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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, 2018
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, 2018 |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |
Beginning balance - January 1, 2018 | $ 187,129 |  | $ 1,546,447 |  | $ 35,220 |  | $ 1,768,796
Charge-offs | - |  | - |  | - |  | -
Provision | - |  | (72,425) |  | - |  | (72,425)
Ending balance - March 31, 2018 | $ 187,129 |  | $ 1,474,022 |  | $ 35,220 |  | $ 1,696,371
Ending balance: individually evaluated for impairment | $ - |  | $ 292,220 |  | $ - |  | $ 292,220
Ending balance: collectively evaluated for impairment | $ 187,129 |  | $ 1,181,802 |  | $ 35,220 |  | $ 1,404,151
Mortgage loans: |  |  |  |  |  |  |
Ending balance | $ 52,384,376 |  | $ 101,665,364 |  | $ 54,254,054 |  | $ 208,303,794
Ending balance: individually evaluated for impairment | $ - |  | $ 5,362,963 |  | $ - |  | $ 5,362,963
Ending balance: collectively evaluated for impairment | $ 52,384,376 |  | $ 96,302,401 |  | $ 54,254,054 |  | $ 202,940,831
December 31, 2017 |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |
Beginning balance - January 1, 2017 | $ 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 - December 31, 2017 | $ 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

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