Glen Burnie Bancorp (GLBZ) 10-Q 14 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 06, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	GLEN BURNIE BANCORP
Entity Central Index Key	890,066
Trading Symbol	glbz
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock Shares Outstanding		2,771,174
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
ASSETS
Cash and due from banks	$ 8,155	$ 7,101
Interest-bearing deposits in other financial institutions	1,890	2,155
Federal funds sold	334	4,024
Cash and cash equivalents	10,379	13,280
Investment securities available for sale, at fair value	107,509	87,993
Federal Home Loan Bank stock, at cost	1,203	1,328
Maryland Financial Bank stock	30	30
Loans, less allowance for credit losses (June 30: $3,274; December 31: $3,118)	265,796	273,986
Premises and equipment, at cost, less accumulated depreciation	3,584	3,671
Other real estate owned	45	45
Cash value of life insurance	9,247	9,139
Other assets	5,778	5,158
Total assets	403,571	394,630
Liabilities:
Deposits	348,603	338,877
Long-term borrowings	20,000	20,000
Other liabilities	1,430	1,922
Total liabilities	$ 370,033	$ 360,799
Commitments and contingencies
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding: June 30: 2,767,798 shares; December 31: 2,760,964 shares	$ 2,768	$ 2,761
Surplus	9,926	9,854
Retained earnings	21,458	21,113
Accumulated other comprehensive gain (loss), net of taxes	(614)	103
Total stockholders' equity	33,538	33,831
Total liabilities and stockholders' equity	$ 403,571	$ 394,630

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Statement Of Financial Position [Abstract]
Loans, allowance for credit losses (in dollars)	$ 3,274	$ 3,118
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized	15,000,000	15,000,000
Common stock, shares issued	2,767,798	2,760,964
Common stock, shares outstanding	2,767,798	2,760,964

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Interest income on:
Loans, including fees	$ 2,864	$ 3,023	$ 5,807	$ 6,129
U.S. Treasury and U.S. Government agency securities	215	175	425	391
State and municipal securities	274	339	576	669
Other	21	23	46	46
Total interest income	3,374	3,560	6,854	7,235
Interest expense on:
Deposits	447	468	909	898
Long-term borrowings	160	160	318	318
Total interest expense	607	628	1,227	1,216
Net interest income	2,767	2,932	5,627	6,019
Provision for credit losses	150	112	300	150
Net interest income after provision for credit losses	2,617	2,820	5,327	5,869
Other income:
Service charges on deposit accounts	102	113	207	237
Other fees and commissions	181	190	351	361
Other non-interest income	430	10	440	14
Income on life insurance	55	56	109	111
Gains on investment securities	270	141	469	220
Total other income	1,038	510	1,576	943
Other expenses:
Salaries and employee benefits	1,675	1,669	3,343	3,346
Occupancy	191	205	405	427
Other expenses	1,003	958	1,940	1,974
Total other expenses	2,869	2,832	5,688	5,747
Income before income taxes	786	498	1,215	1,065
Income tax expense	268	63	317	157
Net income	$ 518	$ 435	$ 898	$ 908
Basic and diluted earnings per share of common stock (in dollars per share)	$ 0.19	$ 0.16	$ 0.32	$ 0.33
Weighted average shares of common stock outstanding (in shares)	2,767,521	2,754,079	2,767,331	2,753,943
Dividends declared per share of common stock (in dollars per share)	$ 0.10	$ 0.10	$ 0.20	$ 0.20

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement Of Other Comprehensive Income [Abstract]
Net income	$ 518	$ 435	$ 898	$ 908
Unrealized (losses) gains on securities:
Unrealized holding (losses) gains arising during the period	(720)	739	(435)	1,961
Reclassification adjustment for gains included in net income	(163)	(85)	(282)	(132)
Comprehensive (loss) income	$ (365)	$ 1,089	$ 181	$ 2,737

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 898	$ 908
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and accretion	508	388
Provision for credit losses	300	150
Gains on disposals of assets, net	$ (847)	(204)
Provision on losses of other real estate owned		75
Income on investment in life insurance	$ (109)	(111)
Changes in assets and liabilities:
Decrease in other assets	25	109
Decrease in other liabilities	(493)	(182)
Net cash provided by operating activities	282	1,133
Cash flows from investing activities:
Maturities and proceeds of available for sale mortgage-backed securities	7,078	6,418
Proceeds from maturities and sales of other investment securities	14,304	3,329
Purchases of investment securities	(41,910)	(16,117)
Sale of Federal Home Loan Bank stock	$ 125	125
Proceeds from sales of other real estate		917
Decrease (increase) in loans, net	$ 7,890	$ (10,748)
Proceeds from sale of premises and equipment	378
Purchases of premises and equipment	(301)	$ (258)
Net cash used by investing activities	(12,436)	(16,334)
Cash flows from financing activities:
Increase in deposits, net	9,726	21,284
Dividends paid	(552)	(550)
Common stock dividends reinvested	79	79
Net cash provided by financing activities	9,253	20,813
(Decrease) increase in cash and cash equivalents	(2,901)	5,612
Cash and cash equivalents, beginning of year	13,280	10,953
Cash and cash equivalents, end of period	$ 10,379	$ 16,565

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2015
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, 2014, 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 six months ended June 30, 2015 and 2014. Operating results for the six months ended June 30, 2015 is not necessarily indicative of the results that may be expected for the year ending December 31, 2015.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2015
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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 Basic and diluted: Net income $ 518,000 $ 435,000 $ 898,000 $ 908,000 Weighted average common shares outstanding 2,767,521 2,754,079 2,767,331 2,753,943 Basic and dilutive net income per share $ 0.19 $ 0.16 $ 0.32 $ 0.33 Diluted earnings per share calculations were not required for the three and six months ended June 30, 2015 and 2014, since there were no options outstanding.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2015
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 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, In May 2014, the FASB and the International Accounting Standards Board (the “IASB”) jointly issued a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance under GAAP and International Financial Reporting Standards (“IFRS”). Previous revenue recognition guidance in GAAP comprised broad revenue recognition concepts together with numerous revenue requirements for particular industries or transactions, which sometimes resulted in different accounting for economically similar transactions. In contrast, IFRS provided limited revenue recognition guidance and, consequently, could be difficult to apply to complex transactions. Accordingly, the FASB and the IASB initiated a joint project to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and IFRS that would: (1) Remove inconsistencies and weaknesses in revenue requirements; (2) Provide a more robust framework for addressing revenue issues; (3) Improve comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets; (4) Provide more useful information to users of financial statements through improved disclosure requirements; and (5) Simplify the preparation of financial statements by reducing the number of requirements to which an entity must refer. To meet those objectives, the FASB issued ASU No. 2014-09, ”Revenue from Contracts with Customers.” In June 2014, the FASB issued ASU No. 2014-12, ”Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” Compensation - Stock Compensation ASU 2014-11, “Transfers and Servicing (Topic 860).” ASU 2015-01, “Income Statement - Extraordinary and Unusual Items (Subtopic 225-20) – Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” ASU 2015-02, “Consolidation (Topic 810) – Amendments to the Consolidation Analysis.” ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30) – Simplifying the Presentation of Debt Issuance Costs ” ASU 2015-05, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) – Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” In May 2015, the FASB Issued ASU 2015-09, ”Financial Services-Insurance: Disclosures About Short-Duration Contracts.”

FAIR VALUE

FAIR VALUE	6 Months Ended
	Jun. 30, 2015
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: ☐ Level 1 – Quoted prices in active markets for identical securities ☐ Level 2 – Other significant observable inputs (including quoted prices in active markets for similar securities) ☐ 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 June 30, 2015 or December 31, 2014. The Company has assets measured by fair value measurements on a non-recurring basis during 2015. At June 30, 2015, these assets include 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 December 31, 2014 Recurring: Investment securities available for sale (AFS) $ 790 $ 86,815 $ 388 $ 87,993 Non-recurring: Maryland Financial Bank stock - - 30 30 Impaired loans - - 5,176 5,176 OREO - 45 - 45 790 86,860 5,594 93,244 Activity: Investment securities AFS Purchases of investment securities - 41,910 - 41,910 Sales, calls and maturities of investment securities - (21,382 ) - (21,382 ) Amortization/accretion of premium/discount - (290 ) - (290 ) Increase (decrease) in market value 25 (685 ) (62 ) (722 ) Transfer to Level 2 (573 ) 797 (224 ) - Loans New impaired loans - - 2,400 2,400 Payments and other loan reductions - - (105 ) (105 ) Change in total provision - - (596 ) (596 ) OREO Sales of OREO - - - - Loss on disposal of OREO - - - - Write-down of OREO - - - - June 30, 2015 Recurring: Investment securities AFS 242 107,165 102 107,509 Non-recurring: Maryland Financial Bank stock - - 30 30 Impaired loans - - 6,875 6,875 OREO - 45 - 45 $ 242 $ 107,210 $ 7,007 $ 114,459 The estimated fair values of the Company’s financial instruments at June 30, 2015 and December 31, 2014 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. June 30, 2015 December 31, 2014 (In Thousands) Carrying Fair Carrying Fair Financial assets: Cash and due from banks $ 8,155 $ 8,155 $ 7,101 $ 7,101 Interest-bearing deposits 1,890 1,890 2,155 2,155 Federal funds sold 334 334 4,024 4,024 Investment securities 107,509 107,509 87,993 87,993 Investments in restricted stock 1,203 1,203 1,328 1,328 Ground rents 169 169 169 169 Loans, net 265,796 260,395 273,986 268,536 Accrued interest receivable 1,181 1,181 1,274 1,274 Financial liabilities: Deposits 348,603 316,359 338,877 310,239 Long-term borrowings 20,000 20,930 20,000 20,951 Dividends payable 277 277 276 276 Accrued interest payable 39 39 40 40 Off-balance sheet commitments 23,541 23,541 21,430 21,430 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 June 30, 2015 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 Obligations of U.S. Govt Agencies $ - $ - $ - $ - $ - $ - State and Municipal 21,321 645 808 18 22,129 663 Corporate Trust Preferred - - 102 87 102 87 Mortgage Backed 36,464 320 19,183 551 55,647 871 $ 57,785 $ 965 $ 20,093 $ 656 $ 77,878 $ 1,621 At June 30, 2015, 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 June 30, 2015 was not active and markets for similar securities were also not active. As a result, the Company had cash flow testing performed as of June 30, 2015 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. No write-down was taken in the first six months of 2015. 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 June 30, 2015, 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 June 30, 2015, the Bank held 29 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 (Dollars in Thousands) Estimated credit losses, beginning of year $ 3,262 $ 3,262 Credit losses - no previous OTTI recognized - - Credit losses - previous OTTI recognized - - Estimated credit losses, end of period $ 3,262 $ 3,262

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of earnings per common share	Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Basic and diluted: Net income $ 518,000 $ 435,000 $ 898,000 $ 908,000 Weighted average common shares outstanding 2,767,521 2,754,079 2,767,331 2,753,943 Basic and dilutive net income per share $ 0.19 $ 0.16 $ 0.32 $ 0.33

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 2015
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 December 31, 2014 Recurring: Investment securities available for sale (AFS) $ 790 $ 86,815 $ 388 $ 87,993 Non-recurring: Maryland Financial Bank stock - - 30 30 Impaired loans - - 5,176 5,176 OREO - 45 - 45 790 86,860 5,594 93,244 Activity: Investment securities AFS Purchases of investment securities - 41,910 - 41,910 Sales, calls and maturities of investment securities - (21,382 ) - (21,382 ) Amortization/accretion of premium/discount - (290 ) - (290 ) Increase (decrease) in market value 25 (685 ) (62 ) (722 ) Transfer to Level 2 (573 ) 797 (224 ) - Loans New impaired loans - - 2,400 2,400 Payments and other loan reductions - - (105 ) (105 ) Change in total provision - - (596 ) (596 ) OREO Sales of OREO - - - - Loss on disposal of OREO - - - - Write-down of OREO - - - - June 30, 2015 Recurring: Investment securities AFS 242 107,165 102 107,509 Non-recurring: Maryland Financial Bank stock - - 30 30 Impaired loans - - 6,875 6,875 OREO - 45 - 45 $ 242 $ 107,210 $ 7,007 $ 114,459
Schedule of estimated fair values of financial instruments	June 30, 2015 December 31, 2014 (In Thousands) Carrying Fair Carrying Fair Financial assets: Cash and due from banks $ 8,155 $ 8,155 $ 7,101 $ 7,101 Interest-bearing deposits 1,890 1,890 2,155 2,155 Federal funds sold 334 334 4,024 4,024 Investment securities 107,509 107,509 87,993 87,993 Investments in restricted stock 1,203 1,203 1,328 1,328 Ground rents 169 169 169 169 Loans, net 265,796 260,395 273,986 268,536 Accrued interest receivable 1,181 1,181 1,274 1,274 Financial liabilities: Deposits 348,603 316,359 338,877 310,239 Long-term borrowings 20,000 20,930 20,000 20,951 Dividends payable 277 277 276 276 Accrued interest payable 39 39 40 40 Off-balance sheet commitments 23,541 23,541 21,430 21,430
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 Obligations of U.S. Govt Agencies $ - $ - $ - $ - $ - $ - State and Municipal 21,321 645 808 18 22,129 663 Corporate Trust Preferred - - 102 87 102 87 Mortgage Backed 36,464 320 19,183 551 55,647 871 $ 57,785 $ 965 $ 20,093 $ 656 $ 77,878 $ 1,621
Schedule of rollforward of the cumulative other-than-temporary credit losses recognized in earnings for debt securities	At At (Dollars in Thousands) Estimated credit losses, beginning of year $ 3,262 $ 3,262 Credit losses - no previous OTTI recognized - - Credit losses - previous OTTI recognized - - Estimated credit losses, end of period $ 3,262 $ 3,262

EARNINGS PER SHARE - Basic earn

EARNINGS PER SHARE - Basic earnings per share of common stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Basic and diluted:
Net income	$ 518	$ 435	$ 898	$ 908
Weighted average common shares outstanding (in shares)	2,767,521	2,754,079	2,767,331	2,753,943
Basic and dilutive net income per share (in dollars per share)	$ 0.19	$ 0.16	$ 0.32	$ 0.33

FAIR VALUE - Changes in the ass

FAIR VALUE - Changes in the assets subject to fair value measurements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Jun. 30, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available for sale (AFS)	$ 87,993	$ 107,509
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	$ 790	242
Investment securities AFS
Purchases of investment securities
Sales, calls and maturities of investment securities
Amortization/accretion of premium/discount
Increase (decrease) in market value	$ 25
Transfer to Level 2	$ (573)
Loans
New impaired loans
Payments and other loan reductions
Change in total provision
OREO
Sales of OREO
Loss on disposal of OREO
Write-down of OREO
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	$ 86,860	107,210
Investment securities AFS
Purchases of investment securities	41,910
Sales, calls and maturities of investment securities	(21,382)
Amortization/accretion of premium/discount	(290)
Increase (decrease) in market value	(685)
Transfer to Level 2	$ 797
Loans
New impaired loans
Payments and other loan reductions
Change in total provision
OREO
Sales of OREO
Loss on disposal of OREO
Write-down of OREO
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	$ 5,594	7,007
Investment securities AFS
Purchases of investment securities
Sales, calls and maturities of investment securities
Amortization/accretion of premium/discount
Increase (decrease) in market value	$ (62)
Transfer to Level 2	(224)
Loans
New impaired loans	2,400
Payments and other loan reductions	(105)
Change in total provision	$ (596)
OREO
Sales of OREO
Loss on disposal of OREO
Write-down of OREO
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	$ 93,244	114,459
Investment securities AFS
Purchases of investment securities	41,910
Sales, calls and maturities of investment securities	(21,382)
Amortization/accretion of premium/discount	(290)
Increase (decrease) in market value	$ (722)
Transfer to Level 2
Loans
New impaired loans	$ 2,400
Payments and other loan reductions	(105)
Change in total provision	$ (596)
OREO
Sales of OREO
Loss on disposal of OREO
Write-down of OREO
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available for sale (AFS)	$ 790	242
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available for sale (AFS)	86,815	107,165
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available for sale (AFS)	388	102
Recurring | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available for sale (AFS)	$ 87,993	$ 107,509
Nonrecurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Maryland Financial Bank stock
Impaired loans
OREO
Nonrecurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Maryland Financial Bank stock
Impaired loans
OREO	$ 45	$ 45
Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Maryland Financial Bank stock	30	30
Impaired loans	$ 5,176	$ 6,875
OREO
Nonrecurring | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Maryland Financial Bank stock	$ 30	$ 30
Impaired loans	5,176	6,875
OREO	$ 45	$ 45

FAIR VALUE - Estimated fair val

FAIR VALUE - Estimated fair values of the Company's financial instruments (Details 1) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Financial assets - Carrying Amount
Cash and due from banks	$ 8,155	$ 7,101
Interest-bearing deposits	1,890	2,155
Federal funds sold	334	4,024
Investment securities	107,509	87,993
Investments in restricted stock	1,203	1,328
Ground rents	169	169
Loans, net	265,796	273,986
Accrued interest receivable	1,181	1,274
Financial liabilities - Carrying Amount
Deposits	348,603	338,877
Long-term borrowings	20,000	20,000
Dividends payable	277	276
Accrued interest payable	39	40
Off-balance sheet commitments	23,541	21,430
Financial assets - Fair Value
Cash and due from banks	8,155	7,101
Interest-bearing deposits	1,890	2,155
Federal funds sold	334	4,024
Investment securities	107,509	87,993
Investments in restricted stock	1,203	1,328
Ground rents	169	169
Loans, net	260,395	268,536
Accrued interest receivable	1,181	1,274
Financial liabilities - Fair Value
Deposits	316,359	310,239
Long-term borrowings	20,930	20,951
Dividends payable	277	276
Accrued interest payable	39	40
Off-balance sheet commitments	$ 23,541	$ 21,430

FAIR VALUE - Gross unrealized l

FAIR VALUE - Gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities (Details 2) $ in Thousands	Jun. 30, 2015USD ($)
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months Fair Value	$ 57,785
Less than 12 months Unrealized Loss	965
12 months or more Fair Value	20,093
12 months or more Unrealized Loss	656
Total Fair Value	77,878
Total Unrealized Loss	$ 1,621
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	$ 21,321
Less than 12 months Unrealized Loss	645
12 months or more Fair Value	808
12 months or more Unrealized Loss	18
Total Fair Value	22,129
Total Unrealized Loss	$ 663
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	$ 102
12 months or more Unrealized Loss	87
Total Fair Value	102
Total Unrealized Loss	87
Mortgage Backed
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months Fair Value	36,464
Less than 12 months Unrealized Loss	320
12 months or more Fair Value	19,183
12 months or more Unrealized Loss	551
Total Fair Value	55,647
Total Unrealized Loss	$ 871

FAIR VALUE - Cumulative other-t

FAIR VALUE - Cumulative other-than-temporary credit losses (Details 3) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Estimated credit losses, beginning of year	$ 3,262	$ 3,262
Credit losses - no previous OTTI recognized
Credit losses - previous OTTI recognized
Estimated credit losses, end of period	$ 3,262	$ 3,262

FAIR VALUE - (Detail Textuals)

FAIR VALUE - (Detail Textuals) - Jun. 30, 2015	AssetLoanPropertySecurity
Schedule of Available-for-sale Securities [Line Items]
Number of assets valued at quoted price | Asset	2
Number of impaired loans classified as nonaccrual loans | Loan	33
Number of properties classified as OREO | Property	1
Corporate Debt Securities
Schedule of Available-for-sale Securities [Line Items]
Number of pooled trust preferred security	1
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.
Investment securities
Schedule of Available-for-sale Securities [Line Items]
Number of securities continuous unrealized loss position more than twelve months	29