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12) Mortgage Servicing Rights: Schedule of Mortgage Servicing Rights (Tables)
 6 Months Ended
Jun. 30, 2018
Tables/Schedules  
Schedule of Mortgage Servicing Rights

 

As of June 30 2018

As of December 31 2017

Amortized cost:

Balance before valuation allowance at beginning of year

 $             21,376,937

 $             18,872,362

MSR additions resulting from loan sales

                  1,364,733

                 6,085,352

Amortization (1)

                (1,623,733)

                (3,580,777)

Application of valuation allowance to write down MSRs    with other than temporary impairment

                              -

                              -

Balance before valuation allowance at end of period

 $             21,117,937

 $             21,376,937

Valuation allowance for impairment of MSRs:

Balance at beginning of year

 $                           -

 $                           -

Additions

                              -

                              -

Application of valuation allowance to write down MSRs    with other than temporary impairment

                              -

                              -

Balance at end of period

 $                           -

 $                           -

Mortgage servicing rights, net

 $             21,117,937

 $             21,376,937

Estimated fair value of MSRs at end of period

 $             31,037,960

 $             27,427,174

                          

(1) Included in other expenses on the condensed consolidated statements of earnings