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21) Mortgage Servicing Rights: Schedule of mortgage servicing rights (Tables)
 12 Months Ended
Dec. 31, 2019
Tables/Schedules  
Schedule of mortgage servicing rights

 

 

December 31

 

2019

2018

Amortized cost:

 

 

Balance before valuation allowance at beginning of year

$ 20,016,822

$ 21,376,937

MSR additions resulting from loan sales

     4,194,502

     3,922,816

Amortization (1)

   (7,055,795)

   (5,282,931)

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

                 -

                 -

Balance before valuation allowance at year end

$ 17,155,529

$ 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 year end

$                -

$                -

 

 

 

Mortgage servicing rights, net

$ 17,155,529

$ 20,016,822

 

 

 

Estimated fair value of MSRs at year end

$ 22,784,571

$ 28,885,316

                         

 

 

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