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3) Investments: Schedule of Allowance for loan losses as a contra-asset account (Tables) | 6 Months Ended
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Jun. 30, 2014
Tables/Schedules |
Schedule of Allowance for loan losses as a contra-asset account |
Allowance for Credit Losses and Recorded Investment in Mortgage Loans
| Commercial |  | Residential |  | Residential Construction |  | Total
June 30, 2014 |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |
Beginning balance - January 1, 2014 | $ 187,129 |  | $ 1,364,847 |  | $ 100,114 |  | $ 1,652,090
Charge-offs | - |  | (38,444) |  | - |  | (38,444)
Provision | - |  | 81,286 |  | - |  | 81,286
Ending balance -June 30, 2014 | $ 187,129 |  | $ 1,407,689 |  | $ 100,114 |  | $ 1,694,932
Ending balance: individually evaluated for impairment | $ - |  | $ 119,897 |  | $ - |  | $ 119,897
Ending balance: collectively evaluated for impairment | $ 187,129 |  | $ 1,287,792 |  | $ 100,114 |  | $ 1,575,035
Ending balance: loans acquired with deteriorated credit quality | $ - |  | $ - |  | $ - |  | $ -
Mortgage loans: |  |  |  |  |  |  |
Ending balance | $ 47,266,708 |  | $ 61,422,422 |  | $ 20,414,105 |  | $ 129,103,235
Ending balance: individually evaluated for impairment | $ - |  | $ 960,360 |  | $ - |  | $ 960,360
Ending balance: collectively evaluated for impairment | $ 47,266,708 |  | $ 60,462,062 |  | $ 20,414,105 |  | $ 128,142,875
Ending balance: loans acquired with deteriorated credit quality | $ - |  | $ - |  | $ - |  | $ -
December 31, 2013 |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |
Beginning balance - January 1, 2013 | $ - |  | $ 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 - December 31, 2013 | $ 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 | $ - |  | $ - |  | $ - |  | $ -

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