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FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2013

Fair Value Disclosures [Abstract]

Summary of Changes in Asset Subject to Fair Value Measurement by Level

The changes in the assets subject to fair value measurements are summarized below by Level:

		(Dollars in Thousands)
														Fair
December 31, 2012		Level 1				Level 2				Level 3				Value
Recurring:
Investment securities available for sale (AFS)		$	-			$	100,490			$	-			$	100,490
Non-recurring:
Maryland Financial Bank stock			-				-				30				30
Impaired loans			-				-				6,084				6,084
OREO			-				478				-				478
			-				100,968				6,114				107,082
Activity:
Investment securities AFS
Purchases of investment securities			-				8,910				-				8,910
Sales, calls and maturities of investment securities			-				(5,153	)			-				(5,153	)
Amortization/accretion of premium/discount			-				(273	)			-				(273	)
Increase in market value			-				(676	)			-				(676	)
Loans
New impaired loans			-				-				170				170
Payments and other loan reductions			-				-				(130	)			(130	)
Change in total provision			-				-				118				118
OREO
OREO converted from loans			-				-				-				-
Sales of OREO			-				(66	)			-				(66	)
March 31, 2013
Recurring:
Investment securities AFS			-				103,298				-				103,298
Non-recurring:
Maryland Financial Bank stock			-				-				30				30
Impaired loans			-				-				6,242				6,242
OREO			-				412				-				412
		$	-			$	103,710			$	6,272			$	109,982

Summary of Estimated Fair Values of Financial Instruments

The estimated fair values of the Company’s financial instruments at March 31, 2013 and December 31, 2012 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.

		March 31, 2013								December 31, 2012
(In Thousands)		Carrying				Fair				Carrying				Fair
		Amount				Value				Amount				Value
Financial assets:
Cash and due from banks		$	7,530			$	7,530			$	9,332			$	9,332
Interest-bearing deposits			6,663				6,663				6,627				6,627
Federal funds sold			444				444				2,669				2,669
Investment securities			103,298				103,298				100,490				100,490
Investments in restricted stock			1,363				1,363				1,448				1,448
Ground rents			172				172				175				175
Loans, net			252,070				253,847				249,632				251,419
Accrued interest receivable			1,320				1,320				1,450				1,450
Financial liabilities:
Deposits			334,141				311,832				332,289				314,680
Long-term borrowings			20,000				21,663				20,000				21,899
Dividends payable			274				274				-				-
Accrued interest payable			33				33				28				28
Off-balance sheet commitments			23,577				23,577				26,236				26,236

Gross Unrealized Losses and Fair Value Aggregated by Investment Category and Length of Time in Continuous Unrealized Loss Position

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, 2013 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			6,752				139				284				17				7,036				156
Corporate Trust Preferred			-				-				217				132				217				132
Mortgage Backed			19,118				117				-				-				19,118				117
		$	25,870			$	256			$	501			$	149			$	26,371			$	405

Rollforward of Cumulative Other Than Temporary Credit Losses Recognized in Earnings for Debt Securities

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,
		2013				2012
		(Dollars in Thousands)
Estimated credit losses, beginning of year		$	3,247			$	3,247
Credit losses - no previous OTTI recognized			-				-
Credit losses - previous OTTI recognized			-				-
Estimated credit losses, end of period		$	3,247			$	3,247

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Tabular disclosure of fair value of investments in debt and equity securities in an unrealized loss position categorized neither as held-to-maturity nor trading securities.

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring and/or nonrecurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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