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Short-term Borrowings
3 Months Ended
Mar. 31, 2019
Short-term Debt [Abstract]  
Short-term Borrowings

Note 6 – Short-term Borrowings

 

As of March 31, 2019, the Company retains lines of credit aggregating $100.0 million. At March 31, 2019, the outstanding borrowings under these credit lines were $49.5 million at a weighted average interest rate of 3.61%.

 

The weighted average daily amounts of borrowings outstanding under the Company’s credit lines and the weighted average interest rates on those amounts were $50.0 million and $27.9 million at 3.64% and 2.74% for the three months ended March 31, 2019 and 2018, respectively.

 

The maturity dates for the $49.5 million outstanding as of March 31, 2019 are in April 2019 through June 2019 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.