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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, 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
September 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 | - |  | 258,246 |  | - |  | 258,246
Ending balance -September 30, 2014 | $ 187,129 |  | $ 1,584,649 |  | $ 100,114 |  | $ 1,871,892
Ending balance: individually evaluated for impairment | $ - |  | $ 153,446 |  | $ - |  | $ 153,446
Ending balance: collectively evaluated for impairment | $ 187,129 |  | $ 1,431,203 |  | $ 100,114 |  | $ 1,718,446
Ending balance: loans acquired with deteriorated credit quality | $ - |  | $ - |  | $ - |  | $ -
Mortgage loans: |  |  |  |  |  |  |
Ending balance | $ 43,403,890 |  | $ 51,600,930 |  | $ 29,632,638 |  | $ 124,637,458
Ending balance: individually evaluated for impairment | $ - |  | $ 1,387,426 |  | $ - |  | $ 1,387,426
Ending balance: collectively evaluated for impairment | $ 43,403,890 |  | $ 50,213,504 |  | $ 29,632,638 |  | $ 123,250,032
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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