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12) Mortgage Servicing Rights: Schedule of Mortgage Servicing Rights (Tables)
 6 Months Ended
Jun. 30, 2019
Tables/Schedules  
Schedule of Mortgage Servicing Rights

 

 

As of June 30 2019

As of December 31 2018

Amortized cost:

 

 

Balance before valuation allowance at beginning of year

 $             20,016,822

 $             21,376,937

MSR additions resulting from loan sales

                    459,414

                 3,922,816

Amortization (1)

                (2,971,759)

                (5,282,931)

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

                              -

                              -

Balance before valuation allowance at end of period

 $             17,504,477

 $             20,016,822

 

 

 

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

 $             17,504,477

 $             20,016,822

 

 

 

Estimated fair value of MSRs at end of period

 $             22,084,565

 $             28,885,316

                         

 

 

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