Note 6 – Borrowings

Borrowings at March 31, 2016 and 2015, and December 31, 2015 consisted of the following (dollars in thousands):


	March 31,				December 31,
	2016		2015		2015
Securities sold under agreements with customers to repurchase	$	342,540	$	366,140	$	310,330
Federal funds purchased		7,800		19,775		6,325
Advances from Federal Home Loan Bank of Dallas		175,000		15,983		299,020

Total	$	525,340	$	401,898	$	615,675

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.