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Short-term Borrowings

6 Months Ended

Jun. 30, 2020

Note 6 – Short-term Borrowings

The Company maintains lines of credit aggregating $140.0 million.

	(Millions)
	As of June 30, 2020							Renewal Date
	Outstanding		Available		Maximum		Credit Type	Renewal Date
Bank of America	$	1.0	$	59.0	$	60.0	Uncommitted	September 18, 2020
PNC Bank		29.0		39.0		68.0	Committed	January 31, 2022
CoBank		7.5		4.5		12.0	Committed	November 30, 2020
	$	37.5	$	102.5	$	140.0

The interest rate for borrowings under the lines of credit is set using the London InterBank Offered Rate (LIBOR) and adding a credit spread, which varies by financial institution. There is no requirement for a compensating balance under any of the established lines of credit. The CoBank line of credit is expected to be renewed during the third quarter of 2020 for a term of twenty-four months. The Bank of America line of credit is renewed on an annual basis prior to its expiration.

The weighted average interest rate on the outstanding borrowings at June 30, 2020 under these credit lines is 1.21%.

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						Six Months Ended
		June 30,						June 30,
		2020			2019			2020			2019
Average Daily Amounts Outstanding	$	36,445		$	50,992		$	28,901		$	50,485
Weighted Average Interest Rates		1.65	%		3.52	%		1.96	%		3.57	%

The maturity dates for the $37.5 million outstanding as of June 30, 2020 are in July 2020 through August 2020 and are renewable at the discretion of the Company.