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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, 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
September 30, 2018 |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |
Beginning balance - January 1, 2018 | $ 187,129 |  | $ 1,546,447 |  | $ 35,220 |  | $ 1,768,796
Charge-offs | - |  | (84,902) |  | - |  | (84,902)
Provision | - |  | (213,736) |  | - |  | (213,736)
Ending balance - September 30, 2018 | $ 187,129 |  | $ 1,247,809 |  | $ 35,220 |  | $ 1,470,158
Ending balance: individually evaluated for impairment | $ - |  | $ 75,064 |  | $ - |  | $ 75,064
Ending balance: collectively evaluated for impairment | $ 187,129 |  | $ 1,172,745 |  | $ 35,220 |  | $ 1,395,094
Mortgage loans: |  |  |  |  |  |  |
Ending balance | $ 32,869,447 |  | $ 79,930,807 |  | $ 71,330,891 |  | $ 184,131,145
Ending balance: individually evaluated for impairment | $ 195,911 |  | $ 3,088,265 |  | $ 1,078,529 |  | $ 4,362,705
Ending balance: collectively evaluated for impairment | $ 32,673,536 |  | $ 76,842,542 |  | $ 70,252,362 |  | $ 179,768,440
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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