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Consolidated Statements of Cash Flows (unaudited) - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income $ 11,069,753 $ 9,580,308
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provision for loan losses 3,823,000 2,550,000
Changes in deferred tax asset, net (713,200)  
Share based compensation expense 350,246 209,763
Gain on sale of SBA loans (174,664) (266,422)
Writedown of other real estate owned   10,084
Loss on sale of other real estate owned 344,049  
(Gain) loss on disposal of fixed assets   (8,890)
Amortization of premium on securities, net 27,570 44,417
Accretion of fees on derivative instruments (127,595)  
Depreciation, amortization and accretion (16,189,058) (6,875,129)
Earnings on bank-owned life insurance (421,095) (264,864)
Changes in operating assets and liabilities:    
Originations of loans held for sale   (2,626,064)
Proceeds from sale of loans held for sale 2,345,550 3,372,137
Accrued interest receivable and other assets 1,865,831 (8,491,814)
Accrued interest payable and other liabilities 898,461 (2,628,599)
Net cash provided by (used in) operating activities 3,098,848 (5,395,073)
Cash flows from investing activities:    
Net increase in interest bearing deposits in other banks (2,059)  
(Increase) decrease in non-marketable equity securities (6,498,150) 309,700
Investment securities available-for-sale activity:    
Purchases (495,999,889) (12,182,950)
Maturities, calls and principal paydowns 495,945,531 3,292,371
Termination fee proceeds from derivative instruments 945,000  
Net originations on loans held for investment (39,064,172) (518,802,332)
Net additions to bank premises and equipment (4,461,414) (1,051,699)
Proceeds from disposal of fixed assets   25,613
Construction additions on foreclosed assets   (230,458)
Proceeds from sales of foreclosed assets 1,346,908  
Net cash acquired from acquisition of Heritage Bancorp, Inc.   16,111,821
Net cash used in investing activities (47,788,245) (512,527,934)
Cash flows from financing activities:    
Net increase in deposits 182,387,783 490,786,053
Net (repayment) proceeds from issuance of FHLB Advances (19,750,000) 30,000,000
Proceeds from issuance of notes payable   11,000,000
Repayment of notes payable (32,875,000) (7,125,000)
Proceeds from stock warrants exercised 18,865  
Proceeds from stock options exercised 980,940  
Net redemption of treasury stock   (38,124)
Net cash provided by financing activities 201,712,612 525,023,644
Increase in cash and cash equivalents 157,023,215 7,100,637
Cash and cash equivalents at beginning of period 203,560,313 96,065,316
Cash and cash equivalents at end of period 360,583,528 103,165,953
Supplemental Disclosures of Cash Flow Information:    
Cash paid for interest 8,759,653 11,562,635
Cash paid for income taxes, net of $0 and $133,535 refund at September 30, 2021 and 2020, respectively 6,525,000 2,666,465
Supplemental Disclosure of Noncash Investing and Financing Activities:    
Net (increase) decrease in fair value of ESOP-owned shares (317,438) 18,330
2021 Private Placement Offering    
Cash flows from financing activities:    
Proceeds from issuance of common stock 70,509,024  
ESOP Contributions    
Cash flows from financing activities:    
Proceeds from issuance of common stock $ 441,000 400,715
Heritage Bancorp, Inc.    
Supplemental Disclosure of Noncash Investing and Financing Activities:    
Common stock issued for acquisition of Heritage Bancorp, Inc.   $ 50,861,069