Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 6-May-14 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'GLEN BURNIE BANCORP | ' |
Entity Central Index Key | '0000890066 | ' |
Trading Symbol | 'glbz | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock Shares Outstanding | ' | 2,754,305 |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $8,237 | $9,214 |
Interest-bearing deposits in other financial institutions | 6,948 | 1,636 |
Federal funds sold | 4,194 | 103 |
Cash and cash equivalents | 19,379 | 10,953 |
Investment securities available for sale (AFS) | 73,464 | 74,314 |
Federal Home Loan Bank stock, at cost | 1,328 | 1,453 |
Maryland Financial Bank stock | 30 | 30 |
Loans, less allowance for credit losses (March 31: $2,976; December 31: $2,972) | 278,548 | 270,684 |
Premises and equipment, at cost, less accumulated depreciation | 3,723 | 3,697 |
Other real estate owned | 863 | 1,171 |
Cash value of life insurance | 8,970 | 8,915 |
Other assets | 5,080 | 5,977 |
Total assets | 391,385 | 377,194 |
Liabilities: | ' | ' |
Deposits | 336,923 | 323,803 |
Long-term borrowings | 20,000 | 20,000 |
Other liabilities | 1,466 | 1,807 |
Total liabilities | 358,389 | 345,610 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding: March 31: 2,750,876 shares; December 31: 2,747,370 shares | 2,751 | 2,747 |
Surplus | 9,750 | 9,714 |
Retained earnings | 20,498 | 20,301 |
Accumulated other comprehensive loss, net of taxes | -3 | -1,178 |
Total stockholders' equity | 32,996 | 31,584 |
Total liabilities and stockholders' equity | $391,385 | $377,194 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Loans, allowance for credit losses (in dollars) | $2,976 | $2,972 |
Common stock, par value (in dollars per share) | $1 | $1 |
Common stock, shares authorized | 15,000,000 | 15,000,000 |
Common stock, shares issued | 2,750,876 | 2,747,370 |
Common stock, shares outstanding | 2,750,876 | 2,747,370 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Interest income on: | ' | ' |
Loans, including fees | $3,106 | $3,003 |
U.S. Treasury and U.S. Government agency securities | 216 | 187 |
State and municipal securities | 330 | 418 |
Other | 23 | 22 |
Total interest income | 3,675 | 3,630 |
Interest expense on: | ' | ' |
Deposits | 430 | 559 |
Long-term borrowings | 158 | 158 |
Total interest expense | 588 | 717 |
Net interest income | 3,087 | 2,913 |
Provision for credit losses | 38 | ' |
Net interest income after provision for credit losses | 3,049 | 2,913 |
Other income: | ' | ' |
Service charges on deposit accounts | 124 | 138 |
Other fees and commissions | 171 | 175 |
Other non-interest income | 4 | 6 |
Income on life insurance | 55 | 58 |
Gains on investment securities | 79 | 2 |
Total other income | 433 | 379 |
Other expenses: | ' | ' |
Salaries and employee benefits | 1,677 | 1,655 |
Occupancy | 222 | 202 |
Other expenses | 1,016 | 828 |
Total other expenses | 2,915 | 2,685 |
Income before income taxes | 567 | 607 |
Income tax expense | 94 | 78 |
Net income | $473 | $529 |
Basic and diluted earnings per share of common stock (in dollars per share) | $0.17 | $0.19 |
Weighted average shares of common stock outstanding (in shares) | 2,750,603 | 2,736,978 |
Dividends declared per share of common stock (in dollars per share) | $0.10 | $0.10 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement Of Other Comprehensive Income [Abstract] | ' | ' |
Net income | $473 | $529 |
Unrealized gains (losses) on securities: | ' | ' |
Unrealized holding gains (losses) arising during the period | 1,223 | -408 |
Reclassification adjustment for gains included in net income | -48 | -1 |
Comprehensive income | $1,648 | $120 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $473 | $529 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation, amortization, and accretion | 144 | 383 |
Provision for credit losses | 38 | ' |
Gains on disposals of assets, net | -1 | -2 |
Income on investment in life insurance | -55 | -58 |
Changes in assets and liabilities: | ' | ' |
Decrease (increase) in other assets | 116 | -6 |
Decrease in other liabilities | -342 | -543 |
Net cash provided by operating activities | 373 | 303 |
Cash flows from investing activities: | ' | ' |
Maturities of available for sale mortgage-backed securities | 1,820 | 4,871 |
Proceeds from maturities and sales of other investment securities | 2,263 | 282 |
Purchases of investment securities | -1,244 | -8,910 |
Sales of Federal Home Loan Bank stock | 125 | 85 |
Proceeds from sales of other real estate | 230 | 66 |
Increase in loans, net | -7,902 | -2,438 |
Purchases of premises and equipment | -124 | -102 |
Net cash used by investing activities | -4,832 | -6,146 |
Cash flows from financing activities: | ' | ' |
Increase in deposits, net | 13,120 | 1,852 |
Dividends paid | -275 | ' |
Common stock dividends reinvested | 40 | ' |
Net cash provided by financing activities | 12,885 | 1,852 |
Increase (decrease) in cash and cash equivalents | 8,426 | -3,991 |
Cash and cash equivalents, beginning of year | 10,953 | 18,628 |
Cash and cash equivalents, end of period | $19,379 | $14,637 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
BASIS OF PRESENTATION | ' |
NOTE 1 - BASIS OF PRESENTATION | |
The accompanying condensed balance sheet as of December 31, 2013, which has been derived from audited financial statements, and the unaudited interim consolidated financial statements were prepared in accordance with instructions for Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include all information and notes necessary for a complete presentation of financial position, results of operations, changes in stockholders’ equity, and cash flows in conformity with accounting principles generally accepted in the United States of America. However, all adjustments (consisting only of normal recurring accruals) which, in the opinion of management, are necessary for a fair presentation of the unaudited consolidated financial statements have been included in the results of operations for the three months ended March 31, 2014 and 2013. | |
Operating results for the three months ended March 31, 2014 is not necessarily indicative of the results that may be expected for the year ending December 31, 2014. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
EARNINGS PER SHARE | ' | ||||||||
NOTE 2 - EARNINGS PER SHARE | |||||||||
Basic earnings per share of common stock are computed by dividing net earnings by the weighted average number of common shares outstanding during the period. Diluted earnings per share are calculated by including the average dilutive common stock equivalents outstanding during the periods. Dilutive common equivalent shares consist of stock options, calculated using the treasury stock method. | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Basic and diluted: | |||||||||
Net income | $ | 473,000 | $ | 529,000 | |||||
Weighted average common shares outstanding | 2,750,603 | 2,736,978 | |||||||
Basic and dilutive net income per share | $ | 0.17 | $ | 0.19 | |||||
Diluted earnings per share calculations were not required for the three months ended March 31, 2014 and 2013, since there were no options outstanding. |
RECENT_ACCOUNTING_PRONOUNCEMEN
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | ' |
NOTE 3 – RECENT ACCOUNTING PRONOUNCEMENTS | |
The FASB has issued several exposure drafts which, if adopted, would significantly alter the Company’s (and all other financial institutions’) method of accounting for, and reporting, its financial assets and some liabilities from a historical cost method to a fair value method of accounting as well as the reported amount of net interest income. Also, the FASB has issued several exposure drafts regarding a change in the accounting for leases. Under this exposure draft, the total amount of “lease rights” and total amount of future payments required under all leases would be reflected on the balance sheets of all entities as assets and debt. If the changes under discussion in either of these exposure drafts are adopted, the financial statements of the Company could be materially impacted as to the amounts of recorded assets, liabilities, capital, net interest income, interest expense, depreciation expense, rent expense and net income. The Company has not determined the extent of the possible changes at this time. The exposure drafts are in different stages of review, approval and possible adoption. | |
ASU 2011-11, “Balance Sheet (Topic 210) – “Disclosures about Offsetting Assets and Liabilities.” ASU 2011-11 amends Topic 210, “Balance Sheet,” to require an entity to disclose both gross and net information about financial instruments, such as sales and repurchase agreements and reverse sale and repurchase agreements and securities borrowing/lending arrangements, and derivative instruments that are eligible for offset in the statement of financial position and/or subject to a master netting arrangement or similar agreement. ASU 2011-11 is effective for annual and interim periods beginning on January 1, 2013, and did not have a material effect on the Company’s results of operations or financial condition. | |
ASU 2012-02 “Intangibles – Goodwill and Other (Topic 350) – Testing Indefinite-Lived Intangible Assets for Impairment.” ASU 2012-02 give entities the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that an indefinite-lived intangible asset is impaired. If, after assessing the totality of events or circumstances, an entity determines it is more likely than not that an indefinite-lived intangible asset is impaired, then the entity must perform the quantitative impairment test. If, under the quantitative impairment test, the carrying amount of the intangible asset exceeds its fair value, an entity should recognize an impairment loss in the amount of that excess. Permitting an entity to assess qualitative factors when testing indefinite-lived intangible assets for impairment results in guidance that is similar to the goodwill impairment testing guidance in ASU 2011-08. ASU 2012-02 is effective for the Corporation beginning January 1, 2013 and did not have a material effect on the Company’s results of operations or financial condition. | |
ASU 2013-02, Comprehensive Income (Topic 220), “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” ASU 2013-02 does not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. This standard is effective prospectively for public entities for annual and interim reporting periods beginning after December 15, 2012. Being disclosure-related only, the Company’s adoption of ASU 2013-02 on January 1, 2013 did not have a material effect on the Company’s results of operations or financial condition. | |
ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, is expected to eliminate diversity in practice as it provides guidance on financial statement presentation of an unrecognized tax benefit when a net operating loss (NOL) carryforward, a similar tax loss, or a tax credit carryforward exists. The changes were effective for the Company during the first quarter of 2014. Adoption of this ASU had no impact on the financial statements of the Company. |
FAIR_VALUE
FAIR VALUE | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
FAIR VALUE | ' | ||||||||||||||||||||||||
NOTE 4 – FAIR VALUE | |||||||||||||||||||||||||
ASC 820-10 defines fair value, establishes a framework for measuring fair value and expands disclosure of fair value measurements. | |||||||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||||||
ASC 820-10 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820-10, these inputs are summarized in the three broad levels listed below: | |||||||||||||||||||||||||
o Level 1 – Quoted prices in active markets for identical securities | |||||||||||||||||||||||||
o Level 2 – Other significant observable inputs (including quoted prices in active markets for similar securities) | |||||||||||||||||||||||||
o Level 3 – Significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments) | |||||||||||||||||||||||||
In determining the appropriate levels, the Company performs a detailed analysis of the assets and liabilities that are subject to ASC 820-10. | |||||||||||||||||||||||||
The Company’s bond holdings in the investment securities portfolio are the only asset or liability subject to fair value measurements on a recurring basis. Two assets are valued under Level 1 inputs at March 31, 2014 or December 31, 2013. The Company has assets measured by fair value measurements on a non-recurring basis during 2014. At March 31, 2014, these assets include 20 loans classified as impaired, which include nonaccrual, past due 90 days or more and still accruing, or troubled debt restructuring, and a homogeneous pool of indirect loans all considered to be impaired loans, which are valued under Level 3 inputs and two properties classified as OREO valued under Level 2 inputs. | |||||||||||||||||||||||||
The changes in the assets subject to fair value measurements are summarized below by Level: | |||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Fair | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Value | ||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Recurring: | |||||||||||||||||||||||||
Investment securities available for sale (AFS) | $ | 574 | $ | 73,516 | $ | 224 | $ | 74,314 | |||||||||||||||||
Non-recurring: | |||||||||||||||||||||||||
Maryland Financial Bank stock | - | - | 30 | 30 | |||||||||||||||||||||
Impaired loans | - | - | 4,745 | 4,745 | |||||||||||||||||||||
OREO | - | 1,171 | - | 1,171 | |||||||||||||||||||||
574 | 74,687 | 4,999 | 80,260 | ||||||||||||||||||||||
Activity: | |||||||||||||||||||||||||
Investment securities AFS | |||||||||||||||||||||||||
Purchases of investment securities | - | 1,244 | - | 1,244 | |||||||||||||||||||||
Sales, calls and maturities of investment securities | - | (4,083 | ) | - | (4,083 | ) | |||||||||||||||||||
Amortization/accretion of premium/discount | - | (41 | ) | - | (41 | ) | |||||||||||||||||||
Increase (decrease) in market value | 124 | 2,004 | (98 | ) | 2,030 | ||||||||||||||||||||
Loans | |||||||||||||||||||||||||
Payments and other loan reductions | - | - | (179 | ) | (179 | ) | |||||||||||||||||||
Change in total provision | - | - | (85 | ) | (85 | ) | |||||||||||||||||||
Loans converted to OREO | - | - | - | - | |||||||||||||||||||||
OREO | |||||||||||||||||||||||||
OREO converted from loans | - | - | - | - | |||||||||||||||||||||
Sales of OREO | - | (230 | ) | - | (230 | ) | |||||||||||||||||||
Loss on disposal of OREO | - | (78 | ) | - | (78 | ) | |||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Recurring: | |||||||||||||||||||||||||
Investment securities AFS | 698 | 72,640 | 126 | 73,464 | |||||||||||||||||||||
Non-recurring: | |||||||||||||||||||||||||
Maryland Financial Bank stock | - | - | 30 | 30 | |||||||||||||||||||||
Impaired loans | - | - | 4,481 | 4,481 | |||||||||||||||||||||
OREO | - | 863 | - | 863 | |||||||||||||||||||||
$ | 698 | $ | 73,503 | $ | 4,637 | $ | 78,838 | ||||||||||||||||||
The estimated fair values of the Company’s financial instruments at March 31, 2014 and December 31, 2013 are summarized below. The fair values of a significant portion of these financial instruments are estimates derived using present value techniques and may not be indicative of the net realizable or liquidation values. Also, the calculation of estimated fair values is based on market conditions at a specific point in time and may not reflect current or future fair values. | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
(In Thousands) | Carrying | Fair | Carrying | Fair | |||||||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||
Cash and due from banks | $ | 8,237 | $ | 8,237 | $ | 9,214 | $ | 9,214 | |||||||||||||||||
Interest-bearing deposits | 6,948 | 6,948 | 1,636 | 1,636 | |||||||||||||||||||||
Federal funds sold | 4,194 | 4,194 | 103 | 103 | |||||||||||||||||||||
Investment securities | 73,464 | 73,464 | 74,314 | 74,314 | |||||||||||||||||||||
Investments in restricted stock | 1,328 | 1,328 | 1,453 | 1,453 | |||||||||||||||||||||
Ground rents | 172 | 172 | 169 | 169 | |||||||||||||||||||||
Loans, net | 278,548 | 270,332 | 270,684 | 270,684 | |||||||||||||||||||||
Accrued interest receivable | 1,347 | 1,347 | 1,509 | 1,509 | |||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||
Deposits | 336,923 | 303,257 | 323,803 | 291,046 | |||||||||||||||||||||
Long-term borrowings | 20,000 | 21,021 | 20,000 | 21,032 | |||||||||||||||||||||
Dividends payable | 275 | 275 | 275 | 275 | |||||||||||||||||||||
Accrued interest payable | 37 | 37 | 29 | 29 | |||||||||||||||||||||
Off-balance sheet commitments | 24,761 | 24,761 | 23,901 | 23,901 | |||||||||||||||||||||
Fair values are based on quoted market prices for similar instruments or estimated using discounted cash flows. The discounts used are estimated using comparable market rates for similar types of instruments adjusted to be commensurate with the credit risk, overhead costs and optionality of such instruments. | |||||||||||||||||||||||||
The fair value of cash and due from banks, federal funds sold, investments in restricted stocks and accrued interest receivable are equal to the carrying amounts. The fair values of investment securities are determined using market quotations. The fair value of loans receivable is estimated using discounted cash flow analysis. | |||||||||||||||||||||||||
The fair value of non-interest bearing deposits, interest-bearing checking, savings, and money market deposit accounts, securities sold under agreements to repurchase, and accrued interest payable are equal to the carrying amounts. The fair value of fixed-maturity time deposits is estimated using discounted cash flow analysis. | |||||||||||||||||||||||||
The gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2014 are as follows: | |||||||||||||||||||||||||
Securities available for sale: | Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
Obligations of U.S. Govt Agencies | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||
State and Municipal | 7,275 | 404 | 3,251 | 353 | 10,526 | 757 | |||||||||||||||||||
Corporate Trust Preferred | - | - | 126 | 120 | 126 | 120 | |||||||||||||||||||
Mortgage Backed | 18,559 | 793 | 8,679 | 554 | 27,238 | 1,347 | |||||||||||||||||||
$ | 25,834 | $ | 1,197 | $ | 12,056 | $ | 1,027 | $ | 37,890 | $ | 2,224 | ||||||||||||||
At March 31, 2014, the company owned one pooled trust preferred security issued by Regional Diversified Funding, Senior Notes with a Moody’s rating of Ca. The market for this security (two different portions) at March 31, 2014 was not active and markets for similar securities were also not active. As a result, the Company had cash flow testing performed as of March 31, 2014 by an unrelated third party specialist in order to measure the possible extent of other-than-temporary-impairment (“OTTI”). This testing assumed future defaults on the currently performing financial institutions of 150 basis points applied annually with a 0% recovery on both current and future defaulting financial institutions. As a result of this testing, no write-down was required in the first quarter of 2014. There was a write-down of $15,312 done on the larger portion of the security during the third quarter of 2013 and a write-down of $269 done on the larger portion of the security during the fourth quarter of 2013. | |||||||||||||||||||||||||
Declines in the fair value of held to maturity and available for sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses. In estimating other-than-temporary-impairment losses, management considers, among other things, (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer, and (iii) the intent and ability of the Company to retain it’s investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. | |||||||||||||||||||||||||
As of March 31, 2014, management had the ability and intent to hold the securities classified as available for sale for a period of time sufficient for a recovery of cost. On March 31, 2014, the Bank held 19 investment securities having continuous unrealized loss positions for more than 12 months. Management has determined that all unrealized losses are either due to increases in market interest rates over the yields available at the time the underlying securities were purchased, current call features that are nearing, and the effect the sub-prime market has had on all mortgage-backed securities. The Bank has no mortgage-backed securities collateralized by sub-prime mortgages. The fair value is expected to recover as the bonds approach their maturity date or repricing date or if market yields for such investments decline. Management does not believe any of the securities are impaired due to reasons of credit quality. Except as noted above, as of March 31, 2014, management believes the impairments detailed in the table above are temporary and no impairment loss has been realized in the Company’s consolidated income statement. | |||||||||||||||||||||||||
A rollforward of the cumulative other-than-temporary credit losses recognized in earnings for all debt securities for which a portion of an other-than-temporary loss is recognized in accumulated other comprehensive loss is as follows: | |||||||||||||||||||||||||
At | At | ||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Estimated credit losses, beginning of year | $ | 3,262 | $ | 3,247 | |||||||||||||||||||||
Credit losses - no previous OTTI recognized | - | - | |||||||||||||||||||||||
Credit losses - previous OTTI recognized | - | 15 | |||||||||||||||||||||||
Estimated credit losses, end of period | $ | 3,262 | $ | 3,262 |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of earnings per common share | ' | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Basic and diluted: | |||||||||
Net income | $ | 473,000 | $ | 529,000 | |||||
Weighted average common shares outstanding | 2,750,603 | 2,736,978 | |||||||
Basic and dilutive net income per share | $ | 0.17 | $ | 0.19 |
FAIR_VALUE_Tables
FAIR VALUE (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Schedule of changes in asset subject to fair value measurement by Level | ' | ||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Fair | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Value | ||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Recurring: | |||||||||||||||||||||||||
Investment securities available for sale (AFS) | $ | 574 | $ | 73,516 | $ | 224 | $ | 74,314 | |||||||||||||||||
Non-recurring: | |||||||||||||||||||||||||
Maryland Financial Bank stock | - | - | 30 | 30 | |||||||||||||||||||||
Impaired loans | - | - | 4,745 | 4,745 | |||||||||||||||||||||
OREO | - | 1,171 | - | 1,171 | |||||||||||||||||||||
574 | 74,687 | 4,999 | 80,260 | ||||||||||||||||||||||
Activity: | |||||||||||||||||||||||||
Investment securities AFS | |||||||||||||||||||||||||
Purchases of investment securities | - | 1,244 | - | 1,244 | |||||||||||||||||||||
Sales, calls and maturities of investment securities | - | (4,083 | ) | - | (4,083 | ) | |||||||||||||||||||
Amortization/accretion of premium/discount | - | (41 | ) | - | (41 | ) | |||||||||||||||||||
Increase (decrease) in market value | 124 | 2,004 | (98 | ) | 2,030 | ||||||||||||||||||||
Loans | |||||||||||||||||||||||||
Payments and other loan reductions | - | - | (179 | ) | (179 | ) | |||||||||||||||||||
Change in total provision | - | - | (85 | ) | (85 | ) | |||||||||||||||||||
Loans converted to OREO | - | - | - | - | |||||||||||||||||||||
OREO | |||||||||||||||||||||||||
OREO converted from loans | - | - | - | - | |||||||||||||||||||||
Sales of OREO | - | (230 | ) | - | (230 | ) | |||||||||||||||||||
Loss on disposal of OREO | - | (78 | ) | - | (78 | ) | |||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Recurring: | |||||||||||||||||||||||||
Investment securities AFS | 698 | 72,640 | 126 | 73,464 | |||||||||||||||||||||
Non-recurring: | |||||||||||||||||||||||||
Maryland Financial Bank stock | - | - | 30 | 30 | |||||||||||||||||||||
Impaired loans | - | - | 4,481 | 4,481 | |||||||||||||||||||||
OREO | - | 863 | - | 863 | |||||||||||||||||||||
$ | 698 | $ | 73,503 | $ | 4,637 | $ | 78,838 | ||||||||||||||||||
Schedule of estimated fair values of financial instruments | ' | ||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
(In Thousands) | Carrying | Fair | Carrying | Fair | |||||||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||
Cash and due from banks | $ | 8,237 | $ | 8,237 | $ | 9,214 | $ | 9,214 | |||||||||||||||||
Interest-bearing deposits | 6,948 | 6,948 | 1,636 | 1,636 | |||||||||||||||||||||
Federal funds sold | 4,194 | 4,194 | 103 | 103 | |||||||||||||||||||||
Investment securities | 73,464 | 73,464 | 74,314 | 74,314 | |||||||||||||||||||||
Investments in restricted stock | 1,328 | 1,328 | 1,453 | 1,453 | |||||||||||||||||||||
Ground rents | 172 | 172 | 169 | 169 | |||||||||||||||||||||
Loans, net | 278,548 | 270,332 | 270,684 | 270,684 | |||||||||||||||||||||
Accrued interest receivable | 1,347 | 1,347 | 1,509 | 1,509 | |||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||
Deposits | 336,923 | 303,257 | 323,803 | 291,046 | |||||||||||||||||||||
Long-term borrowings | 20,000 | 21,021 | 20,000 | 21,032 | |||||||||||||||||||||
Dividends payable | 275 | 275 | 275 | 275 | |||||||||||||||||||||
Accrued interest payable | 37 | 37 | 29 | 29 | |||||||||||||||||||||
Off-balance sheet commitments | 24,761 | 24,761 | 23,901 | 23,901 | |||||||||||||||||||||
Schedule of gross unrealized losses and fair value, aggregated by investment category and length of time in continuous unrealized loss position | ' | ||||||||||||||||||||||||
Securities available for sale: | Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
Obligations of U.S. Govt Agencies | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||
State and Municipal | 7,275 | 404 | 3,251 | 353 | 10,526 | 757 | |||||||||||||||||||
Corporate Trust Preferred | - | - | 126 | 120 | 126 | 120 | |||||||||||||||||||
Mortgage Backed | 18,559 | 793 | 8,679 | 554 | 27,238 | 1,347 | |||||||||||||||||||
$ | 25,834 | $ | 1,197 | $ | 12,056 | $ | 1,027 | $ | 37,890 | $ | 2,224 | ||||||||||||||
Schedule of rollforward of the cumulative other-than-temporary credit losses recognized in earnings for debt securities | ' | ||||||||||||||||||||||||
At | At | ||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Estimated credit losses, beginning of year | $ | 3,262 | $ | 3,247 | |||||||||||||||||||||
Credit losses - no previous OTTI recognized | - | - | |||||||||||||||||||||||
Credit losses - previous OTTI recognized | - | 15 | |||||||||||||||||||||||
Estimated credit losses, end of period | $ | 3,262 | $ | 3,262 |
EARNINGS_PER_SHARE_Basic_earni
EARNINGS PER SHARE - Basic earnings per share of common stock (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Basic and diluted: | ' | ' |
Net income | $473 | $529 |
Weighted average common shares outstanding (in shares) | 2,750,603 | 2,736,978 |
Basic and dilutive net income per share | $0.17 | $0.19 |
FAIR_VALUE_changes_in_the_asse
FAIR VALUE - changes in the assets subject to fair value measurements (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 3 | Fair Value | Recurring | Recurring | Recurring | Recurring | Recurring | Recurring | Recurring | Recurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | ||
Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value | Fair Value | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value | Fair Value | |||||||
Recurring: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment securities available for sale (AFS) | $73,464 | $74,314 | ' | ' | ' | ' | $698 | $574 | $72,640 | $73,516 | $126 | $224 | $73,464 | $74,314 | ' | ' | ' | ' | ' | ' | ' | ' |
Non-recurring: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maryland Financial Bank stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30 | 30 | 30 | 30 |
Impaired loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,481 | 4,745 | 4,481 | 4,745 |
OREO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 863 | 1,171 | ' | ' | 863 | 1,171 |
Assets, fair value disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 698 | 574 | 73,503 | 74,687 | 4,637 | 4,999 | 78,838 | 80,260 |
Investment securities AFS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchases of investment securities | ' | ' | ' | 1,244 | ' | 1,244 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales, calls and maturities of investment securities | ' | ' | ' | -4,083 | ' | -4,083 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization/accretion of premium/discount | ' | ' | ' | -41 | ' | -41 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (decrease) in market value | ' | ' | 124 | 2,004 | -98 | 2,030 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments and other loan reductions | ' | ' | ' | ' | -179 | -179 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in total provision | ' | ' | ' | ' | -85 | -85 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans converted to OREO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OREO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OREO converted from loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales of OREO | ' | ' | ' | -230 | ' | -230 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on disposal of OREO | ' | ' | ' | ($78) | ' | ($78) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FAIR_VALUE_estimated_fair_valu
FAIR VALUE - estimated fair values of the Company's financial instruments (Details 1) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial assets - Carrying Amount | ' | ' |
Cash and due from banks | $8,237 | $9,214 |
Interest-bearing deposits | 6,948 | 1,636 |
Federal funds sold | 4,194 | 103 |
Investment securities | 73,464 | 74,314 |
Investments in restricted stock | 1,328 | 1,453 |
Ground rents | 172 | 169 |
Loans, net | 278,548 | 270,684 |
Accrued interest receivable | 1,347 | 1,509 |
Financial liabilities - Carrying Amount | ' | ' |
Deposits | 336,923 | 323,803 |
Long-term borrowings | 20,000 | 20,000 |
Dividends payable | 275 | 275 |
Accrued interest payable | 37 | 29 |
Off-balance sheet commitments | 24,761 | 23,901 |
Financial assets - Fair Value | ' | ' |
Cash and due from banks | 8,237 | 9,214 |
Interest-bearing deposits | 6,948 | 1,636 |
Federal funds sold | 4,194 | 103 |
Investment securities | 73,464 | 74,314 |
Investments in restricted stock | 1,328 | 1,453 |
Ground rents | 172 | 169 |
Loans, net | 270,332 | 270,684 |
Accrued interest receivable | 1,347 | 1,509 |
Financial liabilities - Fair Value | ' | ' |
Deposits | 303,257 | 291,046 |
Long-term borrowings | 21,021 | 21,032 |
Dividends payable | 275 | 275 |
Accrued interest payable | 37 | 29 |
Off-balance sheet commitments | $24,761 | $23,901 |
FAIR_VALUE_gross_unrealized_lo
FAIR VALUE - gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities (Details 2) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | ' |
Less than 12 months Fair Value | $25,834 |
Less than 12 months Unrealized Loss | 1,197 |
12 months or more Fair Value | 12,056 |
12 months or more Unrealized Loss | 1,027 |
Total Fair Value | 37,890 |
Total Unrealized Loss | 2,224 |
Obligations of U.S. Govt Agencies | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Less than 12 months Fair Value | ' |
Less than 12 months Unrealized Loss | ' |
12 months or more Fair Value | ' |
12 months or more Unrealized Loss | ' |
Total Fair Value | ' |
Total Unrealized Loss | ' |
State and Municipal | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Less than 12 months Fair Value | 7,275 |
Less than 12 months Unrealized Loss | 404 |
12 months or more Fair Value | 3,251 |
12 months or more Unrealized Loss | 353 |
Total Fair Value | 10,526 |
Total Unrealized Loss | 757 |
Corporate Trust Preferred | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Less than 12 months Fair Value | ' |
Less than 12 months Unrealized Loss | ' |
12 months or more Fair Value | 126 |
12 months or more Unrealized Loss | 120 |
Total Fair Value | 126 |
Total Unrealized Loss | 120 |
Mortgage Backed | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Less than 12 months Fair Value | 18,559 |
Less than 12 months Unrealized Loss | 793 |
12 months or more Fair Value | 8,679 |
12 months or more Unrealized Loss | 554 |
Total Fair Value | 27,238 |
Total Unrealized Loss | $1,347 |
FAIR_VALUE_cumulative_othertha
FAIR VALUE - cumulative other-than-temporary credit losses (Details 3) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ' | ' |
Estimated credit losses, beginning of year | $3,262 | $3,247 |
Credit losses - no previous OTTI recognized | ' | ' |
Credit losses - previous OTTI recognized | ' | 15 |
Estimated credit losses, end of period | $3,262 | $3,262 |
FAIR_VALUE_Detail_Textuals
FAIR VALUE - (Detail Textuals) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Number of assets valued at quoted price | 2 | ' | ' |
Number of impaired loans classified as nonaccrual loans | 20 | ' | ' |
Number of properties classified as OREO | 2 | ' | ' |
Corporate Debt Securities | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Assumed future inputs net default basis points rate | 'This testing assumed future defaults on the currently performing financial institutions of 150 basis points applied annually with a 0% recovery on both current and future defaulting financial institutions. | ' | ' |
Write-down of investment | ' | $269 | $15,312 |
Investment securities | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Number of securities continuous unrealized loss position more than twelve months | 19 | ' | ' |