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

 $                    -

 $                    -

 $                    -

 $                    -