Short-term Borrowings

9 Months Ended

Sep. 30, 2013

Short-term Debt [Abstract]

Short-term Borrowings

Note 6 – Short-term Borrowings

As of September 30, 2013, the Company has established lines of credit aggregating $60.0 million. At September 30, 2013, the outstanding borrowings under these credit lines were $30.5 million at a weighted average interest rate of 1.46%.

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						Nine Months Ended
	September 30,						September 30,
	2013			2012			2013			2012
Average Daily Amounts Outstanding	$	28,608		$	26,867		$	27,472		$	25,122
Weighted Average Interest Rates		1.32	%		1.52	%		1.35	%		1.41	%

The maturity dates for the $30.5 million outstanding as of September 30, 2013 are all in October 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.