SHORT-TERM BORROWINGS

12 Months Ended

Dec. 31, 2019

SHORT-TERM BORROWINGS

SHORT-TERM BORROWINGS

11. SHORT-TERM BORROWINGS

At December 31, 2019, the Company had a $60 million unsecured revolving line of credit with a bank expiring November 5, 2020. The line of credit bears interest at the LIBOR plus 0.75%. At December 31, 2019, outstanding borrowings were approximately $7.0 million at an interest rate of 2.5%. The highest balance on the line of credit during the year was $18.1 million. At December 31, 2018, outstanding borrowings were approximately $5.8 million at an interest rate of 3.3%.