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Mortgage Servicing Rights (Tables)

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Mortgage Servicing Rights

The following table presents the MSR activity:

Schedule of Mortgage Servicing Rights 

		As of September 30, 2025				As of December 31, 2024
Amortized cost:
Balance before valuation allowance at beginning of year		$	2,939,878			$	3,461,146
MSR additions resulting from loan sales (1)			90,026				90,370
Amortization (2)			(413,532	)			(611,638	)
Sale of MSRs			-				-
Application of valuation allowance to write down MSRs with other than temporary impairment			-				-
Balance before valuation allowance at end of period		$	2,616,372			$	2,939,878
Valuation allowance for impairment of MSRs:
Balance at beginning of year		$	-			$	-
Additions			-				-
Application of valuation allowance to write down MSRs with other than temporary impairment			-				-
Balance at end of period		$	-			$	-
Mortgage servicing rights, net		$	2,616,372			$	2,939,878
Estimated fair value of MSRs at end of period		$	4,035,635			$	4,552,316

(1)	Included in mortgage fee income on the condensed consolidated statements of earnings
(2)	Included in other expenses on the condensed consolidated statements of earnings

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense, Mortgage Servicing Rights

The table below summarizes the Company’s estimate of future amortization of its existing MSRs carried at amortized cost. This projection was developed using the Company’s assumptions in its September 30, 2025, valuation of MSRs. The assumptions used in the following table are likely to change as market conditions, portfolio composition and borrower behavior change, causing both actual and projected amortization levels to change over time.

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense, Mortgage Servicing Rights 

		Estimated MSR Amortization
2025			279,041
2026			253,744
2027			230,321
2028			205,263
2029			183,829
Thereafter			1,464,174
Total		$	2,616,372

Schedule of Other Revenues

The Company collected the following contractual servicing fee income and late fee income as reported in other revenues on the condensed consolidated statement of earnings.

Schedule of Other Revenues 

		2025				2024				2025				2024
		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Contractual servicing fees		$	235,892			$	237,531			$	690,893			$	736,137
Late fees			16,603				17,349				48,451				56,637
Total		$	252,495			$	254,880			$	739,344			$	792,774

Summary of Unpaid Principal Balances of the Servicing Portfolio

The following is a summary of the unpaid principal balances (“UPB”) of the servicing portfolio.

Summary of Unpaid Principal Balances of the Servicing Portfolio 

		As of September 30, 2025				As of December 31, 2024
Servicing UPB		$	366,929,184			$	385,134,774

Schedule of Assumptions Used in Determining MSR Value

The following key assumptions were used in determining MSR value:

Schedule of Assumptions Used in Determining MSR Value 

		Prepayment Speeds				Average Life (Years)				Discount Rate
September 30, 2025			11.68				7.55				11.93
December 31, 2024			8.79				8.28				12.14

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