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Mortgage Servicing Rights (Tables) | 6 Months Ended
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Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Mortgage Servicing Rights | The following table presents the MSR activity: Schedule of Mortgage Servicing Rights
|  | As of June 30, 2023 |  |  | As of December 31, 2022 |
Amortized cost: |  |  |  |  |  |  |  |
Balance before valuation allowance at beginning of year |  | $ | 3,039,765 |  |  | $ | 53,060,455 |
MSR additions resulting from loan sales (1) |  |  | 694,897 |  |  |  | 10,243,922 |
Amortization (2) |  |  | (292,310 | ) |  |  | (9,078,706 | )
Sale of MSRs |  |  | - |  |  |  | (51,185,906 | )
Application of valuation allowance to write down MSRs with other than temporary impairment |  |  | - |  |  |  | - |
Balance before valuation allowance at end of period |  | $ | 3,442,352 |  |  | $ | 3,039,765 |
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 end of period |  | $ | - |  |  | $ | - |
Mortgage servicing rights, net |  | $ | 3,442,352 |  |  | $ | 3,039,765 |
Estimated fair value of MSRs at end of period |  | $ | 4,790,912 |  |  | $ | 3,927,877 |
(1) | Included in mortgage fee income on the condensed consolidated statements of earnings
(2) | Included in other expenses on the condensed consolidated statements of earnings
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense, Mortgage Servicing Rights | The table below 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 June 30, 2023 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. Schedule of Finite-Lived Intangible Assets, Future Amortization Expense, Mortgage Servicing Rights
|  | Estimated MSR Amortization |
2023 |  |  | 363,261 |
2024 |  |  | 328,177 |
2025 |  |  | 299,068 |
2026 |  |  | 266,962 |
2027 |  |  | 238,917 |
Thereafter |  |  | 1,945,967 |
Total |  | $ | 3,442,352 |
Schedule of Other Revenues | The Company collected the following contractual servicing fee income and late fee income as reported in other revenues on the condensed consolidated statement of earnings. Schedule of Other Revenues
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Contractual servicing fees |  | $ | 233,218 |  |  | $ | 4,694,969 |  |  | $ | 643,618 |  |  | $ | 9,201,229 |
Late fees |  |  | 14,008 |  |  |  | 81,597 |  |  |  | 63,321 |  |  |  | 181,635 |
Total |  | $ | 247,226 |  |  | $ | 4,776,566 |  |  | $ | 706,939 |  |  | $ | 9,382,864 |
Summary of Unpaid Principal Balances of the Servicing Portfolio | The following is a summary of the unpaid principal balances (“UPB”) of the servicing portfolio. Summary of Unpaid Principal Balances of the Servicing Portfolio
|  | As of June 30, 2023 |  |  | As of December 31, 2022 |
Servicing UPB |  | $ | 403,651,388 |  |  | $ | 360,023,384 |
Schedule of Assumptions Used in Determining MSR Value | The following key assumptions were used in determining MSR value: Schedule of Assumptions Used in Determining MSR Value
|  | Prepayment Speeds |  |  | Average Life (Years) |  |  | Discount Rate |
June 30, 2023 |  |  | 8.70 |  |  |  | 8.24 |  |  |  | 11.57 |
December 31, 2022 |  |  | 8.12 |  |  |  | 8.49 |  |  |  | 11.95 |

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