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Loans Held for Sale (Tables) | 3 Months Ended
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Mar. 31, 2024
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 March 31, 2024 |  |  | As of December 31, 2023 |
Aggregate fair value |  | $ | 112,678,958 |  |  | $ | 126,549,190 |
Unpaid principal balance |  |  | 113,616,499 |  |  |  | 127,185,867 |
Unrealized loss |  |  | (937,541 | ) |  |  | (636,677 | )
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
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Loan fees |  | $ | 5,520,465 |  |  | $ | 4,388,414 |
Interest income |  |  | 1,482,819 |  |  |  | 2,007,058 |
Secondary gains |  |  | 14,730,974 |  |  |  | 17,961,358 |
Change in fair value of loan commitments |  |  | 561,778 |  |  |  | 677,952 |
Change in fair value of loans held for sale |  |  | (300,890 | ) |  |  | 794,614 |
Provision for loan loss reserve |  |  | (163,476 | ) |  |  | 159,610 |
Mortgage fee income |  | $ | 21,831,670 |  |  | $ | 25,989,006 |
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: Schedule of Loan Loss Reserve Included in Other Liabilities and Accrued Expenses
|  | As of March 31, 2024 |  |  | As of December 31, 2023 |
Balance, beginning of period |  | $ | 547,233 |  |  | $ | 1,725,667 |
Provision on current loan originations (1) |  |  | 163,476 |  |  |  | 27,164 |
Charge-offs, net of recaptured amounts |  |  | (210,102 | ) |  |  | (1,205,598 | )
Balance, end of period |  | $ | 500,607 |  |  | $ | 547,233 |
(1) |  | Included in mortgage fee income

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