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3) Investments: Schedule of Allowance for loan losses as a contra-asset account (Tables)
 6 Months Ended
Jun. 30, 2019
Tables/Schedules  
Schedule of Allowance for loan losses as a contra-asset account

 

Allowance for Credit Losses and Recorded Investment in Mortgage Loans

 

 

 

 

 

 

 

 

 

 Commercial

 

 Residential

 

 Residential Construction

 

 Total

June 30, 2019

 

 

 

 

 

 

 

Allowance for credit losses:

 

 

 

 

 

 

 

Beginning balance - January 1, 2019

$        187,129

 

$     1,125,623

 

$          35,220

 

$     1,347,972

   Charge-offs

                       -

 

            (32,692)

 

                       -

 

            (32,692)

   Provision

                       -

 

            (30,348)

 

               7,982

 

            (22,366)

Ending balance - June 30, 2019

$        187,129

 

$     1,062,583

 

$          43,202

 

$     1,292,914

 

 

 

 

 

 

 

 

Ending balance: individually evaluated for impairment

 $                    -

 

$            8,367

 

 $                    -

 

$            8,367

 

 

 

 

 

 

 

 

Ending balance: collectively evaluated for impairment

$        187,129

 

$     1,054,216

 

$          43,202

 

$     1,284,547

 

 

 

 

 

 

 

 

Mortgage loans:

 

 

 

 

 

 

 

Ending balance

$   32,009,118

 

$   84,093,609

 

$   74,712,638

 

$ 190,815,365

 

 

 

 

 

 

 

 

Ending balance: individually evaluated for impairment

$        655,499

 

$     4,589,601

 

$     4,321,123

 

$     9,566,223

 

 

 

 

 

 

 

 

Ending balance: collectively evaluated for impairment

$   31,353,619

 

$   79,504,008

 

$   70,391,515

 

$ 181,249,142

 

 

 

 

 

 

 

 

December 31, 2018

 

 

 

 

 

 

 

Allowance for credit losses:

 

 

 

 

 

 

 

Beginning balance - January 1, 2018

$        187,129

 

$     1,546,447

 

$          35,220

 

$     1,768,796

   Charge-offs

                       -

 

              (5,725)

 

                       -

 

              (5,725)

   Provision

                       -

 

          (415,099)

 

                       -

 

          (415,099)

Ending balance - December 31, 2018

$        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