Short-term Borrowings

6 Months Ended

Jun. 30, 2019

Short-term Debt [Abstract]

Short-term Borrowings

Note 6 – Short-term Borrowings

As of June 30, 2019, the Company retains lines of credit aggregating $100.0 million. At June 30, 2019, the outstanding borrowings under these credit lines were $59.4 million at a weighted average interest rate of 3.41%.

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,
	2019		2018		2019		2018
Average Daily Amounts Outstanding	$	50,992	$	31,555	$	50,485	$	29,721
Weighted Average Interest Rates		3.52%		3.10%		3.57%		2.94%

The maturity dates for the $59.4 million outstanding as of June 30, 2019 are in July 2019 through September 2019 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.