Quarterly report pursuant to Section 13 or 15(d)

Derivative Financial Instruments (Tables)

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Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
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, 2024 December 31, 2023
Assets (Liabilities)(1):
July 1, 2019 February 1, 2024 $ 25,000  Daily SOFR 1.7  % $ —  $ 88 
January 1, 2021 February 1, 2024 150,000  Daily SOFR 0.5  % —  692 
January 1, 2021 February 1, 2024 100,000  Daily SOFR 0.2  % —  497 
March 1, 2021 February 1, 2024 25,000  Daily SOFR 0.2  % —  124 
Total $ 300,000  0.5  % $ —  $ 1,401 
February 1, 2024 February 1, 2026 75,000  Daily SOFR 3.5  % 1,435  670 
February 1, 2024 August 1, 2026 75,000  Daily SOFR 3.7  % 1,057  54 
February 1, 2024 January 1, 2027 175,000  Daily SOFR 4.2  % 334  (2,435)
Total $ 325,000  3.9  % $ 2,826  $ (1,711)
(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, with various counterparties. 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 is recorded in accumulated other comprehensive loss and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)
The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements (in thousands):
Three months ended March 31,
2024 2023
Interest Rate Swaps (Effective Portion):
Amount of gain (loss) recognized in other comprehensive income (loss) $ 3,209  $ (3,426)