Loans Held for Sale (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2023			As of December 31, 2022
Aggregate fair value	$	152,546,566		$	141,179,620
Unpaid principal balance		153,420,558			141,337,811
Unrealized loss		(873,992	)		(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 September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Loan fees	$	6,033,227		$	4,729,445		$	16,408,443		$	19,766,856
Interest income		2,637,971			2,570,511			7,265,516			7,525,826
Secondary gains		17,625,394			28,940,898			54,884,965			103,336,118
Change in fair value of loan commitments		(1,504,286	)		(3,271,282	)		(977,716	)		(2,843,155	)
Change in fair value of loans held for sale		(108,676	)		(4,131,363	)		(715,799	)		(7,973,171	)
Provision (release) for loan loss reserve		252,389			(230,321	)		138,369			(829,243	)
Mortgage fee income	$	24,936,019		$	28,607,888		$	77,003,778		$	118,983,231

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 September 30, 2023			As of December 31, 2022
Balance, beginning of period	$	1,725,667		$	2,447,139
Provision on current loan originations (1)		770,220			1,078,812
Charge-offs, net of recaptured amounts		(1,804,134	)		(1,800,284	)
Balance, end of period	$	691,753		$	1,725,667

(1) Included in mortgage fee income