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8. Subsequent Events
9 Months Ended
Sep. 30, 2017
Subsequent Events [Abstract]  
8. Subsequent Events

The Company has reviewed and evaluated subsequent events and transactions for material subsequent events through the date the financial statements are issued. Management has concluded that there were no material subsequent events other than the FHLB borrowings prepayment noted below.

 

On October 26, 2017, the Bank repaid the remaining FHLB borrowings totaling $20.0 million. Prepayment penalties totaling $508,000 will be reflected in fourth quarter 2017 non-interest expense and will be partially offset by a reduction of approximately $150,000 in fourth quarter 2017 interest expense based on current interest rates.