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

 

   2023   2022 
   December 31, 
   2023   2022 
Aggregate fair value  $126,549,190   $141,179,620 
Unpaid principal balance   127,185,867    141,337,811 
Unrealized loss   (636,677)   (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:

 

   2023   2022 
   Years Ended December 31 
   2023   2022 
Loan fees  $21,724,456   $24,184,972 
Interest income   9,547,741    9,666,149 
Secondary gains   68,505,014    153,870,807(1)
Change in fair value of loan commitments   (1,123,615)   (4,308,638)
Change in fair value of loans held for sale   (478,460)   (8,834,797)
Provision for loan loss reserve   (27,164)   (1,078,812)
Mortgage fee income  $98,147,972   $173,499,681 

 

 

(1)Includes a net gain of $34,051,938 for the sale of mortgage servicing rights
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:

 

   December 31, 
   2023   2022 
Beginning Balance  $1,725,667   $2,447,139 
Provision for current loan originations (1)   27,164    1,078,812 
Charge-offs, net of recaptured amounts   (1,205,598)   (1,800,284)
Ending Balance  $547,233   $1,725,667 

 

 

(1)Included in Mortgage fee income