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Short-term Borrowings
 9 Months Ended
Sep. 30, 2012
Short-term Debt [Abstract]  
Short-term Borrowings

Note 6 – Short-term Borrowings

 

As of September 30, 2012, the Company has established lines of credit aggregating $60.0 million. At September 30, 2012, the outstanding borrowings under these credit lines were $27.8 million at a weighted average interest rate of 1.41%.

 

The weighted average daily amounts of borrowings outstanding under the Company’s credit lines and the weighted average interest rates on those amounts were as follows:

 

    ($ In Thousands)
    Three Months Ended
September 30,		   Nine Months Ended
September 30,
    2012   2011   2012   2011
                 
Average Daily Amounts Outstanding   $ 26,867     $ 21,995     $ 25,122     $ 19,629  
Weighted Average Interest Rates     1.52 %     1.32 %     1.41 %     1.50 %

 

The maturity dates for the $27.8 million outstanding as of September 30, 2012 are all in October 2012 and are extendable at the discretion of the Company.

 

Interest rates for short-term borrowings under the lines of credit are below the prime rate with no requirement for compensating balances.