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 31, 2008

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:

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 January 31, 2008, Glen Burnie Bancorp (the “Company”) announced its results of operations for its fiscal quarter and fiscal year ended December 31, 2007. A copy of the Company’s press release announcing such results dated January 31, 2008 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 January 31, 2008

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: January 31, 2008	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 2007 4Q and Year End Earnings

GLEN BURNIE, MD (January 31, 2008) - Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen BurnieÒ, today reported fourth quarter and year end earnings for 2007.

In the quarter ended December 31, 2007, the company realized net income of $700,000 or $0.28 per basic and diluted earnings per share as compared to $609,000 or $0.25 basic and diluted earnings per share for the same period in 2006. Net interest income after provisions for credit losses for the fourth quarter of 2007 was $2,981,000 compared to $2,871,000 for the same three-month period in 2006.

Net income for the year ended December 31, 2007 was $2,782,141 or $1.12 per basic and diluted earnings per share as compared to net income of $2,720,045 or $1.10 per basic and diluted earnings per share in 2006.

Glen Burnie Bancorp’s net interest income after provisions for credit losses for the year ended December 31, 2007 increased 0.48% to $11,816,208 as compared to $11,759,431 in 2006. Assets for the same period decreased 3.30 % to $307,273,868 in 2007 compared to $317,745,601 in 2006.

2007 Performance Highlights:

· 4.39% net interest margin

· 3.32% growth in loans, less allowance for credit losses

· 5.45% increase in stockholders’ equity

· 0.87 % average delinquency rate

-more-

Glen Burnie Bancorp - page 2

2007 4Q and Year End Earnings

“The Bank of Glen Burnie’s strategy has been to offer traditional bank products to our community”, said Michael G. Livingston, President and CEO. “Contrary to financial trends of many of our peers, we saw an increase in income for 2007. We have consistently paid dividends in the past, and this year’s performance allowed us not only to pay a dividend, but to continue to pay a bonus dividend. This was paid in January and was our 61^st consecutive dividend.”

Glen Burnie Bancorp declared four regular dividends and one bonus dividend in 2007, 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 Emeritus and Vice Chairman. “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 23 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 of The Bank of Glen BurnieÒ, currently maintains consolidated assets totaling more than $307 million. Founded in 1949, The Bank of Glen BurnieÒ is a locally-owned community bank with eight branch offices serving Anne Arundel County. www.thebankofglenburnie.com

# # # #

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, 2007			31, 2006
Assets
Cash and due from banks	$	8,221		$	9,006
Interest bearing deposits		5,847			342
Federal funds sold		727			3,972
Investment securities		77,866			96,495
Common Stock in the Glen Burnie Statutory Trust I		155			155
Loans, net of allowance		199,753			193,337
Premises and equipment at cost, net of accumulated depreciation		3,088			3,406
Other real estate owned		50			50
Other assets		11,567			10,983
Total assets	$	307,274		$	317,746
Liabilities and Stockholders' Equity
Liabilities:
Deposits	$	252,917		$	274,833
Short-term borrowings		503			545
Long-term borrowings		17,107			7,140
Junior subordinated debentures owed to unconsolidated
subsidiary trust		5,155			5,155
Other liabilities		1,856			1,872
Total liabilities		277,538			289,545
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares;
issued and outstanding December 31, 2007 2,498,465;
December 31, 2006 2,484,633		2,499			2,485
Surplus		11,921			11,720
Retained earnings		15,750			14,313
Accumulated other comprehensive (loss) income, net of tax		(434	)		(317	)
Total stockholders' equity		29,736			28,201
Total liabilities and stockholders' equity	$	307,274		$	317,746

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,
	2007		2006		2007		2006
Interest income on
Loans, including fees	$	3,494	$	3,105	$	13,327	$	11,831
U.S. Treasury and U.S. Government agency securities		556		873		2,553		3,347
State and municipal securities		338		424		1,452		1,653
Other		99		140		505		824
Total interest income		4,487		4,542		17,837		17,655
Interest expense on
Deposits		1,174		1,296		4,825		4,781
Junior subordinated debentures		136		136		546		546
Long-term borrowings		164		106		481		425
Short-term borrowings		32		71		119		81
Total interest expense		1,506		1,609		5,971		5,833
Net interest income		2,981		2,933		11,866		11,822
Provision for credit losses		0		62		50		62
Net interest income after provision for credit losses		2,981		2,871		11,816		11,760
Other income
Service charges on deposit accounts		210		210		814		831
Other fees and commissions		246		249		936		1,005
Other non-interest income		5		7		18		21
Income on life insurance		71		54		269		211
Gains on investment securities		0		106		120		176
Total other income		532		626		2,157		2,244
Other expenses
Salaries and employee benefits		1,583		1,562		6,326		6,518
Occupancy		216		213		886		851
Other expenses		811		819		3,221		3,228
Total other expenses		2,610		2,594		10,433		10,597
Income before income taxes		903		903		3,540		3,407
Income tax expense		203		294		758		687
Net income	$	700	$	609	$	2,782	$	2,720
Net income per share of common stock	$	0.28	$	0.25	$	1.12	$	1.10
Weighted-average shares of common stock outstanding		2,493,741		2,478,596		2,489,237		2,472,803