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Press Release GLEN BURNIE BANCORP Exhibit 99.1 For Immediate Release Date : May 3 , 2021 GLEN BURNIE BANCORP ANNOUNCES FIRST QUARTER 2021 RESULTS GLEN BURNIE , MD ( May 3 , 2021 ) – Glen Burnie Bancorp ( “ Bancorp ” ) ( NASDAQ : GLBZ ) , the bank holding company for The Bank of Glen Burnie ( " Bank ” ) , today reported results for the first quarter ended March 31 , 2021. Net income for the first quarter was $ 0.59 million , or $ 0.21 per basic and diluted common share , as compared to $ 0.27 million , or $ 0.09 per basic and diluted common share for the three - month period ended March 31 , 2020 . Net loan balances decreased by $ 8.4 million , or 3.32 % , during the three - month period ended March 31 , 2021 , driven primarily by a $ 6.0 million decline in the indirect automobile loan portfolio . Since the end of 2020 , loan payoffs are creating significant headwinds and margin compression . On March 31 , 2021 , Bancorp had total assets of $ 436.7 million . Bancorp , the oldest independent commercial bank in Anne Arundel County , paid its 115th consecutive quarterly dividend on April 30 , 2021 . “ I am pleased to report outstanding results for the first quarter , highlighted by solid net income , continued strong asset quality metrics and linked quarter deposit growth of 5.5 % , despite the continuing margin compression from persistently low interest rates . Our continued efforts to control interest expense , and deploy excess cash helped mitigate our declining net interest margin . Our credit quality and regulatory ratios remain strong and we are well - positioned for continued growth as our markets continue to show signs of recovery from the effects of the COVID - 19 pandemic , " said John D. Long , President and Chief Executive Officer . “ The increase in our net income and earnings per share were primarily due to the $ 324,000 decrease in provision for credit losses , resulting from a reversal of provision of $ 80,000 for the first quarter ended March 31 , 2020 , compared to a $ 404,000 reversal of provision for the same period in 2021. This was largely due to our continued strong asset quality metrics reflecting better performance trends within the loan portfolio , overall improvement in economic conditions , including lower unemployment levels , and improvement in the economic forecast for March 2021 when compared to March 2020 under the Current Expected Credit Loss ( " CECL " ) accounting standard . " Commenting on the first quarter results , Mr. Long continued , " As vaccine distribution is accelerated and Maryland counties begin to reopen and allow increased capacity for businesses , we are confident that most of our business customers will resume operating at full capacity . The focus in managing risks and maintaining safe and sound banking operations will continue to remain our highest priority . " In closing , Mr. Long added , “ In these very unusual times , our strength and resolve enable us to take exceptional care of our customers , employees and communities . Based on our capital levels , conservative underwriting policies , on- and off - balance sheet liquidity , strong loan diversification , and current economic conditions within the markets we serve , management expects to navigate the uncertainties associated with the pandemic and remain well- capitalized . We are closely monitoring the rapid developments regarding the pandemic and remain confident in our long - term strategic vision . "