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FAIR VALUE (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

Schedule of changes in asset subject to fair value measurement by Level

														Fair
		Level 1				Level 2				Level 3				Value
September 30, 2016
Recurring:
Securities available for sale
U.S. Treasury		$	-			$	3,028,230			$	-			$	3,028,230
State and Municipal			-				33,545,006				-				33,545,006
Mortgaged-backed			-				61,958,555				-				61,958,555
Non-recurring:
Maryland Financial Bank stock			-				-				30,000				30,000
Impaired loans			-				-				3,658,727				3,658,727
OREO			-				-				-				-
		$	-			$	98,531,791			$	3,688,727			$	102,220,518
December 31, 2015
Recurring:
Securities available for sale
U.S. Treasury		$	-			$	2,991,485			$	-			$	2,991,485
State and Municipal			-				29,996,099				-				29,996,099
Mortgaged-backed			-				65,802,426				-				65,802,426
Non-recurring:
Maryland Financial Bank stock			-				-				30,000				30,000
Impaired loans			-				-				4,023,092				4,023,092
OREO			-				74,400				-				74,400
		$	-			$	98,864,410			$	4,053,092			$	102,917,502

Schedule of estimated fair values of financial instruments

		September 30, 2016								December 31, 2015
(In Thousands)		Carrying				Fair				Carrying				Fair
		Amount				Value				Amount				Value
Financial assets:
Cash and due from banks		$	9,003			$	9,003			$	7,493			$	7,493
Interest-bearing deposits			825				825				2,308				2,308
Federal funds sold			6,848				6,848				2,570				2,570
Investment securities			98,532				98,532				98,790				98,790
Investments in restricted stock			1,200				1,200				1,203				1,203
Ground rents			164				164				164				164
Loans, net			257,779				258,623				259,637				252,239
Cash Value of life insurance			9,519				9,519				9,358				9,358
Accrued interest receivable			1,100				1,100				1,121				1,121
Financial liabilities:
Deposits			335,669				326,125				335,191				307,924
Long-term borrowings			20,000				20,630				20,000				20,688
Dividends payable			-				-				-				-
Accrued interest payable			35				35				40				40

Schedule of fair value hierarchy of financial instruments

		Carrying				Fair
September 30, 2016		Amount				Value				Level 1				Level 2				Level 3
Financial instruments - Assets
Cash and cash equivalents		$	16,675,962			$	16,675,962			$	16,675,962			$	-			$	-
Loans receivable, net			257,778,938				258,623,000				-				-				258,623,000
Cash value of life insurance			9,518,791				9,518,791				-				9,518,791				-
Financial instruments - Liabilities
Deposits			335,668,874				326,125,000				217,284,000				108,841,000				-
Long-term debt			20,000,000				20,630,000				-				20,630,000				-

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			5,373				71				503				2				5,876				73
Corporate Trust Preferred			-												-				-				-
Mortgage Backed			6,155				47				8,622				76				14,777				123
		$	11,528			$	118			$	9,125			$	78			$	20,653			$	196

Schedule of rollforward of the cumulative other-than-temporary credit losses recognized in earnings for debt securities

		At				At
		September 30,				December 31,
		2016				2015
		(Dollars in Thousands)
Estimated credit losses, beginning of year		$	-			$	3,262
Sales of securities with previous OTTI recognized							(3,262	)
Credit losses - no previous OTTI recognized			-				-
Credit losses - previous OTTI recognized			-				-
Estimated credit losses, end of period		$	-			$	-

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Tabular disclosure of fair value hierarchy.

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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 measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13476-108611

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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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-Publisher FASB
-Name Accounting Standards Codification
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