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Fair Value of Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Interest Rate Derivatives
The following is a summary of the terms of the Company’s current interest rate swaps as of September 30, 2023 (in thousands):

Swap CounterpartyNotional AmountEffective DateMaturity Date
Wells Fargo $100,000 3/31/20238/31/2024
U.S. Bank$50,000 3/31/20238/31/2024
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis
The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):
 
 Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)Total
September 30, 2023:    
Assets    
Derivative financial instruments$— $1,346 $— $1,346 
Schedule of Derivative Financial Instruments and Classification on Balance Sheet
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the balance sheet as of September 30, 2023 and December 31, 2022, respectively (in thousands):

Derivatives designed as hedging instrumentsBalance sheet locationSeptember 30, 2023 Fair ValueDecember 31, 2022 Fair Value
Interest rate productsOther assets$1,346 $— 
Schedule of Gain or Loss Recognized on Interest Rate Derivatives Designated as Cash Flow Hedges
The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the three and nine months ended September 30, 2023 and 2022, respectively (in thousands):

 Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
Amount of gain recognized in OCI on derivatives$283 $61 $1,951 $1,104 
Amount of (gain) loss reclassified from AOCI into interest$(354)$(27)$(621)$2,300