6. Interest Rate Swap Agreements

The Company previously utilized interest rate swap agreements to manage exposure to variability in expected cash flows attributable to interest rate risk. The interest rate swap agreements converted a portion of the floating rate debt to a fixed rate, more closely matching the interest rate characteristics of finance receivables.

During the nine months ended December 31, 2017, no new contracts were initiated and both interest rate swap contracts matured. During the nine months ended December 31, 2016, no new contracts were initiated and no contracts matured.

On June 13, 2017 an interest rate swap agreement with an effective date of June 13, 2012, a notional amount of $25.0 million, and a fixed rate of interest of 1.00% expired.

On July 30, 2017 an interest rate swap agreement with an effective date of July 30, 2012, a notional amount of $25.0 million, and a fixed rate of interest of 0.87% expired.

The locations and amounts of loss and gain in income are as follows:


	Three months ended December 31, (In thousands)					Nine months ended December 31, (In thousands)
	2017		2016			2017		2016
Periodic change in fair value of interest rate swap agreements	$	—	$	(81	)	$	17	$	(184	)

Periodic settlement differentials included in interest expense		—		45			18		163

Loss (gain) recognized in income	$	—	$	(36	)	$	35	$	(21	)

Net realized losses and gains from the interest rate swap agreements were recorded in the interest expense line item of the consolidated statements of income. The following table summarizes the average variable rates received and average fixed rates paid under the swap agreements.


	Three months ended December 31,					Nine months ended December 31,
	2017		2016			2017			2016
Variable rate received		—		0.58	%		1.05	%		0.51	%
Fixed rate paid		—		0.94	%		0.91	%		0.94	%