Short-Term Borrowings |
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| Short-term Borrowings | Note 6 – Short-term Borrowings
The Company maintains lines of credit aggregating $140.0 million.
The maturity dates for the Notes Payable as of March 31, 2025 are extendable at the discretion of the Company.
The interest rates are set for borrowings under the Bank of America and PNC Bank lines of credit using the Secured Overnight Financing Rate (SOFR) and then adding a specific financial institution credit spread. The interest rate for borrowings under the CoBank, ACB (CoBank) line of credit are set weekly using CoBank’s internal cost of funds index that is similar to the SOFR and adding a credit spread. There is no requirement for a compensating balance under any of the established lines of credit. The weighted average interest rate on the outstanding borrowings at March 31, 2025 under these credit lines is 5.45%.
The weighted average daily amounts of borrowings outstanding under these credit lines and the weighted average interest rates on those amounts were as follows:
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