|
Note 8 - Derivatives Instruments and Hedging Activities (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
| Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] |
|
Derivatives Not Designated
as Hedging Instruments
|
|
Balance Sheet Location
|
|
December 31,
2013
|
|
|
December 31,
2012
|
|
|
TBA securities (1)
|
|
Derivative assets
|
|
$
|
190,742
|
|
|
$
|
244,789
|
|
|
U.S. Treasury futures
|
|
Derivative assets
|
|
|
3,257
|
|
|
|
676
|
|
|
Swaptions
|
|
Derivative assets
|
|
|
1,305
|
|
|
|
597
|
|
|
Interest rate swap futures
|
|
Derivative assets
|
|
|
238
|
|
|
|
8
|
|
|
Options on U.S. Treasury futures
|
|
Derivative assets
|
|
|
7
|
|
|
|
59
|
|
|
Eurodollar futures
|
|
Derivative liabilities
|
|
|
1,432
|
|
|
|
3,798
|
|
|
| Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] |
|
|
|
Notional Amount For the Year Ended December 31, 2013
|
|
|
Derivatives Not Designated
as Hedging Instruments
|
|
December 31, 2012
|
|
|
Additions
|
|
|
Settlement, Expiration
or Exercise
|
|
|
December 31, 2013
|
|
|
TBA securities
|
|
$
|
234,000
|
|
|
$
|
2,563,000
|
|
|
$
|
(2,609,000
|
)
|
|
$
|
188,000
|
|
|
U.S. Treasury futures
|
|
|
(172,100
|
)
|
|
|
875,600
|
|
|
|
(715,400
|
)
|
|
|
(11,900
|
)
|
|
Interest rate swap futures
|
|
|
(13,000
|
)
|
|
|
542,700
|
|
|
|
(772,400
|
)
|
|
|
(242,700
|
)
|
|
Eurodollar futures
|
|
|
(2,852,000
|
)
|
|
|
3,492,000
|
|
|
|
(4,000,000
|
)
|
|
|
(3,360,000
|
)
|
|
Options on U.S. Treasury futures
|
|
|
70,000
|
|
|
|
310,000
|
|
|
|
(340,000
|
)
|
|
|
40,000
|
|
|
Swaptions
|
|
|
100,000
|
|
|
|
—
|
|
|
|
—
|
|
|
|
100,000
|
|
|
|
|
Notional Amount For the Year Ended December 31, 2012
|
|
|
Derivatives Not Designated
as Hedging Instruments
|
|
December 31, 2011
|
|
|
Additions
|
|
|
Settlement, Expiration
or Exercise
|
|
|
December 31, 2012
|
|
|
TBA securities
|
|
$
|
202,000
|
|
|
$
|
3,088,000
|
|
|
$
|
(3,056,000
|
)
|
|
$
|
234,000
|
|
|
U.S. Treasury futures
|
|
|
(92,800
|
)
|
|
|
1,142,100
|
|
|
|
(1,221,400
|
)
|
|
|
(172,100
|
)
|
|
Interest rate swap futures
|
|
|
—
|
|
|
|
6,000
|
|
|
|
(19,000
|
)
|
|
|
(13,000
|
)
|
|
Eurodollar futures
|
|
|
(2,422,000
|
)
|
|
|
1,531,000
|
|
|
|
(1,961,000
|
)
|
|
|
(2,852,000
|
)
|
|
Options on U.S. Treasury futures
|
|
|
199,500
|
|
|
|
1,181,500
|
|
|
|
(1,311,000
|
)
|
|
|
70,000
|
|
|
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] |
|
|
|
Years Ended December 31,
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
|
|
Realized Gains (Losses)
|
|
|
Unrealized Gains (Losses)
|
|
|
Realized Gains (Losses)
|
|
|
Unrealized Gains (Losses)
|
|
|
Realized Gains (Losses)
|
|
|
Unrealized Gains (Losses)
|
|
|
TBA
|
|
$
|
(12,393
|
)
|
|
$
|
(629
|
)
|
|
$
|
16,397
|
|
|
$
|
(1,347
|
)
|
|
$
|
2,886
|
|
|
$
|
1,363
|
|
|
Eurodollar Futures (1)
|
|
|
(3,591
|
)
|
|
|
2,366
|
|
|
|
(1,042
|
)
|
|
|
(2,049
|
)
|
|
|
(1,986
|
)
|
|
|
(1,749
|
)
|
|
Swaptions
|
|
|
—
|
|
|
|
1,153
|
|
|
|
—
|
|
|
|
(268
|
)
|
|
|
—
|
|
|
|
—
|
|
|
U.S. Treasury and Interest rate swap futures and options
|
|
|
5,418
|
|
|
|
2,866
|
|
|
|
(9,548
|
)
|
|
|
1,300
|
|
|
|
(197
|
)
|
|
|
(740
|
)
|
|
Total
|
|
$
|
(10,566
|
)
|
|
$
|
5,756
|
|
|
$
|
5,807
|
|
|
$
|
(2,364
|
)
|
|
$
|
703
|
|
|
$
|
(1,126
|
)
|
|
| Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] |
|
Derivatives Designated
as Hedging Instruments
|
|
Balance Sheet Location
|
|
December 31,
2013
|
|
|
December 31,
2012
|
|
|
Interest Rate Swaps
|
|
Derivative assets
|
|
$
|
2,041
|
|
|
$
|
—
|
|
|
Interest Rate Swaps
|
|
Derivative liabilities
|
|
$
|
—
|
|
|
$
|
1,744
|
|
|
| Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] |
|
|
|
Years Ended December 31,
|
|
|
Derivatives Designated as Hedging Instruments
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
Accumulated other comprehensive income (loss) for derivative instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of the period
|
|
$
|
(1,744
|
)
|
|
$
|
(304
|
)
|
|
$
|
(1,087
|
)
|
|
Unrealized (loss) gain on interest rate swaps
|
|
|
3,785
|
|
|
|
(1,440
|
)
|
|
|
783
|
|
|
Balance at end of the period
|
|
$
|
2,041
|
|
|
$
|
(1,744
|
)
|
|
$
|
(304
|
)
|
|
| Schedule of Interest Rate Derivatives [Table Text Block] |
|
|
|
Years Ended December 31,
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
Interest Rate Swaps:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense-investment securities
|
|
$
|
1,737
|
|
|
$
|
810
|
|
|
$
|
893
|
|
|
| Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] |
|
|
|
December 31, 2013
|
|
|
December 31, 2012
|
|
|
Maturity (1)
|
|
Notional
Amount
|
|
|
Weighted Average
Fixed Pay
Interest Rate
|
|
|
Notional
Amount
|
|
|
Weighted Average
Fixed Pay
Interest Rate
|
|
|
Within 30 Days
|
|
$
|
—
|
|
|
|
—
|
%
|
|
$
|
8,380
|
|
|
|
2.93
|
%
|
|
Over 30 days to 3 months
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Over 3 months to 6 months
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Over 6 months to 12 months
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Over 12 months to 24 months
|
|
|
135,000
|
|
|
|
0.45
|
|
|
|
—
|
|
|
|
—
|
|
|
Over 24 months to 36 months
|
|
|
—
|
|
|
|
—
|
|
|
|
135,000
|
|
|
|
0.45
|
|
|
Over 36 months to 48 months
|
|
|
215,000
|
|
|
|
0.83
|
|
|
|
—
|
|
|
|
—
|
|
|
Over 48 months to 60 months
|
|
|
—
|
|
|
|
—
|
|
|
|
215,000
|
|
|
|
0.83
|
|
|
Total
|
|
$
|
350,000
|
|
|
|
0.69
|
%
|
|
$
|
358,380
|
|
|
|
0.74
|
%
|
|