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Short-term Borrowings

9 Months Ended

Sep. 30, 2017

Short-term Debt [Abstract]

Short-term Borrowings

Note 6 – Short-term Borrowings

As of September 30, 2017, the Company has established lines of credit aggregating $92.0 million, an increase of $32.0 million since June 30, 2017. At September 30, 2017, the outstanding borrowings under these credit lines were $24.5 million at a weighted average interest rate of 2.28%.

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								Nine Months Ended
		September 30,								September 30,
		2017				2016				2017				2016
Average Daily Amounts Outstanding		$	21,055			$	11,734			$	16,447			$	6,177
Weighted Average Interest Rates			2.28%				1.54%				2.07%				1.52%

The maturity dates for the $24.5 million outstanding as of September 30, 2017 are all in October 2017 and November 2017 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.