Borrowings

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Borrowings

Note 6 – Borrowings

Borrowings consisted of the following (dollars in thousands):

	September 30,				December 31,
	2021		2020		2020
Securities sold under agreements with customers to repurchase	$	612,239	$	468,913	$	412,743
Federal funds purchased		36,440		4,250		17,350
Advances from Federal Home Loan Bank of Dallas		—		30,000		—
Total	$	648,679	$	503,163	$	430,093

Securities sold under repurchase agreements are generally with significant customers of the Company that require short-term liquidity for their funds for which the Company pledges certain securities that have a fair value equal to at least the amount of the borrowings. The agreements mature daily and therefore the risk arising from a decline in the fair value of the collateral pledged is minimal. The securities pledged are mortgage-backed securities. These agreements do not include “right of set-off” provisions and therefore the Company does not offset such agreements for financial reporting purposes.

The Company renewed its loan agreement, effective June 30, 2021, with Frost Bank. Under the loan agreement, as renewed and amended, we are permitted to draw up to $25,000,000 on a revolving line of credit. There was no outstanding balance under the line of credit as of September 30, 2021 and 2020, or December 31, 2020.