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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, 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
June 30, 2017 |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |
Beginning balance - January 1, 2017 | $ 187,129 |  | $ 1,461,540 |  | $ 100,114 |  | $ 1,748,783
Charge-offs | - |  | (49,775) |  | (64,894) |  | (114,669)
Provision | - |  | 286,914 |  | - |  | 286,914
Ending balance - June 30, 2017 | $ 187,129 |  | $ 1,698,679 |  | $ 35,220 |  | $ 1,921,028
Ending balance: individually evaluated for impairment | $ - |  | $ 397,938 |  | $ - |  | $ 397,938
Ending balance: collectively evaluated for impairment | $ 187,129 |  | $ 1,300,741 |  | $ 35,220 |  | $ 1,523,090
Mortgage loans: |  |  |  |  |  |  |
Ending balance | $ 39,763,788 |  | $ 63,031,000 |  | $ 34,512,524 |  | $ 137,307,312
Ending balance: individually evaluated for impairment | $ 1,216,035 |  | $ 5,092,895 |  | $ 375,233 |  | $ 6,684,163
Ending balance: collectively evaluated for impairment | $ 38,547,753 |  | $ 57,938,105 |  | $ 34,137,291 |  | $ 130,623,149
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
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

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