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3) Investments: Schedule of Allowance for loan losses as a contra-asset account (Tables)
 3 Months Ended
Mar. 31, 2014
Tables/Schedules  
Schedule of Allowance for loan losses as a contra-asset account

The following is a summary of the allowance for loan losses as a contra-asset account for the periods presented:

Allowance for Credit Losses and Recorded Investment in Mortgage Loans

 

Commercial

Residential

Residential Construction

Total

March 31, 2014

Allowance for credit losses:

Beginning balance - January 1, 2014

 $        187,129

 $     1,364,847

 $        100,114

 $     1,652,090

   Charge-offs

                       -

                       -

                       -

                       -

   Provision

                       -

             37,064

                       -

             37,064

Ending balance -March 31, 2014

 $        187,129

 $     1,401,911

 $        100,114

 $     1,689,154

Ending balance: individually evaluated for impairment

 $                    -

 $        174,180

 $                    -

 $        174,180

Ending balance: collectively evaluated for impairment

 $        187,129

 $     1,227,731

 $        100,114

 $     1,514,974

Ending balance: loans acquired with deteriorated credit quality

 $                    -

 $                    -

 $                    -

 $                    -

Mortgage loans:

Ending balance

 $   48,640,505

 $   55,147,389

 $   13,978,754

 $ 117,766,648

Ending balance: individually evaluated for impairment

 $                    -

 $     1,517,892

 $                    -

 $     1,517,892

Ending balance: collectively evaluated for impairment

 $   48,640,505

 $   53,629,497

 $   13,978,754

 $ 116,248,756

Ending balance: loans acquired with deteriorated credit quality

 $                    -

 $                    -

 $                    -

 $                    -

December 31, 2013

Allowance for credit losses:

Beginning balance - January 1, 2013

 $                    -

 $     4,193,674

 $          46,187

 $     4,239,861

   Charge-offs

                       -

       (2,670,794)

          (137,629)

       (2,808,423)

   Provision

           187,129

          (158,033)

           191,556

           220,652

Ending balance - December 31, 2013

 $        187,129

 $     1,364,847

 $        100,114

 $     1,652,090

Ending balance: individually evaluated for impairment

 $                    -

 $        152,745

 $                    -

 $        152,745

Ending balance: collectively evaluated for impairment

 $        187,129

 $     1,212,102

 $        100,114

 $     1,499,345

Ending balance: loans acquired with deteriorated credit quality

 $                    -

 $                    -

 $                    -

 $                    -

Mortgage loans:

Ending balance

 $   41,653,009

 $   49,868,486

 $   12,912,473

 $ 104,433,968

Ending balance: individually evaluated for impairment

 $                    -

 $     1,518,327

 $                    -

 $     1,518,327

Ending balance: collectively evaluated for impairment

 $   41,653,009

 $   48,350,159

 $   12,912,473

 $ 102,915,641

Ending balance: loans acquired with deteriorated credit quality

 $                    -

 $                    -

 $                    -

 $                    -