Note 8 – Borrowings

Borrowings consisted of the following (dollars in thousands):


	June 30,				December 31,
	2018		2017		2017
Securities sold under agreements with customers to repurchase	$	389,010	$	309,524	$	320,450
Federal funds purchased		7,925		19,800		10,550
Advances from the Federal Home Loan Bank		60,000		50,000		—

Total	$	456,935	$	379,324	$	331,000

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.