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Short-Term Borrowings

12 Months Ended

Dec. 31, 2024

Note 5 – Short-term Borrowings

Information regarding the Company’s short-term borrowings for the years ended December 31, 2024 and 2023 is summarized below:

	($ In Millions)
	2024		2023
Average Amount Outstanding	$	38.7	$	35.7
Weighted Average Interest Rate		6.33%		6.13%
Notes Payable at Year-End	$	23.0	$	42.8
Weighted Average Interest Rate at Year-End		5.63%		6.50%

The Company maintains bank lines of credit aggregating $140.0 million.

	(In Millions)
	As of December 31, 2024							Line of Credit
	Outstanding		Available		Maximum		Credit Type	Expiration Date
Bank of America	$	—	$	60.0	$	60.0	Uncommitted	January 23, 2026
PNC Bank		23.0		45.0		68.0	Committed	January 31, 2027
CoBank, ACB (CoBank)		—		12.0		12.0	Committed	May 20, 2026
	$	23.0	$	117.0	$	140.0

The maturity dates for the Notes Payable as of December 31, 2024 are extendable at the discretion of the Company.

The interest rates are set for borrowings under the Bank of America and PNC Bank lines of credit using the Secured Overnight Financing Rate (SOFR) 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.