Note 6 - Borrowings

Borrowings at March 31, 2017 and 2016, and December 31, 2016 consisted of the following (dollars in thousands):


	March 31,				December 31,
	2017		2016		2016
Securities sold under agreements with customers to repurchase	$	347,339	$	342,540	$	360,820
Federal funds purchased		12,925		7,800		9,950
Advances from Federal Home Loan Bank of Dallas		—		175,000		75,000

Total	$	360,264	$	525,340	$	445,770

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.