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Loans Held for Sale (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2025				As of December 31, 2024

Aggregate fair value		$	159,460,525			$	131,181,148
Unpaid principal balance			156,916,889				128,948,072
Unrealized gain			2,543,636				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				2025				2024
		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Loan fees		$	6,670,934			$	7,358,830			$	18,634,088			$	20,245,527
Interest income			2,500,007				2,357,379				6,533,686				6,104,113
Secondary gains			20,378,078				17,982,124				57,518,242				51,387,693
Change in fair value of loan commitments			(202,896	)			(179,836	)			404,048				811,765
Change in fair value of loans held for sale			10,709				2,959,729				960,050				3,855,914
Provision for loan loss reserve			(217,587	)			(254,134	)			(616,524	)			(729,734	)
Mortgage fee income		$	29,139,245			$	30,224,092			$	83,433,590			$	81,675,278

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 September 30, 2025				As of December 31, 2024
Balance, beginning of period		$	696,626			$	547,233
Provision on current loan originations (1)			616,524				932,154
Additional provision (2)			40,000				-
Charge-offs, net of recaptured amounts			(764,281	)			(782,761	)
Balance, end of period		$	588,869			$	696,626

(1)

Included in mortgage fee income

(2)

Included in other expenses