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3) Investments: Schedule of Allowance for loan losses as a contra-asset account (Tables)
 9 Months Ended
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

 $                    -

 $                    -

 $                    -

 $                    -