Short-term Borrowings

3 Months Ended

Mar. 31, 2015

Short-term Borrowings [Abstract]

Short-term Borrowings

Note 6 – Short-term Borrowings

As of March 31, 2015, the Company has established lines of credit aggregating $60.0 million. At March 31, 2015, the outstanding borrowings under these credit lines were $15.0 million at a weighted average interest rate of 1.18%.

The weighted average daily amounts of borrowings outstanding under the Company's credit lines and the weighted average interest rates on those amounts were $17.9 million and $28.0 million at 1.17% and 1.45% for the three months ended March 31, 2015 and 2014, respectively.

The maturity dates for the $15.0 million outstanding as of March 31, 2015 are all in April 2015 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.