Short-term Borrowings

6 Months Ended

Jun. 30, 2014

Short-term Debt [Abstract]

Short-term Borrowings

Note 6 – Short-term Borrowings

As of June 30, 2014, the Company has established lines of credit aggregating $60.0 million. At June 30, 2014, the outstanding borrowings under these credit lines were $28.0 million at a weighted average interest rate of 1.40%.

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,
	2014			2013			2014			2013
Average Daily Amounts Outstanding	$	26,874		$	25,873		$	27,435		$	26,895
Weighted Average Interest Rates		1.42	%		1.34	%		1.44	%		1.37	%

The maturity dates for the $28.0 million outstanding as of June 30, 2014 are all in July 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.