Quarterly report [Sections 13 or 15(d)]

Derivative Financial Instruments and Hedging Activities (Tables)

v3.25.3
Derivative Financial Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The tables below present the location and gross fair value amounts of the Company's derivative financial instruments and the associated notional amounts designated as cash flow hedges as of the applicable balance sheet date (in thousands):
 
September 30, 2025
  Balance Sheet Location Notional Fair Value Derivative Assets
Derivatives designated as hedges:
Cash flow hedges
Interest rate swaps Derivative financial instruments $ 20,000 $ 850

 
December 31, 2024
  Balance Sheet Location Notional Fair Value Derivative Assets
Derivatives designated as hedges:
Cash flow hedges
Interest rate swaps Derivative financial instruments $ 20,000 $ 1,481
Schedule of Designated as Hedging Instruments in AOCI
The tables below presents the effect of our derivative financial instruments designated as hedging instruments in accumulated other comprehensive income (“AOCI”) (in thousands):
  Three Months Ended September 30,
2025 2024
Gain on cash flow hedges - interest rate swaps    
Beginning balance $ 717 $ 1,295
Unrealized (loss) gain recognized in AOCI 33 (427)
Amounts reclassified to interest expense (a) (132) (181)
Tax benefit
 24 149
Ending balance $ 642 $ 836
(a) Negative amounts represent interest income. Interest expense as presented in the condensed consolidated statement of operations and comprehensive income for the three months ended September 30, 2025 and 2024 was $0.3 million and $0.5 million, respectively.
  Nine Months Ended September 30,
2025 2024
Gain on cash flow hedges - interest rate swaps    
Beginning balance $ 1,119 $ 1,088
Unrealized (loss) gain recognized in AOCI (240) 208
Amounts reclassified to interest expense (a) (b) (391) (543)
Tax benefit (provision) 154 83
Ending balance $ 642 $ 836
(a) Negative amounts represent interest income and positive amounts represent interest expense. Interest expense as presented in the condensed consolidated statement of operations and comprehensive income for the nine months ended September 30, 2025 and 2024 was $1.0 million and $1.4 million, respectively.
(b) As of September 30, 2025, $0.4 million of income is expected to be reclassified into earnings within the next 12 months.