MORTGAGE SERVICING RIGHTS

9 Months Ended

Sep. 30, 2015

Transfers and Servicing [Abstract]

MORTGAGE SERVICING RIGHTS

10. MORTGAGE SERVICING RIGHTS

Activity in the balance of mortgage servicing rights, measured using the amortization method, for the nine month period ended September 30, 2015 and the year ended December 31, 2014 was as follows:

	September 30, 2015			December 31, 2014
Balance, beginning of period	$	632,634		$	673,576
Servicing rights capitalized		57,431			53,859
Amortization of servicing rights		(96,897	)		(111,224	)
Change in valuation allowance		5,977			16,423
Balance, end of period	$	599,145		$	632,634

Activity in the valuation allowance for mortgage servicing rights for the nine month period ended September 30, 2015 and the year ended December 31, 2014 was as follows:

	September 30, 2015			December 31, 2014
Balance, beginning of period	$	56,969		$	73,392
Additions		-			-
Reductions		(5,977	)		(16,423	)
Balance, end of period	$	50,992		$	56,969