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3) Investments: Schedule of Allowance for loan losses as a contra-asset account (Tables) | 9 Months Ended
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Sep. 30, 2013
Tables/Schedules |
Schedule of Allowance for loan losses as a contra-asset account | The following is a summary of the allowance for loan losses as a contra-asset account for the periods presented:
Allowance for Credit Losses and Recorded Investment in Mortgage Loans
| Commercial |  | Residential |  | Residential Construction |  | Total
September 30, 2013 |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |
Beginning balance - January 1, 2013 | $ - |  | $ 4,193,674 |  | $ 46,187 |  | $ 4,239,861
Charge-offs | - |  | (380,375) |  | - |  | (380,375)
Provision | 187,129 |  | (87,811) |  | 191,556 |  | 290,874
Ending balance -September 30, 2013 | $ 187,129 |  | $ 3,725,488 |  | $ 237,743 |  | $ 4,150,360
Ending balance: individually evaluated for impairment | $ - |  | $ 301,870 |  | $ 137,629 |  | $ 439,499
Ending balance: collectively evaluated for impairment | $ 187,129 |  | $ 3,423,618 |  | $ 100,114 |  | $ 3,710,861
Ending balance: loans acquired with deteriorated credit quality | $ - |  | $ - |  | $ - |  | $ -
Mortgage loans: |  |  |  |  |  |  |
Ending balance | $ 37,567,592 |  | $ 47,668,697 |  | $ 9,885,587 |  | $ 95,121,876
Ending balance: individually evaluated for impairment | $ - |  | $ 2,008,714 |  | $ 226,629 |  | $ 2,235,343
Ending balance: collectively evaluated for impairment | $ 37,567,592 |  | $ 45,659,983 |  | $ 9,658,958 |  | $ 92,886,533
Ending balance: loans acquired with deteriorated credit quality | $ - |  | $ - |  | $ - |  | $ -
December 31, 2012 |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |
Beginning balance - January 1, 2012 | $ - |  | $ 4,338,805 |  | $ 542,368 |  | $ 4,881,173
Charge-offs | - |  | (560,699) |  | (514,442) |  | (1,075,141)
Provision | - |  | 415,568 |  | 18,261 |  | 433,829
Ending balance - December 31, 2012 | $ - |  | $ 4,193,674 |  | $ 46,187 |  | $ 4,239,861
Ending balance: individually evaluated for impairment | $ - |  | $ 692,199 |  | $ - |  | $ 692,199
Ending balance: collectively evaluated for impairment | $ - |  | $ 3,501,475 |  | $ 46,187 |  | $ 3,547,662
Ending balance: loans acquired with deteriorated credit quality | $ - |  | $ - |  | $ - |  | $ -
Mortgage loans: |  |  |  |  |  |  |
Ending balance | $ 34,956,031 |  | $ 50,584,923 |  | $ 3,161,112 |  | $ 88,702,066
Ending balance: individually evaluated for impairment | $ - |  | $ 4,692,517 |  | $ 1,346,126 |  | $ 6,038,643
Ending balance: collectively evaluated for impairment | $ 34,956,031 |  | $ 45,892,406 |  | $ 1,814,986 |  | $ 82,663,423
Ending balance: loans acquired with deteriorated credit quality | $ - |  | $ - |  | $ - |  | $ -

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