Loans Held for Sale (Tables)

12 Months Ended

Dec. 31, 2022

Loans Held For Sale

Schedule of Aggregate Fair Value Loans Held for Sale

The following table presents the aggregate fair value and the aggregate unpaid principal balance of loans held for sale.

	December 31
	2022			2021
Aggregate fair value	$	141,179,620		$	302,776,827
Unpaid principal balance		141,337,811			294,481,503
Unrealized (loss) gain		(158,191	)		8,295,324

Schedule of Mortgage Fee Income for Loans Held for Sale

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

	Years Ended December 31
	2022			2021
Loan fees	$	24,184,972		$	37,723,433
Interest income		9,666,149			9,385,469
Secondary gains		153,870,807	(1)		230,417,029
Change in fair value of loan commitments		(4,308,638	)		(3,113,095	)
Change in fair value of loans held for sale		(8,834,797	)		(8,783,376	)
Provision for loan loss reserve		(1,078,812	)		(2,211,230	)
Mortgage fee income	$	173,499,681		$	263,418,230

(1) Includes a net gain of $34,051,938 for the sale of mortgage servicing rights

Summary of Loan Loss Reserve Included in Other Liabilities and Accrued Expenses

The loan loss reserve, which is included in other liabilities and accrued expenses, is summarized as follows:

	December 31
	2022			2021
Balance, beginning of period	$	2,447,139		$	20,583,618
Provision for current loan originations (1)		1,078,812			2,211,230
Charge-offs, net of recaptured amounts		(1,800,284	)		(20,347,709	)
Balance, at December 31	$	1,725,667		$	2,447,139

(1) Included in Mortgage fee income