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Mortgage Servicing Rights (Tables)
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Mortgage Servicing Rights

The following table presents the MSR activity.

 

   2022   2021 
   December 31 
   2022   2021 
Amortized cost:          
Balance before valuation allowance at beginning of year  $53,060,455   $35,210,516 
MSR additions resulting from loan sales   10,243,922    32,701,819 
Amortization (1)   (9,078,706)   (14,851,880)
Sale of MSRs   (51,185,906)   - 
Application of valuation allowance to write down MSRs with other than temporary impairment   -    - 
Balance before valuation allowance at year end  $3,039,765   $53,060,455 
           
Valuation allowance for impairment of MSRs:          
Balance at beginning of year  $-   $- 
Additions   -    - 
Application of valuation allowance to write down MSRs with other than temporary impairment   -    - 
Balance at year end  $-   $- 
           
Mortgage servicing rights, net  $3,039,765   $53,060,455 
           
Estimated fair value of MSRs at year end  $3,927,877   $68,811,809 

 

 
(1)Included in other expenses on the consolidated statements of earnings
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense, Mortgage Servicing Rights

The following table summarizes the Company’s estimate of future amortization of its existing MSRs carried at amortized cost. This projection was developed using the assumptions made by management in its December 31, 2022 valuation of MSRs. The assumptions underlying the following estimate will change as market conditions and portfolio composition and behavior change, causing both actual and projected amortization levels to change over time. Therefore, the following estimates will change in a manner and amount not presently determinable by management.

 

   Estimated MSR Amortization 
2023  $316,449 
2024   286,934 
2025   260,259 
2026   234,139 
2027   211,523 
Thereafter   1,730,461 
Total  $3,039,765 
Schedule of Other Revenues

The Company collected the following contractual servicing fee income and late fee income as reported in other revenues on the consolidated statements of earnings.

 

   2022   2021 
   Years Ended December 31 
   2022   2021 
Contractual servicing fees  $15,792,105   $15,471,307 
Late fees   398,754    321,337 
Total  $16,190,859   $15,792,644 
Summary of Unpaid Principal Balances of the Servicing Portfolio

The following is a summary of the unpaid principal balances (“UPB”) of the servicing portfolio.

 

   December 31 
   2022   2021 
Servicing UPB  $360,023,384   $7,060,536,350 
Schedule of Assumptions Used in Determining MSR Value

The following key assumptions were used in determining MSR value.

 

   Prepayment
Speeds		   Average
Life(Years)		   Discount
Rate		 
December 31, 2022   8.12    8.49    11.95 
December 31, 2021   11.60    6.64    9.50