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Loans Held for Sale (Tables)
 12 Months Ended
Dec. 31, 2021
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.

 

   2021   2020 
   December 31 
   2021   2020 
Aggregate fair value  $302,776,827   $422,772,418 
Unpaid principal balance   294,481,503    406,407,323 
Unrealized gain   8,295,324    16,365,095 
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:

 

   2021   2020 
   Years Ended December 31 
   2021   2020 
Loan fees  $37,723,433   $43,432,532 
Interest income   9,385,469    10,628,581 
Secondary gains   230,417,029    231,759,342 
Change in fair value of loan commitments   (3,113,095)   7,637,377 
Change in fair value of loans held for sale   (8,783,376)   10,413,492 
Provision for loan loss reserve   (2,211,230)   (4,938,214)
Mortgage fee income  $263,418,230   $298,933,110 
Schedule 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:

 

   2021   2020 
   December 31 
   2021   2020 
Balance, beginning of period  $20,583,618   $4,046,288 
Provision for current loan originations (1)   2,211,230    4,938,214 
Additional provision for loan loss reserve   -    16,506,030 
Charge-offs, net of recaptured amounts   (20,347,709)   (4,906,914)
Balance, at December 31  $2,447,139   $20,583,618 

 

 

(1) Included in Mortgage fee income