4) Loans Held For Sale (Tables)

3 Months Ended

Mar. 31, 2020

Table Text Block Supplement [Abstract]

Aggregate fair value - Loans Held for Sale

The following is a summary of the aggregate fair value and the aggregate unpaid principal balance of loans held for sale for the periods presented:

	As of March 31 2020	As of December 31 2019
Aggregate fair value	$         281,052,576	$          213,457,632
Unpaid principal balance	272,772,415	206,417,122
Unrealized gain	8,280,161	7,040,510

Schedule of Mortgage Fee Income for Loans Held for Sale

Major categories of mortgage fee income for loans held for sale are as follows:

	Three Months Ended March 31
	2020	2019
Loan fees	$        8,916,153	$        5,741,262
Interest income	1,680,459	1,214,632
Secondary gains	26,641,492	16,364,771
Change in fair value of loan commitments	3,275,032	932,527
Change in fair value of loans held for sale	381,734	328,058
Provision for loan loss reserve	(613,109)	(102,379)
Mortgage fee income	$      40,281,761	$      24,478,871

Schedule of loan loss reserve which is included in other liabilities and accrued expenses

The following is a summary of the loan loss reserve that is included in other liabilities and accrued expenses:

	As of March 31 2020	As of December 31 2019
Balance, beginning of period	$                4,046,288	$               3,604,869
Provision on current loan originations (1)	613,109	643,284
Charge-offs, net of recaptured amounts	(1,230,348)	(201,865)
Balance, end of period	$                3,429,049	$               4,046,288
(1) Included in mortgage fee income