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AVAILABLE-FOR-SALE SECURITIES (as restated) (Tables)
 12 Months Ended
Dec. 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 December 31, 2016 and December 31, 2015:
 
 
 
December 31, 2016
 
 
December 31, 2015
 
Mortgage-backed securities:
 
 
 
 
 
 
 
 
Agency
 
 
 
 
 
 
 
 
Federal Home Loan Mortgage Corporation
 
$
326,958,046
 
 
$
148,760,159
 
Federal National Mortgage Association
 
 
463,232,187
 
 
 
182,867,134
 
Government National Mortgage Association
 
 
-
 
 
 
43,705,764
 
Non-Agency
 
 
7,592,802
 
 
 
92,107,727
 
Multi-Family
 
 
73,146,566
 
 
 
104,025,797
 
Total mortgage-backed securities
 
$
870,929,601
 
 
$
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 December 31, 2016 and December 31, 2015:
 
 
 
December 31, 2016
 
 
 
Agency
 
 
Non-Agency
(1)
 
 
Multi-Family
 
 
Total
 
Face Value
 
$
779,219,115
 
 
$
4,393,771
 
 
$
100,907,815
 
 
$
884,520,701
 
Unamortized premium
 
 
17,748,138
 
 
 
-
 
 
 
-
 
 
 
17,748,138
 
Unamortized discount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Designated credit reserve and OTTI
(2)
 
 
-
 
 
 
(1,929,833
)
 
 
-
 
 
 
(1,929,833
)
Net, unamortized
 
 
(1,311,292
)
 
 
(369,887
)
 
 
(26,160,083
)
 
 
(27,841,262
)
Amortized Cost
 
 
795,655,961
 
 
 
2,094,051
 
 
 
74,747,732
 
 
 
872,497,744
 
Gross unrealized gain
 
 
2,663,975
 
 
 
234,647
 
 
 
509,519
 
 
 
3,408,141
 
Gross unrealized (loss)
 
 
(8,129,703
)
 
 
-
 
 
 
(2,110,685
)
 
 
(10,240,388
)
Fair Value
 
$
790,190,233
 
 
$
2,328,698
 
 
$
73,146,566
 
 
$
865,665,497
 
 
 
 
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 $509,109,248, book value of $14,712,374 unrealized loss of $9,448,271 and a fair value of $5,264,104 at December 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 at 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 $1,929,833 and $8,146,073 at December 31, 2016 and December 31, 2015, respectively, and OTTI of ($745,492) and $745,492 at December 31, 2016 and December 31, 2015, respectively.
 
At December 31, 2016, the Company did not intend to sell any of its MBS that were in an unrealized loss position, and it is “more likely than not” that the Company will not be required to sell these MBS before recovery of their amortized cost basis, which may be at their maturity.
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block]
The following table present the composition of OTTI charges recorded by the Company for the years ended December 31, 2016, 2015, and 2014:
 
 
 
Year Ended
 
 
 
December 31,
 
 
 
2016
 
 
2015
 
 
2014
 
Cumulative credit loss at beginning of period
 
$
(3,636,431
)
 
$
-
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Additions:
 
 
 
 
 
 
 
 
 
 
 
 
Initial (increase) in credit reserves
 
 
(541,342
)
 
 
(745,492
)
 
 
-
 
Subsequent (increase) in credit reserves
 
 
 
 
 
 
-
 
 
 
-
 
Initial additional other-than-temporary credit impairment losses
 
 
(183,790
)
 
 
(2,890,939
)
 
 
-
 
Subsequent additional other-than-temporary credit impairment losses
 
 
 
 
 
 
-
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reductions:
 
 
 
 
 
 
 
 
 
 
 
 
For securities sold decrease in credit reserves
 
 
1,286,835
 
 
 
-
 
 
 
-
 
For securities sold decrease in other-than-temporary impairment
 
 
-
 
 
 
-
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cumulative credit (loss) at end of period
 
$
(3,074,728
)
 
$
(3,636,431
)
 
 
-
 
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 five were in an unrealized loss position for more than twelve months.
 
 
 
Less than 12 months
 
 
Greater than 12 months
 
 
Total
 
 
 
Estimated Fair


Value
 
 
Gross Unrealized


Losses
 
 
Estimated Fair


Value
 
 
Gross Unrealized


Losses
 
 
Estimated Fair


Value
 
 
Gross Unrealized


Losses
 
December 31, 2016
 
$
619,414,077
 
 
$
(8,129,704
)
 
$
45,879,433
 
 
$
(2,110,684
)
 
$
665,293,510
 
 
$
(10,240,388
)
December 31, 2015
 
$
348,120,251
 
 
$
(5,983,726
)
 
$
6,939,257
 
 
$
(405,720
)
 
$
355,059,508
 
 
$
(6,389,446
)
Summary of Net Realized Gain (Loss) From the Sale of AFS Securities [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 years ended December 2016, December 2015, and December 2014.
 
 
 
December 31, 2016
 
 
December 31, 2015
 
 
December 31, 2014
 
AFS securities sold, at cost
 
$
268,849,640
 
 
$
267,741,325
 
 
$
462,470,753
 
Proceeds from AFS securities sold
 
 
263,143,871
 
 
 
267,567,905
 
 
 
466,239,975
 
Net realized gain (loss) on sale of AFS securities
 
$
(5,705,769
)
 
$
(173,420
)
 
$
3,769,222
 
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 December 31, 2016 and December 31, 2015:
 
 
 
December 31, 2016
 
 
 
Agency
 
 
Non-Agency
 
 
Multi-Family
 
 
Total
 
Adjustable rate
 
$
788,727,476
 
 
$
7,592,802
 
 
$
-
 
 
$
796,320,278
 
Fixed rate
 
 
1,462,757
 
 
 
-
 
 
 
73,146,566
 
 
 
74,609,323
 
Total
 
$
790,190,233
 
 
$
7,592,802
 
 
$
73,146,566
 
 
$
870,929,601
 
 
 
 
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 December 31, 2016 and December 31, 2015:
 
 
 
December 31, 2016
 
 
December 31, 2015
 
Less than one year
 
$
-
 
 
$
-
 
Greater than one year and less than five years
 
 
399,872,894
 
 
 
211,800,340
 
Greater than or equal to five years
 
 
471,056,707
 
 
 
359,666,241
 
Total
 
$
870,929,601
 
 
$
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 year ended December 31, 2016 and the year ended December 31, 2015 of the unamortized net discount and designated credit reserves on the Company’s MBS.
 
 
 
December 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
 
 
4,893,913
 
 
 
21,637,637
 
 
 
26,531,550
 
Accretion of net discount
 
 
-
 
 
 
6,703,365
 
 
 
6,703,365
 
Realized gain on paydowns
 
 
-
 
 
 
325,709
 
 
 
325,709
 
Realized credit losses
 
 
3,023,911
 
 
 
(183,790
)
 
 
2,840,121
 
Addition to credit reserves
 
 
(1,021,433
)
 
 
1,021,433
 
 
 
-
 
Release of credit reserves
 
 
65,341
 
 
 
(65,341
)
 
 
-
 
Ending balance at December 31, 2016
 
$
(1,929,833
)
 
$
(27,841,262
)
 
$
(29,771,095
)
 
 
 
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 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 years December 31, 2016, December 31, 2015, December 31, 2014:
 
 
 
Year Ended December 31, 2016
 
 
 
 
 
 
Net (premium
 
 
 
 
 
 
Coupon
 
 
amortization)/
 
 
Interest
 
 
 
interest
 
 
discount accretion
 
 
income
 
Agency
 
$
13,138,828
 
 
$
341,020
 
 
$
13,479,848
 
Non-Agency
 
 
2,579,344
 
 
 
1,343,594
 
 
 
3,922,938
 
Multi-Family
 
 
1,006,106
 
 
 
5,066,873
 
 
 
6,072,979
 
Total
 
$
16,724,278
 
 
$
6,751,487
 
 
$
23,475,765
 
 
 
 
Year Ended December 31, 2015
 
 
 
 
 
 
Net (premium
 
 
 
 
 
 
Coupon
 
 
amortization)/
 
 
Interest
 
 
 
interest
 
 
discount accretion
 
 
income
 
Agency
 
$
7,286,166
 
 
$
241,550
 
 
$
7,527,716
 
Non-Agency
 
 
2,357,814
 
 
 
7,653,839
 
 
 
10,011,653
 
Multi-Family
 
 
1,443,326
 
 
 
5,315,461
 
 
 
6,758,787
 
Total
 
$
11,087,306
 
 
$
13,210,850
 
 
$
24,298,156
 
 
 
 
Year Ended December 31, 2014
 
 
 
 
 
 
Net (premium
 
 
 
 
 
 
Coupon
 
 
amortization)/
 
 
Interest
 
 
 
interest
 
 
discount accretion
 
 
income
 
Agency
 
$
11,409,239
 
 
$
603,547
 
 
$
12,012,786
 
Non-Agency
 
 
261,050
 
 
 
4,077,481
 
 
 
4,338,531
 
Multi-Family
 
 
184,411
 
 
 
24,610
 
 
 
209,021
 
Total
 
$
11,854,700
 
 
$
4,705,638
 
 
$
16,560,338