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Note 8 - Repurchase Agreements

3 Months Ended

Mar. 31, 2016

Notes to Financial Statements

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 tables shows the type of securities pledged and remaining maturity of repurchase agreements held at the periods indicated:

		At March 31, 2016
		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		$	38,000			$	38,000			$	40,000			$	116,000
Total repurchase agreements		$	38,000			$	38,000			$	40,000			$	116,000

		At December 31, 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		$	38,000			$	38,000			$	40,000			$	116,000
Total repurchase agreements		$	38,000			$	38,000			$	40,000			$	116,000

The fair value of the collateral pledged for the repurchase agreements above was $132.3 million and $131.4 million at March 31, 2016 and December 31, 2015, respectively.

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- References

No definition available.

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- Definition

The entire disclosure for repurchase agreements (also known as repos), resale agreements (also known as reverse repurchase agreements or reverse repos), securities borrowed transactions, and securities loaned transactions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 30
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64858031&loc=SL6224234-111729

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(m))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

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