Borrowings

6 Months Ended

Jun. 30, 2019

Note 8 – Borrowings

Borrowings consisted of the following (dollars in thousands):


	June 30,				December 31,
	2019		2018		2018
Securities sold under agreements with customers to repurchase	$	356,555	$	389,010	$	409,631
Federal funds purchased		5,450		7,925		4,075
Advances from Federal Home Loan Bank of Dallas		—		60,000		55,000

Total	$	362,005	$	456,935	$	468,706

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.