Deposits and Borrowings

12 Months Ended

Dec. 31, 2018

7. DEPOSITS AND BORROWINGS:

Time deposits of $250,000 or more totaled approximately $118,590,000 and $115,203,000 at December 31, 2018 and 2017, respectively.

At December 31, 2018, the scheduled maturities of time deposits (in thousands) were, as follows:


Year ending December 31,
2019	$	373,359
2020		42,801
2021		11,406
2022		8,066
2023		6,475
Thereafter		54

	$442,161

Deposits received from related parties at December 31, 2018 and 2017 totaled $103,413,000 and $74,270,000, respectively.

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


	December 31,
	2018		2017
Securities sold under agreements with customers to repurchase	$	409,631	$	320,450
Federal funds purchased		4,075		10,550
Advances from Federal Home Loan Bank of Dallas		55,000		—

Total	$	468,706	$	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.

At December 31, 2018, the Company had advances from the Federal Home Loan Bank of Dallas of $55,000,000 that will be repaid in 2019. The interest rate on this advance was 2.65% at December 31, 2018. There were no such advances outstanding at December 31, 2017.