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Short-term Borrowings
3 Months Ended
Mar. 31, 2016
Short-term Borrowings [Abstract]  
Short-term Borrowings

Note 6 – Short-term Borrowings

 

As of March 31, 2016, the Company has established lines of credit aggregating $60.0 million. At March 31, 2016, the outstanding borrowings under these credit lines were $2.0 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 $3.0 million and $17.9 million at 1.41% and 1.17% for the three months ended March 31, 2016 and 2015, respectively.

 

The maturity dates for the $2.0 million outstanding as of March 31, 2016 are all in April 2016 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.