Note 6 - Borrowings

Borrowings at September 30, 2017 and 2016, and December 31, 2016 consisted of the following (dollars in thousands):


	September 30,				December 31,
	2017		2016		2016
Securities sold under agreements with customers to repurchase	$	339,660	$	345,559	$	360,820
Federal funds purchased		11,775		8,200		9,950
Advances from Federal Home Loan Bank of Dallas		—		160,000		75,000

Total	$	351,435	$	513,759	$	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.