Short-term Borrowings

3 Months Ended

Mar. 31, 2012

Short-term Debt [Abstract]

Short-term Borrowings

Note 6 – Short-term Borrowings

As of March 31, 2012, the Company has established lines of credit aggregating $60.0 million. At March 31, 2012, the outstanding borrowings under these credit lines were $23.3 million at a weighted average interest rate of 1.27%.

The weighted average daily amounts of borrowings outstanding under the Company’s credit lines and the weighted average interest rates on those amounts were $23.8 million and $17.3 million at 1.31% and 1.60% for the three months ended March 31, 2012 and 2011, respectively.

The maturity dates for the $23.3 million outstanding as of March 31, 2012 are all in April 2012 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.