b'2019 2018Deferred tax assets:Provision for loan losses $ 690,067 $650,804Nonaccrual interest10,537 19,224Deferred compensation plan530,211 544,429Postretirement benefits100,447 127,555SERP benefits 43,92626,984Intangible asset -6,290Unrecognized pension costs 1,381,4571,167,498OREO writedowns3,019 1,851Net unrealized loss on securities available for sale -327,666Deferred loan origination fees77,449 76,794Lease liability589,122- NOL carryforward2,938- $3,429,173 $ 2,949,095Deferred tax liabilities:Net unrealized (gain) on securities available for sale $(150,090) $ - Right of use asset (584,922)- Defined benefit pension plan (510,125)(524,090)Depreciation (582,818)(269,893)Deferred loan origination costs( 543,965) ( 519,007)$( 2,371,920) $(1,312,990)Net deferred tax asset$1,057,253 $ 1,636,105Generally accepted accounting principles require a valuation allowance against deferred tax assets if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.Management believes that the deferred tax assets will be realized and therefore no valuation allowance was established. 36'