Note 8 - Derivative Financial Instruments	9 Months Ended
Sep. 30, 2017
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	NOTE 8 - Derivative Financial Instruments In September 2017 the Company began originating and selling mortgage loans under mandatory delivery sales commitments in an effort to realize greater sales gains and entering into fixed-rate MBS forward commitments to mitigate the resulting pipeline interest rate risk. Although the MBS forward sales commitments serve as financial interest rate hedges, the Company does not designate any of its derivative financial instruments as hedges for accounting purposes. O utstanding derivative financial instrument assets at September 30, 2017 include $235,000 in interest rate lock commitments and $21,000 in derivative hedge instruments. Net gains recognized by the Company on its derivative financial instruments, which are included in "Gain on sale of loans" on its consolidated statements of operations for the three and nine months ended September 30, 2017 were $ 260,000 , including $ 235,000 from interest rate lock commitments and $ 24,000 from MBS forward trades. The notional amount of open MBS forward trades at September 30, 2017 was $12.2 million. The Company has exposure to credit loss in the event of contractual non-performance by its trading counterparties and counterparties to the over-the-counter derivative financial instruments that the Company uses in its interest rate risk management activities. The Company manages this credit risk by selecting only top-tier national investment firms the Company believes to be financially strong, spreading the credit risk among at least three such broker/dealer counterparties and by entering into netting agreements with the counterparties, as appropriate. The Company has entered into agreements with three derivative counterparties, a portion of which include netting arrangements whereby the counterparties are entitled to settle their positions on a net basis. However, with respect to this portion of its derivatives, the Company presents such amounts on a gross basis in its financial statements. In certain circumstances, the Company may be required to provide certain derivative counterparties collateral against derivative financial instruments. As of September 30, 2017, these counterparties did not hold any of the Company’s cash or cash equivalents in margin accounts as collateral (which would be classified as "Restricted cash" on the Company's consolidated balance sheets). The Company was in a $24,000 net credit/gain position to those counterparties at September 30, 2017. The Company has never incurred credit losses due to non-performance of its counterparties.

NOTE

Derivative Financial Instruments

September 2017

the Company began originating and selling mortgage loans under mandatory delivery sales commitments in an effort to realize greater sales gains and

entering into fixed-rate MBS forward commitments to mitigate the resulting pipeline interest rate risk. Although the MBS forward sales commitments serve as financial interest rate hedges, the Company does

not

designate any of its derivative financial instruments as hedges for accounting purposes.

utstanding derivative financial instrument assets at

September 30, 2017

include

$235,000

in interest rate lock commitments and

$21,000

in derivative hedge instruments. Net gains recognized by the Company on its derivative financial instruments, which are included in "Gain on sale of loans" on its consolidated statements of operations for the

three

and

nine

months ended

September 30, 2017

were

260,000

including

235,000

from interest rate lock commitments and

24,000

from MBS forward trades.

The notional amount of open MBS forward trades at

September 30, 2017

was

$12.2

million.

The Company has exposure to credit loss in the event of contractual non-performance by its trading counterparties and counterparties to the over-the-counter derivative financial instruments that the Company uses in its interest rate risk management activities. The Company manages this credit risk by selecting only

top-tier national investment firms the Company believes to be financially strong, spreading the credit risk among at least

three

such broker/dealer counterparties and by entering into netting agreements with the counterparties, as appropriate.

The Company has entered into agreements with

three

derivative counterparties, a portion of which include netting arrangements whereby the counterparties are entitled to settle their positions on a net basis. However, with respect to this portion of its derivatives, the Company presents such amounts on a gross basis in its financial statements. In certain circumstances, the Company

may

be required to provide certain derivative counterparties collateral against derivative financial instruments. As of

September 30, 2017,

these

counterparties did

not

hold any of the Company’s cash or cash equivalents in margin accounts as collateral (which would be classified as "Restricted cash" on the Company's consolidated balance sheets). The Company was in a

$24,000

net credit/gain position to those counterparties at

September 30, 2017.

The Company has never incurred credit losses due to non-performance of its counterparties.