3) Loans Held For Sale (Tables)

12 Months Ended

Dec. 31, 2020

Table Text Block Supplement [Abstract]

Aggregate fair value - Loans Held for Sale

The following is a summary of the aggregate fair value and the aggregate unpaid principal balance of loans held for sale for the periods presented:

	As of December 31 2020	As of December 31 2019
Aggregate fair value	$          422,772,418	$          213,457,632
Unpaid principal balance	406,407,323	206,417,122
Unrealized gain	16,365,095	7,040,510

Schedule of Mortgage Fee Income for Loans Held for Sale

Major categories of mortgage fee income for loans held for sale for the years ended December 31, were as follows:

	2020	2019
Loan fees	$    43,432,532	$    28,660,966
Interest income	10,628,581	6,978,930
Secondary gains	231,759,342	93,581,956
Change in fair value of loan commitments	7,637,377	899,417
Change in fair value of loans held for sale	10,413,492	2,498,097
Provision for loan loss reserve	(4,938,214)	(643,284)
Mortgage fee income	$   298,933,110	$   131,976,082

Schedule of loan loss reserve which is included in other liabilities and accrued expenses

The following is a summary of the loan loss reserve which is included in other liabilities and accrued expenses:

	December 31
	2020	2019
Balance, beginning of period	$          4,046,288	$          3,604,869
Provision for current loan originations (1)	4,938,214	643,284
Additional provision for loan loss reserve	16,506,030	-
Charge-offs, net of recaptured amounts	(4,906,914)	(201,865)
Balance, at December 31	$        20,583,618	$          4,046,288
(1) Included in Mortgage fee income