sep. 30, 2021
Hedge Accounting [Abstract] |
Hedge Accounting | Note 18 – Hedge Accounting As of September 30, 2021, and December 31, 2020, our Company held interest rate derivatives in the total notional amount of $8.0 million and $8.0 million, respectively. The derivatives are recorded on the balance sheet at fair value and are included in the following line items: Liability Derivatives September 30, December 31, 2021 2020(Dollars in thousands) Balance sheet location Fair value Balance sheet location Fair valueInterest rate contracts Derivative financial instruments - current portion $ 220 Derivative financial instruments - current portion $ 218 Derivative financial instruments - non-current portion 38 Derivative financial instruments - non-current portion 212 Total derivatives designated as hedging instruments $ 258 $ 430 Total derivatives $ 258 $ 430 We have no derivatives designated as hedging instruments which are in asset positions. 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 the quarter and nine months ended September 30, 2021 and September 30, 2020, respectively, 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 Quarter Ended September 30, 2021 Nine Months Ended September 30 2021 2020 2021 2020Interest rate contractsInterest expense $61 60 $181 $ 140Total $61 $ 60 $181 $ 140 Loss Recognized in OCI on Derivatives (Effective Portion)(Dollars in thousands) Amount Amount Quarter Ended September 30 Nine Months Ended September 30 2021 2020 2021 2020Interest rate contracts $ 4 $ 60 $ 9 $ 282Total $4 $ 60 $ 9 $ 282 Loss Reclassified from OCI into Income (Effective Portion)Line Item Amount Amount Quarter Ended September 30 Nine Months Ended September 30 2021 2020 2021 2020Interest expense $61 $ 60 $181 $ 141Total $61 $ 60 $181 $ 141 The derivative has no ineffective portion, and consequently no losses have been recognized directly in income.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123477628&loc=d3e90205-114008 + Details
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