XML 38 R26.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Loans Held for Sale (Tables)
 3 Months Ended
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:

 

  

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:

 

           
   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:

   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