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21) Mortgage Servicing Rights: Schedule of mortgage servicing rights (Tables)
 12 Months Ended
Dec. 31, 2018
Tables/Schedules  
Schedule of mortgage servicing rights

 

 

December 31

 

2018

2017

Amortized cost:

 

 

Balance before valuation allowance at beginning of year

$ 21,376,937

$ 18,872,362

MSR additions resulting from loan sales

      3,922,816

      6,085,352

Amortization (1)

    (5,282,931)

    (3,580,777)

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

                  -

                  -

Balance before valuation allowance at year end

$ 20,016,822

$ 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 year end

 $                -

 $                -

 

 

 

Mortgage servicing rights, net

$ 20,016,822

$ 21,376,937

 

 

 

Estimated fair value of MSRs at year end

$ 28,885,316

$ 27,427,174

                         

 

 

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