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2) Investments: Schedule of Allowance for loan losses as a contra-asset account (Tables) | 12 Months Ended
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Dec. 31, 2019
Tables/Schedules |
Schedule of Allowance for loan losses as a contra-asset account |
Allowance for Credit Losses and Recorded Investment in Mortgage Loans Held for Investment
Years Ended December 31
| Commercial |  | Residential |  | Residential Construction |  | Total
2019 |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |
Beginning balance | $ 187,129 |  | $ 1,125,623 |  | $ 35,220 |  | $ 1,347,972
Charge-offs | - |  | (32,692) |  | - |  | (32,692)
Provision | - |  | 129,775 |  | 7,982 |  | 137,757
Ending balance | $ 187,129 |  | $ 1,222,706 |  | $ 43,202 |  | $ 1,453,037
Ending balance: individually evaluated for impairment | $ - |  | $ 195,993 |  | $ - |  | $ 195,993
Ending balance: collectively evaluated for impairment | $ 187,129 |  | $ 1,026,713 |  | $ 43,202 |  | $ 1,257,044
Mortgage loans: |  |  |  |  |  |  |
Ending balance | $ 38,718,220 |  | $ 113,043,965 |  | $ 89,430,237 |  | $ 241,192,422
Ending balance: individually evaluated for impairment | $ 4,488,719 |  | $ 3,752,207 |  | $ 655,000 |  | $ 8,895,926
Ending balance: collectively evaluated for impairment | $ 34,229,501 |  | $ 109,291,758 |  | $ 88,775,237 |  | $ 232,296,496
2018 |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |
Beginning balance | $ 187,129 |  | $ 1,546,447 |  | $ 35,220 |  | $ 1,768,796
Charge-offs | - |  | (5,725) |  | - |  | (5,725)
Provision | - |  | (415,099) |  | - |  | (415,099)
Ending balance | $ 187,129 |  | $ 1,125,623 |  | $ 35,220 |  | $ 1,347,972
Ending balance: individually evaluated for impairment | $ - |  | $ 74,185 |  | $ - |  | $ 74,185
Ending balance: collectively evaluated for impairment | $ 187,129 |  | $ 1,051,438 |  | $ 35,220 |  | $ 1,273,787
Mortgage loans: |  |  |  |  |  |  |
Ending balance | $ 27,785,927 |  | $ 89,935,600 |  | $ 71,366,544 |  | $ 189,088,071
Ending balance: individually evaluated for impairment | $ 196,182 |  | $ 2,939,651 |  | $ 502,991 |  | $ 3,638,824
Ending balance: collectively evaluated for impairment | $ 27,589,745 |  | $ 86,995,949 |  | $ 70,863,553 |  | $ 185,449,247

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