Corporate Borrowings

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Corporate Borrowings

Corporate Borrowings.

Indebtedness Outstanding:

Description(a)	March 31, 2018			December 31, 2017
Credit Agreement - Revolver, 3.281% (variable rate) due 2022	$	11,039		$	3,298
Secured Promissory Note, 3.71% (variable rate) due 2022	1,874			1,966
Prudential Note Purchase Agreement, 3.53% (fixed rate) due 2027	20,000			20,000
Unamortized loan fees(b)	(678		)	(710		)
Total	$	32,235		$	24,554
Less current maturities of long term debt	(375		)	(372		)
Long-term debt	$	31,860		$	24,182

^(a) Interest rates are as of March 31, 2018.

^(b) Loan fees are being amortized over the life of the Credit Agreements.

Credit Agreements. On August 23, 2017, the Company entered into a credit agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association. The Credit Agreement provides for a $150,000 revolving credit facility. The Company may increase the facility from time to time by an aggregate principal amount of up to $25,000 provided certain conditions are satisfied and at the discretion of the lender. The Credit Agreement matures on August 23, 2022. The Credit Agreement includes certain requirements and covenants, which the Company was in compliance with at March 31, 2018. As of March 31, 2018, the Company's total outstanding borrowings under the Credit Agreement were $11,039 leaving $138,961 available.

On August 23, 2017, the Company also entered into a Note Purchase and Private Shelf Agreement (the “Note Purchase Agreement”) with PGIM, Inc., an affiliate of Prudential Financial, Inc., and certain affiliates of PGIM, Inc. The Note Purchase Agreement provides for the issuance of up to $75,000 of Senior Secured Notes, and the Company issued $20,000 of Senior Secured Notes with a maturity date of August 23, 2027. The Note Purchase Agreement includes certain requirements and covenants, which the Company was in compliance with at March 31, 2018.