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Loans Held for Sale (Tables)
 6 Months Ended
Jun. 30, 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 June 30,
2024		   As of December 31,
2023		 
         
Aggregate fair value  $150,196,416   $126,549,190 
Unpaid principal balance   149,936,883    127,185,867 
Unrealized gain (loss)   259,533    (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:

 

   2024   2023   2024   2023 
   Three Months Ended June 30,   Six Months Ended June 30, 
   2024   2023   2024   2023 
Loan fees  $7,366,232   $5,986,802   $12,886,697   $10,375,215 
Interest income   2,263,915    2,620,489    3,746,735    4,627,546 
Secondary gains   18,674,595    19,298,213    33,405,569    37,259,571 
Change in fair value of loan commitments   429,823    (151,382)   991,601    526,570 
Change in fair value of loans held for sale   1,197,075    (1,401,738)   896,185    (607,123)
Provision for loan loss reserve   (312,124)   (273,631)   (475,601)   (114,020)
Mortgage fee income  $29,619,516   $26,078,753   $51,451,186   $52,067,759 
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 June 30,
2024		   As of December 31,
2023		 
Balance, beginning of period  $547,233   $1,725,667 
Provision on current loan originations (1)   475,601    27,164 
Charge-offs, net of recaptured amounts   (273,801)   (1,205,598)
Balance, end of period  $749,033   $547,233 

 

 

(1)Included in mortgage fee income