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Note 8 - Repurchase Agreements
 6 Months Ended
Jun. 30, 2015
Disclosure Text Block [Abstract]  
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block]
8. Repurchase Agreements

As part of the Company’s strategy to finance investment opportunities and manage its cost of funds, the Company enters into repurchase agreements with broker-dealers and the Federal Home Loan Bank of New York (“FHLB-NY”). These agreements are recorded as financing transactions and the obligations to repurchase are reflected as a liability in the consolidated financial statements. The securities underlying the agreements are delivered to the broker-dealers or the FHLB-NY who arrange the transaction. The securities remain registered in the name of the Company and are returned upon the maturity of the agreement. The Company retains the right of substitution of collateral throughout the terms of the agreements. As a condition of the repurchase agreements the Company is required to provide sufficient collateral. If the fair value of the collateral were to fall below the required level, the Company is obligated to pledge additional collateral. All the repurchase agreements are collateralized by mortgage-backed securities.


The following table shows securities pledged and remaining maturity of repurchase agreements held during the period indicated:


    At June 30, 2015
    Remaining Contractual Maturity of Agreements
    Less than 1 year   1 year to 3 years   Over 3 years   Total
    (In thousands)
Repurchase agreements:                                
Mortgage-backed securities   $ 18,000     $ 58,000     $ 40,000     $ 116,000  
Total repurchase agreements   $ 18,000     $ 58,000     $ 40,000     $ 116,000  

The fair value of the collateral pledged for the repurchase agreements above was $134.4 million at June 30, 2015.