Borrowings

3 Months Ended

Mar. 31, 2020

Note 6 – Borrowings

Borrowings consisted of the following (dollars in thousands):


	March 31,				December 31,
	2020		2019		2019
Securities sold under agreements with customers to repurchase	$	410,146	$	378,161	$	375,106
Federal funds purchased		1,725		4,550		6,250
Advances from Federal Home Loan Bank of Dallas		446,000		—		—

Total	$	857,871	$	382,711	$	381,356

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.