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 10, 2011

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 10, 2011, Glen Burnie Bancorp (the “Company”) announced its results of operations for its fiscal quarter and fiscal year ended December 31, 2010.  A copy of the Company’s press release announcing such results dated February 10, 2011 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 10, 2011

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 11, 2011	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 2010 4Q and Year End Earnings

GLEN BURNIE, MD (February 10, 2011) – Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen BurnieÒ, today reported fourth quarter and year end earnings for 2010.

For the quarter ended December 31, 2010, the company realized net earnings of $655,000 or $0.24 per basic and diluted earnings per share as compared to a net loss of $210,000 or $0.08 basic and diluted loss per share for the same period in 2009.  Included in the 2009 results are higher provisions for loan loss reserve while the 2010 results include improved net interest income.  Net interest income after provisions for credit losses for the fourth quarter of 2010 was $3,394,000 compared to $1,356,000 for the same three-month period in 2009.

Net income for the year ended December 31, 2010 was $2,064,785 or $0.76 per basic and diluted earnings per share as compared to net income of $1,262,462 or $0.46 per basic and diluted earnings per share in 2009. Net interest income after provisions for credit losses for the year ended December 31, 2010 was $11,830,012 as compared to $9,658,811 in 2009.  Assets as of December 31, 2010 were $347,067,276 as compared to $353,396,697 as of December 31, 2009.

2010 Performance Highlights:

· 63.5% increase in net income

· 22.5% increase in net interest income after provisions for credit losses

· 26.0% decrease in long term borrowings

Michael G. Livingston, President and Chief Executive Officer, stated “The Bank is pleased with the financial results being reported.  The reduction of debt and the payoff of junior subordinated debentures had a positive effect on the 4th quarter and year end numbers.” Mr. Livingston added “We have stayed committed to the traditional banking model and we thank the community for their support.”

Glen Burnie Bancorp declared four regular dividends in 2010, totaling forty cents ($0.40) per common share.

-more-

Glen Burnie Bancorp – page 2

2011 4Q and Year End Earnings

The Bank of Glen BurnieÒ was voted Best Bank in the Maryland Gazette Readers Choice in 2010 and Business of the Year by the Northern Anne Arundel County Chamber of Commerce in January of 2011.

Glen Burnie Bancorp, parent company to The Bank of Glen BurnieÒ, currently maintains consolidated assets totaling more than $340 million.  Founded in 1949, The Bank of Glen BurnieÒis 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, 2010			31, 2009
Assets
Cash and due from banks	$	6,492		$	6,994
Interest bearing deposits		1,568			3,748
Federal funds sold		940			691
Investment securities		87,268			84,463
Common Stock in the Glen Burnie Statutory Trust I		-			155
Loans, net of allowance		229,851			235,883
Premises and equipment at cost, net of accumulated depreciation		4,124			4,121
Other real estate owned		215			25
Other assets		16,609			17,317
Total assets	$	347,067		$	353,397
Liabilities and Stockholders' Equity
Liabilities:
Deposits	$	294,445		$	294,358
Short-term borrowings		4,274			81
Long-term borrowings		20,000			27,034
Junior subordinated debentures owed to unconsolidated subsidiary trust		-			5,155
Other liabilities		2,015			1,619
Total liabilities		320,734			328,247
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding December 31, 2010  2,702,091; December 31, 2008 2,683,015 shares		2,702			2,683
Surplus		9,335			9,191
Retained earnings		15,301			14,312
Accumulated other comprehensive loss, net of tax benefits		(1,005	)		(1,036	)
Total stockholders' equity		26,333			25,150
Total liabilities and stockholders' equity	$	347,067		$	353,397

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, 2010			31, 2009			31, 2010			31, 2009
Interest income on
Loans, including fees	$	3,555		$	3,819		$	14,646		$	15,249
U.S. Government agency securities		421			473			1,916			1,854
State and municipal securities		378			329			1,401			1,308
Other		33			52			216			233
Total interest income		4,387			4,673			18,179			18,644
Interest expense on
Deposits		830			1,168			3,697			4,937
Junior subordinated debentures		0			137			648			547
Long-term borrowings		162			265			953			1,058
Short-term borrowings		1			-			1			-
Total interest expense		993			1,570			5,299			6,542
Net interest income		3,394			3,103			12,880			12,102
Provision for credit losses		0			1,747			1,050			2,443
Net interest income after provision for credit losses		3,394			1,356			11,830			9,659
Other income
Service charges on deposit accounts		168			177			648			694
Other fees and commissions		251			218			869			827
Other non-interest income		(135	)		1			(45	)		(10	)
Income on life insurance		50			63			251			268
Gains on investment securities		(1	)		402			175			586
Total other income		333			861			1,898			2,365
Other expenses
Salaries and employee benefits		1,672			1,563			6,681			6,296
Impairment of securities		196			47			262			77
Occupancy		203			198			830			871
Other expenses		775			1,108			3,405			3,751
Total other expenses		2,846			2,916			11,178			10,995
(Loss) income before income taxes		881			(699	)		2,550			1,029
Income tax (benefit)		226			(489	)		485			(233	)
Net (loss) income	$	655		$	(210	)	$	2,065		$	1,262
Net (loss) income per share of common stock	$	0.24		$	(0.08	)	$	0.76		$	0.46
Weighted-average shares of common stock outstanding		2,697,619			2,678,560			2,690,218			2,734,524