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14) Mortgage Servicing Rights: Schedule of mortgage servicing rights (Tables)
 6 Months Ended
Jun. 30, 2013
Tables/Schedules  
Schedule of mortgage servicing rights

The following is a summary of the MSR activity for the periods presented.

 

As of June 30

As of December 31

2013

2012

Amortized cost:

Balance before valuation allowance at beginning of year

 $    2,797,470

 $            -

MSRs received as proceeds from loan sales

      1,431,733

       2,797,470

Amortization

       (190,973)

              -

Application of valuation allowance to write down MSRs   with other than temporary impairment

            -

              -

Balance before valuation allowance at year end

 $    4,038,230

 $      2,797,470

Valuation allowance for impairment of MSRs:

Balance at beginning of year

 $          -

 $            -

Additions

            -

              -

Application of valuation allowance to write down MSRs   with other than temporary impairment

            -

              -

Balance at year end

 $          -

 $            -

Mortgage servicing rights, net

 $    4,038,230

 $      2,797,470

Estimated fair value of MSRs at year end

$    4,038,230

$      2,797,470