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AVAILABLE-FOR-SALE SECURITIES (Tables)
 3 Months Ended
Mar. 31, 2016
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, 2016 and December 31, 2015:
 
 
 
March 31, 2016
 
December 31, 2015
 
Mortgage-backed securities:
 
 
 
 
 
 
 
Agency
 
 
 
 
 
 
 
Federal Home Loan Mortgage Corporation
 
$
145,578,658
 
$
148,760,159
 
Federal National Mortgage Association
 
 
179,267,676
 
 
182,867,134
 
Government National Mortgage Association
 
 
-
 
 
43,705,764
 
Non-Agency
 
 
57,357,819
 
 
92,107,727
 
Multi-Family
 
 
86,278,049
 
 
104,025,797
 
Total mortgage-backed securities
 
$
468,482,202
 
$
571,466,581
 
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, 2016 and December 31, 2015:
 
 
 
March 31, 2016
 
 
 
Agency
 
Non-Agency (1)
 
Multi-Family
 
Total
 
Face Value
 
$
316,467,417
 
$
72,559,605
 
$
120,176,444
 
$
509,203,466
 
Unamortized premium
 
 
4,429,900
 
 
80,003
 
 
-
 
 
4,509,903
 
Unamortized discount
 
 
 
 
 
 
 
 
 
 
 
 
 
Designated credit reserve and OTTI (2)
 
 
-
 
 
(4,629,162)
 
 
-
 
 
(4,629,162)
 
Net, unamortized
 
 
(1,817,555)
 
 
(13,000,852)
 
 
(29,923,193)
 
 
(44,741,600)
 
Amortized Cost
 
 
319,079,762
 
 
55,009,594
 
 
90,253,251
 
 
464,342,607
 
Gross unrealized gain
 
 
6,066,842
 
 
720,234
 
 
785,449
 
 
7,572,525
 
Gross unrealized (loss)
 
 
(300,270)
 
 
(4,775,184)
 
 
(4,760,651)
 
 
(9,836,105)
 
Fair Value
 
$
324,846,334
 
$
50,954,644
 
 
86,278,049
 
$
462,079,027
 
 
 
 
December 31, 2015
 
 
 
Agency
 
Non-Agency (1)
 
Multi - Family
 
Total
 
Face Value
 
$
370,394,525
 
$
116,954,842
 
$
138,829,925
 
 
626,179,292
 
Unamortized premium
 
 
5,745,862
 
 
80,257
 
 
-
 
 
5,826,119
 
Unamortized discount
 
 
 
 
 
 
 
 
 
 
 
 
 
Designated credit reserve and OTTI (2)
 
 
-
 
 
(8,891,565)
 
 
 
 
 
(8,891,565)
 
Net, unamortized
 
 
(1,929,145)
 
 
(22,101,062)
 
 
(33,250,068)
 
 
(57,280,275)
 
Amortized Cost
 
 
374,211,242
 
 
86,042,472
 
 
105,579,857
 
 
565,833,571
 
Gross unrealized gain
 
 
3,234,673
 
 
1,099,957
 
 
913,556
 
 
5,248,186
 
Gross unrealized (loss)
 
 
(2,112,858)
 
 
(1,808,973)
 
 
(2,467,616)
 
 
(6,389,447)
 
Fair Value
 
$
375,333,057
 
$
85,333,456
 
$
104,025,797
 
 
564,692,310
 
 
(1)
Non-Agency AFS does not include interest-only securities with a notional amount of $401,531,398, book value of $7,815,919, unrealized loss of $1,412,744 and a fair value of $6,403,175 at March 31, 2016 and a notional amount of $428,230,275. Book value of $7,815,919, unrealized loss of $1,041,649 and a fair value of $6,774,271 as of December 31, 2015
(2)
Discount designated as Credit Reserve and amount related to OTTI are generally not expected to be accreted into interest income. Amounts disclosed reflect Credit Reserve of $3,862,676 and $8,146,073, at March 31, 2016 and December 31, 2015, respectively, and OTTI of $766,487 and $745,493 at March 31, 2016 and December 31, 2015, respectively
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block]
The following table presents the composition of OTTI charges recorded by the Company for the three months ended March 31, 2016 and 2015:  
 
 
Three Months Ended
 
 
 
March 31,
 
 
 
2016
 
2015
 
Cumulative credit loss at beginning of year
 
$
(3,636,432)
 
$
-
 
 
 
 
 
 
 
 
 
Additions:
 
 
 
 
 
 
 
Initial increase in credit reserves
 
 
(20,994)
 
 
(1,977,489)
 
Initial additional other-than-temporary credit impairment losses
 
 
-
 
 
(2,890,939)
 
 
 
 
 
 
 
 
 
Reductions:
 
 
 
 
 
 
 
For securities sold decrease in credit reserves
 
 
-
 
 
-
 
For securities sold decrease in other-than-temporary impairment
 
 
-
 
 
-
 
 
 
 
 
 
 
 
 
Cumulative credit loss at end of period
 
$
(3,657,426)
 
$
(4,868,428)
 
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block]
At December 31, 2015, the Company held 67 AFS securities, of which 35 were in an unrealized loss position for less than twelve consecutive months and 5 were in an unrealized loss position for more than twelve months:
 
 
 
Less than 12 months
 
Greater than 12 months
 
Total
 
 
 
Estimated Fair
 
Gross Unrealized
 
Estimated Fair
 
Gross Unrealized
 
Estimated Fair
 
Gross Unrealized
 
 
 
Value
 
Losses
 
Value
 
Losses
 
Value
 
Losses
 
March 31, 2016
 
 
160,506,203
 
 
(9,226,905)
 
 
12,386,853
 
 
(609,199)
 
 
172,893,056
 
 
(9,836,104)
 
December 31, 2015
 
 
348,120,251
 
 
(5,983,726)
 
 
6,939,257
 
 
(405,720)
 
 
355,059,508
 
 
(6,389,446)
 
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 for the three months ended March 31, 2016 and March 31, 2015:
 
 
 
Three Months Ended
 
Three Months Ended
 
 
 
March 31, 2016
 
March 31, 2015
 
AFS securities sold, at cost
 
$
88,932,353
 
$
-
 
Proceeds from AFS securities sold
 
 
82,592,076
 
 
-
 
Net realized gain (loss) on sale of AFS securities
 
$
(6,340,277)
 
$
-
 
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, 2016 and December 31, 2015:
 
 
 
March 31, 2016
 
 
 
Agency
 
Non-Agency
 
Multi-Family
 
Total
 
Adjustable rate
 
$
309,610,934
 
$
57,357,819
 
 
-
 
$
366,968,753
 
Fixed rate
 
 
15,235,400
 
 
-
 
 
86,278,049
 
 
101,513,449
 
Total
 
$
324,846,334
 
$
57,357,819
 
 
86,278,049
 
$
468,482,202
 
 
 
 
December 31, 2015
 
 
 
Agency
 
Non-Agency
 
Multi- Family
 
Total
 
Adjustable rate
 
$
360,057,377
 
$
92,107,727
 
$
 
 
 
452,165,104
 
Fixed rate
 
 
15,275,680
 
 
-
 
 
104,025,797
 
 
119,301,477
 
Total
 
$
375,333,057
 
$
92,107,727
 
$
104,025,797
 
 
571,466,581
 
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, 2016 and December 31, 2015:
 
 
 
March 31, 2016
 
December 31, 2015
 
Less than one year
 
$
-
 
$
-
 
Greater than one year and less than five years
 
 
299,608,473
 
 
211,800,340
 
Greater than or equal to five years
 
 
168,873,729
 
 
359,666,241
 
Total
 
$
468,482,202
 
$
571,466,581
 
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, 2016 and December 31, 2015 of the unamortized net discount and designated credit reserves on the Company’s MBS.
 
 
 
March 31, 2016
 
 
 
Designated
 
Unamortized
 
 
 
 
 
 
credit reserve
 
net discount
 
Total
 
Beginning Balance as of January 1, 2016
 
$
(8,891,565)
 
$
(57,280,275)
 
$
(66,171,840)
 
Acquisitions
 
 
-
 
 
-
 
 
-
 
Dispositions
 
 
2,904,601
 
 
10,573,134
 
 
13,477,735
 
Accretion of net discount
 
 
-
 
 
1,865,398
 
 
1,865,398
 
Realized gain on paydowns
 
 
-
 
 
79,149
 
 
79,149
 
Realized credit losses
 
 
1,378,796
 
 
-
 
 
1,378,796
 
Addition to credit reserves
 
 
(20,994)
 
 
20,994
 
 
-
 
Release of credit reserves
 
 
-
 
 
-
 
 
-
 
Ending balance at March 31, 2016
 
$
(4,629,162)
 
$
(44,741,600)
 
$
(49,370,762)
 
 
 
 
December 31, 2015
 
 
 
Designated
 
Unamortized
 
 
 
 
 
 
credit reserve
 
net discount
 
Total
 
Beginning Balance as of January 1, 2015
 
$
(12,697,796)
 
$
(17,454,022)
 
$
(30,151,818)
 
Cumulative - effect adjustment for Linked Transactions
 
 
(36,627,321)
 
 
(47,091,958)
 
 
(83,719,279)
 
Adjusted beginning Balance as of January 1, 2015
 
 
(49,325,117)
 
 
(64,545,980)
 
 
(113,871,097)
 
Acquisitions
 
 
-
 
 
(24,446,013)
 
 
(24,446,013)
 
Dispositions
 
 
-
 
 
20,963,895
 
 
20,963,895
 
Accretion of net discount
 
 
30,201,676
 
 
13,061,839
 
 
43,263,515
 
Realized gain (loss) on paydowns
 
 
-
 
 
226,553
 
 
226,553
 
Realized credit losses
 
 
10,582,246
 
 
(2,890,939)
 
 
7,691,307
 
Addition to credit reserves
 
 
(2,669,938)
 
 
2,669,938
 
 
-
 
Release of credit reserves
 
 
2,319,568
 
 
(2,319,568)
 
 
-
 
Ending balance at December 31, 2015
 
$
(8,891,565)
 
$
(57,280,275)
 
$
(66,171,840)
 
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, 2016 and March 31, 2015:
 
 
 
Three Months Ended March 31, 2016
 
Three Months Ended March 31, 2015
 
 
 
 
 
 
Net (premium
 
 
 
 
 
 
 
Net (premium
 
 
 
 
 
 
Coupon
 
amortization)/
 
Interest
 
Coupon
 
amortization)/
 
Interest
 
 
 
interest
 
discount accretion
 
income
 
interest
 
discount accretion
 
income
 
Agency
 
$
2,023,202
 
$
23,184
 
$
2,046,386
 
$
1,991,553
 
$
148,255
 
$
2,139,808
 
Non-Agency
 
 
762,081
 
 
496,838
 
 
1,258,919
 
 
303,510
 
 
2,858,679
 
 
3,162,189
 
Multi-Family
 
 
257,869
 
 
1,335,864
 
 
1,593,733
 
 
456,266
 
 
1,047,695
 
 
1,503,961
 
Total
 
$
3,043,152
 
$
1,855,886
 
$
4,899,038
 
$
2,751,329
 
$
4,054,629
 
$
6,805,958