Quarterly report pursuant to Section 13 or 15(d)

Derivative Financial Instruments

v3.22.2
Derivative Financial Instruments
 6 Months Ended
Jun. 30, 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 June 30, 2022 December 31, 2021
Assets (Liabilities)(1):
Interest rate swaps:
July 1, 2019 February 1, 2024 $ 25,000  1  month LIBOR 1.75  % $ 525  $ (459)
January 1, 2021 February 1, 2024 150,000  1  month LIBOR 0.60  % 5,847  828 
January 1, 2021 February 1, 2024 100,000  1  month LIBOR 0.22  % 4,476  1,331 
March 1, 2021 February 1, 2024 25,000  1  month LIBOR 0.24  % 1,117  326 
Total $ 11,965  $ 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 June 30, Six months ended June 30,
2022 2021 2022 2021
Interest Rate Swaps:
Amount of gain (loss) recognized in other comprehensive income (loss) $ 2,265  $ 237  $ 9,939  $ 2,235