AVAILABLE-FOR-SALE SECURITIES (Tables)

3 Months Ended

Mar. 31, 2015

Investments, Debt and Equity Securities [Abstract]

Available-for-sale Securities [Table Text Block]

The following table presents the Company’s AFS investment securities by collateral type at fair value as of March 31, 2015 and December 31, 2014:

	March 31, 2015		December 31, 2014
Mortgage-backed securities:
Agency
Federal Home Loan Mortgage Corporation	$	160,960,558	$	162,344,627
Federal National Mortgage Association		149,085,531		152,486,058
Non-Agency		171,914,913		53,485,053
Multi-Family		119,165,050
Total mortgage-backed securities	$	601,126,052	$	368,315,738

Schedule Of Available-For-Sale Securities Reconciliation [Table Text Block]

The following tables present the amortized cost and fair value of the Company’s AFS investment securities by collateral type as of March 31, 2015 and December 31, 2014:

	March 31, 2015
	Agency		Non-Agency			Multi-Family		Total
Face Value	$	301,677,275	$	254,443,355		$	153,662,418	$	709,783,048
Unamortized premium		4,681,293		-			-		4,681,293
Unamortized discount
Designated credit reserve		-		(51,699,067)	(1)		-		(51,699,067)
Net, unamortized		(2,062,001)		(39,141,722)			(37,548,139)		(78,751,862)
Amortized Cost		304,296,567		163,602,566			116,114,279		584,013,412
Gross unrealized gain		6,078,280		10,224,492			3,279,581		19,582,353
Gross unrealized (loss)		(328,758)		(1,912,145)			(228,810)		(2,469,713)
Fair Value	$	310,046,089	$	171,914,913			119,165,050	$	601,126,052

	December 31, 2014
	Agency		Non-Agency		Total
Face Value	$	309,790,551	$	76,672,548	$	386,463,099
Unamortized premium		4,796,106		-		4,796,106
Unamortized discount
Designated credit reserve		-		(12,697,796)		(12,697,796)
Net, unamortized		(2,244,687)		(15,209,335)		(17,454,022)
Amortized Cost		312,341,970		48,765,417		361,107,387
Gross unrealized gain		3,670,643		4,732,247		8,402,890
Gross unrealized (loss)		(1,181,928)		(12,611)		(1,194,539)
Fair Value	$	314,830,685	$	53,485,053	$	368,315,738

(1) Discount designated as Credit Reserve and amount related to OTTI are generally not expected to be accreted into interest income. Amounts disclosed at March 31, 2015 reflect Credit Reserve of $2.0 million and OTTI of $2.9 million.

Composition of Available For Sale Securities [Table Text Block]

The following table presents the composition of OTTI charges recorded by the Company for the three months ended March 31, 2015 and 2014:

	Three Months Ended		Three Months Ended
	March 31, 2015		March 31, 2014
Increase in credit reserves	$	(1,977,489)	$	-
Additional other-than-temporary credit impairment losses		(2,890,939)		-
Total impairment losses recognized in earnings		(4,868,428)		-

Schedule of Realized Gain (Loss) [Table Text Block]

The following table presents a summary of the Company’s net realized gain (loss) from the sale of AFS securities, inclusive of securities previously booked as linked, for the three months ended March 31, 2015 and March 31, 2014:

	Three Months Ended		Three Months Ended
	March 31, 2015		March 31, 2014
AFS securities sold, at cost	$	-	$	94,748,794
Proceeds from AFS securities sold		-		90,620,039
Net realized gain (loss) on sale of AFS securities	$	-	$	(4,128,755)

Schedule Of Available For Sale Securities By Rate Type [Table Text Block]

The following tables present the fair value of AFS investment securities by rate type as of March 31, 2015 and December 31, 2014:

	March 31, 2015
	Agency		Non-Agency		Multi-Family		Total
Adjustable rate	$	226,499,622	$	171,914,913		-	$	398,414,535
Fixed rate		83,546,467		-		119,165,050		202,711,517
Total	$	310,046,089	$	171,914,913		119,165,050	$	601,126,052

	December 31, 2014
	Agency		Non-Agency		Total
Adjustable rate	$	229,648,342	$	53,485,053	$	283,133,395
Fixed rate		85,182,343		-		85,182,343
Total	$	314,830,685	$	53,485,053	$	368,315,738

Investments Classified by Contractual Maturity Date [Table Text Block]

The following tables present the fair value of AFS investment securities by maturity date as of March 31, 2015 and December 31, 2014:

	March 31, 2015		December 31, 2014
Less than one year	$	-	$	-
Greater than one year and less than five years		63,628,832		35,855,146
Greater than or equal to five years		537,497,220		332,460,592
Total	$	601,126,052	$	368,315,738

Schedule Of Investments In Debt and Marketable Equity Securities and Certain Trading Assets Disclosure [Table Text Block]

The following tables present the changes for the three months ended March 31, 2015 and year ended December 31, 2014 of the unamortized net discount and designated credit reserves on the Company’s MBS.

	March 31, 2015
	Designated		Unamortized
	credit reserve		net discount		Total
Beginning Balance as of January 1, 2015	$	(49,325,117)	$	(64,545,980)	$	(113,871,097)
Acquisitions		-		(20,272,373)		(20,272,373)
Dispositions		-		-		-
Accretion of net discount		-		4,036,759		4,036,759
Realized gain on paydowns		-		52,244		52,244
Realized credit losses		2,494,478		-		2,494,478
Addition to credit reserves		(1,977,489)		1,977,489		-
Release of credit reserves		-		-		-
Ending balance at March 31, 2015	$	(48,808,128)	$	(78,751,861)	$	(127,559,989)

	December 31, 2014
	Designated		Unamortized
	credit reserve		net discount		Total
Beginning Balance as of January 1, 2014	$	(16,126,355)	$	(22,400,380)	$	(38,526,735)
Acquisitions		-		(2,361,186)		(2,361,186)
Accretion of net discount		559,860		1,667,828		2,227,688
Realized gain on paydowns		-		4,760,729		4,760,729
Realized credit losses		-		223,212		223,212
Release of credit reserves		2,868,699		-		2,868,699
Ending balance at December 31, 2013		-		655,775		655,775
	$	(12,697,796)	$	(17,454,022)	$	(30,151,818)

Investment Income [Table Text Block]

The following tables present components of interest income on the Company’s AFS securities for the three months ended March 31, 2015 and March 31, 2014:

	Three Months Ended March 31, 2015						Three Months Ended March 31, 2014
			Net (premium						Net (premium
	Coupon		amortization)/		Interest		Coupon		amortization)/		Interest
	interest		discount accretion		income		interest		discount accretion		income
Agency	$	1,991,553	$	148,255	$	2,139,808	$	2,696,219	$	60,385	$	2,756,604
Non-Agency		303,510		2,858,679		3,162,189		47,426		1,042,384		1,089,810
Multi-Family		456,266		1,047,695		1,503,961		45,034		11,514		56,548
Total	$	2,751,329	$	4,054,629	$	6,805,958	$	2,788,679	$	1,114,283	$	3,902,962