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Short-term Borrowings

9 Months Ended

Sep. 30, 2018

Short-term Debt [Abstract]

Short-term Borrowings

Note 6 – Short-term Borrowings

As of September 30, 2018, the Company has established lines of credit aggregating $92.0 million. At September 30, 2018, the outstanding borrowings under these credit lines were $48.5 million at a weighted average interest rate of 3.23%.

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 September 30,								Nine Months Ended September 30,
2018				2017				2018				2017
$	43,402			$	21,055			$	34,332			$	16,447
	3.24%				2.28%				3.09%				2.07%

The maturity dates for the $48.5 million outstanding as of September 30, 2018 are in October 2018 through December 2018 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.

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- Definition

The entire disclosure for short-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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