Short-term Borrowings

6 Months Ended

Jun. 30, 2018

Short-term Debt [Abstract]

Short-term Borrowings

Note 6 – Short-term Borrowings

As of June 30, 2018, the Company has established lines of credit aggregating $92.0 million. At June 30, 2018, the outstanding borrowings under these credit lines were $39.0 million at a weighted average interest rate of 3.18%.

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				Six Months
	June 30,				June 30,
	2018		2017		2018		2017
Average Daily Amounts Outstanding	$	31,555	$	15,582	$	29,721	$	14,221
Weighted Average Interest Rates		3.10%		2.08%		2.94%		1.95%

The maturity dates for the $39.0 million outstanding as of June 30, 2018 are in July 2018 through September 2018 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.