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Note 2: Investments: The Following Is A Summary of The Allowance For Loan Losses As A Contra-asset Account For The Periods Presented (Tables)
 12 Months Ended
Dec. 31, 2013
Tables/Schedules  
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

For the Years Ended December 31, 2013, and 2012

 

 

 

 

 

 

 

 

 

  Commercial

 

  Residential

 

  Residential Construction

 

  Total

2013

 

 

 

 

 

 

 

Allowance for credit losses:

 

 

 

 

 

 

 

 Beginning balance

 $                  -

 

 $   4,193,674

 

 $        46,187

 

 $     4,239,861

   Charge-offs

                     -

 

    (2,670,794)

 

       (137,629)

 

       (2,808,423)

   Provision

         187,129

 

       (158,033)

 

         191,556

 

           220,652

 Ending balance

 $      187,129

 

 $   1,364,847

 

 $      100,114

 

 $     1,652,090

 

 

 

 

 

 

 

 

 Ending balance: individually evaluated for impairment

 $                  -

 

 $      152,745

 

 $                  -

 

 $        152,745

 

 

 

 

 

 

 

 

 Ending balance: collectively evaluated for impairment

 $      187,129

 

 $   1,212,102

 

 $      100,114

 

 $     1,499,345

 

 

 

 

 

 

 

 

 Ending balance: loans acquired with deteriorated credit quality

 $                  -

 

 $                  -

 

 $                  -

 

 $                    -

 

 

 

 

 

 

 

 

Mortgage loans:

 

 

 

 

 

 

 

 Ending balance

 $ 41,653,009

 

 $ 49,868,486

 

 $ 12,912,473

 

 $ 104,433,968

 

 

 

 

 

 

 

 

 Ending balance: individually evaluated for impairment

 $                  -

 

 $   1,518,327

 

 $                  -

 

 $     1,518,327

 

 

 

 

 

 

 

 

 Ending balance: collectively evaluated for impairment

 $ 41,653,009

 

 $ 48,350,159

 

 $ 12,912,473

 

 $ 102,915,641

 

 

 

 

 

 

 

 

 Ending balance: loans acquired with deteriorated credit quality

 $                  -

 

 $                  -

 

 $                  -

 

 $                    -

 

 

 

 

 

 

 

 

2012

 

 

 

 

 

 

 

Allowance for credit losses:

 

 

 

 

 

 

 

 Beginning balance

 $                  -

 

 $   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

 $                  -

 

 $   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

 $                  -

 

 $                  -

 

 $                  -

 

 $                    -