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

 

   2024   2023 
   December 31, 
   2024   2023 
Aggregate fair value  $131,181,148   $126,549,190 
Unpaid principal balance   128,948,072    127,185,867 
Unrealized gain (loss)   2,233,076    (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 
   Years Ended December 31 
   2024   2023 
Loan fees  $26,343,919   $21,724,456 
Interest income   8,192,353    9,547,741 
Secondary gains   70,354,845    68,505,014 
Change in fair value of loan commitments   729,948    (1,123,615)
Change in fair value of loans held for sale   2,869,729    (478,460)
Provision for loan loss reserve   (932,154)   (27,164)
Mortgage fee income  $107,558,640   $98,147,972 
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, 
   2024   2023 
Beginning Balance  $547,233   $1,725,667 
Provision for current loan originations (1)   932,154    27,164 
Charge-offs, net of recaptured amounts   (782,761)   (1,205,598)
Ending Balance  $696,626   $547,233 

 

 

(1)Included in Mortgage fee income on the consolidated statements of earnings