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Subsequent Events
12 Months Ended
Dec. 31, 2014
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events

Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including estimates inherent in the process of preparing financial statements. Nonrecognized subsequent events are events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date. Management has reviewed all events occurring through the date the financial statements were available to be issued and determined that the following subsequent events required disclosure.

During January 2015, the Bank sold $18.6 million of its available for sale securities consisting of fourteen tax exempt municipal bonds which resulted in a $979,000 gain on sale of investments.

Also during January 2015 in a related transaction, the Bank prepaid two FHLB advances totaling $10.0 million and incurred prepayment penalties of $511,000 related to these transactions.