v3.24.3

Interest Rate Swaps (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Company's Outstanding Interest-rate Swap Agreement

The following is a summary of the Company’s outstanding interest rate swap agreements:

(in thousands, except interest rates)										September 30, 2024								December 31, 2023
Counterparty		Maturity Date		Fixed Rate				Variable Rate Index (a)		Notional Amount				Fair Value				Notional Amount				Fair Value
Effective Swaps:
Wells Fargo Bank, N.A.		October 2024			2.72	%		daily compounded SOFR		$	15,000			$	—			$	15,000			$	255
Capital One, National Association		December 2024			1.58	%		daily compounded SOFR			15,000				85				15,000				445
Bank of Montreal		January 2025			1.91	%		daily compounded SOFR			25,000				183				25,000				713
Truist Financial Corporation		April 2025			2.20	%		daily compounded SOFR			25,000				274				25,000				734
Bank of Montreal		July 2025			2.32	%		daily compounded SOFR			25,000				337				25,000				768
Truist Financial Corporation		July 2025			1.99	%		daily compounded SOFR			25,000				398				25,000				888
Truist Financial Corporation		December 2025			2.30	%		daily compounded SOFR			25,000				451				25,000				887
Bank of Montreal		January 2026			1.92	%		daily compounded SOFR			25,000				570				25,000				1,071
Bank of Montreal		January 2026			2.05	%		daily compounded SOFR			40,000				848				40,000				1,615
Capital One, National Association		January 2026			2.08	%		daily compounded SOFR			35,000				730				35,000				1,389
Truist Financial Corporation		January 2026			1.93	%		daily compounded SOFR			25,000				567				25,000				1,067
Capital One, National Association		April 2026			2.68	%		daily compounded SOFR			15,000				217				15,000				439
Capital One, National Association		July 2026			1.32	%		daily compounded SOFR			35,000				1,349				35,000				2,186
Bank of Montreal		December 2026			2.33	%		daily compounded SOFR			10,000				249				10,000				423
Bank of Montreal		December 2026			1.99	%		daily compounded SOFR			25,000				808				25,000				1,299
Toronto-Dominion Bank		March 2027			2.46	%		daily compounded CORRA			14,796		(b)		202				15,087		(b)		572
Wells Fargo Bank, N.A.		April 2027			2.72	%		daily compounded SOFR			25,000				435				25,000				806
Bank of Montreal		December 2027			2.37	%		daily compounded SOFR			25,000				780				25,000				1,215
Capital One, National Association		December 2027			2.37	%		daily compounded SOFR			25,000				776				25,000				1,197
Wells Fargo Bank, N.A.		January 2028			2.37	%		daily compounded SOFR			75,000				2,333				75,000				3,632
Bank of Montreal		May 2029			2.09	%		daily compounded SOFR			25,000				1,344				25,000				1,835
Regions Bank		May 2029			2.11	%		daily compounded SOFR			25,000				1,317				25,000				1,801
Regions Bank		June 2029			2.03	%		daily compounded SOFR			25,000				1,406				25,000				1,900
U.S. Bank National Association		June 2029			2.03	%		daily compounded SOFR			25,000				1,407				25,000				1,908
Regions Bank		August 2029			2.58	%		one-month SOFR			100,000				2,782				100,000				4,392
Toronto-Dominion Bank		August 2029			2.58	%		one-month SOFR			45,000				1,282				45,000				2,021
U.S. Bank National Association		August 2029			2.65	%		one-month SOFR			15,000				379				15,000				618
U.S. Bank National Association		August 2029			2.58	%		one-month SOFR			100,000				2,798				100,000				4,427
U.S. Bank National Association		August 2029			1.35	%		daily compounded SOFR			25,000				2,231				25,000				2,828
Regions Bank		March 2032			2.69	%		daily compounded CORRA			14,796		(b)		295				15,087		(b)		677
U.S. Bank National Association		March 2032			2.70	%		daily compounded CORRA			14,796		(b)		291				15,087		(b)		678
Bank of Montreal		March 2034			2.81	%		daily compounded CORRA			29,593		(c)		688				30,174		(c)		1,410
											973,981				27,812				975,435				46,096
Forward Starting Swaps: (d)
Bank of Montreal		March 2030			3.80	%		daily simple SOFR			80,000				(2,535	)			—				—
JPMorgan Chase Bank, N.A.		March 2030			3.79	%		daily simple SOFR			50,000				(1,545	)			—				—
U.S. Bank National Association		June 2030			3.73	%		daily simple SOFR			70,000				(2,021	)			—				—
Truist Financial Corporation		June 2030			3.73	%		daily simple SOFR			55,000				(1,598	)			—				—
Manufacturers & Traders Trust Company		September 2030			3.71	%		daily simple SOFR			50,000				(1,378	)			—				—
Regions Bank		September 2030			3.69	%		daily simple SOFR			15,000				(409	)			—				—
Truist Financial Corporation		September 2030			3.70	%		daily simple SOFR			15,000				(409	)			—				—
Toronto-Dominion Bank		December 2030			3.66	%		daily simple SOFR			70,000				(1,756	)			—				—
Regions Bank		December 2030			3.66	%		daily simple SOFR			55,000				(1,399	)			—				—
											460,000				(13,050	)			—				—
Total Swaps										$	1,433,981			$	14,762			$	975,435			$	46,096

(a)Prior to the cessation of CDOR on July 1, 2024, the variable rate index for daily compounded CORRA based swaps was one-month CDOR.

(b)The contractual notional amount is $20.0 million CAD.

(c)The contractual notional amount is $40.0 million CAD.

(d)Forward starting swaps have effective dates that are five years prior to each respective maturity date.

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:

Amount of (Loss) Gain

Reclassification from

Total Interest Expense

Recognized in

Accumulated Other

Presented in the Condensed

Accumulated Other

Comprehensive Income

Consolidated Statements of

(in thousands)

Comprehensive

Amount of

Income and Comprehensive

For the Three Months Ended September 30,

Income

Location

Gain

Income

2024

$

(41,682

)

Interest expense

$

7,628

$

18,178

2023

13,943

Interest expense

7,063

19,665

Amount of (Loss) Gain

Reclassification from

Total Interest Expense

Recognized in

Accumulated Other

Presented in the Condensed

Accumulated Other

Comprehensive Income

Consolidated Statements of

(in thousands)

Comprehensive

Amount of

Income and Comprehensive

For the Nine Months Ended September 30,

Income

Location

Gain

Income

2024

$

(31,334

)

Interest expense

$

22,795

$

54,512

2023

15,696

Interest expense

18,242

61,081

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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