Time deposits of $250,000 or more totaled approximately $370,505,000 and $194,536,000 at December 31, 2023 and 2022, respectively.

At December 31, 2023, the scheduled maturities of time deposits (in thousands) were, as follows:


Year ending December 31,
2024		864,669
2025		32,103
2026		14,165
2027		8,803
2028		19,240
Thereafter		—
		$938,980

Deposits received from related parties at December 31, 2023 and 2022 totaled $101,973,000 and $198,096,000, respectively.

Borrowings at December 31, 2023 and 2022 consisted of the following (in thousands):


	December 31,
	2023		2022
Securities sold under agreements with customers to repurchase	$	381,928	$	618,829
Federal funds purchased		1,100		2,625
Other borrowings		21,053		21,053
Total	$	404,081	$	642,507

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 weighted average interest rate on federal funds purchased, securities sold under repurchase agreements and advances from the FHLB was 3.27% and 1.96% at December 31, 2023 and 2022, respectively.

During 2021, the Company invested in qualifying Community Development Entities ("CDE") under the federal New Market Tax Credits ("NMTC") program. See Note 9 for further discussion of our activity and related balances on the consolidated balance sheets, including the $21,053,000 in other borrowings shown above.