Loans Held for Sale (Tables)

6 Months Ended

Jun. 30, 2022

Loans Held For Sale

Summary 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 June 30 2022		As of December 31 2021
Aggregate fair value	$	209,860,409	$	302,776,827
Unpaid principal balance		207,409,731		294,481,503
Unrealized gain		2,450,678		8,295,324

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:

	Three Months Ended June 30						Six Months Ended June 30
	2022			2021			2022			2021
Loan fees	$	7,950,227		$	9,154,621		$	15,037,410		$	18,694,577
Interest income		2,923,446			2,188,380			4,955,315			4,500,181
Secondary gains		37,161,287			56,020,876			76,763,900			124,459,809
Change in fair value of loan commitments		(2,247,244	)		(482,863	)		428,127			(168,397	)
Change in fair value of loans held for sale		(3,463,922	)		(1,114,632	)		(6,210,487	)		(8,060,513	)
Provision for loan loss reserve		(292,896	)		(608,569	)		(598,922	)		(1,269,232	)
Mortgage fee income	$	42,030,898		$	65,157,813		$	90,375,343		$	138,156,425

Summary of Loan Loss Reserve Included in Other Liabilities and Accrued Expenses

	As of June 30 2022			As of December 31 2021
Balance, beginning of period	$	2,447,139		$	20,583,618
Provision on current loan originations (1)		598,922			2,211,230
Charge-offs, net of recaptured amounts		(1,105,275	)		(20,347,709	)
Balance, end of period	$	1,940,786		$	2,447,139

(1) Included in mortgage fee income