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21) Mortgage Servicing Rights: Schedule of mortgage servicing rights (Tables)
 12 Months Ended
Dec. 31, 2017
Tables/Schedules  
Schedule of mortgage servicing rights

 

December 31

2017

2016

Amortized cost:

Balance before valuation allowance at beginning of year

$ 18,872,362

$ 12,679,755

MSR additions resulting from loan sales

      6,085,352

      8,603,154

Amortization (1)

    (3,580,777)

    (2,410,547)

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

                  -

                  -

Balance before valuation allowance at year end

$ 21,376,937

$ 18,872,362

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

$ 21,376,937

$ 18,872,362

Estimated fair value of MSRs at year end

$ 27,427,174

$ 25,496,832

                         

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