Interest Rate Swaps (Tables)

3 Months Ended

Mar. 31, 2023

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)						March 31, 2023					December 31, 2022
Counterparty	Maturity Date	Fixed Rate			Variable Rate Index	Notional Amount			Fair Value		Notional Amount			Fair Value
Wells Fargo Bank, N.A.	October 2024		2.72	%	one-month LIBOR	$	15,000		$	367	$	15,000		$	477
Capital One, National Association	December 2024		1.58	%	one-month LIBOR		15,000			656		15,000			815
Bank of Montreal	January 2025		1.91	%	one-month LIBOR		25,000			991		25,000			1,239
Truist Financial Corporation	April 2025		2.20	%	one-month LIBOR		25,000			920		25,000			1,169
Bank of Montreal	July 2025		2.32	%	one-month LIBOR		25,000			904		25,000			1,162
Truist Financial Corporation	July 2025		1.99	%	one-month LIBOR		25,000			1,082		25,000			1,358
Truist Financial Corporation	December 2025		2.30	%	one-month LIBOR		25,000			991		25,000			1,279
Bank of Montreal	January 2026		1.92	%	one-month LIBOR		25,000			1,238		25,000			1,547
Bank of Montreal	January 2026		2.05	%	one-month LIBOR		40,000			1,848		40,000			2,332
Capital One, National Association	January 2026		2.08	%	one-month LIBOR		35,000			1,579		35,000			2,007
Truist Financial Corporation	January 2026		1.93	%	one-month LIBOR		25,000			1,233		25,000			1,542
Capital One, National Association	April 2026		2.68	%	one-month LIBOR		15,000			451		15,000			625
Capital One, National Association	July 2026		1.32	%	one-month LIBOR		35,000			2,506		35,000			3,042
Bank of Montreal	December 2026		2.33	%	one-month LIBOR		10,000			439		10,000			584
Bank of Montreal	December 2026		1.99	%	one-month LIBOR		25,000			1,394		25,000			1,773
Toronto-Dominion Bank	March 2027		2.46	%	one-month CDOR		14,766	(a)		555		14,764	(a)		765
Wells Fargo Bank, N.A.	April 2027		2.72	%	one-month LIBOR		25,000			762		25,000			1,129
Bank of Montreal	December 2027		2.37	%	one-month LIBOR		25,000			1,184		25,000			1,628
Capital One, National Association	December 2027		2.37	%	one-month LIBOR		25,000			1,154		25,000			1,605
Wells Fargo Bank, N.A.	January 2028		2.37	%	one-month LIBOR		75,000			3,516		75,000			4,854
Bank of Montreal	May 2029		2.09	%	one-month LIBOR		25,000			1,736		25,000			2,295
Regions Bank	May 2029		2.11	%	one-month LIBOR		25,000			1,693		25,000			2,244
Regions Bank	June 2029		2.03	%	one-month LIBOR		25,000			1,802		25,000			2,357
U.S. Bank National Association	June 2029		2.03	%	one-month LIBOR		25,000			1,816		25,000			2,377
Regions Bank	August 2029		2.58	%	one-month SOFR		100,000			3,582		100,000			5,782
Toronto-Dominion Bank	August 2029		2.58	%	one-month SOFR		45,000			1,671		45,000			2,674
U.S. Bank National Association	August 2029		2.65	%	one-month SOFR		15,000			494		15,000			826
U.S. Bank National Association	August 2029		2.58	%	one-month SOFR		100,000			3,637		100,000			5,861
U.S. Bank National Association	August 2029		1.35	%	one-month LIBOR		25,000			2,823		25,000			3,419
Regions Bank	March 2032		2.69	%	one-month CDOR		14,766	(a)		601		14,764	(a)		1,092
U.S. Bank National Association	March 2032		2.70	%	one-month CDOR		14,766	(a)		609		14,764	(a)		1,107
Bank of Montreal	March 2034		2.81	%	one-month CDOR		29,532	(a)		1,256		29,530	(a)		2,424
						$	973,830		$	45,490	$	973,822		$	63,390

(a)The contractual notional amount is $20.0 million or $40.0 million CAD.

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 March 31,	Income			Location	Income Gain (Loss)			Income
2023	$	(17,899	)	Interest expense	$	4,997		$	21,139
2022		34,961		Interest expense		(3,865	)		16,896