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3) Investments: Schedule of Allowance for loan losses as a contra-asset account (Tables) | 3 Months Ended
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Mar. 31, 2017
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
March 31, 2017 |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |
Beginning balance - January 1, 2017 | $187,129 |  | $1,461,540 |  | $100,114 |  | $1,748,783
Charge-offs | - |  | (16,226) |  | - |  | (16,226)
Provision | - |  | 222,886 |  | - |  | 222,886
Ending balance -March 31, 2017 | $187,129 |  | $1,668,200 |  | $100,114 |  | $1,955,443
Ending balance: individually evaluated for impairment | $- |  | $423,487 |  | $- |  | $423,487
Ending balance: collectively evaluated for impairment | $187,129 |  | $1,244,713 |  | $100,114 |  | $1,531,956
Ending balance: loans acquired with deteriorated credit quality | $- |  | $- |  | $- |  | $-
Mortgage loans: |  |  |  |  |  |  |
Ending balance | $37,532,001 |  | $64,629,906 |  | $33,917,309 |  | $136,079,216
Ending balance: individually evaluated for impairment | $203,264 |  | $4,842,306 |  | $484,196 |  | $5,529,766
Ending balance: collectively evaluated for impairment | $37,328,737 |  | $59,787,600 |  | $33,433,113 |  | $130,549,450
Ending balance: loans acquired with deteriorated credit quality | $- |  | $- |  | $- |  | $-
December 31, 2016 |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |
Beginning balance - January 1, 2016 | $187,129 |  | $1,560,877 |  | $100,114 |  | $1,848,120
Charge-offs | - |  | (420,135) |  | - |  | (420,135)
Provision | - |  | 320,798 |  | - |  | 320,798
Ending balance - December 31, 2016 | $187,129 |  | $1,461,540 |  | $100,114 |  | $1,748,783
Ending balance: individually evaluated for impairment | $- |  | $374,501 |  | $- |  | $374,501
Ending balance: collectively evaluated for impairment | $187,129 |  | $1,087,039 |  | $100,114 |  | $1,374,282
Ending balance: loans acquired with deteriorated credit quality | $- |  | $- |  | $- |  | $-
Mortgage loans: |  |  |  |  |  |  |
Ending balance | $51,536,622 |  | $58,593,622 |  | $40,800,117 |  | $150,930,361
Ending balance: individually evaluated for impairment | $202,992 |  | $2,916,538 |  | $64,895 |  | $3,184,425
Ending balance: collectively evaluated for impairment | $51,333,630 |  | $55,677,084 |  | $40,735,222 |  | $147,745,936
Ending balance: loans acquired with deteriorated credit quality | $- |  | $- |  | $- |  | $-

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