4) Loans Held For Sale (Tables)

6 Months Ended

Jun. 30, 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 June 30 2020	As of December 31 2019
Aggregate fair value	$         356,949,958	$          213,457,632
Unpaid principal balance	344,480,058	206,417,122
Unrealized gain	12,469,900	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 June 30		Six Months Ended June 30
	2020	2019	2020	2019
Loan fees	$      15,226,536	$        8,626,163	$      22,940,750	$      13,437,482
Interest income	2,601,605	1,690,098	4,282,063	2,904,730
Secondary gains	49,422,815	21,201,216	77,269,683	38,585,201
Change in fair value of loan commitments	5,278,099	603,797	8,553,132	1,536,324
Change in fair value of loans held for sale	2,363,713	977,799	2,742,010	1,216,586
Provision for loan loss reserve	(1,524,435)	(152,506)	(2,137,544)	(254,885)
Mortgage fee income	$      73,368,333	$      32,946,567	$    113,650,094	$      57,425,438

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 June 30 2020	As of December 31 2019
Balance, beginning of period	$                4,046,288	$               3,604,869
Provision on current loan originations (1)	1,524,435	643,284
Charge-offs, net of recaptured amounts	(784,357)	(201,865)
Balance, end of period	$                4,786,366	$               4,046,288
(1) Included in mortgage fee income