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

 

 

As of September 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

                  1,922,230

                 6,085,352

Amortization (1)

                (2,423,262)

                (3,580,777)

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

                              -

                              -

Balance before valuation allowance at end of period

 $             20,875,905

 $             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

 $             20,875,905

 $             21,376,937

 

 

 

Estimated fair value of MSRs at end of period

 $             32,327,266

 $             27,427,174

                         

 

 

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