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): March 6, 2017

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 March 6, 2017, Glen Burnie Bancorp (the “Company”) announced its results of operations for its fiscal quarter and fiscal year ended December 31, 2016. A copy of the Company’s press release announcing such results dated March 6, 2017 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.

Item9.01.  Financial Statements and Exhibits.

(c)       Exhibits

The following exhibits are filed herewith:

Exhibit No.

99.1                 Press Release dated March 6, 2017

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: March 6, 2017	By:	/s/ John D. Long
		John D. Long
		Chief Executive Officer

EX-99.1

Exhibit 99.1

GLEN BURNIE BANCORP ANNOUNCES 2016

4Q EARNINGS AND YEAR END EARNINGS

GLEN BURNIE, MD (March 6, 2017) – Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie®, today reported fourth quarter and year-end earnings for 2016.

For the quarter ended December 31, 2016, the company realized net income of $395,000 or $0.15 basic and diluted earnings per share as compared to net income of $447,000 or $0.16 basic and diluted earnings per share for the same period in 2015. Net interest income after provision for credit losses for the fourth quarter of 2016 was $2,199,000 compared to $2,370,000 for the same three-month period in 2015.

Net income for the year ended December 31, 2016 was $1,101,000 or $0.40 basic and diluted earnings per share as compared to net income of $1,353,000 or $0.49 basic and diluted earnings per share in 2015. Net interest income after provision for credit losses for the year ended December 31, 2016 was $10,290,000 as compared to $9,520,000 in 2015. Assets at December 31, 2016 were $388,432,000 as compared to $390,580,000 at December 31, 2015. Net loans were $262,574,000 at December 31, 2016, up from net loans of $ 259,637,000 at December 31, 2015.

John D. Long, President and Chief Executive Officer, stated, “As we continue to focus on increasing our net interest income after provision for credit losses and improve our efficiencies, the fourth quarter 2016 had mixed results in this area. This is mostly due to an added provision for losses totaling $236,000 on one residential loan. Despite this added provision, the Company had a solid fourth quarter as we continued to grow loans, improve our credit quality and experience increased loan origination volumes during the quarter.”

“Our December 31, 2015 net income included net gains from sales of securities of $1,038,000, as compared to only $2,000 from the sales of securities for the year ended December 31, 2016,” continued Mr. Long. “Therefore, on an operating basis, we show improved results. During the year ended December 31, 2016, we made several strategic cost savings moves that negatively affected the results for the year but we anticipate we will improve our operational efficiencies in the years going forward. We believe that we continue to be a sound, conservatively run financial institution, and we remain profitable and well-capitalized. We continue to be actively engaged with the communities we serve, providing loans and banking services to meet their financial needs.”

Glen Burnie Bancorp, parent company to The Bank of Glen Burnie®, currently maintains consolidated assets totaling more than $388 million. Founded in 1949, The Bank of Glen Burnie® 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.

Contact: John D. Long, President & CEO

Phone: 410-768-8871

Email: JLong@bogb.net

Glen Burnie Bancorp and Subsidiaries

Condensed Consolidated Balance Sheets

(dollars in thousands)

	(audited)		(audited)
	December		December
	31, 2016		31, 2015
Assets
Cash and due from banks	$	6,946	$	7,493
Interest bearing deposits		479	2,308
Federal funds sold		3,197	2,570
Investment securities		94,607	98,790
Loans, net of allowance		262,574	259,637
Premises and equipment at cost, net of accumulated depreciation		3,323	3,369
Other real estate owned		114	74
Other assets	17,192		16,339
Total assets	$	388,432	$	390,580
Liabilities and Stockholders' Equity
Liabilities:
Deposits	$	333,237	$	335,191
Long-term borrowings	20,000		20,000
Other liabilities	1,381		1,213
Total liabilities	354,618		356,404
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares;
issued and outstanding December 31, 2016 2,786,855;
December 31, 2015  2,773,361 shares	2,787		2,773
Surplus	10,130		9,986
Retained earnings	21,707		21,718
Accumulated other comprehensive loss, net of tax benefits	(810)		(301)
Total stockholders' equity	33,814		34,176
Total liabilities and stockholders' equity	$	388,432	$	390,580

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,
	(unaudited)			(audited)
	2016		2015	2016		2015
Interest income on
Loans, including fees	$	2,810	$      2,876	$	11,190	$	11,577
U.S. Treasury securities	6		10	33		80
U.S. Government agency securities	261		179	1,026		745
State and municipal securities	238		245	913		1,081
Other	28		46	119		123
Total interest income	3,343		3,356	13,281		13,606
Interest expense on
Deposits	348		414	1,481		1,750
Long-term borrowings	161		162	642		641
Total interest expense	509		576	2,123		2,391
Net interest income	2,834		2,780	11,158		11,215
Provision for credit losses	635		410	868		1,695
Net interest income after provision for credit losses	2,199		2,370	10,290		9,520
Other income
Service charges on deposit accounts	76		123	323		443
Other fees and commissions	284		210	805		795
Other non-interest income	241		12	285		513
Income on life insurance	54		55	215		219
Gains on investment securities	1		369	2		1,038
Total other income	656		769	1,630		3,008
Other expenses
Salaries and employee benefits	1,430		1,596	6,212		6,491
Occupancy	183		183	745		778
Other expenses	953		808	3,945		3,661
Total other expenses	2,566		2,587	10,902		10,930
Income before income taxes	289		552	1,018		1,598
Income tax expense	(106)		105	(83)		245
Net income	$	395	$         447	$	1,101	$	1,353
Net income per share of common stock	$	0.15	$        0.16	$	0.40	$	0.49
Weighted-average shares of common stock outstanding	2,786,713		2,773,151	2,780,477		2,768,966