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Loans Held for Sale (Tables)
 9 Months Ended
Sep. 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
September 30,
2024		   As of
December 31,
2023		 
         
Aggregate fair value  $142,897,741   $126,549,190 
Unpaid principal balance   139,678,479    127,185,867 
Unrealized gain (loss)   3,219,262    (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
September 30,		   Nine Months Ended
September 30,		 
   2024   2023   2024   2023 
Loan fees  $7,358,830   $6,033,227   $20,245,527   $16,408,443 
Interest income   2,357,379    2,637,971    6,104,113    7,265,516 
Secondary gains   17,982,124    17,625,394    51,387,693    54,884,965 
Change in fair value of loan commitments   (179,836)   (1,504,286)   811,765    (977,716)
Change in fair value of loans held for sale   2,959,729    (108,676)   3,855,914    (715,799)
Provision for loan loss reserve   (254,134)   252,389    (729,734)   138,369 
Mortgage fee income  $30,224,092   $24,936,019   $81,675,278   $77,003,778 
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
September 30,
2024		   As of
December 31,
2023		 
Balance, beginning of period  $547,233   $1,725,667 
Provision on current loan originations (1)   729,734    27,164 
Charge-offs, net of recaptured amounts   (444,882)   (1,205,598)
Balance, end of period  $832,085   $547,233 

 

 

(1) Included in mortgage fee income