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20) Mortgage Servicing Rights: Schedule of mortgage servicing rights (Tables)
 12 Months Ended
Dec. 31, 2013
Tables/Schedules  
Schedule of mortgage servicing rights

 

The following table presents the MSR activity for 2013 and 2012.

 

 

December 31 2013

 

2013

2012

Amortized cost:

 

 

Balance before valuation allowance at beginning of year

 $  2,797,470

 $                    -

MSRs received as proceeds from loan sales

      2,494,254

           2,797,470

Amortization

       (447,623)

                       -

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

                  -

                       -

Balance before valuation allowance at year end

 $  4,844,101

 $        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

  $  4,844,101

  $        2,797,470

 

 

 

Estimated fair value of MSRs at year end

 $  5,491,270

 $        2,797,470