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3) Investments: Schedule of Allowance for loan losses as a contra-asset account (Tables)
 6 Months Ended
Jun. 30, 2012
Tables/Schedules  
Schedule of Allowance for loan losses as a contra-asset account

 

Allowance for Credit Losses and Recorded Investment in Mortgage Loans

 

Commercial

Residential

Residential Construction

Total

June 30, 2012

Allowance for credit losses:

Beginning balance - January 1, 2011

 $                   -

 $     4,338,805

 $        542,368

 $     4,881,173

   Charge-offs

                       -

          (168,154)

          (250,524)

          (418,678)

   Provision

                       -

           236,915

                       -

           236,915

Ending balance -March 31, 2012

 $                   -

 $     4,407,566

 $        291,844

 $     4,699,410

Ending balance: individually evaluated for impairment

 $                   -

 $        885,968

 $        188,285

 $     1,074,253

Ending balance: collectively evaluated for impairment

 $                   -

 $     3,521,598

 $        103,559

 $     3,625,157

Ending balance: loans acquired with deteriorated credit quality

 $                   -

 $                  -

 $                   -

 $                  -

Mortgage loans:

Ending balance

 $   41,090,847

 $   52,498,871

 $     9,085,386

 $ 102,675,104

Ending balance: individually evaluated for impairment

 $     2,842,962

 $     5,403,395

 $     3,712,761

 $   11,959,118

Ending balance: collectively evaluated for impairment

 $   38,247,885

 $   47,095,476

 $     5,372,625

 $   90,715,986

Ending balance: loans acquired with deteriorated credit quality

 $                   -

 $                  -

 $                   -

 $                  -

December 31, 2011

Allowance for credit losses:

Beginning balance - January 1, 2011

 $                   -

 $     6,212,072

 $        858,370

 $     7,070,442

   Charge-offs

                       -

       (2,994,715)

          (430,274)

       (3,424,989)

   Provision

                       -

        1,121,448

           114,272

        1,235,720

Ending balance - December 31, 2011

 $                   -

 $     4,338,805

 $        542,368

 $     4,881,173

Ending balance: individually evaluated for impairment

 $                   -

 $        738,975

 $        250,524

 $        989,499

Ending balance: collectively evaluated for impairment

 $                   -

 $     3,599,830

 $        291,844

 $     3,891,674

Ending balance: loans acquired with deteriorated credit quality

 $                   -

 $                  -

 $                   -

 $                  -

Mortgage loans:

Ending balance

 $   48,433,147

 $   54,344,327

 $   17,259,666

 $ 120,037,140

Ending balance: individually evaluated for impairment

 $     2,758,235

 $     4,611,995

 $     5,645,865

 $   13,016,095

Ending balance: collectively evaluated for impairment

 $   45,674,912

 $   49,732,332

 $   11,613,801

 $ 107,021,045

Ending balance: loans acquired with deteriorated credit quality

 $                   -

 $                  -

 $                   -

 $                  -