SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                      -------------------------------------

                                   FORM 10-QSB


           [x]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                SECURITIES EXCHANGE ACT OF 1934
                For the quarterly period ended March 31, 2003.

                                       OR

           [ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                SECURITIES EXCHANGE ACT OF 1934
                For the transition period from __________ to __________


                         Commission File Number 0-24926


                               CECIL BANCORP, INC.
             (Exact name of registrant as specified in its charter)


Maryland                                                  52-1883546
(State or other jurisdiction of                           (I.R.S. Employer
incorporation or organization)                            Identification Number)


127 North Street                                            21921
Elkton, Maryland                                          (Zip Code)
(Address of principal executive office)

Registrant's telephone number, including area code:  (410) 398-1650


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding twelve months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past ninety days.

                         [ x ] YES [ ] NO

APPLICABLE ONLY TO CORPORATE ISSUERS:  Indicate the number of shares outstanding
of each of the issuer's  classes of common stock,  as of the latest  practicable
date.

                                     800,020
                                     -------



                                     Page 1
<PAGE>

                       CECIL BANCORP INC. AND SUBSIDIARIES


                                    CONTENTS
<TABLE>
<CAPTION>

                                                                                           PAGE
                                                                                           ----
<S>                                                                                      <C>
PART I.    FINANCIAL INFORMATION

           ITEM 1.       Financial Statements (unaudited)

                         Consolidated Statements of Financial Condition -
                         March 31, 2003 and December 31, 2002                              3-4

                         Consolidated Statements of Income and Comprehensive Income
                         for the Three Months Ended March 31, 2003 and 2002                5-6

                         Consolidated Statements of Cash Flows
                         for Three Months Ended March 31, 2003 and 2002                      7

                         Notes to Consolidated Financial Statements                        8-9


           ITEM 2.       Management's Discussion and Analysis of Financial Condition
                         and Results of Operations                                       10-17

           ITEM 3.       Controls and Procedures                                            17

PART II. OTHER INFORMATION                                                                  18

SIGNATURES                                                                                  18

CERTIFICATIONS                                                                           18-20
</TABLE>


                                     Page 2
<PAGE>

                      CECIL BANCORP, INC. AND SUBSIDIARIES

                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                      March 31, 2003 AND December 31, 2002

                                     ASSETS
<TABLE>
<CAPTION>

                                                                                      2003                   2002
                                                                                 ---------------      -----------------
                                                                                  (unaudited)             (unaudited)

<S>                                                                             <C>                      <C>
Cash and due from banks                                                         $    895,070             $    986,389
Interest bearing deposits with banks                                               3,431,228                3,538,570
Investment securities:
   Securities available-for-sale at fair value                                    11,017,784                6,994,386

   Securities held-to-maturity (fair value of $3,497,035
     in 2003 and $3,491,406 in 2002)                                               3,497,028                3,494,020

Loans                                                                            103,758,004              102,183,554
   Less allowance for loan losses                                                   (632,478)                (612,679)
                                                                                ------------              -----------
       Net loans                                                                 103,125,526              101,570,875
                                                                                ------------              -----------
Premises and equipment - net                                                       2,358,281                2,202,506
Stock in Federal Home Loan Bank of Atlanta - at cost                                 641,100                  955,000
Stock in Federal Reserve Bank - at cost                                              117,850                  117,850
Accrued interest receivable                                                          525,211                  524,892
Goodwill                                                                           2,182,144                2,175,990
Other intangible assets                                                               67,248                   67,806
Other assets                                                                         465,241                  491,330
                                                                                ------------              -----------

       TOTAL ASSETS                                                             $128,323,711             $123,119,614
                                                                                ============             ============
</TABLE>



See accompanying notes.



                                     Page 3
<PAGE>



                      LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>

                                                                                        2003                  2002
                                                                                   --------------       --------------

<S>                                                                                <C>                    <C>
LIABILITIES:
   Savings deposits                                                                $101,896,481           $ 99,831,411
   Advance payments by borrowers for property
     taxes and insurance                                                                805,596                544,961
   Employee stock ownership plan debt                                                    77,016                 77,016
   Other liabilities                                                                    638,709                479,919
   Advances from Federal Home Loan Bank of Atlanta                                    9,000,000              9,000,000
                                                                                   ------------           ------------

       Total liabilities                                                            112,417,802            109,933,307
                                                                                   ------------           ------------


STOCKHOLDERS' EQUITY:
   Common stock, $.01 par value; authorized 4,000,000 shares, issued and
     outstanding 800,020 shares in 2003 and
     640,559 shares in 2002                                                               8,000                  6,405
   Additional paid in capital                                                         7,928,043              5,427,154
   Employee stock ownership plan ("ESOP") debt                                          (77,016)               (77,016)
   Deferred compensation - Management Recognition Plan                                  (11,655)               (11,655)
   Retained earnings                                                                  8,017,619              7,803,743
   Accumulated other comprehensive income net                                            40,917                 37,676
                                                                                   ------------           ------------

       Total stockholders' equity                                                    15,905,909             13,186,307
                                                                                   ------------           ------------

       TOTAL LIABILITIES AND STOCKHOLDERS'
         EQUITY                                                                    $128,323,711           $123,119,614
                                                                                   ============           ============
</TABLE>

                                     Page 4
<PAGE>


                      CECIL BANCORP, INC. AND SUBSIDIARIES
           CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
               FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002

<TABLE>
<CAPTION>

                                                                                2003                      2002
                                                                           -------------             --------------
                                                                            (Unaudited)                (Unaudited)

<S>                                                                        <C>                       <C>
INTEREST INCOME:
   Interest and fees on loans                                              $   1,930,779             $    1,990,088
   Interest on investment securities                                              70,273                    122,111
   Dividends on Federal Home Loan and Federal Reserve Bank stock                  13,836                     15,044
   Other interest-earning assets                                                   7,166                      9,175
                                                                           -------------             --------------

       Total interest income                                                   2,022,054                  2,136,418
                                                                           -------------             --------------

INTEREST EXPENSE:
   Interest expense on deposits                                                  570,212                    794,514
   Interest expense on Federal Home Loan Bank advances                           106,739                    108,164
                                                                           -------------             --------------

       Total interest expense                                                    676,951                    902,678
                                                                           -------------             --------------

       Net interest income                                                     1,345,103                  1,233,740

   Provision for loan losses                                                      55,000                    157,000
                                                                           -------------             --------------

       Net interest income after provision for loan losses                     1,290,103                  1,076,740
                                                                            ------------             --------------

NONINTEREST INCOME:
   Checking account fees                                                          67,289                     68,422
   ATM fees                                                                       29,331                     23,966
   Commission income                                                               6,890                      3,470
   Gain on sale on real estate owned                                                  --                    106,996
   Gain on sale of real estate loans                                              48,248                         --
   Other                                                                          13,853                     14,317
                                                                           -------------             --------------

       Total noninterest income                                                  165,611                    217,171
                                                                           -------------             --------------

NONINTEREST EXPENSE:
   Salaries and employee benefits                                                540,328                    422,479
   Occupancy expense                                                              80,562                     55,846
   Equipment and data processing expense                                         118,480                    110,822
   SAIF deposit insurance premium                                                  4,158                     14,610
   Other                                                                         235,417                    230,706
                                                                           -------------             --------------

       Total noninterest expense                                                 978,945                    834,463
                                                                           -------------             --------------

INCOME BEFORE INCOME TAXES                                                       476,769                    459,448

INCOME TAX EXPENSE                                                               183,718                    186,508
                                                                           -------------             --------------

NET INCOME                                                                 $     293,051             $      272,940
                                                                           =============             ==============


                                     Page 5
<PAGE>


                      CECIL BANCORP, INC. AND SUBSIDIARIES
           CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

                                   (Continued)


                                        Three Months Ended March 31
                                        ---------------------------
                                           2003          2002
                                           ----          ----
                                        (Unaudited)  (Unaudited)


NET INCOME                            $   293,051    $   272,940

OTHER COMPREHENSIVE INCOME
  Unrealized gains (losses) on
      investment securities,
      net of deferred taxes               (40,917)       (37,676)
                                      -----------    -----------

TOTAL COMPREHENSIVE INCOME            $   252,134    $   235,264
                                      ===========    ===========




Earnings per common share basic       $      0.43    $      0.44

Earnings per common share - diluted   $      0.42    $      0.43

Dividends per share                   $      0.10    $      0.10




                                     Page 6

<PAGE>


                      CECIL BANCORP, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
               FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002

                                                                           2003                   2002
                                                                           ----                   ----
                                                                         (Unaudited)           (Unaudited)

 (unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
   Adjustments to reconcile net income to net cash
    provided by operating activities:
     Net income                                                         $   293,051           $   272,940
     Depreciation and amortization                                           63,034                87,381
     Provision for loan losses                                               55,000               157,000
     Gain on sale of other real estate                                           --              (106,996)
     Gain on sale of loans                                                  (48,248)                   --
     Deferred income taxes                                                  (12,423)                   --
     Reinvested dividends                                                   (56,568)              (95,935)
     Origination of loans held for sale                                  (1,937,500)                   --
     Proceeds from sales of loans held for sale                           1,966,172                    --
     Net change in:
       Accrued interest receivable and other assets                          36,154               (85,047)
       Other liabilities                                                    158,790               115,411
                                                                        -----------           -----------
              Net cash provided by operating activities                     517,412               344,754
                                                                        -----------           -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Purchases of investment securities available for sale                 (6,000,000)                   --
   Proceeds from sales, maturities, calls and principal payments of
     investment securities available-for-sale                             2,037,960               101,445
   Sale of Federal Home Loan Bank stock                                     313,900                    --
   Net (increase decrease) in loans                                      (1,609,651)               84,857
   Proceeds from sales of real estate owned                                      --               106,996
   Purchases of property and equipment - net                               (207,347)                   --
                                                                        -----------           -----------

              Net cash (used in) provided by investing activities        (5,465,138)              293,298
                                                                        -----------           -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Net increase (decrease) in deposits                                    2,065,070            (2,563,912)
   Increase in advance payments by borrowers for
     property taxes and insurance                                           260,635               228,274
   Proceeds from issuance of common stock                                 2,502,485                24,511
   Net decrease increase in short-term borrowings                                --            (1,000,000)
   Payments of cash dividends                                               (79,175)              (62,300)
                                                                        -----------           -----------

              Net cash provided by (used in) financing activities         4,749,015            (3,373,427)
                                                                        -----------           -----------

DECREASE IN CASH AND CASH EQUIVALENTS                                      (198,661)           (2,735,375)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                          4,524,959             5,546,242
                                                                        -----------           -----------

CASH AND CASH EQUIVALENTS AT END OF PERIOD                              $ 4,326,298           $ 2,810,867
                                                                        ===========           ===========

SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
   Cash paid for income taxes                                           $    15,711           $    35,000
   Cash paid for interest                                                   673,115               917,042

</TABLE>


                                     Page 7
<PAGE>


                      CECIL BANCORP, INC. AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
               FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002


    1.   GENERAL

               In the opinion of the Company, the accompanying unaudited
    consolidated financial statements contain all adjustments (consisting of
    only normal recurring adjustments) necessary to present fairly the financial
    position as of March 31, 2003 and the results of its operations and cash
    flows for the three months ended March 31, 2003 and 2002. These statements
    are condensed and therefore do not include all of the information and
    footnotes required by accounting principles generally accepted in the United
    States of America for complete financial statements. The statements should
    be read in conjunction with the consolidated financial statements and
    footnotes included in the Company's Annual Report on Form 10-KSB for the
    year ended December 31, 2002. The results of operations for the three months
    ended March 31, 2003 are not necessarily indicative of the results to be
    expected for the full year.

    2. FINANCIAL STATEMENT PREPARATION

               The preparation of financial statements in conformity with
    generally accepted accounting principles in the United States of America
    requires management to make estimates and assumptions that affect the
    reported amounts of assets and liabilities and disclosures of contingent
    assets and liabilities at the date of the financial statements and the
    reported amounts of revenues and expenses during the reporting period.
    Estimates are used when accounting for uncollectible loans, depreciation and
    amortization, intangible assets, employee benefit plans and contingencies,
    among others. Actual results could differ from those estimates.

    3. EARNINGS PER SHARE

               Earnings per common share were computed by dividing net income by
    the weighted average number of shares of common stock outstanding during the
    quarter. Diluted earnings per share is computed after adjusting the
    numerator and denominator of the basic earnings per share computation for
    the effects of all dilutive potential common shares outstanding during the
    period. The dilutive effects of options, warrants, and their equivalents are
    computed using the "treasury stock" method.

    4. NEW ACCOUNTING PRONOUNCEMENTS

               On October 1, 2002, the Financial Accounting Standards Board
    issued SFAS No. 147, Acquisitions of Certain Financial Institutions, which
    amends certain provisions of SFAS No. 72, SFAS No. 144, and FASB
    Interpretation No. 9. SFAS No. 147 removes acquisitions of financial
    institutions from the scope of SFAS No. 72 and requires that such
    acquisitions be accounted for in accordance with SFAS No. 141, Business
    Combinations. If the acquisition meets the definition of a business
    combination, it shall be accounted for by the purchase method in accordance
    with the provision of SFAS No. 141. Any goodwill that results will be
    accounted for in accordance with the provisions of SFAS No. 142. If the
    acquisition does not meet the definition of a business

                                     Page 8
<PAGE>

    combination, the cost of the assets acquired shall be allocated to the
    individual assets acquired and liabilities assumed based on their relative
    fair values and shall not give rise to goodwill.

               In addition, this statement amends SFAS No. 144 to include in its
    scope long-term customer-relationship intangible assets of financial
    institutions such as depositor- and borrower-relationship intangible assets
    and credit-cardholder intangible assets. Accordingly, those intangible
    assets would be subject to the same undiscounted cash flow recoverability
    tests and impairment loss recognition and measurement provisions that SFAS
    No. 144 requires for long-term tangible assets and other finite-lived
    intangible assets that are held and used.

               Existing unidentifiable intangible assets, as that term is
    defined in SFAS No. 72, previously recognized under the provisions of SFAS
    No. 72 shall continue to be amortized (consistent with the existing
    clarifying provisions of EITF Topic D-100) unless the transaction in which
    the intangible asset arose meets the definition of a business combination.

               Management believes the 1999 branch office acquisition meets the
    definition of a business combination and has discontinued amortizing the
    intangible, subject to periodic review for impairment. The consolidated
    statements of income for the three months ended March 31, 2003 and 2002
    have been adjusted to reflect the provisions of this statement.

               In December 2002, the Financial Accounting Standards Board (FASB)
    issued Statement of Financial Accounting Standards No. 148, "Accounting for
    Stock-Based Compensation - Transition and Disclosure" (SFAS No. 148) which
    amends Statement of Financial Accounting Standards No. 123, "Accounting for
    Stock-Based Compensation" (SFAS No. 123). SFAS No. 148 provides alternative
    methods of transition for a voluntary change to the fair value based method
    of accounting for stock-based employee compensation and requires disclosures
    in annual and interim financial statements of the effects of stock-based
    compensation.

               The Company continues to account for its stock option plans under
    the recognition and measurement principles of Accounting Principles Board
    Opinion No. 25, "Accounting for Stock Issued to Employees," and related
    interpretations. No stock-based employee compensation expense related to the
    Company's stock option plans is reflected in net earnings, as all options
    granted under those plans had an exercise price equal to the market value of
    the underlying common stock on the date of grant. For the three month
    periods ended March 31, 2003 and 2002, there is no effect in net earnings
    and earnings per share related to the fair value disclosure provisions of
    this statement.


                                     Page 9
<PAGE>


                      CECIL BANCORP, INC. AND SUBSIDIARIES
            ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS
                 FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2003

FORWARD-LOOKING STATEMENTS. This Management's Discussion and Analysis of
financial condition and results of operations and other portions of this report
include forward-looking statements such as: statements of the Company's goals,
intentions, and expectations; estimates of risks and of future costs and
benefits; assessments of loan quality and of possible loan losses; and
statements of the Company's ability to achieve financial and other goals. These
forward-looking statements are subject to significant uncertainties because they
are based upon: future interest rates and other economic conditions; future laws
and regulations; and a variety of other matters. Because of these uncertainties,
the actual future results may be materially different from the results indicated
by these forward-looking statements. In addition, the Company's past growth and
performance do not necessarily indicate its future results.

         You should read this Management's Discussion and Analysis of the
Company's consolidated financial condition and results of operations in
conjunction with the Company's unaudited consolidated financial statements and
the accompanying notes.

GENERAL

         CECIL BANCORP,  INC. Cecil Bancorp,  Inc. (the  "Company") is the
holding company for Cecil Federal Bank ("Cecil Federal" or the "Bank"). The
Company is a bank holding company subject to regulation by the Federal Reserve
System.

         RECENT EVENTS. On March 4, 2003, The Board of Directors of Cecil
Bancorp, Inc. announced the completion of a private placement of 158,735 shares
of newly issued common stock, par value $0.01 per share, at a price per share of
$15.80, for gross proceeds of $2,508,013. On May 1, 2003, the Bank opened a new
branch in Rising Sun, Maryland.

         CECIL FEDERAL. Cecil Federal, a community-oriented financial
institution, is a commercial bank chartered under the laws of the State of
Maryland and a member of the Federal Reserve System. Cecil Federal operated as a
Federal savings and loan association from its organization in 1959 to its
conversion to a bank charter in October 2002. Its deposits have been federally
insured up to applicable limits, and it has been a member of the Federal Home
Loan Bank ("FHLB") system since 1959. Cecil Federal's deposits are currently
insured by the Savings Association Insurance Fund ("SAIF") of the FDIC and it is
a member of the FHLB of Atlanta and the Federal Reserve System.

         Cecil Federal's primary business is the origination of mortgage loans
secured by single-family residential real estate located primarily in Cecil and
Harford counties, Maryland, with funds obtained through the attraction of
deposits, primarily certificate accounts with terms of 60 months or less,
savings accounts and transaction accounts. To a lesser extent, Cecil Federal
also makes loans on commercial and multi-family real estate, construction loans
on one- to four-family residences, home equity loans and land loans. Cecil
Federal also makes consumer loans including education loans, personal and
commercial lines of credit, automobile loans and loans secured by deposit
accounts. Cecil Federal purchases mortgage-backed securities and invests in
other liquid investment securities when warranted by the level of excess funds.
Cecil Federal conducts it business through its main office in Elkton, Maryland,
branches in Elkton, North East, and Rising Sun, Maryland, and through the
Columbian Bank division's main office and a branch office in Havre de Grace,
Maryland.


                                    Page 10
<PAGE>

         Cecil Federal has two wholly owned subsidiaries, Cecil Service
Corporation and Cecil Financial Services Corporation. Cecil Service
Corporation's primary business is acting as leasing agent for the North East
Plaza Branch and Cecil Financial Services Corporation's primary business is the
operation, through a relationship with UVEST Investment Services, of a full
range of brokerage and investment services.

         Cecil Federal's business strategy is to operate as an independent
community-oriented commercial bank dedicated to residential mortgage lending,
and, to a lesser extent, construction and consumer lending, funded primarily by
retail deposits. Cecil Federal has sought to implement this strategy by (1)
emphasizing residential mortgage lending through the origination of
adjustable-rate mortgage loans; (2) investing in adjustable-rate and short-term
liquid investments; (3) controlling interest rate risk exposure; (4) maintaining
asset quality; (5) containing operating expenses; and (6) maintaining "well
capitalized" status combined with moderate growth.

Asset/Liability Management
--------------------------

         The ability to maximize net interest income is largely dependent upon
the achievement of a positive interest rate spread (the difference between the
weighted average interest yields earned on interest-earning assets and the
weighted average interest rates paid on interest-bearing liabilities) that can
be sustained during fluctuations in prevailing interest rates. The Company's
asset/liability management policies are designed to reduce the impact of changes
in interest rates on its net interest income by achieving a favorable
relationship between the maturities or repricing dates of its interest-earning
assets and interest-bearing liabilities. The Bank has implemented policies by
generally emphasizing the origination of one-year, three-year and five-year
adjustable rate mortgage loans and short-term consumer lending. The Bank is
currently originating fixed rate mortgage loans for sale in the secondary
market, as it has done from time to time since 1995. Management has been
monitoring the retention of fixed rate loans through its asset/liability
management policy.

         Management intends to continue to concentrate on maintaining its
interest rate spread in a manner consistent with its lending policies, which are
principally the origination of adjustable-rate mortgages, with an appropriate
blend of fixed-rate mortgage loans in its primary market area.

Comparison of Financial Condition at March 31, 2003 and December 31, 2002
-------------------------------------------------------------------------

         The Company's assets increased by $5,204,097, or 4.2% to $128,323,711
at March 31, 2003 from $123,119,614 at December 31, 2002, primarily as a result
of increases in investments held for sale. This increase was primarily due to
the capital infusion of approximately $2.5 million that closed on March 4, 2003.
Cash and due from banks decreased by $91,319 or 9.3% to $895,070 at March 31,
2003 from $986,389 at December 31, 2002. Interest-bearing deposits with banks
decreased by $107,342 or 3.0% to $3,431,228 at March 31, 2003 from $3,538,570 at
December 31, 2002. Investment securities held to maturity increased $3,008, or
..10%, to $3,497,028 at March 31, 2003 from $3,494,020 at December 31, 2002.
Investment securities available for sale increased $4,023,398 or 57.5%, to
$11,017,784 at March 31, 2003 from $6,994,386 at December 31, 2002. The increase
in investment securities held to maturity and investments available for sale was
due to the private offering capital infusion of approximately $2,500,000.
Restricted investment securities, which consist of Federal Home Loan and Federal
Reserve Bank decreased $313,900 during this period as a result of the annual
review by the FHLB of investment requirements. Federal Home Loan Bank of Atlanta
stock is currently paying an annualized dividend rate of 5.60%. The loans
receivable portfolio, net of the allowance for loan losses, increased by
$1,554,651, or 1.5% to $103,125,526 at March 31, 2003 from $101,570,875 at
December 31, 2002. Premises and Equipment increased $155,775 or 7.1% to
$2,358,281 at March 31, 2003 from $2,202,506 at December 31, 2002. This increase
is a result of additional improvements made in conjunction with the move of the
Big Elk Mall branch to the Crossroads Shopping Center. The increase also
includes funds allocated for the opening of the Rising Sun branch. Goodwill and
other intangible assets increased $5,596 or .2% to $2,249,392 at March 31, 2003
from $2,243,796 at December 31, 2002. This increase was a result in the
valuation of mortgage servicing rights. Other assets decreased $26,089 or 5.3%
to $465,241 at March 31, 2003 from $491,330 at December 31, 2002.



                                    Page 11
<PAGE>

         The Company's liabilities increased $2,484,495 or 2.3% to $112,417,802
at March 31, 2003 from $109,933,307 at December 31, 2002, primarily as a result
of increase in deposits and escrows. Deposits increased $2,065,070 or 2.1% to
$101,896,481 at March 31, 2003 from $99,831,411 at December 31, 2002, mainly due
to an increase in all major savings categories. Escrow payments received in
advance for the payment of taxes and insurance on loans receivable increased
$260,635, or 47.8% to $805,596 at March 31, 2003 from $554,961 at December 31,
2002. Other liabilities increased $158,790 or 33.1% to $638,709 at March 31,
2003 from $479,919 at December 31, 2002.

         The Company's stockholders' equity increased by $2,719,602 or 20.6% to
$15,905,909 at March 31, 2003 from $13,186,307 December 31, 2002. The increase
was the result of the capital infusion and an increase in retained earnings of
$213,876, or 2.7% to $8,017,619 at March 31, 2003 from $7,803,743 at December
31, 2002. The Company paid its regular dividend of $.10 per share for the
quarter ended March 31, 2003.

RESULTS OF OPERATIONS

Three Months Ended March 31, 2003: Net income for the three-month period ended
March 31, 2003 increased $20,111, or 7.4% to $293,051 as compared to net income
for the same period in 2002 of $272,940. This increase was primarily the result
of increases in net interest income, decreases in the provision for loan losses,
and an increase in gain on sale of loans. Diluted net income per share of $0.42
was $0.01 less than for the first quarter of 2002. The annualized return on
average assets and annualized return on average equity were 0.94% and 8.25%
respectively, for the three-month period ended March 31, 2003. This compares to
an annualized return on average assets and annualized return on average equity
of 0.88% and 8.86% respectively, for the same period in 2002.

         Net interest income, the Company's primary source of income, increased
9.0%, or $111,363 for the three months ended March 31, 2003, over the same
period in 2002. The weighted average yield on interest earning assets decreased
from 7.22% for the three months ended March 31, 2002 to 6.81% for the three
months ended March 31, 2003. The weighted average rate paid on interest bearing
liabilities decreased from 3.44% for the three months ended March 31, 2002 to
2.64% for the three months ended March 31, 2003. Net interest margin was 4.17%
for the three months ended March 31, 2003 as compared to 3.78% for the three
months ended March 31, 2002.

         Interest and fees on loans decreased by $59,308 or 3.0%, from
$1,990,088 for the three months ended March 31, 2002 to $1,930,779 for the three
months ended March 31, 2003. The decrease is attributable to a decrease in the
weighted-average yield, offset slightly by an increase in the average balance
outstanding. The weighted-average yield decreased from 7.88% for the three
months ended March 31, 2002 to 6.81% for the three months ended March 31, 2003.
The average balance outstanding increased by $1,418,683 or 1.4%, from
$101,079,762 for the three months ended March 31, 2002 to $102,498,445 for the
three months ending March 31, 2003.

         Interest on investment securities decreased $51,838 or 42.5% from
$122,111 for the three months ended March 31, 2002 to $70,273 for the three
months ended March 31, 2003. The average outstanding balance decreased
$2,032,526 from $13,537,189 for the three months ended March 31, 2002 to
$11,504,663 for the three months ending March 31, 2003. The weighted-average
yield decreased from 3.61% for the three months ended March 31, 2002 to 2.44%
for the three months ended March 31, 2003.

         Interest on other interest earning assets decreased $2,009 or 21.9%
from $9,175 for the three months ended March 31, 2002 to $7,166 for the three
months ended March 31, 2003. The decrease was the result of a $799,135 increase
in the average outstanding balance for the three months ended March 31, 2003
over the three months ended March 31, 2002 which was offset by a decrease in the
weighted-average yield, from 1.29% for the three months ended March 31, 2002 to
..79% for the three months ended March 31, 2003. Other investments primarily are
short-term liquidity accounts with variable rates.


                                    Page 12
<PAGE>

         Interest on deposits decreased $224,302 or 28.2% from $794,514 for the
three months ended March 31, 2002 to $570,212 for the three months ended March
31, 2003. The average balance outstanding decreased $338,422 for the period
noted above. The weighted-average rate paid on interest bearing deposits
decreased from 3.34% for the three months ended March 31, 2002 to 2.24% for the
three months ended March 31, 2003. Interest expense paid on borrowings decreased
$1,425, or 1.3% from $108,164 for the three months ended March 31, 2002 to
$106,739 for the three months ended March 31, 2003. The average balance
outstanding decreased $966,667 for the period noted above. The weighted average
yield increased from 4.34% for the three months ended March 31, 2002 to 4.74%
for the three months ended March 31, 2003.

         Noninterest income decreased 23.7%, or $51,560 for the three months
ended March 31, 2003, over the same period in 2002. This was primarily the
result of a decrease in Gain on Sale of Real Estate of $106,996 over the
previous period. Gain on Sale of Loans increased $48,248 or 100.0% over the same
period in 2002. This is a direct result of the bank re-entering the secondary
fixed-rate loan market in August of 2002. Checking account fees decreased
$1,133, or 1.7%. Commission income increased $3,420 or 98.5% from $3,470 for the
three months ended March 31, 2002 to $6,890 for the three months ended March 31,
2003.

         Noninterest expense increased 17.3% or $144,482 for the three months
ended March 31, 2003, over the same period in 2002. Salary and employee benefits
increased $117,849, or 27.9% for the three months ended March 31, 2003 over the
same period in 2002. This increase was attributable to the hiring of two
additional employees for the loan department in the last quarter of 2002.
Occupancy expense increased $24,716 or 44.3% to $80,562 for the three months
ended March 31, 2003 from $55,846 for the three months ended March 31, 2002.
This is a result of increased rental expense for the first quarter, involving
occupancy expense for both the Crossroads branch office and the Big Elk Mall
office during the transition phase. Equipment and data processing expenses
remained stable for the three months ended March 31, 2003 over the same period
in 2002. The SAIF deposit premium decreased $10,452 or 71.5% for the three
months ended March 31, 2003 over the same period in 2002. The decrease is
attributable a reduction in the SAIF insurance premium. . Other expenses
remained stable for the three months ended March 31, 2003 compared to the same
period in 2002.

         Income tax expense for the three-month period ended March 31, 2003 and
2002 was $183,718 and $186,508, respectively, which equates to effective rates
of 38.5% and 40.6% respectively.

Loans Receivable
----------------

         The Company's lending activities are predominantly conducted in Cecil
and Harford Counties in the State of Maryland. The following table shows the
composition of the loan portfolio at the indicated dates

<TABLE>
<CAPTION>

                                                                  March 31,              December 31.
                                                                    2003                    2002
                                                            --------------------      -------------------
                                                            Amount         %          Amount       %
                                                            ------       ------       ------      -----
                                                                        (Dollars in thousands)
<S>                                                         <C>          <C>          <C>          <C>
Type of Loan
------------
Real estate loans:
  Construction loans .....................................  $   5,235     5.05%       $   5,871     5.75%
  One- to four-family residential and home equity ........     57,496    55.41           61,026    59.72
  Multi-family residential................................      2,543     2.45            2,559     2.50
  Land....................................................      2,560     2.47            1,781     1.74
  Commercial..............................................     15,913    15.34           14,803    14.49

Commercial business loans.................................     13,497    13.01            9,783     9.57

Consumer loans:
  Automobile loans........................................      1,451     1.40            1,528     1.50

</TABLE>

                                    Page 13
<PAGE>

<TABLE>


<S>                                                         <C>         <C>           <C>         <C>
  Education loans.........................................         23     0.02               18     0.02
  Savings account loans...................................        925     0.89              928     0.91
  Personal loans..........................................      4,115     3.96            3,887     3.80
                                                            ---------   ------        ---------   ------
      Subtotal loans......................................    103,758   100.00%         102,184   100.00%
                                                                        ======                    ======

Less: Loan loss reserve...................................        632                       613
                                                            ---------                 ---------

     Total loans..........................................  $ 103,126                 $ 101,571
                                                            =========                 =========

</TABLE>


                                    Page 14

<PAGE>


Nonperforming Assets and Problem Loans
--------------------------------------

         Management reviews and identifies all loans and investments that
require designation as nonperforming assets. Nonperforming assets are : (i)
loans accounted for on a nonaccrual basis, including all loans 90 or more days
past due; (ii) troubled debt restructurings; and (iii) assets acquired in
settlement of loans. The following tables set forth certain information with
respect to nonperforming assets at March 31, 2003:

                                      March 31  December 31
                                       2003        2002
                                       ----        ----
                                    (Dollars in thousands)

Nonaccrual loans                       $876       $578
Loans 90 days or more past due           59         35
Restructured loans                       --         --
                                       ----       ----
     Total Nonperforming Loans          935        613
Other real estate owned, net             --         --
                                       ----       ----
     Total Nonperforming Assets        $935       $613
                                       ====       ====

Nonperforming Loans to Total Loans     0.90%      0.60%

Nonperforming Assets to Total Assets   0.73%      0.50%


Analysis of Allowance for Loan Losses
-------------------------------------

         The Bank records provisions for loan losses in amounts necessary to
maintain the allowance for loan losses at the level deemed appropriate. An
allowance for loan losses is provided through charges to income in an amount
that management believes will be adequate to absorb losses on existing loans
that may become uncollectible, based upon evaluations of the collectibility of
loans and prior loan loss experience. The allowance is based on careful,
continuous review and evaluation of the credit portfolio and ongoing, quarterly
assessments of the probable losses inherent in the loan portfolio, and, to a
lesser extent, unused commitments to provide financing. The Bank' employs a
systematic methodology for assessing the appropriateness of the allowance, which
includes determination of specific allowances and a formula allowance. Specific
allowances are established in cases where management has identified significant
conditions or circumstances related to a credit that management believes
indicate the probability that a loss may be incurred in an amount different from
the amount determined by application of the formula allowance. The formula
allowance is calculated by applying loss factors to corresponding categories of
outstanding loans excluding loans for which specific allocations have been made.
Allowances are established for credits that do not have specific allowances
according to the application of these credit loss factors to groups of loans
based upon (a) their credit risk grading, for loans categorized as substandard
or doubtful either by the Bank in its ongoing reviews or by federal examiners in
their periodic examinations, or (b) by type of loans, for other credits without
specific allocations credits. These factors are set by management to reflect its
assessment of the relative level of risk inherent in each grade or category of
loans, based primarily on the credit risk factors employed by federal examiners
at their most recent periodic examination of the Bank. Federal examinations
usually occur each year. In these examinations, the federal examiners review the
credit portfolio, establish credit risk ratings for loans, identify charge offs,
and perform their own calculation of the allowance for loan losses. The use of
these credit risk factors based primarily upon periodic examinations is intended
to provide a self-correcting mechanism to reduce differences between estimated
and actual observed losses. Management adjusts the credit risk factors from time
to time, however, based upon current conditions, which may include the nature
and volume of the loan portfolio, overall portfolio quality, and current
economic conditions that may affect the borrowers' ability to pay. Determining
the amount of the allowance for loan losses requires the use of estimates and
assumptions, which is permitted under generally accepted accounting principles.
Actual results could differ significantly from those estimates. While management
uses available information to estimate losses on loans, future additions to the
allowances may be necessary based on changes in economic conditions. In


                                    Page 15
<PAGE>


addition, as noted above, federal financial institution examiners, as an
integral part of their examination process, periodically review the Bank's
allowance for loan losses, and may require the Bank to recognize additions to
the allowances based on their judgments about information available to them at
the time of their examination. During the first three months of 2002, there were
no changes in the Bank's methodology for assessing the appropriateness of the
allowance.

         Management determined that the appropriate allowance for loan losses at
March 31, 2003 was $632,478, (0.61% of total loans), an increase of $19,799
(3.2%) from the $612,679 allowance (0.60% of loans) at December 31, 2002.
Annualized charge offs for the first three months of 2002 were 0.16 % of average
loans, down from the 0.43% of average loans recorded for the year 2002. Total
nonperforming loans at March 31, 2003 were $935,000, up $322,000 (52.5%) from
year-end 2002. However, a significant portion of nonperforming loans at March
31, 2003 consisted of residential real estate loans, which generally have the
lowest loss rates. At March 31, 2003, nonperforming consumer and other loans,
which generally have higher loss rates than do residential mortgage loans, were
$59,000, up $24,000 (68.5%) from year-end 2002. The increase in the allowance
was due in part to the effects on the allowance calculations of an increase in
balance and the percentage of total loans comprised of loans other than
one-to-four family residential and home equity loans. At March 31, 2003,
one-to-four family residential and home equity loans, which generally are
assigned the lowest credit risk factors, comprise 55.41% of the portfolio,
compared to 59.72% at December 31, 2002. (Please see the above table of Loans
Receivable.)

         The provision for loans losses required for the first three months of
2003 was $55,000, down $102,000, or 65.0%, from the first three months of 2002.

A summary of activity in the allowance is shown below.

<TABLE>
<CAPTION>

                                                       Three Months          12 Months
                                                           Ended               Ended
                                                      March 31, 2003     December 31, 2002
                                                      --------------     -----------------
                                                                (In thousands)


<S>                                                         <C>              <C>
Balance at beginning of period.......................       $   613          $  326
                                                            -------          ------

Loans charged-off:
  Residential real estate mortgage loans.............            --              --
  Commercial.........................................            --              49
  Consumer...........................................            42             271
                                                            -------          ------
Total charge-offs....................................            42             320
                                                            -------          ------
Recoveries:
  Residential real estate mortgage loans.............            --              --
  Commercial.........................................            --              --
  Consumer...........................................             6              38
Total recoveries.....................................             6              38
                                                            -------          ------
Net loans charged-off................................            36             282
                                                            -------          ------
Provision for loan losses............................            55             569
                                                            -------          ------
Balance at end of period.............................       $   632          $  613
                                                            =======          ======
Net charge-offs to average loans
  outstanding during the period (annualized).........          0.41%           0.28%
Allowance for loan losses to loans...................          0.61%           0.60%
Allowance for loan losses to nonperforming loans.....         67.59%          99.82%

</TABLE>


                                    Page 16

<PAGE>

Analysis of Savings Deposits
----------------------------

         The following table sets forth the dollar amount of deposits in the
various types of accounts offered by Cecil Federal between the dates indicated.

<TABLE>
<CAPTION>

                                     Balance at                           Balance at
                                      March 31,            %             December 31,          %
                                        2003            Deposits            2002            Deposits
                                      --------          --------           -------          --------
                                                            (Dollars in thousands)

<S>                                  <C>               <C>                <C>                <C>
Regular checking.................    $   7,032           6.90%            $    6,185           6.91%
NOW accounts.....................        9,405           9.23                  9,815           8.34
Passbook.........................       11,486          11.27                 11,327          10.38
Statement savings................        5,205           5.12                  4,511           3.72
Money market.....................        4,398           4.32                  4,435           3.72
Christmas and Vacation club......          193            .19                     89           0.08
Certificates of Deposit..........       46,356          45.49                 46,223          49.78
IRA Certificates of Deposit......        9,026           8.86                  8,907           9.21
Money Market Certificates........        8,795           8.62                  8,339           7.86
                                     ---------        -------             ----------        -------
                                     $ 101,896         100.00%            $   99,831         100.00%
                                     =========        =======             ==========        =======

</TABLE>

Capital Adequacy
----------------

         Capital adequacy refers to the level of capital required to sustain
asset growth and to absorb losses. There are currently no regulatory capital
guidelines or requirements for the Company. The Office of Thrift Supervision
("OTS"), which is the Bank's principal regulator, has established requirements
for total and tier 1 (core) risk-based capital and tangible capital. At March
31, 2003, the Bank exceeded all applicable capital requirements, having a total
risk based capital ratio of 17.62%, a tier 1 risk-based capital ratio of 10.82%,
and a tangible capital ratio of 10.82%. As of March 31, 2003, the Bank also met
the criteria for classification as a "well-capitalized" institution under the
prompt correction action rules promulgated under the Federal Deposit Insurance
Act. Designation of the bank as a "well-capitalized" institution under these
regulations does not constitute a recommendation or endorsement of Cecil Federal
Bank's regulators.


                         ITEM 3. CONTROLS AND PROCEDURES

         Within the ninety days prior to the filing of this report, the
Company's management, under the supervision and with the participation of its
Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness
of the design and operation of the Company's disclosure controls and procedures,
as defined in Rule 13a-14 under the Securities Exchange Act of 1934. Based on
that evaluation, the Chief Executive Officer and Chief Financial Officer
concluded that the Company's disclosure controls and procedures were adequate.
There were no significant changes (including corrective actions with regard to
significant or material weaknesses) in the Company's internal controls or in
other factors subsequent to the date of the evaluation that could significantly
affect those controls.



                                    Page 17

<PAGE>


PART II. Other Information:

         Item 1.  Legal Proceedings -
                              Not Applicable

         Item 2.  Changes in Securities -
                              Not Applicable

         Item 3.  Defaults Upon Senior Securities -
                              Not Applicable

         Item 4.  Submission of Matters to a Vote of Security Holders
                              Not Applicable

         Item 5.  Other Information -
                              Not Applicable

         Item 6.  Exhibits and Reports on Form 8-K -

                  Exhibits:

                  99.1     Certification pursuant to 18 U.S.C. Section 1350

                  Reports on Form 8-K:

                  On February 20, 2003, the Company filed a Form 8-K reporting
                  on Item 5, that the Board of Directors had authorized a
                  private placement of the Company's common stock.

                  On March 6, 2003, the Company filed a Form 8-K reporting on
                  Item 5, that the Company had completed the private placement
                  of the Company's common stock.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                             CECIL BANCORP, INC.

Date:      May 13, 2003             by: /s/  Mary Beyer Halsey
                                             Mary Beyer Halsey
                                             President and Chief Executive
                                                Officer

     CERTIFICATIONS


I, Mary B. Halsey, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of Cecil Bancorp, Inc.;

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;



                                    Page 18
<PAGE>


3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4. I am responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the
registrant and have:

a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to me by others within those entities, particularly during the
period in which this quarterly report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and

c) presented in this quarterly report my conclusions about the effectiveness of
the disclosure controls and procedures based on my evaluation as of the
Evaluation Date;

5. I have disclosed, based on my most recent evaluation, to the registrant's
auditors and the audit committee of registrant's board of directors (or persons
performing the equivalent function):

a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and

6. I have indicated in this quarterly report whether or not there were
significant changes in internal controls or in other factors that could
significantly affect internal controls subsequent to the date of my most recent
evaluation, including any corrective actions with regard to significant
deficiencies and material weaknesses.


Date: May 13, 2003
/s/ Mary B. Halsey
-----------------------------------------------
Mary B. Halsey
President, Chief Executive Officer and Chief
Financial Officer
(Principal Executive Officer and Principal Financial Officer)




                                    Page 19