Short-Term Borrowings

9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Short-Term Borrowings

Note 6 – Short-Term Borrowings

Short-term borrowings at September 30, 2015 and 2014, and December 31, 2014 consisted of the following (dollars in thousands):

	September 30,				December 31,
	2015		2014		2014
Securities sold under agreements with customers to repurchase	$	324,150	$	330,846	$	357,400
Federal funds purchased		6,725		10,025		8,700
Advances from Federal Home Loan Bank of Dallas		170,028		1,038		1,010
Total	$	500,903	$	341,909	$	367,110

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 short-term 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.