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Short-term Borrowings

9 Months Ended

Sep. 30, 2019

Note 6 – Short-term Borrowings

As of September 30, 2019, the Company retained lines of credit aggregating $120.0 million, an increase of $20.0 million from June 30, 2019. In October 2019, the Company increased its lines of credit to $140.0 million. At September 30, 2019, the outstanding borrowings under these credit lines were $58.5 million at a weighted average interest rate of 3.06%.

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,
	2019		2018		2019		2018
Average Daily Amounts Outstanding	$	58,259	$	43,402	$	56,881	$	34,332
Weighted Average Interest Rates		3.26%		3.24%		3.45%		3.09%

The maturity dates for the $58.5 million outstanding as of September 30, 2019 are in October 2019 through December 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.