Derivative Financial Instruments

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial Instruments

The following table summarizes the terms and fair values of our derivative financial instruments, as well as their classifications within the consolidated balance sheets (notional amounts and fair values in thousands):

							Fair Value
Effective Date	Maturity Date	Notional Amount	Bank Pay Rate		Company Fixed Pay Rate		March 31, 2022		December 31, 2021
Assets (Liabilities)(1):
Interest rate swaps:
July 1, 2019	February 1, 2024	25,000	1	month LIBOR	1.75	%	$	259	$	(459)
January 1, 2021	February 1, 2024	150,000	1	month LIBOR	0.60	%	4,691		828
January 1, 2021	February 1, 2024	100,000	1	month LIBOR	0.22	%	3,803		1,331
March 1, 2021	February 1, 2024	25,000	1	month LIBOR	0.24	%	947		326
Total							$	9,700	$	2,026

(1)Asset balances are recorded in prepaids and other assets on the consolidated balance sheets and liabilities are recorded in other liabilities on the consolidated balance sheets. 

The derivative financial instruments are comprised of interest rate swaps, which are designated and qualify as cash flow hedges, each with a separate counterparty. We do not use derivatives for trading or speculative purposes and currently do not have any derivatives that are not designated as hedges.

Changes in the fair value of derivatives designated and qualifying as cash flow hedges are recorded in accumulated other comprehensive loss and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.

The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements (in thousands):

	Three months ended March 31,
	2022		2021
Interest Rate Swaps:
Amount of gain (loss) recognized in other comprehensive income (loss)	$	7,674	$	1,998