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 25, 2010

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 25, 2010, Glen Burnie Bancorp (the “Company”) announced its results of operations for its fiscal quarter and fiscal year ended December 31, 2009.  A copy of the Company’s press release announcing such results dated February 25, 2010 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 25, 2010

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 25, 2010	By:	/s/ Michael G. Livingston
		Michael G. Livingston
		Chief Executive Officer

EX-99.1

NEWS RELEASE    

FOR IMMEDIATE RELEASE

Contact:  Yvonne “Rie” Atkinson

410-768-8857 (office)

ratkinson@bogb.net

Glen Burnie Bancorp Announces 2009 4Q and Year End Earnings

GLEN BURNIE, MD (February 25, 2010) – Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen BurnieÒ, today reported fourth quarter and year end earnings for 2009.

Net income for the year ended December 31, 2009 was $1,262,462 or $0.46 per basic and diluted earnings per share as compared to net income of $403,962 or $0.14 per basic and diluted earnings per share in 2008.  Included in the 2009 figure are a $1,297,000 increase in provisions for the loan loss reserve and an increase in FDIC assessments of $514,000 over 2008.  Included in the 2008 figure are the $2,816,000 charge taken on the Fannie Mae and Freddie Mac preferred stock loss, the $1,110,000 tax benefit arising from that loss, and a $1,146,000 provision for loan loss reserve.  Net interest income after provisions for credit losses for the year ended December 31, 2009 was $9,658,811 as compared to $10,776,354 in 2008.  Assets as of December 31, 2009 were $353,396,697 as compared to $332,502,215 as of December 31, 2008.

For the quarter ended December 31, 2009, the company realized a net loss of $210,000 or $0.08 per basic and diluted loss per share as compared to net income of $1,382,000 or $0.47 basic and diluted earnings per share for the same period in 2008.  Included in the 2009 figure are an increase of $1,047,000 in provisions for loan loss reserve and a $308,000 increase in FDIC assessments over the comparable 2008 quarter.  Included in the 2008 figure are a $1,110,000 tax benefit arising from the $2,816,000 charge taken in the third quarter of 2008 on the company’s investments in three series of preferred stock issued by Fannie Mae and Freddie Mac, as required by accounting rules, and a $700,000 provision for loan loss reserve.  Net interest income after provisions for credit losses for the fourth quarter of 2009 was $1,356,000 compared to $2,243,000 for the same three-month period in 2008.

2009 Performance Highlights:

·    6.28% growth in total assets without TARP money

·    0.32% growth in net loans

·    1.84 % average delinquency rate

-more-

Glen Burnie Bancorp – page 2

2009 4Q and Year End Earnings

Michael G. Livingston, President and Chief Executive Officer, stated “We are pleased to announce our year end profits given the challenges of increased FDIC assessments and funding of our loan loss reserves primarily due to declining real estate values.” Mr. Livingston added “These positive results allowed us to maintain our regular dividend payout last year.”

Glen Burnie Bancorp declared four regular dividends in 2009, totaling forty cents (0.40) per common share.

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 37 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, currently maintains consolidated assets totaling more than $350 million.  Founded in 1949, The Bank of Glen BurnieÒ is a 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 Sheets

(dollars in thousands)

	(unaudited)			(audited)
	December			December
	31, 2009			31, 2008
Assets
Cash and due from banks	$	6,994		$	6,960
Interest bearing deposits		3,748			7,884
Federal funds sold		691			6,394
Investment securities		84,463			57,949
Common Stock in the Glen Burnie Statutory Trust I		155			155
Loans, net of allowance		235,883			235,133
Premises and equipment at cost, net of accumulated depreciation		4,121			3,099
Other real estate owned		25			550
Other assets		17,317			14,378
Total assets	$	353,397		$	332,502
Liabilities and Stockholders' Equity
Liabilities:
Deposits	$	294,358		$	269,768
Short-term borrowings		81			630
Long-term borrowings		27,034			27,072
Junior subordinated debentures owed to unconsolidated
subsidiary trust		5,155			5,155
Other liabilities		1,619			1,969
Total liabilities		328,247			304,594
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares;
issued and outstanding December 31, 2009   2,683,015;
December 31, 2008   2,967,727 shares		2,683			2,968
Surplus		9,191			11,568
Retained earnings		14,312			14,129
Accumulated other comprehensive loss, net of tax benefits		(1,036	)		(757	)
Total stockholders' equity		25,150			27,908
Total liabilities and stockholders' equity	$	353,397		$	332,502

Glen Burnie Bancorp and Subsidiaries

Condensed Consolidated Statements of Income

(dollars in thousands, except per share amounts)

	Three Months Ended						Twelve Months Ended
	(unaudited)			(audited)			(unaudited)			(audited)
	December			December			December			December
	31, 2009			31, 2008			31, 2009			31, 2008
Interest income on
Loans, including fees	$	3,819		$	3,814		$	15,249		$	14,456
U.S. Government agency securities		473			390			1,854			1,962
State and municipal securities		329			338			1,308			1,411
Other		52			62			233			347
Total interest income		4,673			4,604			18,644			18,176
Interest expense on
Deposits		1,168			1,258			4,937			4,780
Junior subordinated debentures		137			136			547			546
Long-term borrowings		265			266			1,058			877
Short-term borrowings		-			1			-			51
Total interest expense		1,570			1,661			6,542			6,254
Net interest income		3,103			2,943			12,102			11,922
Provision for credit losses		1,747			700			2,443			1,146
Net interest income after provision for credit losses		1,356			2,243			9,659			10,776
Other income
Service charges on deposit accounts		177			183			694			737
Other fees and commissions		218			208			827			860
Other non-interest income		1			1			(10	)		(10	)
Income on life insurance		63			70			268			273
Gains on investment securities		402			50			586			191
Total other income		861			512			2,365			2,051
Other expenses
Salaries and employee benefits		1,563			1,435			6,296			6,219
Impairment of securities		47			-			77			2,816
Occupancy		198			228			871			904
Other expenses		1,108			820			3,751			3,163
Total other expenses		2,916			2,483			10,995			13,102
(Loss) income before income taxes		(699	)		272			1,029			(275	)
Income tax benefit		(489	)		(1,110	)		(233	)		(679	)
Net (loss) income	$	(210	)	$	1,382		$	1,262		$	404
Net (loss) income per share of common stock	$	(0.08	)	$	0.47		$	0.46		$	0.14
Weighted-average shares of common stock outstanding		2,678,560			2,967,580			2,734,524			2,981,124