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Consolidated Statements Of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities    
Net income (loss) $ 3,006,307 $ (1,337,583)
Adjustments to reconcile net income to net cash from operating activities:    
Bargain purchase gain (1,933,397)  
(Credit) provision for loan losses (59,000) 25,000
Depreciation of premises and equipment 69,966 70,170
Amortization of deferred loan fees 210,063 121,763
Amortization of premiums and accretion of discounts on securities, net 52,278 27,512
Deferred income tax(benefit) expense 350,680 (809,990)
Contribution to charitable foundation   2,631,500
Gain on sale of loans (236,037)  
Proceeds from sale of loans 6,269,562  
Increase in cash surrender value of bank owned life insurance (89,666) (99,710)
Employee stock ownership plan expense 60,835  
Changes in:    
Accrued interest receivable 155,368 (47,097)
Net changes in other assets 67,006 1,107,431
Net changes in other liabilities 971,930 669,188
Net cash provided by operating activities 8,895,895 2,358,184
Cash flows from investing activities    
Purchases of securities held to maturity (7,090,519) (2,550,000)
Maturities, calls, and repayments of securities available for sale 253,175 282,109
Maturities, calls, and repayments of securities held to maturity 11,194,107 7,219,105
Net increase in loans 18,518,194 (7,791,108)
Loans purchased   (1,869,667)
Net cash acquired in merger 19,393,090  
Purchases of premises and equipment (117,678) (36,490)
Purchase of FHLB Stock   (133,100)
Redemption of FHLB stock 417,600 47,900
Net cash provided by (used in) investing activities 42,567,969 (4,831,251)
Cash flows from financing activities net of effects of business combinations    
Net increase (decrease) in deposits 496,385 (20,143,435)
Net decrease in short-term FHLB advances (9,000,000) (3,000,000)
Proceeds from long-term FHLB non-repo advances 3,000,000 6,000,000
Repayments of long-term FHLB non-repo advances (723,273) (774,259)
Loan to ESOP   (6,022,899)
Stock offering expenses   (1,973,312)
Return of unfilled stock offering subscriptions   (41,505,998)
Common stock issuance   7,683,507
Net increase in advance payments from borrowers for taxes and insurance 357,510 57,853
Net cash used in financing activities (5,869,378) (59,678,543)
Net increase (decrease) in cash and cash equivalents 45,594,486 (62,151,610)
Cash and cash equivalents at beginning of year 80,385,739 127,862,559
Cash and cash equivalents at March 31 125,980,225 65,710,949
Supplemental cash flow information    
Subscription offering proceeds used to purchase common stock   48,843,842
Interest paid 1,673,840 $ 2,851,923
Non-cash investment and financing activities    
Fair value of assets acquired, net of cash and cash equivalents acquired 87,352,754  
Fair value of liabilities assumed $ 93,312,447