Note 6 – Borrowings

Borrowings at March 31, 2018 and 2017, and December 31, 2017 consisted of the following (dollars in thousands):


	March 31,				December 31,
	2018		2017		2017
Securities sold under agreements with customers to repurchase	$	358,210	$	347,339	$	320,450
Federal funds purchased		13,945		12,925		10,550

Total	$	372,155	$	360,264	$	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.