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MORTGAGE SERVICING RIGHTS

3 Months Ended

Mar. 31, 2014

10.	MORTGAGE SERVICING RIGHTS

Activity in the balance of mortgage servicing rights, measured using the amortization method, for the three month period ending March 31, 2014 and the year ended December 31, 2013 was as follows:

	March 31, 2014			December 31, 2013
Balance, beginning of year	$	673,576		$	664,436
Servicing rights capitalized		10,270			101,538
Amortization of servicing rights		(26,868	)		(148,285	)
Change in valuation allowance		2,937			55,887
Balance, end of period	$	659,915		$	673,576

Activity in the valuation allowance for mortgage servicing rights for the three month period ending March 31, 2014 and the year ended December 31, 2013 was as follows:

	March 31, 2014			December 31, 2013
Balance, beginning of year	$	73,392		$	129,279
Additions		-			-
Reductions		(2,937	)		(55,887	)
Balance, end of period	$	70,455		$	73,392

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

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