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FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2014

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, 2013
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

	March 31, 2014				December 31, 2013
(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

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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- Definition

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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