Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 15, 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 | 2,773,361 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from banks | $ 7,845 | $ 7,101 |
Interest-bearing deposits in other financial institutions | 1,842 | 2,155 |
Federal funds sold | 6,870 | 4,024 |
Cash and cash equivalents | 16,557 | 13,280 |
Investment securities available for sale, at fair value | 93,990 | 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 (September 30: $3,093; December 31: $3,118) | 265,305 | 273,986 |
Premises and equipment, at cost, less accumulated depreciation | 3,477 | 3,671 |
Other real estate owned | 45 | |
Cash value of life insurance | 9,303 | 9,139 |
Other assets | 5,887 | 5,158 |
Total assets | 395,752 | 394,630 |
Liabilities: | ||
Deposits | 340,307 | 338,877 |
Long-term borrowings | 20,000 | 20,000 |
Other liabilities | 1,520 | 1,922 |
Total liabilities | $ 361,827 | $ 360,799 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding: September 30: 2,771,174 shares; December 31: 2,760,964 shares | $ 2,771 | $ 2,761 |
Surplus | 9,962 | 9,854 |
Retained earnings | 21,271 | 21,113 |
Accumulated other comprehensive income (loss), net of taxes | (79) | 103 |
Total stockholders' equity | 33,925 | 33,831 |
Total liabilities and stockholders' equity | $ 395,752 | $ 394,630 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Statement Of Financial Position [Abstract] | ||
Loans, allowance for credit losses (in dollars) | $ 3,093 | $ 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 | 2,771,174 | 2,760,964 |
Common stock, shares outstanding | 2,771,174 | 2,760,964 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Interest income on: | ||||
Loans, including fees | $ 2,894 | $ 3,108 | $ 8,701 | $ 9,237 |
U.S. Treasury and U.S. Government agency securities | 211 | 171 | 636 | 562 |
State and municipal securities | 260 | 357 | 836 | 1,026 |
Other | 31 | 22 | 77 | 68 |
Total interest income | 3,396 | 3,658 | 10,250 | 10,893 |
Interest expense on: | ||||
Deposits | 427 | 505 | 1,336 | 1,403 |
Long-term borrowings | 161 | 161 | 479 | 479 |
Total interest expense | 588 | 666 | 1,815 | 1,882 |
Net interest income | 2,808 | 2,992 | 8,435 | 9,011 |
Provision for credit losses | 985 | 125 | 1,285 | 275 |
Net interest income after provision for credit losses | 1,823 | 2,867 | 7,150 | 8,736 |
Other income: | ||||
Service charges on deposit accounts | 113 | 112 | 320 | 349 |
Other fees and commissions | 234 | 241 | 585 | 602 |
Other non-interest income | 61 | (5) | 501 | 9 |
Income on life insurance | 55 | 56 | 164 | 167 |
Gains on investment securities | 200 | 361 | 669 | 581 |
Total other income | 663 | 765 | 2,239 | 1,708 |
Other expenses: | ||||
Salaries and employee benefits | 1,552 | 1,657 | 4,895 | 5,003 |
Occupancy | 190 | 191 | 595 | 618 |
Other expenses | 913 | 1,147 | 2,853 | 3,121 |
Total other expenses | 2,655 | 2,995 | 8,343 | 8,742 |
Income (loss) before income taxes | (169) | 637 | 1,046 | 1,702 |
Income tax (benefit) expense | (177) | 111 | 140 | 268 |
Net income | $ 8 | $ 526 | $ 906 | $ 1,434 |
Basic and diluted earnings per share of common stock (in dollars per share) | $ 0 | $ 0.19 | $ 0.33 | $ 0.52 |
Weighted average shares of common stock outstanding (in shares) | 2,770,897 | 2,757,213 | 2,770,644 | 2,757,011 |
Dividends declared per share of common stock (in dollars per share) | $ 0.07 | $ 0.10 | $ 0.27 | $ 0.30 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement Of Other Comprehensive Income [Abstract] | ||||
Net income | $ 8 | $ 526 | $ 906 | $ 1,434 |
Unrealized gains on securities: | ||||
Unrealized holding gains arising during the period | 655 | 83 | 221 | 2,045 |
Reclassification adjustment for gains included in net income | (120) | (217) | (403) | (350) |
Comprehensive income | $ 543 | $ 392 | $ 724 | $ 3,129 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 906 | $ 1,434 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization, and accretion | 920 | 720 |
Provision for credit losses | 1,285 | 275 |
Gains on disposals of assets, net | (703) | (364) |
Provision on losses of other real estate owned | 75 | |
Income on investment in life insurance | (165) | (167) |
Changes in assets and liabilities: | ||
(Increase) decrease in other assets | (372) | 50 |
Decrease in other liabilities | (320) | (15) |
Net cash provided by operating activities | 1,551 | 2,008 |
Cash flows from investing activities: | ||
Maturities and proceeds of available for sale mortgage-backed securities | 15,463 | 13,612 |
Proceeds from maturities and sales of other investment securities | 22,454 | 5,966 |
Purchases of investment securities | (44,131) | (28,954) |
Sale of Federal Home Loan Bank stock | 125 | 125 |
Proceeds from sales of other real estate | 79 | 917 |
Decrease (increase) in loans, net | 7,396 | (9,826) |
Purchases of premises and equipment | (293) | (411) |
Net cash provided (used) by investing activities | 1,093 | (18,571) |
Cash flows from financing activities: | ||
Increase in deposits, net | 1,430 | 25,646 |
Dividends paid | (915) | (826) |
Common stock dividends reinvested | 118 | 116 |
Net cash provided by financing activities | 633 | 24,936 |
Increase in cash and cash equivalents | 3,277 | 8,373 |
Cash and cash equivalents, beginning of year | 13,280 | 10,953 |
Cash and cash equivalents, end of period | $ 16,557 | $ 19,326 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 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 nine months ended September 30, 2015 and 2014. Operating results for the nine months ended September 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 | 9 Months Ended |
Sep. 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 Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Basic and diluted: Net income $ 8,000 $ 526,000 $ 906,000 $ 1,434,000 Weighted average common shares outstanding 2,770,897 2,757,213 2,770,644 2,757,011 Basic and dilutive net income per share $ 0.00 $ 0.19 $ 0.33 $ 0.52 Diluted earnings per share calculations were not required for the three and nine months ended September 30, 2015 and 2014, since there were no options outstanding. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 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.” In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers—Deferral of the Effective Date” In August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements”. In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments”. |
FAIR VALUE
FAIR VALUE | 9 Months Ended |
Sep. 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 September 30, 2015 and December 31, 2014. The Company has assets measured by fair value measurements on a non-recurring basis during 2015. At September 30, 2015, these assets include The changes in the assets subject to fair value measurements are summarized below by Level: (Dollars in Thousands) Level 1 Level 2 Level 3 Fair 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 - 44,131 - 44,131 Sales, calls and maturities of investment securities - (37,917 ) - (37,917 ) Amortization/accretion of premium/discount - (584 ) - (584 ) Increase (decrease) in market value 79 326 (38 ) 367 Transfer to Level 2 (573 ) 797 (224 ) - Loans New impaired loans - - 1,779 1,779 Payments and other loan reductions - - (546 ) (546 ) Change in total provision - - (41 ) (41 ) OREO Sales of OREO - (45 ) - (45 ) September 30, 2015 Recurring: Investment securities AFS 296 93,568 126 93,990 Non-recurring: Maryland Financial Bank stock - - 30 30 Impaired loans - - 6,368 6,368 OREO - - - - $ 296 $ 93,568 $ 6,524 $ 100,388 The estimated fair values of the Company’s financial instruments at September 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. September 30, 2015 December 31, 2014 (In Thousands) Carrying Fair Carrying Fair Amount Value Amount Value Financial assets: Cash and due from banks $ 7,845 $ 7,845 $ 7,101 $ 7,101 Interest-bearing deposits 1,842 1,842 2,155 2,155 Federal funds sold 6,870 6,870 4,024 4,024 Investment securities 93,990 93,990 87,993 87,993 Investments in restricted stock 1,203 1,203 1,328 1,328 Ground rents 164 164 169 169 Loans, net 265,305 263,288 273,986 268,536 Accrued interest receivable 1,125 1,125 1,274 1,274 Financial liabilities: Deposits 340,307 319,798 338,877 310,239 Long-term borrowings 20,000 20,935 20,000 20,951 Dividends payable 194 194 276 276 Accrued interest payable 40 40 40 40 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 September 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 Value Loss Value Loss Value Loss Obligations of U.S. Govt Agencies $ - $ - $ - $ - $ - $ - State and Municipal 11,367 194 813 12 12,180 206 Corporate Trust Preferred - - 126 55 126 55 Mortgage Backed 22,917 113 16,955 315 39,872 428 $ 34,284 $ 307 $ 17,894 $ 382 $ 52,178 $ 689 At September 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 September 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 September 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 a range of 75 to 150 basis points applied annually with a 0% recovery on both current and future defaulting financial institutions. No additional write-down was taken in the first nine 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 September 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 September 30, 2015, the Bank held 27 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 September 30, December 31, 2015 2014 (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) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per common share | Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Basic and diluted: Net income $ 8,000 $ 526,000 $ 906,000 $ 1,434,000 Weighted average common shares outstanding 2,770,897 2,757,213 2,770,644 2,757,011 Basic and dilutive net income per share $ 0.00 $ 0.19 $ 0.33 $ 0.52 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of changes in asset subject to fair value measurement by Level | (Dollars in Thousands) Level 1 Level 2 Level 3 Fair 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 - 44,131 - 44,131 Sales, calls and maturities of investment securities - (37,917 ) - (37,917 ) Amortization/accretion of premium/discount - (584 ) - (584 ) Increase (decrease) in market value 79 326 (38 ) 367 Transfer to Level 2 (573 ) 797 (224 ) - Loans New impaired loans - - 1,779 1,779 Payments and other loan reductions - - (546 ) (546 ) Change in total provision - - (41 ) (41 ) OREO Sales of OREO - (45 ) - (45 ) September 30, 2015 Recurring: Investment securities AFS 296 93,568 126 93,990 Non-recurring: Maryland Financial Bank stock - - 30 30 Impaired loans - - 6,368 6,368 OREO - - - - $ 296 $ 93,568 $ 6,524 $ 100,388 |
Schedule of estimated fair values of financial instruments | September 30, 2015 December 31, 2014 (In Thousands) Carrying Fair Carrying Fair Amount Value Amount Value Financial assets: Cash and due from banks $ 7,845 $ 7,845 $ 7,101 $ 7,101 Interest-bearing deposits 1,842 1,842 2,155 2,155 Federal funds sold 6,870 6,870 4,024 4,024 Investment securities 93,990 93,990 87,993 87,993 Investments in restricted stock 1,203 1,203 1,328 1,328 Ground rents 164 164 169 169 Loans, net 265,305 263,288 273,986 268,536 Accrued interest receivable 1,125 1,125 1,274 1,274 Financial liabilities: Deposits 340,307 319,798 338,877 310,239 Long-term borrowings 20,000 20,935 20,000 20,951 Dividends payable 194 194 276 276 Accrued interest payable 40 40 40 40 |
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 11,367 194 813 12 12,180 206 Corporate Trust Preferred - - 126 55 126 55 Mortgage Backed 22,917 113 16,955 315 39,872 428 $ 34,284 $ 307 $ 17,894 $ 382 $ 52,178 $ 689 |
Schedule of rollforward of the cumulative other-than-temporary credit losses recognized in earnings for debt securities | At At September 30, December 31, 2015 2014 (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 | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Basic and diluted: | ||||
Net income | $ 8 | $ 526 | $ 906 | $ 1,434 |
Weighted average common shares outstanding (in shares) | 2,770,897 | 2,757,213 | 2,770,644 | 2,757,011 |
Basic and dilutive net income per share (in dollars per share) | $ 0 | $ 0.19 | $ 0.33 | $ 0.52 |
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 | Sep. 30, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale (AFS) | $ 87,993 | $ 93,990 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | $ 790 | 296 |
Investment securities AFS | ||
Purchases of investment securities | ||
Sales, calls and maturities of investment securities | ||
Amortization/accretion of premium/discount | ||
Increase (decrease) in market value | $ 79 | |
Transfer to Level 2 | $ (573) | |
Loans | ||
New impaired loans | ||
Payments and other loan reductions | ||
Change in total provision | ||
OREO | ||
Sales of OREO | ||
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | $ 86,860 | 93,568 |
Investment securities AFS | ||
Purchases of investment securities | 44,131 | |
Sales, calls and maturities of investment securities | (37,917) | |
Amortization/accretion of premium/discount | (584) | |
Increase (decrease) in market value | 326 | |
Transfer to Level 2 | $ 797 | |
Loans | ||
New impaired loans | ||
Payments and other loan reductions | ||
Change in total provision | ||
OREO | ||
Sales of OREO | $ (45) | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | $ 5,594 | 6,524 |
Investment securities AFS | ||
Purchases of investment securities | ||
Sales, calls and maturities of investment securities | ||
Amortization/accretion of premium/discount | ||
Increase (decrease) in market value | $ (38) | |
Transfer to Level 2 | (224) | |
Loans | ||
New impaired loans | 1,779 | |
Payments and other loan reductions | (546) | |
Change in total provision | $ (41) | |
OREO | ||
Sales of OREO | ||
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | $ 93,244 | 100,388 |
Investment securities AFS | ||
Purchases of investment securities | 44,131 | |
Sales, calls and maturities of investment securities | (37,917) | |
Amortization/accretion of premium/discount | (584) | |
Increase (decrease) in market value | $ 367 | |
Transfer to Level 2 | ||
Loans | ||
New impaired loans | $ 1,779 | |
Payments and other loan reductions | (546) | |
Change in total provision | (41) | |
OREO | ||
Sales of OREO | (45) | |
Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale (AFS) | 790 | 296 |
Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale (AFS) | 86,815 | 93,568 |
Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale (AFS) | 388 | 126 |
Recurring | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale (AFS) | $ 87,993 | $ 93,990 |
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 | |
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 | $ 6,368 |
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 | $ 6,368 |
OREO | $ 45 |
FAIR VALUE - Estimated fair val
FAIR VALUE - Estimated fair values of the Company's financial instruments (Details 1) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financial assets - Carrying Amount | ||
Cash and due from banks | $ 7,845 | $ 7,101 |
Interest-bearing deposits | 1,842 | 2,155 |
Federal funds sold | 6,870 | 4,024 |
Investment securities | 93,990 | 87,993 |
Investments in restricted stock | 1,203 | 1,328 |
Ground rents | 164 | 169 |
Loans, net | 265,305 | 273,986 |
Accrued interest receivable | 1,125 | 1,274 |
Financial liabilities - Carrying Amount | ||
Deposits | 340,307 | 338,877 |
Long-term borrowings | 20,000 | 20,000 |
Dividends payable | 194 | 276 |
Accrued interest payable | 40 | 40 |
Financial assets - Fair Value | ||
Cash and due from banks | 7,845 | 7,101 |
Interest-bearing deposits | 1,842 | 2,155 |
Federal funds sold | 6,870 | 4,024 |
Investment securities | 93,990 | 87,993 |
Investments in restricted stock | 1,203 | 1,328 |
Ground rents | 164 | 169 |
Loans, net | 263,288 | 268,536 |
Accrued interest receivable | 1,125 | 1,274 |
Financial liabilities - Fair Value | ||
Deposits | 319,798 | 310,239 |
Long-term borrowings | 20,935 | 20,951 |
Dividends payable | 194 | 276 |
Accrued interest payable | $ 40 | $ 40 |
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 | Sep. 30, 2015USD ($) |
Schedule of Available-for-sale Securities [Line Items] | |
Less than 12 months Fair Value | $ 34,284 |
Less than 12 months Unrealized Loss | 307 |
12 months or more Fair Value | 17,894 |
12 months or more Unrealized Loss | 382 |
Total Fair Value | 52,178 |
Total Unrealized Loss | $ 689 |
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 | $ 11,367 |
Less than 12 months Unrealized Loss | 194 |
12 months or more Fair Value | 813 |
12 months or more Unrealized Loss | 12 |
Total Fair Value | 12,180 |
Total Unrealized Loss | $ 206 |
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 | 55 |
Total Fair Value | 126 |
Total Unrealized Loss | 55 |
Mortgage Backed | |
Schedule of Available-for-sale Securities [Line Items] | |
Less than 12 months Fair Value | 22,917 |
Less than 12 months Unrealized Loss | 113 |
12 months or more Fair Value | 16,955 |
12 months or more Unrealized Loss | 315 |
Total Fair Value | 39,872 |
Total Unrealized Loss | $ 428 |
FAIR VALUE - Cumulative other-t
FAIR VALUE - Cumulative other-than-temporary credit losses (Details 3) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 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) | 9 Months Ended | |
Sep. 30, 2015AssetLoanSecurity | Dec. 31, 2014Asset | |
Schedule of Available-for-sale Securities [Line Items] | ||
Number of assets valued at quoted price | Asset | 2 | 2 |
Number of impaired loans classified as nonaccrual loans | Loan | 35 | |
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 a range of 75 to 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 | 27 |