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2) Investments: The Following Is A Summary of The Allowance For Loan Losses As A Contra-asset Account For The Periods Presented (Tables) | 12 Months Ended
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Dec. 31, 2017
Tables/Schedules |
The Following Is A Summary of The Allowance For Loan Losses As A Contra-asset Account For The Periods Presented: |
Allowance for Credit Losses and Recorded Investment in Mortgage Loans Held for Investment
Years Ended December 31
| Commercial |  | Residential |  | Residential Construction |  | Total
2017 |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |
Beginning balance | $ 187,129 |  | $ 1,461,540 |  | $ 100,114 |  | $ 1,748,783
Charge-offs | - |  | (351,357) |  | (64,894) |  | (416,251)
Provision | - |  | 436,264 |  | - |  | 436,264
Ending balance | $ 187,129 |  | $ 1,546,447 |  | $ 35,220 |  | $ 1,768,796
Ending balance: individually evaluated for impairment | $ - |  | $ 237,560 |  | $ - |  | $ 237,560
Ending balance: collectively evaluated for impairment | $ 187,129 |  | $ 1,308,887 |  | $ 35,220 |  | $ 1,531,236
Mortgage loans: |  |  |  |  |  |  |
Ending balance | $ 54,954,865 |  | $ 102,527,111 |  | $ 50,157,533 |  | $ 207,639,509
Ending balance: individually evaluated for impairment | $ - |  | $ 4,923,552 |  | $ 461,834 |  | $ 5,385,386
Ending balance: collectively evaluated for impairment | $ 54,954,865 |  | $ 97,603,559 |  | $ 49,695,699 |  | $ 202,254,123
2016 |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |
Beginning balance | $ 187,129 |  | $ 1,560,877 |  | $ 100,114 |  | $ 1,848,120
Charge-offs | - |  | (420,135) |  | - |  | (420,135)
Provision | - |  | 320,798 |  | - |  | 320,798
Ending balance | $ 187,129 |  | $ 1,461,540 |  | $ 100,114 |  | $ 1,748,783
Ending balance: individually evaluated for impairment | $ - |  | $ 187,470 |  | $ - |  | $ 187,470
Ending balance: collectively evaluated for impairment | $ 187,129 |  | $ 1,274,070 |  | $ 100,114 |  | $ 1,561,313
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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