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Press Release GLEN BURNIE BANCORP Exhibit 99.1 For Immediate Release Date : November 3 , 2021 GLEN BURNIE BANCORP ANNOUNCES THIRD QUARTER 2021 RESULTS GLEN BURNIE , MD ( November 3 , 2021 ) - Glen Burnie Bancorp ( " Bancorp " ) ( NASDAQ : GLBZ ) , the bank holding company for The Bank of Glen Burnie ( " Bank ” ) , announced today net income of $ 888,000 , or $ 0.31 per basic and diluted common share for the three - month period ended September 30 , 2021 , as compared to $ 949,000 , or $ 0.33 per basic and diluted common share for the three - month period ended September 30 , 2020. Bancorp reported net income of $ 1,962,000 , or $ 0.69 per basic and diluted common share for the nine - month period ended September 30 , 2021 , compared to $ 1,123,000 , or $ 0.40 per basic and diluted common share for the same period in 2020. On September 30 , 2021 , Bancorp had total assets of $ 432.8 million . Bancorp , the oldest independent commercial bank in Anne Arundel County , will pay its 117th consecutive quarterly dividend on November 8 , 2021. The Company recorded a net benefit of $ 122,000 from the release of allowance for credit losses loans ( “ ACL - loans ” ) for the third quarter of 2021 and $ 593,000 for the nine months ended September 30 , 2021. This compares to a release of ACL - loans of $ 669,000 for the third quarter of 2020 and $ 263,000 for the nine months ended September 30 , 2020. ( The third quarter of 2020 results include the reversal of a previously recorded $ 509,000 ACL - loan provision related to the expected impact on credit losses due the COVID - 19 pandemic , which reversal is reflected in the 2020 nine - month results , as well ) . This provision was recaptured in September 2020 when it was determined that the impact of COVID - 19 would be less significant than previously anticipated . “ Our third quarter 2021 earnings continue to reflect the strength and quality of our balance sheet , disciplined loan pricing and the ability to manage our net interest margin in a very challenging market rate environment , " said John D. Long , President and Chief Executive Officer . " The main story for the first nine months of 2021 , is the $ 593,000 release of ACL - loans . Our margin continues to be under pressure as deposit growth driven by government stimulus has far outpaced net loan decreases . Seizing more opportunities to safely deploy the excess funds entrusted to us by our customers remains our priority . We continue to make progress in improving the fundamentals of the Company , including an increase in interest - earning assets , a better deposit mix , and a continued reduction in our cost of funds , all of which are improving our financial metrics . Our challenge for the remainder of 2021 , and into 2022 , will be generating loan growth in the post - pandemic economy . We are encouraged by the improving economic factors in our local markets as the economy continues to recover . " " The progress made during this time of public health and economic challenges reflects our team's exceptional dedication and commitment to meeting our communities ' financial and banking needs while maintaining safe , secure and efficient operations . Conditions during the past year have challenged us to enhance our digital customer communication and service capabilities while maintaining the personalized community banking service that has long characterized Glen Burnie Bancorp . We believe our 2021 financial performance reflects success in providing superior service and operational strength . I continue to be very proud of our team as we navigate through these unprecedented times while always thinking of how to better address the needs of our customers . "