8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_________________________

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): February 1, 2005

GLEN BURNIE BANCORP

(Exact name of registrant as specified in its charter)

Maryland	0-24047	52-1782444
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

101 Crain Highway, S.E., Glen Burnie, Maryland 21061

(Address of Principal Executive Offices)

Registrant’s telephone number, including area code: (410) 766-3300

Inapplicable

(Former Name or Former Address if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

INFORMATION TO BE INCLUDED IN THE REPORT

Item 2.02.    Results of Operations and Financial Condition.

On February 1, 2005, Glen Burnie Bancorp (the “Company”) announced its results of operations for its fiscal quarter and fiscal year ended December 31, 2004. A copy of the Company’s press release announcing such results dated February 1, 2005 is attached hereto as Exhibit 99.1. This Form 8-K and the attached exhibit are furnished to, but not filed with, the Securities and Exchange Commission (“SEC”) and shall not be deemed to be incorporated by reference into any of the Company’s filings with the SEC under the Securities Act of 1933.

Item 9.01.Financial Statements and Exhibits.

(c) Exhibits

The following exhibits are filed herewith:

Exhibit No.

99.1 Press Release dated February 1, 2005

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 thereunto duly authorized.

	GLEN BURNIE BANCORP
	(Registrant)
Date: February 1, 2005	By:	/s/ John E. Porter
		John E. Porter
		Chief Financial Officer

EX-99.1

N E W S R E L E A S E

_________________________________________________________________

February 1, 2005

FOR IMMEDIATE RELEASE

Contact: Alison Tavik

410-768-8857 (office)

410-608-5581 (cell)

                adtavik@bogb.net

Glen Burnie Bancorp Announces 4Q and Year End Earnings

GLEN BURNIE, MD (February 1, 2005) - Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie, today reported fourth quarter and year end earnings for 2004.

The company realized net income of $840,000 (-1.06%) or $0.41 (-2.38%) per basic and diluted earnings per share for the quarter ended December 31, 2004 as compared to net income of $849,000 or $0.42 basic and diluted earnings per share for the same period in 2003. Net income for the year ended December 31, 2004 was $3,055,501 (-0.71%) or $1.50 (-1.32%) per basic and diluted earnings per share as compared to net income of $3,077,074 or $1.52 per basic and diluted earnings per share in 2003. All per share amounts reflect a stock dividend of one share for every five that was paid in January 2004.

For the quarter ended December 31, 2004, net interest income after provisions for credit losses was $3,014,000 (+2.00%) compared to $2,955,000 for the same three-month period in 2003. Net interest income after provisions for credit losses in 2004 was $11,676,466 (+4.00%) as compared to $11,223,294 in 2003. Stockholders’ equity as of December 31, 2004 increased 7.51% to $25,744,000 from $23,947,000 in 2003. The company’s assets at year end were $302,312,000 (+0.02%) as compared to $302,252,000 in 2003.

Performance Highlights:

·   2004 net interest margin was 4.61%.

·   Loans, less allowance for credit losses, grew 5.48% in 2004 to $182,291,292 from $172,819,049 in 2003.

·   Core deposits grew to $261,674,043 (+1.80%) in 2004 from $256,908,235 in 2003.

·   2004 total other income increased by 3.59% to $2,371,636 from $2,289,413 in 2003.

·   Quarterly and year-end delinquency rate below 0.99%.

-more-

Glen Burnie Bancorp - page 2

2004 4Q and Year End Earnings

Dividends declared in 2004 included four quarterly regular dividends and one bonus dividend totaling 52 cents per common share outstanding. The company has issued 49 consecutive quarterly dividends.

On January 28, 2005, The Bank of Glen Burnie announced the opening of its eighth branch office in Linthicum’s newly-renovated Burwood Village Center. Located at 7063 Baltimore Annapolis Boulevard, the 2,500 sq. ft. full-service branch was remodeled to accommodate a new security system, enhanced communication lines, a new drive-up system, safe deposit boxes and a new ATM unit. The Bank of Glen Burnie’s Assistant Vice President Denise Sutton transferred from the South Crain branch to manage the new location. She has been with The Bank of Glen Burnie for nearly 10 years and has 30 years of banking experience.

The Bank of Glen Burnie has been awarded the 5-Star Superior Rating from BAUER FINANCIAL Reports, Inc., the nation’s leading independent bank research firm, for eight consecutive semi-annual periods. This distinction denotes the highest level of strength, safety and performance attainable. The 5-Star Superior Rating is based on factors such as capitalization, liquidity, loan delinquency rate and historical performance.

Glen Burnie Bancorp, parent company to The Bank of Glen Burnie, www.thebankofglenburnie.com, currently maintains consolidated assets totaling more than $300 million. The Bank of Glen Burnie is a locally-owned community bank with eight branch offices serving Maryland’s Northern Anne Arundel County as its oldest, independent commercial bank.

# # # #

Certain information contained in this news release, which does not relate to historical financial information, may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties, which could cause the company’s actual results in the future to differ materially from its historical results and those presently anticipated or projected. For a more complete discussion of these and other risk factors, please see the company’s reports filed with the Securities and Exchange Commission.

Glen Burnie Bancorp and Subsidiaries

Condensed Consolidated Balance Sheet

(dollars in thousands, except per share amounts)

		December 31,  2004		December 31, 2003
Assets
Cash and due from banks	$	9,767	$	11,120
Interest bearing deposits		66		57
Federal funds sold		1,541		1,718
Investment securities		94,906		103,181
Common Stock in the Glen Burnie Statutory Trust I		155		155
Loans, net of allowance		182,292		172,819
Premises and equipment at cost, net of accumulated depreciation		4,031		4,220
Other real estate owned		50		172
Other assets		9,504		8,810
Total assets	$	302,312	$	302,252
Liabilities and Stockholders' Equity
Liabilities:
Deposits	$	261,674	$	256,908
Short-term borrowings		542		6,602
Long-term borrowings		7,200		7,227
Guaranteed preferred beneficial interests in Glen Burnie
Bancorp junior subordinated debentures		5,155		5,155
Other liabilities		1,997		2,413
Total liabilities	$	276,568	$	278,305
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding December 31, 2004 2,041,033;
December 31, 2003 1,689,281 shares	$	2,041	$	1,689
Surplus		11,169		10,862
Retained earnings		11,774		10,115
Accumulated other comprehensive income, net of tax		760		1,281
Total stockholders' equity	$	25,744	$	23,947
Total liabilities and stockholders' equity	$	302,312	$	302,252

Glen Burnie Bancorp and Subsidiaries

Condensed Consolidated Statements of Income

(dollars in thousands, except per share amounts)

		Three Months Ended December 31,					Twelve Months Ended December 31,
		2004			2003		2004		2003
Interest income on
Loans, including fees	$	2,832		$	2,843	$	11,204	$	11,344
U.S. Treasury and U.S. Government agency securities		534			533		2,217		1,973
State and municipal securities		413			470		1,770		1,750
Other		129			109		470		473
Total interest income		3,908			3,955		15,661		15,540
Interest expense on
Deposits		649			709		2,612		3,276
Junior subordinated debentures		137			136		547		546
Long-term borrowings		106			124		429		451
Short-term borrowings		2			1		57		4
Total interest expense		894			970		3,645		4,277
Net interest income		3,014			2,985		12,016		11,263
Provision for credit losses		0			30		340		40
Net interest income after provision for credit losses		3,014			2,955		11,676		11,223
Other income
Service charges on deposit accounts		119			268		899		925
Other fees and commissions		334			170		855		770
Other non-interest income		(1	)		4		4		12
Income on life insurance		47			55		202		364
Gains on investment securities		102			49		412		218
Total other income		601			546		2,372		2,289
Other expenses
Salaries and employee benefits		1,661			1,386		6,296		5,821
Occupancy		188			174		684		709
Other expenses		845			817		3,379		3,217
Total other expenses		2,694			2,377		10,359		9,747
Income before income taxes		921			1,124		3,689		3,765
Income tax expense (benefit)		81			275		633		688
Net income	$	840		$	849	$	3,056	$	3,077
Net income per share of common stock	$	0.41		$	0.42	$	1.50	$	1.52
Weighted-average shares of common stock outstanding		2,041,033			2,019,502		2,031,843		2,026,548