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Short-term Borrowings
 9 Months Ended
Sep. 30, 2016
Short-term Debt [Abstract]  
Short-term Borrowings

Note 6 – Short-term Borrowings

 

As of September 30, 2016, the Company has established lines of credit aggregating $60.0 million. At September 30, 2016, the outstanding borrowings under these credit lines were $13.6 million at a weighted average interest rate of 1.51%.

 

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:

 

   Three Months Ended  Nine Months Ended
   September 30,  September 30,
   2016  2015  2016  2015
Average Daily Amounts Outstanding  $11,734   $17,304   $6,177   $16,992 
Weighted Average Interest Rates   1.54%    1.19%    1.52%    1.18% 

 

The maturity dates for the $13.6 million outstanding as of September 30, 2016 are all in October 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.