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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2022
Postemployment Benefits [Abstract]  
Summary of Change in Projected Benefit Obligation
The SERP is summarized as follows:
 
 
  
Year ended December 31,
 
 
  
2021
 
  
2022
 
Change in Projected Benefit Obligation
  
  
Benefit obligation at beginning of year
   $    10,805,326     $      10,187,817  
Interest cost
     222,849       250,240  
Actuarial (gain) loss
     (348,736     (1,990,024
Benefits paid
     (491,622     (489,961
Benefit obligation at end of year
   $ 10,187,817     $ 7,958,072  
    
 
 
   
 
 
 
Summary of Change in Plan Assets
Change in Plan Assets
               
Fair value of plan assets at beginning of year
   $ —       $ —    
Employer contribution
     491,622       489,961  
Benefits paid
     (491,622     (489,961
    
 
 
   
 
 
 
Fair value of plan assets at end of year
   $ —       $ —    
    
 
 
   
 
 
 
Funded status
   $  (10,187,817   $  (7,958,072
Unrecognized net actuarial loss
     1,418,856       (669,250
    
 
 
   
 
 
 
Cumulative employer contributions in excess of the net periodic pension cost
   $ (8,768,961   $  (8,627,322
    
 
 
   
 
 
 
Summary of Amounts Recognized in Statement of Financial Position
Amounts Recognized in the Statement of Financial Position
  
  
Current liabilities
   $ (545,575   $ (562,238
Noncurrent liabilities
     (9,642,242     (7,395,834
    
 
 
   
 
 
 
Net amount recognized
   $  (10,187,817   $  (7,958,072
    
 
 
   
 
 
 
Summary of Amounts Recognized in Accumulated Other Comprehensive Income
Amounts Recognized in Accumulated Other Comprehensive Income
  
  
Net actuarial (gain) loss
   $ 1,418,856     $ (669,250
    
 
 
   
 
 
 
Total (before tax effects)
   $ 1,418,856     $ (669,250
    
 
 
   
 
 
 
Summary of Information for Pension Plans With Accumulated Benefit Obligation in Excess of Plan Assets
Information for Pension Plans about Benefit Obligation and Plan Assets
  
  
Projected benefit obligation
   $ 10,187,817     $ 7,958,072  
Accumulated benefit obligation
   $ 10,187,817     $ 7,958,072  
Summary of Weighted-Average Assumptions for Disclosure
 
  
Year ended December 31,
 
 
  
2021
 
 
2022
 
Weighted-average assumptions for Disclosure
  
 
Discount rate
     2.50     4.90
Mortality table
     Pri-2012 WC      
Pri-2012 WC
 
Mortality improvement scale
    
MP-2021
     
MP-2021
 
 
 
 
 
 
 
 
 
 
Summary of Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income
Net periodic benefit cost
  
  
Interest cost
   $ 222,849     $ 250,240  
Recognized net actuarial (gain) loss
     171,677       98,082  
    
 
 
   
 
 
 
Net periodic benefit cost
   $ 394,526     $ 348,322  
    
 
 
   
 
 
 
Summary of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
  
  
Net actuarial (gain) loss
   $ (348,736   $ (1,990,024
Recognized net actuarial (gain) loss
     (171,677     (98,082
    
 
 
   
 
 
 
Total recognized in other comprehensive income (before tax effects)
   $  (520,413   $  (2,088,106
 
  
 
 
 
 
 
 
 
Total recognized in net cost and other comprehensive
              
 
income (before tax effects)
   $  (125,887   $  (1,739,784
    
 
 
   
 
 
 
Summary of Amounts Expected to be Recognized in Net Periodic Cost in Coming Year
Amounts Expected to be Recognized in Net Periodic Cost in the Coming Year
  
  
(Gain) loss recognition
   $ 81,151     $ —    
Prior service cost recognition
   $ —       $ —    
Net initial obligation (asset) recognition
   $ —       $ —    
 
 
 
 
 
 
 
 
 
Summary of Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost
Weighted-average assumptions used to determine Net Periodic Benefit Cost
              
Discount rate
     2.10     2.50
Corridor
     10.00     10.00
Average future working lifetime
     5.43       4.99  
Mortality table
     Pri-2012 WC       Pri-2012 WC  
Mortality improvement scale
     MP-2020       MP-2021  
 
 
 
 
 
 
 
 
 
Summary of Estimated Future Benefit Payments
Estimated Future Benefit Payments
               
2023
           $ 562,238  
2024
           $ 595,397  
2025
           $ 618,116  
2026
           $ 618,092  
2027
           $ 610,066  
2028-2032
           $     2,976,034  
Summary of Estimated Contributions
Contributions
               
 
Estimated contributions for 2023
           $ 562,238