Short-term Borrowings

3 Months Ended

Mar. 31, 2014

Short-term Debt [Abstract]

Short-term Borrowings

Note 6 – Short-term Borrowings

As of March 31, 2014, the Company has established lines of credit aggregating $60.0 million. At March 31, 2014, the outstanding borrowings under these credit lines were $27.5 million at a weighted average interest rate of 1.43%.

The weighted average daily amounts of borrowings outstanding under the Company’s credit lines and the weighted average interest rates on those amounts were $28.0 million and $27.9 million at 1.45% and 1.40% for the three months ended March 31, 2014 and 2013, respectively.

The maturity dates for the $27.5 million outstanding as of March 31, 2014 are all in April 2014 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.