Note 8 - Derivatives Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2014

Note 8 - Derivatives Instruments and Hedging Activities (Tables) [Line Items]

Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]

	Notional Amount For the Nine Months Ended September 30, 2014
Derivatives Not Designated as Hedging Instruments	December 31, 2013			Additions		Settlement, Expiration or Exercise			September 30, 2014
TBA securities	$	188,000		$	1,812,000	$	(1,792,000	)	$	208,000
U.S. Treasury futures		(11,900	)		96,700		(86,000	)		(1,200	)
Interest rate swap futures		(242,700	)		712,900		(702,800	)		(232,600	)
Eurodollar futures		(3,360,000	)		2,649,000		(2,067,000	)		(2,778,000	)
Options on U.S. Treasury futures		40,000			—		(40,000	)		—
Swaptions		100,000			—		(70,000	)		30,000

	Notional Amount For the Nine Months Ended September 30, 2013
Derivatives Not Designated as Hedging Instruments	December 31, 2012			Additions		Settlement, Expiration or Exercise			September 30, 2013
TBA securities	$	234,000		$	2,030,000	$	(2,079,000	)	$	185,000
U.S. Treasury futures		(172,100	)		735,100		(647,400	)		(84,400	)
Interest rate swap futures		(13,000	)		263,700		(413,800	)		(163.100	)
Eurodollar futures		(2,852,000	)		2,781,000		(2,800,000	)		(2,871,000	)
Options on U.S. Treasury futures		70,000			250,000		(310,000	)		10,000
Swaptions		100,000			—		—			100,000

Schedule of Components of Realized and Unrealized Gains and Losses To Derivative Not Designated as Hedging Instruments [Table Text Block]

	Three Months Ended September 30,
	2014						2013
	Realized Gains (Losses)			Unrealized Gains (Losses)			Realized Gains (Losses)			Unrealized Gains (Losses)
TBA	$	2,652		$	(2,348	)	$	(5,420	)	$	6,377
Eurodollar Futures (1)		(441	)		853			(1,096	)		(32	)
Swaptions		—			73			—			(312	)
U.S. Treasury and Interest rate swap futures and options		(1,629	)		2,241			9,793			(11,122	)
Total	$	582		$	819		$	3,277		$	(5,089	)

	Nine Months Ended September 30,
	2014						2013
	Realized Gains (Losses)			Unrealized Gains (Losses)			Realized Gains (Losses)			Unrealized Gains (Losses)
TBA	$	10,007		$	198		$	(15,834	)	$	4,962
Eurodollar Futures (1)		(1,879	)		1,061			(2,886	)		1,906
Swaptions		—			(769	)		—			1,077
U.S. Treasury and Interest rate swap futures and options		(4,155	)		(2,999	)		10,520			(4,282	)
Total	$	3,973		$	(2,509	)	$	(8,200	)	$	3,663

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

Derivatives Designated as Hedging Instruments	Balance Sheet Location	September 30, 2014		December 31, 2013
Interest Rate Swaps	Derivative assets	$	1,892	$	2,041

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]

	Nine Months Ended September 30,
Derivatives Designated as Hedging Instruments	2014			2013
Accumulated other comprehensive income (loss) for derivative instruments:
Balance at beginning of the period	$	2,041		$	(1,744	)
Unrealized (loss) gain on interest rate swaps		(149	)		3,337
Balance at end of the period	$	1,892		$	1,593

Schedule of Interest Rate Derivatives [Table Text Block]

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Interest income
Interest expense-investment securities	$	462	$	432	$	1,387	$	1,291

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

	September 30, 2014					December 31, 2013
Maturity (1)	Notional Amount		Weighted Average Fixed Pay Interest Rate			Notional Amount		Weighted Average Fixed Pay Interest Rate
Within 30 Days	$	—		—	%	$	—		—	%
Over 30 days to 3 months		—		—			—		—
Over 3 months to 6 months		—		—			—		—
Over 6 months to 12 months		95,000		0.48			—		—
Over 12 months to 24 months		40,000		0.39			135,000		0.45
Over 24 months to 36 months		—		—			—		—
Over 36 months to 48 months		215,000		0.83			215,000		0.83
Over 48 months to 60 months		—		—			—		—
Total	$	350,000		0.69	%	$	350,000		0.69	%

(1) The Company enters into interest rate swap transactions whereby the Company pays a fixed rate of interest and receives one month LIBOR.

Not Designated as Hedging Instrument [Member]

Note 8 - Derivatives Instruments and Hedging Activities (Tables) [Line Items]

Schedule of Derivative Instruments [Table Text Block]

Derivatives Not Designated as Hedging Instruments	Balance Sheet Location	September 30, 2014		December 31, 2013
TBA securities (1)	Derivative assets	$	214,711	$	190,742
U.S. Treasury futures	Derivative assets		—		3,257
Swaptions	Derivative assets		245		1,305
Options on U.S. Treasury futures	Derivative assets		—		7
Interest rate swap futures	Derivative assets		476		238
U.S. Treasury futures	Derivative liabilities		49		—
Eurodollar futures	Derivative liabilities		370		1,432

⁽¹⁾ Open TBA purchases and sales involving the same counterparty, same underlying deliverable and the same settlement date are reflected in our accompanying condensed consolidated financial statements on a net basis. There was no netting of TBA sales against TBA purchases at September 30, 2014 and December 31, 2013.