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Loans Held for Sale (Tables) | 9 Months Ended
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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: Schedule of Aggregate Fair Value 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: Schedule of Mortgage Fee Income for Loans Held for Sale
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | 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: Summary of Loan Loss Reserve Included in Other Liabilities and Accrued Expenses
|  | 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

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