Note 6 – Borrowings

Borrowings at September 30, 2016 and 2015, and December 31, 2015 consisted of the following (dollars in thousands):


	September 30,				December 31,
	2016		2015		2015
Securities sold under agreements with customers to repurchase	$	345,559	$	324,150	$	310,330
Federal funds purchased		8,200		6,725		6,325
Advances from Federal Home Loan Bank of Dallas		160,000		170,028		299,020

Total	$	513,759	$	500,903	$	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.