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Short-Term Borrowings

3 Months Ended

Mar. 31, 2023

Note 6 – Short-term Borrowings

The Company maintains lines of credit aggregating $140.0 million.

	(Millions)
	As of March 31, 2023
	Outstanding		Available		Maximum		Credit Type	Renewal Date
Bank of America	$	5.0	$	55.0	$	60.0	Uncommitted	January 25, 2024
PNC Bank		22.5	$	45.5		68.0	Committed	January 31, 2025
CoBank		1.0		11.0		12.0	Committed	November 30, 2023
	$	28.5	$	111.5	$	140.0

The interest rates are set for borrowings under the Bank of America and PNC Bank lines of credit using the Bloomberg Short-Term Bank Yield Index and the Secured Overnight Financing Rate (SOFR), respectively, and then adding a specific financial institution credit spread. The interest rate for borrowings under the CoBank line of credit are set weekly using CoBank’s internal cost of funds index that is similar to the SOFR and adding a credit spread. There is no requirement for a compensating balance under any of the established lines of credit.

The weighted average interest rate on the outstanding borrowings at March 31, 2023 under these credit lines is 5.65%.

The weighted average daily amounts of borrowings outstanding under these credit lines and the weighted average interest rates on those amounts were as follows:

	(In Thousands)
	Three Months
	March 31,
	2023		2022
Average Daily Amounts Outstanding	$	54,561	$	13,444
Weighted Average Interest Rates		5.52%		1.12%

The maturity dates for the $28.5 million outstanding as of March 31, 2023 are in April 2023 through June 2023 and were or are expected to be extended at the discretion of the Company.