Loans Held for Sale (Tables)

3 Months Ended

Mar. 31, 2023

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:

	As of March 31 2023		As of December 31 2022
Aggregate fair value	$	173,015,404	$	141,179,620
Unpaid principal balance		172,407,557		141,337,811
Unrealized gain (loss)		607,847		(158,191	)

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:

	Three Months Ended March 31
	2023		2022
Loan fees	$	4,388,414	$	7,087,182
Interest income		2,007,058		2,031,869
Secondary gains		17,961,358		39,602,614
Change in fair value of loan commitments		677,952		2,675,371
Change in fair value of loans held for sale		794,614		(2,746,565	)
Provision for loan loss reserve		159,610		(306,026	)
Mortgage fee income	$	25,989,006	$	48,344,445

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:

	As of March 31 2023			As of December 31 2022
Balance, beginning of period	$	1,725,667		$	2,447,139
Provision on current loan originations (1)		239,801			1,078,812
Charge-offs, net of recaptured amounts		(632,783	)		(1,800,284	)
Balance, end of period	$	1,332,685		$	1,725,667

(1) Included in mortgage fee income