Note 3 - Securities Purchased Under Agreements to Resell

12 Months Ended

Dec. 31, 2012

Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block]

3.     Securities Purchased under Agreements to Resell

Securities purchased under agreements to resell are usually collateralized by U.S. government agency and mortgage-backed securities.  The counter-parties to these agreements are nationally recognized investment banking firms that meet creditrequirements of the Company and with whom a master repurchase agreement has been duly executed.  There were no resale agreements at December 31, 2012, and at December 31, 2011.

The following table sets forth information with respect to securities purchased under agreements to resell.

	2012			2011
	(In thousands)
Balance, December 31	$	-		$	-
Annualized weighted-average interest rate, December 31		0.00	%		0.00	%
Daily average amount outstanding during the year	$	14,986		$	84,493
Weighted-average interest rate for the year		0.12	%		0.10	%
Maximum amount outstanding at any month end	$	50,000		$	255,000

        For those securities obtained under the resale agreements, the collateral is either held by a third party custodian or by the counter party and is segregated under written agreements that recognize the Company’s interest in the securities.  Interest income associated with securities purchased under resale agreements was $18,000 for 2012, $83,000 for 2011, and $14,000 for 2010.