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 5, 2007

GLEN BURNIE BANCORP

(Exact name of registrant as specified in its charter)

Maryland	0-24047	52-1782444
(State or Other Jurisdiction	(Commission File Number)	(IRS Employer
of Incorporation)	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:

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

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

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

 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 5, 2007, Glen Burnie Bancorp (the “Company”) announced its results of operations for its fiscal quarter and fiscal year ended December 31, 2006. A copy of the Company’s press release announcing such results dated February 5, 2007 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 February 5, 2007

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 6, 2007	By:	/s/ John E. Porter
		John E. Porter
		Chief Financial Officer

EX-99.1

NEWS RELEASE

FOR IMMEDIATE RELEASE

Contact: Yvonne “Rie” Atkinson

410-768-8857 (office)

ratkinson@bogb.net

Glen Burnie Bancorp Announces 2006 4Q and Year End Earnings

GLEN BURNIE, MD (February 5, 2007) - Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen BurnieÒ, today reported fourth quarter and year end earnings for 2006.

In the quarter ended December 31, 2006, the company realized net income of $609,000 or $0.25 per basic and diluted earnings per share as compared to $671,000 or $0.27 basic and diluted earnings per share for the same period in 2005. Net interest income after provisions for credit losses for the fourth quarter of 2006 was $2,871,000 compared to $2,994,000 for the same three-month period in 2005.

Net income for the year ended December 31, 2006 was $2,720,045 or $1.10 per basic and diluted earnings per share as compared to net income of $2,774,741 or $1.13 per basic and diluted earnings per share in 2005. All per share amounts reflect a stock dividend of one share for every five that was paid in January 2006.

Glen Burnie Bancorp’s net interest income after provisions for credit losses for the year ended December 31, 2006 decreased 2.14% to $11,759,431 as compared to $12,016,103 in 2005. Assets for the same period grew 3.65 % to $317,745,601 in 2006 compared to $306,560,991 in 2005.

2006 Performance Highlights:

· 4.31% net interest margin

· 1.64% growth in loans, less allowance for credit losses

· 3.61% growth in deposits

· 5.91% increase in stockholders’ equity

· 0.60% average delinquency rate

-more-

Glen Burnie Bancorp - page 2

2006 4Q and Year End Earnings

“We were pleased with our asset and deposit growth.” said Michael G. Livingston, Executive Vice President and COO. “We were also able to maintain earnings that allowed the company to issue its 57^th consecutive dividend which was paid in January.”

Glen Burnie Bancorp declared four regular dividends and one bonus dividend in 2006, totaling 54 cents per common share.

“The Bank of Glen Burnie was founded in 1949 to serve the community and has stayed true to that mission,” said F. William Kuethe, Jr., President and CEO. “We continue to be a community bank in Anne Arundel County.”

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 19 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 $317 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, 2006			31, 2005
Assets
Cash and due from banks	$	9,006		$	9,405
Interest bearing deposits		342			3,712
Federal funds sold		3,972			2,333
Investment securities		96,495			87,280
Common Stock in the Glen Burnie Statutory Trust I		155			155
Loans, net of allowance		193,337			190,205
Premises and equipment at cost, net of accumulated depreciation		3,406			3,863
Other real estate owned		50			50
Other assets		10,983			9,558
Total assets	$	317,746		$	306,561
Liabilities and Stockholders' Equity
Liabilities:
Deposits	$	274,833		$	265,248
Short-term borrowings		545			622
Long-term borrowings		7,140			7,171
Junior subordinated debentures owed to unconsolidated
subsidiary trust		5,155			5,155
Other liabilities		1,872			1,740
Total liabilities		289,545			279,936
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares;
issued and outstanding December 31, 2006 2,484,633;
December 31, 2005 2,056,024 shares		2,485			2,056
Surplus		11,720			11,458
Retained earnings		14,313			13,341
Accumulated other comprehensive (loss) income, net of tax		(317	)		(230	)
Total stockholders' equity		28,201			26,625
Total liabilities and stockholders' equity	$	317,746		$	306,561

Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Statements of Income
(dollars in thousands, except per share amounts)
	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
	2006		2005		2006		2005
Interest income on
Loans, including fees	$	3,105	$	3,021	$	11,831	$	11,625
U.S. Treasury and U.S. Government agency securities		873		617		3,347		2,414
State and municipal securities		424		327		1,653		1,474
Other		140		162		824		585
Total interest income		4,542		4,127		17,655		16,098
Interest expense on
Deposits		1,296		870		4,781		3,092
Junior subordinated debentures		136		136		546		546
Long-term borrowings		106		107		425		428
Short-term borrowings		71		20		81		66
Total interest expense		1,609		1,133		5,833		4,132
Net interest income		2,933		2,994		11,822		11,966
Provision for credit losses		62		0		62		(50	)
Net interest income after provision for credit losses		2,871		2,994		11,760		12,016
Other income
Service charges on deposit accounts		210		223		831		865
Other fees and commissions		249		236		1,005		918
Other non-interest income		7		3		21		31
Income on life insurance		54		43		211		198
Gains on investment securities		106		28		176		102
Total other income		626		533		2,244		2,114
Other expenses
Salaries and employee benefits		1,562		1,641		6,518		6,407
Occupancy		213		193		851		794
Other expenses		819		784		3,228		3,424
Total other expenses		2,594		2,618		10,597		10,625
Income before income taxes		903		909		3,407		3,505
Income tax expense		294		238		687		730
Net income	$	609	$	671	$	2,720	$	2,775
Net income per share of common stock	$	0.25	$	0.27	$	1.10	$	1.13
Weighted-average shares of common stock outstanding		2,478,596		2,462,012		2,472,803		2,456,723