Short Term Borrowings

6 Months Ended

Jun. 30, 2013

Debt Disclosure [Abstract]

Short Term Borrowings

Note 6 – Short-term Borrowings

As of June 30, 2013, the Company has established lines of credit aggregating $60.0 million. At June 30, 2013, the outstanding borrowings under these credit lines were $28.0 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 as follows:

	(In Thousands)
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2013		2012		2013		2012
Average Daily Amounts Outstanding	$	25,873	$	24,635	$	26,895	$	24,102
Weighted Average Interest Rates		1.34%		1.38%		1.37%		1.35%

The maturity dates for the $28 million outstanding as of June 30, 2013 are all in July 2013 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.