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Loans Held for Sale (Tables)
 3 Months Ended
Mar. 31, 2025
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,

2025

   As of December 31, 2024 
         
Aggregate fair value  $139,834,226   $131,181,148 
Unpaid principal balance   136,957,745    128,948,072 
Unrealized gain   2,876,481    2,233,076 
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:

 

   2025   2024 
   Three Months Ended March 31, 
   2025   2024 
Loan fees  $5,254,090   $5,520,465 
Interest income   1,667,434    1,482,819 
Secondary gains   16,954,943    14,730,974 
Change in fair value of loan commitments   474,540    561,778 
Change in fair value of loans held for sale   641,268    (300,890)
Provision for loan loss reserve   (183,034)   (163,476)
Mortgage fee income  $24,809,241   $21,831,670 
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:

 

  

As of

March 31,

2025

  

As of

December 31,

2024

 
Balance, beginning of period  $696,626   $547,233 
Provision on current loan originations (1)   183,034    932,154 
Charge-offs, net of recaptured amounts   (177,769)   (782,761)
Balance, end of period  $701,891   $696,626 

 

 

(1)Included in mortgage fee income