| Summary of Company's Outstanding Interest-rate Swap Agreement |
The following is a summary of the Company's outstanding interest rate swap agreements:
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(in thousands, except interest rates) |
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September 30, 2022 |
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December 31, 2021 |
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Counterparty |
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Maturity Date |
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Fixed
Rate |
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Variable Rate Index |
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Notional
Amount |
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Fair
Value |
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Notional
Amount |
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Fair
Value |
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Wells Fargo Bank, N.A. |
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October 2024 |
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2.72 |
% |
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one-month LIBOR |
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$ |
15,000 |
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$ |
451 |
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$ |
15,000 |
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$ |
(702 |
) |
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Capital One, National Association |
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December 2024 |
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1.58 |
% |
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one-month LIBOR |
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15,000 |
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834 |
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15,000 |
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(241 |
) |
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Bank of Montreal |
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January 2025 |
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1.91 |
% |
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one-month LIBOR |
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25,000 |
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1,256 |
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25,000 |
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(649 |
) |
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Truist Financial Corporation |
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April 2025 |
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2.20 |
% |
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one-month LIBOR |
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25,000 |
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1,184 |
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25,000 |
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(905 |
) |
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Bank of Montreal |
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July 2025 |
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2.32 |
% |
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one-month LIBOR |
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25,000 |
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1,189 |
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25,000 |
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(1,049 |
) |
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Truist Financial Corporation |
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July 2025 |
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1.99 |
% |
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one-month LIBOR |
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25,000 |
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1,404 |
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25,000 |
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(767 |
) |
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Truist Financial Corporation |
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December 2025 |
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2.30 |
% |
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one-month LIBOR |
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25,000 |
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1,346 |
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25,000 |
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(1,125 |
) |
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Bank of Montreal |
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January 2026 |
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1.92 |
% |
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one-month LIBOR |
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25,000 |
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1,637 |
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25,000 |
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(760 |
) |
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Bank of Montreal |
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January 2026 |
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2.05 |
% |
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one-month LIBOR |
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40,000 |
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2,463 |
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40,000 |
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(1,415 |
) |
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Capital One, National Association |
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January 2026 |
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2.08 |
% |
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one-month LIBOR |
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35,000 |
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2,116 |
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35,000 |
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(1,274 |
) |
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Truist Financial Corporation |
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January 2026 |
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1.93 |
% |
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one-month LIBOR |
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25,000 |
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1,631 |
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25,000 |
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(768 |
) |
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Capital One, National Association |
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April 2026 |
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2.68 |
% |
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one-month LIBOR |
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15,000 |
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662 |
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15,000 |
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(941 |
) |
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Capital One, National Association |
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July 2026 |
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1.32 |
% |
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one-month LIBOR |
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35,000 |
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3,250 |
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35,000 |
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(205 |
) |
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Bank of Montreal |
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December 2026 |
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2.33 |
% |
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one-month LIBOR |
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10,000 |
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633 |
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10,000 |
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(538 |
) |
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Bank of Montreal |
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December 2026 |
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1.99 |
% |
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one-month LIBOR |
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25,000 |
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1,913 |
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25,000 |
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(936 |
) |
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Toronto-Dominion Bank |
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March 2027 |
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2.46 |
% |
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one-month CDOR |
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14,607 |
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(a) |
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744 |
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— |
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— |
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Wells Fargo Bank, N.A. |
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April 2027 |
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2.72 |
% |
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one-month LIBOR |
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25,000 |
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1,233 |
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25,000 |
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(1,887 |
) |
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Bank of Montreal |
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December 2027 |
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2.37 |
% |
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one-month LIBOR |
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25,000 |
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1,774 |
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25,000 |
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(1,570 |
) |
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Capital One, National Association |
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December 2027 |
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2.37 |
% |
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one-month LIBOR |
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25,000 |
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1,742 |
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25,000 |
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(1,575 |
) |
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Wells Fargo Bank, N.A. |
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January 2028 |
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2.37 |
% |
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one-month LIBOR |
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75,000 |
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5,265 |
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75,000 |
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(4,741 |
) |
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Bank of Montreal |
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May 2029 |
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2.09 |
% |
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one-month LIBOR |
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25,000 |
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2,451 |
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25,000 |
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(1,316 |
) |
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Regions Bank |
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May 2029 |
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2.11 |
% |
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one-month LIBOR |
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25,000 |
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2,394 |
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25,000 |
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(1,356 |
) |
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Regions Bank |
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June 2029 |
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2.03 |
% |
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one-month LIBOR |
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25,000 |
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2,511 |
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25,000 |
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(1,222 |
) |
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U.S. Bank National Association |
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June 2029 |
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2.03 |
% |
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one-month LIBOR |
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25,000 |
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2,536 |
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25,000 |
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(1,220 |
) |
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Regions Bank |
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August 2029 |
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2.58 |
% |
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one-month SOFR |
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100,000 |
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6,137 |
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— |
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— |
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Toronto-Dominion Bank |
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August 2029 |
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2.58 |
% |
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one-month SOFR |
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45,000 |
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2,851 |
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— |
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— |
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U.S. Bank National Association |
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August 2029 |
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2.65 |
% |
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one-month SOFR |
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15,000 |
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880 |
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— |
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— |
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U.S. Bank National Association |
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August 2029 |
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2.58 |
% |
|
one-month SOFR |
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100,000 |
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6,231 |
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|
— |
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|
— |
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U.S. Bank National Association |
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August 2029 |
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1.35 |
% |
|
one-month LIBOR |
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25,000 |
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3,605 |
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25,000 |
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(9 |
) |
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Regions Bank |
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March 2032 |
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2.69 |
% |
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one-month CDOR |
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14,607 |
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(a) |
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1,028 |
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|
— |
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— |
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U.S. Bank National Association |
|
March 2032 |
|
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2.70 |
% |
|
one-month CDOR |
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14,607 |
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(a) |
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1,044 |
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|
— |
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— |
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Bank of Montreal |
|
March 2034 |
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2.81 |
% |
|
one-month CDOR |
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29,216 |
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(a) |
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2,207 |
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— |
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— |
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$ |
973,037 |
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$ |
66,602 |
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$ |
640,000 |
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$ |
(27,171 |
) |
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(a)The contractual notional amount is $20.0 million or $40.0 million CAD.
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| Total Amounts Recognized and Location of Gain (Loss) in Condensed Consolidated Statement of Income and Comprehensive Income (Loss), from Converting from Variable Rates to Fixed Rates |
The total amounts recognized, and the location in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income, from converting from variable rates to fixed rates under these agreements were as follows:
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Amount of Gain |
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Reclassification from |
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Total Interest Expense |
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Recognized in |
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Accumulated Other |
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Presented in the Condensed |
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Accumulated Other |
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Comprehensive Income (Loss) |
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Consolidated Statements of |
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(in thousands) |
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Comprehensive |
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Amount of |
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Income and Comprehensive |
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For the Three Months Ended September 30, |
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Income (Loss) |
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Location |
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Loss |
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Income |
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2022 |
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$ |
40,039 |
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Interest expense |
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$ |
446 |
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$ |
20,095 |
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2021 |
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|
4,559 |
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Interest expense |
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4,085 |
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|
15,611 |
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Amount of Gain |
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Reclassification from |
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Total Interest Expense |
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Recognized in |
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Accumulated Other |
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Presented in the Condensed |
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Accumulated Other |
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Comprehensive Income (Loss) |
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Consolidated Statements of |
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(in thousands) |
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Comprehensive |
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Amount of |
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Income and Comprehensive |
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For the Nine Months Ended September 30, |
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Income (Loss) |
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Location |
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Loss |
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Income |
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2022 |
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$ |
93,772 |
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Interest expense |
|
$ |
7,433 |
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$ |
54,879 |
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2021 |
|
|
30,328 |
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Interest expense |
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12,140 |
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|
47,149 |
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