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): January 30, 2006

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:

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

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

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

r 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 January 30, 2006, Glen Burnie Bancorp (the “Company”) announced its results of operations for its fiscal quarter and fiscal year ended December 31, 2005. A copy of the Company’s press release announcing such results dated January 30, 2006 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.

99.1Press Release dated January 30, 2006

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 3, 2006	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

FOR IMMEDIATE RELEASE

Contact:	Alison Tavik
	410-768-8857 (office)
	410-608-5581 (cell)
	adtavik@bogb.net

Glen Burnie Bancorp Announces 2005 4Q and Year End Earnings

GLEN BURNIE, MD (January 30, 2006) - Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen BurnieÒ, today reported fourth quarter and year end earnings for 2005.

In the quarter ended December 31, 2005, the company realized net income of $671,000 or $0.33 per basic and diluted earnings per share as compared to $840,000 or $0.41 basic and diluted earnings per share for the same period in 2004. Net interest income after provisions for credit losses for the fourth quarter of 2005 was $2,994,000 compared to $3,014,000 for the same three-month period in 2004.

Net income for the year ended December 31, 2005 was $2,774,771 or $1.36 per basic and diluted earnings per share as compared to net income of $3,055,501 or $1.50 per basic and diluted earnings per share in 2004. All per share amounts reflect a stock dividend of one share for every five that was paid in January 2004.

Glen Burnie Bancorp’s net interest income after provisions for credit losses for the year ended December 31, 2005 increased 2.91% to $12,016,103 as compared to $11,676,466 in 2004. Assets for the same period grew 1.41 percent to $306,560,991 in 2005 compared to $302,312,126 in 2004.

2005 Performance Highlights:

·   8^th retail branch office opens in January

·   4.46% net interest margin

·   4.34% growth in loans, less allowance for credit losses

·   1.4% growth in core deposits

·   3.42% increase in stockholders’ equity

·   .54% average delinquency rate

-more-

Glen Burnie Bancorp - page 2

2005 4Q and Year End Earnings

“I’m pleased with the performance of our new Linthicum branch which has attracted $3.8 million in deposits and $3.4 million in loans since opening in January 2005,” said Michael G. Livingston, Executive Vice President and COO. “We did an excellent job of absorbing the expenses associated with this expansion. Existing market conditions limited our opportunities to take gains on the sales of securities as compared to the previous year and it impacted our overall performance.”

Glen Burnie Bancorp declared four regular dividends and one bonus dividend in 2005. Dividends totaled 59 cents per common share outstanding which represents an 11.8 percent increase from the previous year’s dividends. In addition, Glen Burnie Bancorp declared a stock dividend of one share for every five. The fourth quarter regular dividend, bonus dividend and stock dividend were paid in January 2006.

“Our company has issued 53 consecutive quarterly dividends,” said F. William Kuethe, Jr., President and CEO. “We continue to strive to maximize value for our stockholders.”

The Bank of Glen BurnieÒ has been awarded the 5-Star Superior Rating from BAUER FINANCIAL Reports, Inc., the nation’s leading independent bank research firm, for 12 consecutive quarters. 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 BurnieÒ, www.thebankofglenburnie.com, currently maintains consolidated assets totaling more than $306 million. Founded in 1949, The Bank of Glen BurnieÒ is a locally-owned community bank with eight branch offices serving Anne Arundel County.

# # # #

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)

		December			December
		31, 2005			31, 2004
Assets
Cash and due from banks	$	9,405		$	9,767
Interest bearing deposits		3,712			66
Federal funds sold		2,333			1,541
Investment securities		87,280			94,906
Common Stock in the Glen Burnie Statutory Trust I		155			155
Loans, net of allowance		190,205			182,292
Premises and equipment, at cost, net of accumulated depreciation		3,863			4,031
Other real estate owned		50			50
Other assets		9,558			9,504
Total assets	$	306,561		$	302,312
Liabilities and Stockholders' Equity
Liabilities:
Deposits	$	265,248		$	261,674
Short-term borrowings		622			542
Long-term borrowings		7,171			7,200
Junior subordinated debentures owed to unconsolidated
subsidiary trust		5,155			5,155
Other liabilities		1,740			1,997
Total liabilities	$	279,936		$	276,568
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares; ssued and outstanding December 31, 2005 2,056,024; December 31, 2004 2,041,033 shares	$	2,056		$	2,041
Surplus		11,458			11,169
Retained earnings		13,341			11,774
Accumulated other comprehensive (loss) income, net of tax		(230	)		760
Total stockholders' equity	$	26,625		$	25,744
Total liabilities and stockholders' equity	$	306,561		$	302,312

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,
		2005		2004			2005			2004
Interest income on
Loans, including fees	$	3,021	$	2,832		$	11,625		$	11,204
U.S. Treasury and U.S. Government agency securities		617		534			2,414			2,217
State and municipal securities		327		413			1,474			1,770
Other		162		129			585			470
Total interest income		4,127		3,908			16,098			15,661
Interest expense on
Deposits		870		649			3,092			2,612
Junior subordinated debentures		136		137			546			547
Long-term borrowings		107		106			428			429
Short-term borrowings		20		2			66			57
Total interest expense		1,133		894			4,132			3,645
Net interest income		2,994		3,014			11,966			12,016
Provision for credit losses		0		0			(50	)		340
Net interest income after provision for credit losses		2,994		3,014			12,016			11,676
Other income
Service charges on deposit accounts		223		119			865			899
Other fees and commissions		236		334			918			855
Other non-interest income		3		(1	)		31			4
Income on life insurance		43		47			198			202
Gains on investment securities		28		102			102			412
Total other income		533		601			2,114			2,372
Other expenses
Salaries and employee benefits		1,641		1,661			6,407			6,296
Occupancy		193		188			794			684
Other expenses		784		845			3,424			3,379
Total other expenses		2,618		2,694			10,625			10,359
Income before income taxes		909		921			3,505			3,689
Income tax expense		238		81			730			633
Net income	$	671	$	840		$	2,775		$	3,056
Net income per share of common stock	$	0.33	$	0.41		$	1.35		$	1.50
Weighted-average shares of common stock outstanding		2,050,911		2,031,843			2,045,622			2,041,033