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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, 2016
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, 2016 |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |
Beginning balance - January 1, 2016 | $ 187,129 |  | $ 1,560,877 |  | $ 100,114 |  | $ 1,848,120
Charge-offs | - |  | (60,628) |  | - |  | (60,628)
Provision | - |  | 417,044 |  | - |  | 417,044
Ending balance -June 30, 2016 | $ 187,129 |  | $ 1,917,293 |  | $ 100,114 |  | $ 2,204,536
Ending balance: individually evaluated for impairment | $ - |  | $ 456,262 |  | $ - |  | $ 456,262
Ending balance: collectively evaluated for impairment | $ 187,129 |  | $ 1,461,031 |  | $ 100,114 |  | $ 1,748,274
Ending balance: loans acquired with deteriorated credit quality | $ - |  | $ - |  | $ - |  | $ -
Mortgage loans: |  |  |  |  |  |  |
Ending balance | $ 36,034,037 |  | $ 52,719,167 |  | $ 44,834,079 |  | $ 133,587,283
Ending balance: individually evaluated for impairment | $ - |  | $ 4,321,276 |  | $ - |  | $ 4,321,276
Ending balance: collectively evaluated for impairment | $ 36,034,037 |  | $ 48,397,891 |  | $ 44,834,079 |  | $ 129,266,007
Ending balance: loans acquired with deteriorated credit quality | $ - |  | $ - |  | $ - |  | $ -
December 31, 2015 |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |
Beginning balance - January 1, 2015 | $ 187,129 |  | $ 1,715,812 |  | $ 100,114 |  | $ 2,003,055
Charge-offs | - |  | (123,942) |  | - |  | (123,942)
Provision | - |  | (30,993) |  | - |  | (30,993)
Ending balance - December 31, 2015 | $ 187,129 |  | $ 1,560,877 |  | $ 100,114 |  | $ 1,848,120
Ending balance: individually evaluated for impairment | $ - |  | $ 305,962 |  | $ - |  | $ 305,962
Ending balance: collectively evaluated for impairment | $ 187,129 |  | $ 1,254,915 |  | $ 100,114 |  | $ 1,542,158
Ending balance: loans acquired with deteriorated credit quality | $ - |  | $ - |  | $ - |  | $ -
Mortgage loans: |  |  |  |  |  |  |
Ending balance | $ 33,522,978 |  | $ 46,020,490 |  | $ 34,851,557 |  | $ 114,395,025
Ending balance: individually evaluated for impairment | $ - |  | $ 3,087,161 |  | $ 93,269 |  | $ 3,180,430
Ending balance: collectively evaluated for impairment | $ 33,522,978 |  | $ 42,933,329 |  | $ 34,758,287 |  | $ 111,214,594
Ending balance: loans acquired with deteriorated credit quality | $ - |  | $ - |  | $ - |  | $ -

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