Short-Term Borrowings

6 Months Ended

Jun. 30, 2019

Short-Term Borrowings

Short-Term Borrowings

11.Short-Term Borrowings

At June 30, 2019, the Company had a $60 million unsecured revolving line of credit with a bank expiring November 5, 2019. The line of credit bears interest at the London Interbank Offered Rate (“LIBOR”) plus 0.75%. At June 30, 2019, outstanding borrowings were approximately $12.0 million at an interest rate of 3.15%. The highest balance on the line of credit during the six months ended June 30, 2019 was approximately $12.0 million.