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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, 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
September 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 | - |  | 417,704 |  | - |  | 417,704
Ending balance - September 30, 2017 | $ 187,129 |  | $ 1,829,469 |  | $ 35,220 |  | $ 2,051,818
Ending balance: individually evaluated for impairment | $ - |  | $ 411,172 |  | $ - |  | $ 411,172
Ending balance: collectively evaluated for impairment | $ 187,129 |  | $ 1,418,297 |  | $ 35,220 |  | $ 1,640,646
Mortgage loans: |  |  |  |  |  |  |
Ending balance | $ 42,923,761 |  | $ 65,759,761 |  | $ 41,306,722 |  | $ 149,990,244
Ending balance: individually evaluated for impairment | $ 203,806 |  | $ 5,425,757 |  | $ - |  | $ 5,629,563
Ending balance: collectively evaluated for impairment | $ 42,719,955 |  | $ 60,334,004 |  | $ 41,306,722 |  | $ 144,360,681
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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