INTEREST RATE SWAPS

6 Months Ended

Jun. 30, 2023

INTEREST RATE SWAPS

INTEREST RATE SWAPS

NOTE 16. INTEREST RATE SWAPS

The Company has entered into interest rate swap agreements to hedge against changes in future cash flows resulting from fluctuating interest rates related to the below noted borrowings. The interest rate agreements were 100% effective during the three and six months ended June 30, 2023 and 2022. Accordingly, the changes in fair value on the interest rate swaps have been classified in accumulated other comprehensive income. The fair value of the interest rate swap agreements are included in other assets and accrued and other liabilities, respectively, on the consolidated balance sheets. Information related to the Company’s interest rate swap agreements as of June 30, 2023 is presented below (in thousands):

Hedged Item (1)	Effective Date	Maturity Date	Rate	Amount		Fair Value as of June 30, 2023
2026 Term Loan	3/10/2021	3/29/2024	0.12% + 0.10% + applicable spread	$	50,000	$	1,916
2026 Term Loan	3/29/2024	3/10/2026	1.44% + 0.10% + applicable spread	$	50,000	$	2,339
2026 Term Loan	8/31/2021	3/10/2026	0.70% + 0.10% + applicable spread	$	15,000	$	1,408
2027 Term Loan	11/5/2021	3/29/2024	0.64% + 0.10% + applicable spread	$	100,000	$	3,452
2027 Term Loan	3/29/2024	1/31/2027	1.35% + 0.10% + applicable spread	$	100,000	$	6,296
2028 Term Loan	9/30/2022	1/31/2028	3.78% + 0.10% + applicable spread	$	50,000	$	287
2028 Term Loan	9/30/2022	1/31/2028	3.78% + 0.10% + applicable spread	$	50,000	$	275
Credit Facility	1/31/2023	1/31/2030	3.27% + 0.10% + applicable spread	$	50,000	$	1,167
Credit Facility	1/31/2023	1/31/2030	3.26% + 0.10% + applicable spread	$	33,000	$	790
Credit Facility	1/31/2023	1/31/2030	3.36% + 0.10% + applicable spread	$	17,000	$	319

⁽¹⁾ On September 30, 2022, the Company converted its existing interest rate swaps from 1-month LIBOR to SOFR.