Exhibit 99.1

 

Press Release   For Immediate Release Date: February 2, 2022

GLEN BURNIE BANCORP ANNOUNCES

FOURTH QUARTER and FULL YEAR 2021 RESULTS

GLEN BURNIE, MD (February 2, 2022) – Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today a net income of $0.55 million, or $0.19 per basic and diluted common share for the three-month period ended December 31, 2021, compared to net income of $0.55 million, or $0.19 per basic and diluted common share for the three-month period ended December 31, 2020.

Bancorp reported net income of $2.52 million, or $0.88 per basic and diluted common share for the year ended December 31, 2021, compared to $1.67 million, or $0.59 per basic and diluted common share for the same period in 2020. Net loans decreased by $44.4 million, or 17.59% during the twelve-month period ended December 31, 2021, compared to a decrease of $30.4 million, or 10.75% during the same period of 2020. On December 31, 2021, Bancorp had total assets of $442.1 million. Bancorp, the oldest independent commercial bank in Anne Arundel County, will pay its 118^th consecutive quarterly dividend on February 7, 2022.

“We had a successful year in 2021 with growth in our balance sheet, earnings, and improvement in credit quality, while continuing to navigate the headwinds brought about by the COVID-19 pandemic and the resulting impact on economic and business conditions,” said John D. Long, President and Chief Executive Officer. “The main story for 2021 is the $975,000 release of allowance for credit losses – loans (“ACL-Loans”) that was driven by improved credit performance and economic factors. Our margin continues to be under pressure as deposit growth driven by government stimulus has far outpaced net loan decreases. While overall loan growth was muted for much of the year, given the high levels of liquidity throughout the financial system, we are beginning to see positive signs that indicate increased business activity and more normalized loan demand. We enter 2022 with a strong balance sheet that is better positioned for rising interest rates along with capital levels and credit metrics that we believe position us well for continued success. In anticipation of higher interest rates, early in the fourth quarter, 2021; we shortened the maturity duration of our investment bond portfolio, and we are pleased that our timing for this move has proven beneficial. Seeking more opportunities to safely deploy the excess funds entrusted to us by our customers remains our priority.”

"Finally, I would like to thank all of our employees. Their hard work and dedication last year was unparalleled. Our strong results would not have been possible without their commitment to our Company, our customers, and our shareholders. Our employees continue to be a key contributor to our ongoing success."

Highlights for the Quarter and Year ended December 31, 2021

Total interest income declined $0.2 million to $13.5 million for the twelve-month period ending December 31, 2021, compared to the same period in 2020. This decrease was driven by decreases in interest income on loans consistent with declines in the average balance and yields of the loan portfolio. This decline was partially offset by increases in interest and dividends on securities resulting from the investment of excess liquidity from a COVID-19 driven surge in deposit balances. While the U.S. economy is recovering, management believes earnings and loan demand pressures will continue. The current economic outlook, pricing pressure/competition, and interest rate environment will likely continue to place pressure on the Company’s net interest margin. Bancorp has strong liquidity and capital positions that provide ample capacity for future growth, along with the Bank’s total regulatory capital to risk weighted assets of 16.03% on December 31, 2021, compared to 13.63% for the same period of 2020.

Return on average assets for the three-month period ended December 31, 2021, was 0.49%, compared to 0.52% for the three-month period ended December 31, 2020. Return on average equity for the three-month period ended December 31, 2021, was 6.07%, compared to 5.78% for the three-month period ended December 31, 2020. The $34.2 million higher average asset balance primarily drove the lower return on assets. The $1.2 million lower average stockholders’ equity balance primarily drove the lower returns on assets.

The book value per share of Bancorp’s common stock was $12.51 on December 31, 2021, compared to $13.05 per share on December 31, 2020.

On December 31, 2021, the Bank remained above all “well-capitalized” regulatory requirement levels. The Bank’s tier 1 risk-based capital ratio was approximately 15.32% on December 31, 2021, compared to 13.09% on December 31, 2020. Liquidity remained strong due to managed cash and cash equivalents, borrowing lines with the FHLB of Atlanta, the Federal Reserve and correspondent banks, and the size and composition of the bond portfolio.

As previously disclosed, effective January 1, 2021, the Company adopted the Current Expected Credit Loss (“CECL”) accounting standard. The Company’s financial statements for periods prior to January 1, 2021, were prepared under the incurred loss accounting standard. The adoption of the CECL accounting standard during the first quarter of 2021 required us to recognize a one-time cumulative adjustment to our allowance for credit losses and a liability for potential losses related to the unfunded portion of our loans and commitments to fully transition from the incurred loss model to the CECL model.

Balance Sheet Review

Total assets were $442.1 million on December 31, 2021, an increase of $22.6 million or 5.38%, from $419.5 million on December 31, 2020. Investment securities were $155.9 million on December 31, 2021, an increase of $41.9 million or 36.72%, from $114.0 million on December 31, 2020. Loans, net of deferred fees and costs, were $210.4 million on December 31, 2021, a decrease of $43.4 million or 17.09%, from $253.8 million on December 31, 2020. Net loans on December 31, 2021, and 2020 include $1.0 million and $9.9 million, respectively, of loans funded under the U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP"). These PPP loans directly benefitted the businesses and employees in our local communities. The Company funded 51 PPP loans totaling approximately $6.7 million and 133 PPP loans totaling approximately $17.4 million in 2021 and 2020, respectively. Unearned fees net of origination costs was accreted based on the estimated life of the loans. The SBA began forgiving PPP loans in October 2020 at which point recognition of fee income was accelerated.

Late in the third quarter, the Company’s management team performed a review of the maturity duration in its bond portfolio. Based on an assessment of the current interest rate environment coupled with recovering economic conditions, the Company began restructuring its bond portfolio by lowering the overall duration of the bond portfolio. On October 1, 2021, and October 28, 2021, the Company entered into trade agreements to sell government agency securities totaling approximately $28,700,000 and $4,700,000, respectively. These trades resulted in pre-tax losses of approximately $345,300 and $246,000, respectively, which are reflected in noninterest income (loss) in October 2021 financial results. Each bond sold was issued by government agencies or government sponsored agencies and have the guarantee or implicit guarantee of the U.S. government. Accordingly, as of September 30, 2021, recovery of the value of these bonds was not in question and no credit impairment allowance was recognized.

Total deposits were $383.2 million on December 31, 2021, an increase of $33.6 million or 9.62%, from $349.6 million on December 31, 2020. Noninterest-bearing deposits were $155.6 million on December 31, 2021, an increase of $23.0 million or 17.34%, from $132.6 million on December 31, 2020. The increase was due to core deposit growth driven primarily by 2020 and 2021 government stimulus programs and the economic impact of COVID-19. Interest-bearing deposits were $227.6 million on December 31, 2021, an increase of $10.6 million or 4.90%, from $217.0 million on December 31, 2020. Total borrowings were $20.0 million on December 31, 2021, a decrease of $19.9 million or 66.57%, from $29.9 million on December 31, 2020. The Company participated in the Paycheck Protection Program Liquidity Facility (“PPPLF”) established by the Federal Reserve. On December 31, 2020, the Company borrowed $9.9 million under the PPPLF with a fixed rate of 0.35% and pledged PPP loans as collateral to secure the borrowings. The termination date for the PPPLF was July 30, 2021. As a result, no new extension of credit was available under the program as of December 31, 2021.

As of December 31, 2021, total stockholders’ equity was $35.7 million (8.08% of total assets), equivalent to a book value of $12.51 per common share. Total stockholders’ equity on December 31, 2020, was $37.1 million (8.84% of total assets), equivalent to a book value of $13.05 per common share. The reductions in the ratio of stockholders’ equity to total assets was due to higher asset balances in 2021 compared to 2020 due to increased levels of cash equivalents and investment securities, along with a net decrease to equity resulting from a decline in market value of the available-for-sale securities portfolio. This decrease in unrealized gains primarily resulted from market interest rates, which decreased the fair value of the investment securities.

Nonperforming assets, which consist of nonaccrual loans, troubled debt restructurings, accruing loans past due 90 days or more, and other real estate owned (“OREO”), represented 0.08% of total assets on December 31, 2021, compared to 1.25% for the same period of 2020. The increase in total asset balance and decrease in nonaccrual loans and OREO drove the 1.17% decrease in nonperforming assets as a percentage of total assets from December 31, 2020, to December 31, 2021.

Review of Financial Results

For the three-month periods ended December 31, 2021 and 2020

Net income for the three-month period ended December 31, 2021, was $554,000, compared to net income of $545,000 for the three-month period ended December 31, 2020, an increase of $9,000 or 1.63%.

Net interest income for the three-month period ended December 31, 2021, totaled $3.2 million, an increase of $39,000 from the three-month period ended December 31, 2020, due to lower interest expense of $64,000, offset by lower interest income of $25,000. The increase in net interest income was due primarily to reductions in the costs of interest-bearing deposits and income on higher security and cash balances, offset by lower interest income on loans due to declining loan balances and the impact of the low rate environment. Loans, net of deferred fees and costs decreased by $43.4 million, or 17.09% to $210.4 million as of December 31, 2021, compared to $253.8 million for the same period of 2020.

Net interest margin for the three-month period ended December 31, 2021, was 2.95%, compared to 3.19% for the same period of 2020. Lower yields and higher average balances on interest-earning assets combined with higher average deposit balances and borrowed funds and lower cost of funds were the primary drivers of year-over-year results. The average balance on interest-earning assets increased $37.1 million while the yield decreased 0.33% from 3.51% to 3.18%, when comparing the three-month periods ending December 31, 2020, and 2021. The average balance on deposits and borrowed funds increased $35.5 million and the cost of funds decreased 0.09%, when comparing the three-month periods ending December 31, 2020, and 2021. The decrease in interest expense is primarily due to a reduction in higher rate time deposits. As these time deposits matured, they renewed at lower market rates, or they exited the Company and were replaced by lower cost checking, savings, and money market accounts.

The average balance of interest-bearing deposits in other financial institutions and investment securities increased $82.7 million from $132.3 million to $215.0 million for the fourth quarter of 2021, compared to the same period of 2020, while the yield decreased from 1.46% to 1.36% during that same period. Much of the decrease in yields for the three-month period can be attributed to an overall lower interest rate environment and a significant increase in investment securities available for sale during this low interest rate period. Average loan balances decreased $45.6 million to $217.3 million for the three-month period ended December 31, 2021, compared to $263.0 million for the same period of 2020, while the yield increased from 4.54% to 4.99% during that same period. The increase in loan yields is primarily attributable to the one-time benefits of positive resolutions of distressed loans and payoff of low yielding PPP loans, offset by the runoff of higher yielding loans and origination of lower yielding loans in the current low interest rate environment.

The Company recorded a net benefit of $382,000 from the release of ACL-loans for the fourth quarter of 2021 compared to a net benefit of $427,000 for the fourth quarter of 2020. The $45,000 increase in provision for credit losses loans (“PCL-loans”) in the fourth quarter of 2021 compared to the fourth quarter of 2020, is due primarily to $178,000 lower net recoveries on previously charged off loans, offset by $133,000 lower required reserves. The Company continues to gather the latest information available to perform and update its ACL-loans analysis. As more information becomes available, including the economic impact of the COVID-19 pandemic, the Company will update the ACL-loans analysis. The Company maintains the ACL-loans at a level believed to be adequate for known and inherent risks in the loan portfolio. The methodology incorporates a variety of risk considerations, both quantitative and qualitative, in establishing an ACL-loans that management believes is appropriate at each reporting date. As a result, the ACL-loans was $2.5 million on December 31, 2021, representing 1.17% of total loans, compared to $1.5 million, or 0.58% of total loans on December 31, 2020. The ratio of the ACL-loans to total loans increased 0.59% primarily due to the Company’s adoption of the CECL accounting standard effective January 1, 2021. The Company’s financial statements for periods prior to January 1, 2021, were prepared under the previous incurred loss accounting standard. No provision for loan losses on PPP loans was recognized as the SBA guarantees 100% of loans funded under the program.

Noninterest income for the three-month period ended December 31, 2021, was a loss of $259,000, compared to income of $269,000 for the three-month period ended December 31, 2020, a decrease of $529,000 or 196.81%. The decrease primarily resulted from a $590,000 loss on sale of available-for-sale securities, offset by higher ATM interchange fees related to the resumption of the Renaissance Festival, which was canceled due to COVID-19 in 2020.

For the three-month period ended December 31, 2021, noninterest expense was $2.64 million, compared to $3.16 million for the three-month period ended December 31, 2020, a decrease of $516,000 or 16.36%. The primary contributors to the $516,000 decrease, when compared to the three-month period ended December 31, 2020, were decreases in salary and employee benefits costs, occupancy and equipment, legal, accounting, and other professional fees, data processing and item processing services, loan collection costs and other expenses, primarily provision for credit losses on unfunded commitments.

For the twelve-month periods ended December 31, 2021 and 2020

Net income for the twelve-month period ended December 31, 2021, was $2.5 million, compared to net income of $1.7 million for the twelve-month period ended December 31, 2020, an increase of $848,000 or 50.85%.

Net interest income for the twelve-month period ended December 31, 2021, totaled $12.4 million, an increase of $288,000 from $12.1 million for the twelve-month period ended December 31, 2020, due to lower interest expense of $440,000, offset by lower interest income of $152,000. The increase in net interest income was due primarily to reductions in the costs of interest-bearing deposits and interest income on higher security and cash balances, offset by lower interest income on loans due to declining loan balances and the impact of the low-rate environment. Loans, net of deferred fees and costs decreased by $43.4 million or 17.09% to $210.4 million as of December 31, 2021, compared to $253.8 million for the same period of 2020.

Net interest margin for the twelve-month period ended December 31, 2021, was 3.00%, compared to 3.18% for the same period of 2020. Lower yields and higher average balances on interest-earning assets combined with higher average deposit balances and lower cost of funds were the primary drivers of year-over-year results. The average balance on interest-earning assets increased $32.8 million while the yield decreased 0.32% from 3.57% to 3.25%, when comparing the twelve-month periods ending December 31, 2020, and 2021. The average balance on deposits and borrowed funds increased $31.6 million and the cost of funds decreased 0.15%, when comparing the twelve-month periods ending December 31, 2020, and 2021. The decrease in interest expense is related to a reduction in higher rate time deposit balances. As time deposits matured, they renewed at lower market rates, or they exited the Company and were replaced by lower cost checking, savings, and money market accounts.

The average balance of interest-bearing deposits in financial institutions and investment securities increased $75.9 million from $105.6 million to $181.5 million for the twelve-month period ending December 31, 2021, compared to the same period of 2020, while the yield decreased from 1.61% to 1.53% during that same period. Much of the decrease in yields for the twelve-month period can be attributed to an overall lower interest rate environment and a significant increase in investment securities available for sale during this low interest rate period.

Average loan balances decreased $43.1 million to $234.0 million for the twelve-month period ended December 31, 2021, compared to $277.1 million for the same period of 2020 while the yield increased from 4.32% to 4.59% during that same period. The increase in loan yields is primarily attributable to the one-time benefits of positive resolutions of distressed loans and payoff of low yielding PPP loans, offset by the runoff of higher yielding loans and origination of lower yielding loans in the current low interest rate environment.

The Company recorded a net benefit of $975,000 from the release of ACL-loans for the twelve-month period ended December 31, 2021, compared to a net benefit of $689,000 for the same period of 2020. The $286,000 decrease in PCL-loans is due primarily to $296,000 higher net recoveries on previously charged off loans.

Noninterest income for the twelve-month period ended December 31, 2021, was $627,000 compared to $1.0 million for the twelve-month period ended December 31, 2020, a decrease of $385,000 or 38.05% driven primarily by a $588,000 loss on sale of available-for-sale securities, offset by higher ATM interchange fees related to the resumption of the Renaissance Festival, which was cancelled due to COVID-19 in 2020.

For the twelve-month period ended December 31, 2021, noninterest expense was $10.95 million, compared to $11.70 million for the twelve-month period ended December 31, 2020, a decrease of $750,000 or 6.36%. The primary contributors to the $750,000 decrease, when compared to the twelve-month period ended December 31, 2020, were decreases in salary and employee benefits costs, legal, accounting, and other professional fees, loan collection costs and other expenses, primarily provision for credit losses on unfunded commitments.

# # #

Glen Burnie Bancorp Information

Glen Burnie Bancorp is a bank holding company headquartered in Glen Burnie, Maryland. Founded in 1949, The Bank of Glen Burnie® is a locally owned community bank with 8 branch offices serving Anne Arundel County. The Bank is engaged in the commercial and retail banking business including the acceptance of demand and time deposits, and the origination of loans to individuals, associations, partnerships, and corporations. The Bank’s real estate financing consists of residential first and second mortgage loans, home equity lines of credit and commercial mortgage loans. The Bank also originates automobile loans through arrangements with local automobile dealers. Additional information is available at www.thebankofglenburnie.com.

Forward-Looking Statements

The statements contained herein that are not 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. These statements are evidenced by terms such as “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” and similar expressions. Although these statements reflect management’s good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. For a more complete discussion of these and other risk factors, please see the company’s reports filed with the Securities and Exchange Commission.

For further information contact:

Jeffrey D. Harris, Chief Financial Officer

410-768-8883

jdharris@bogb.net

106 Padfield Blvd

Glen Burnie, MD 21061

 

 

GLEN BURNIE BANCORP AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

	December 31,			September 30,			December 31,
	2021			2021			2020
	(unaudited)			(unaudited)			(audited)
ASSETS
Cash and due from banks	$	2,111		$	2,826		$	2,117
Interest-bearing deposits in other financial institutions		60,070			28,638			34,976
Total Cash and Cash Equivalents		62,181			31,464			37,093
Investment securities available for sale, at fair value		155,927			162,827			114,049
Restricted equity securities, at cost		1,062			1,062			1,199
Loans, net of deferred fees and costs		210,392			224,674			253,772
Less:  Allowance for credit losses(1)		(2,470	)		(2,790	)		(1,476	)
Loans, net		207,922			221,884			252,296
Real estate acquired through foreclosure		-			-			575
Premises and equipment, net		3,564			3,654			3,853
Bank owned life insurance		8,338			8,298			8,181
Deferred tax assets, net		956			1,409			142
Accrued interest receivable		1,085			1,304			1,302
Accrued taxes receivable		301			91			116
Prepaid expenses		347			470			318
Other assets		383			352			362
Total Assets	$	442,066		$	432,815		$	419,486
LIABILITIES
Noninterest-bearing deposits	$	155,624		$	147,809		$	132,626
Interest-bearing deposits		227,623			226,700			216,994
Total Deposits		383,247			374,509			349,620
Short-term borrowings		10,000			20,000			29,912
Long-term borrowings		10,000			-			-
Defined pension liability		304			301			285
Accrued expenses and other liabilities		2,799			3,040			2,576
Total Liabilities		406,350			397,850			382,393
STOCKHOLDERS' EQUITY
Common stock, par value $1, authorized 15,000,000 shares,  issued and outstanding 2,853,880, 2,851,070, and 2,842,040 shares as of December 31, 2021, September 30, 2021, December 31, 2020, respectively.		2,854			2,851			2,842
Additional paid-in capital		10,759			10,731			10,640
Retained earnings		22,977			22,708			23,071
Accumulated other comprehensive (loss) gain		(874	)		(1,325	)		540
Total Stockholders' Equity		35,716			34,965			37,093
Total Liabilities and Stockholders' Equity	$	442,066		$	432,815		$	419,486

(1)  Effective January 1, 2021, the Company applied ASU 2016-13, Financial Instruments – Credit Losses (“ASC 326”), such that the allowance calculation is based on current expected credit loss methodology (“CECL”).  Prior to January 1, 2021, the calculation was based on incurred loss methodology.  

GLEN BURNIE BANCORP AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME

(dollars in thousands, except per share amounts)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2021 (unaudited)			2020 (unaudited)			2021 (unaudited)			2020 (audited)
Interest income
Interest and fees on loans	$	2,733		$	2,999		$	10,738		$	11,973
Interest and dividends on securities		681			476			2,657			1,579
Interest on deposits with banks and federal funds sold		47			10			122			117
Total Interest Income		3,461			3,485			13,517			13,669
Interest expense
Interest on deposits		135			192			609			1,043
Interest on short-term borrowings		116			119			465			464
Interest on long-term borrowings		-			3			-			8
Total Interest Expense		251			314			1,074			1,515
Net Interest Income		3,210			3,171			12,443			12,154
Release of credit losses provision		(382	)		(427	)		(975	)		(689	)
Net interest income after credit loss release provision		3,592			3,598			13,418			12,843
Noninterest income
Service charges on deposit accounts		42			44			160			176
Other fees and commissions		249			183			884			672
Loss/gain on securities sold/redeemed		(590	)		2			(588	)		6
Gain on sale of other real estate		-			-			14			-
Income on life insurance		40			40			157			158
Total Noninterest Income		(259	)		269			627			1,012
Noninterest expenses
Salary and employee benefits		1,600			1,846			6,504			6,743
Occupancy and equipment expenses		315			338			1,227			1,247
Legal, accounting and other professional fees		184			205			701			941
Data processing and item processing services		223			293			933			944
FDIC insurance costs		39			45			169			186
Advertising and marketing related expenses		23			22			88			88
Loan collection costs		14			33			12			126
Telephone costs		36			54			209			199
Other expenses		207			321			1,109			1,222
Total Noninterest Expenses		2,641			3,157			10,952			11,696
Income before income taxes		692			710			3,093			2,159
Income tax expense		138			165			577			491
Net income	$	554		$	545		$	2,516		$	1,668
Basic and diluted net income per common share	$	0.19		$	0.19		$	0.88		$	0.59

GLEN BURNIE BANCORP AND SUBSIDIARY

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY

For the twelve months ended December 31, 2021 and 2020

(dollars in thousands)

								Accumulated
			Additional					Other			Total
	Common		Paid-in		Retained			Comprehensive			Stockholders'
	Stock		Capital		Earnings			(Loss) Income			Equity
Balance, December 31, 2019	$	2,827	$	10,525	$	22,537		$	(209	)	$	35,680
Net income		-		-		1,668			-			1,668
Cash dividends, $0.40 per share		-		-		(1,134	)		-			(1,134	)
Dividends reinvested under
dividend reinvestment plan		15		115		-			-			130
Other comprehensive income		-		-		-			749			749
Balance, December 31, 2020	$	2,842	$	10,640	$	23,071		$	540		$	37,093

								Accumulated
			Additional					Other			Total
	Common		Paid-in		Retained			Comprehensive			Stockholders'
	Stock		Capital		Earnings			Income/(Loss)			Equity
Balance, December 31, 2020	$	2,842	$	10,640	$	23,071		$	540		$	37,093
Net income		-		-		2,516			-			2,516
Cash dividends, $0.40 per share		-		-		(1,138	)		-			(1,138	)
Dividends reinvested under
dividend reinvestment plan		12		119		-			-			131
Transition adjustment pursuant to adoption of ASU 2016-3
		-		-		(1,472	)		-			(1,472	)
Other comprehensive loss		-		-		-			(1,414	)		(1,414	)
Balance, December 31, 2021	$	2,854	$	10,759	$	22,977		$	(874	)	$	35,716

THE BANK OF GLEN BURNIE

CAPITAL RATIOS

(dollars in thousands)

											To Be Well
											Capitalized Under
						To Be Considered					Prompt Corrective
						Adequately Capitalized					Action Provisions
	Amount		Ratio			Amount		Ratio			Amount		Ratio
As of December 31, 2021:
(unaudited)
Common Equity Tier 1 Capital	$	37,592		15.32	%	$	11,044		4.50	%	$	15,952		6.50	%
Total Risk-Based Capital	$	39,329		16.03	%	$	19,634		8.00	%	$	24,542		10.00	%
Tier 1 Risk-Based Capital	$	37,592		15.32	%	$	14,725		6.00	%	$	19,634		8.00	%
Tier 1 Leverage	$	37,592		8.40	%	$	17,910		4.00	%	$	22,388		5.00	%
As of September 30, 2021:
(unaudited)
Common Equity Tier 1 Capital	$	36,845		14.05	%	$	11,803		4.50	%	$	17,048		6.50	%
Total Risk-Based Capital	$	38,987		14.86	%	$	20,983		8.00	%	$	26,228		10.00	%
Tier 1 Risk-Based Capital	$	36,845		14.05	%	$	15,737		6.00	%	$	20,983		8.00	%
Tier 1 Leverage	$	36,845		8.50	%	$	17,331		4.00	%	$	21,664		5.00	%
As of December 31, 2020:
(unaudited)
Common Equity Tier 1 Capital	$	36,442		13.09	%	$	12,532		4.50	%	$	18,101		6.50	%
Total Risk-Based Capital	$	37,951		13.63	%	$	22,278		8.00	%	$	27,848		10.00	%
Tier 1 Risk-Based Capital	$	36,442		13.09	%	$	16,709		6.00	%	$	22,278		8.00	%
Tier 1 Leverage	$	36,442		9.12	%	$	15,980		4.00	%	$	19,975		5.00	%

GLEN BURNIE BANCORP AND SUBSIDIARY

SELECTED FINANCIAL DATA

(dollars in thousands, except per share amounts)

	Three Months Ended									Year Ended			Year Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
	2021			2021			2020			2021			2020
	(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)
Financial Data
Assets	$	442,066		$	432,815		$	419,486		$	442,066		$	419,486
Investment securities		155,927			162,827			114,049			155,927			114,049
Loans, (net of deferred fees & costs)		210,392			224,674			253,772			210,392			253,772
Allowance for loan losses		2,470			2,790			1,476			2,470			1,476
Deposits		383,247			374,509			349,620			383,247			349,620
Borrowings		20,000			20,000			29,912			20,000			29,912
Stockholders' equity		35,716			34,965			37,093			35,716			37,093
Net income		554			888			545			2,516			1,668
Average Balances
Assets	$	447,261		$	432,812		$	413,056		$	431,169		$	400,462
Investment securities		151,919			160,903			115,209			145,496			88,088
Loans, (net of deferred fees & costs)		217,347			229,645			262,976			233,956			277,074
Deposits		388,168			373,011			344,508			371,958			336,394
Borrowings		20,000			20,056			28,138			20,309			24,317
Stockholders' equity		36,254			36,857			37,496			36,010			37,067
Performance Ratios
Annualized return on average assets		0.49	%		0.81	%		0.52	%		0.58	%		0.42	%
Annualized return on average equity		6.07	%		9.56	%		5.78	%		6.99	%		4.49	%
Net interest margin		2.95	%		3.22	%		3.19	%		3.00	%		3.18	%
Dividend payout ratio		51	%		32	%		52	%		45	%		68	%
Book value per share	$	12.51		$	12.26		$	13.05		$	12.51		$	13.05
Basic and diluted net income per share		0.19			0.31			0.19			0.88			0.59
Cash dividends declared per share		0.10			0.10			0.10			0.40			0.40
Basic and diluted weighted average    shares outstanding		2,852,689			2,850,124			2,840,718			2,848,465			2,835,037
Asset Quality Ratios
Allowance for loan losses to loans		1.17	%		1.24	%		0.58	%		1.17	%		0.58	%
Nonperforming loans to avg. loans		0.16	%		1.22	%		1.72	%		0.15	%		1.63	%
Allowance for loan losses to    nonaccrual & 90+ past due loans		703.7	%		99.6	%		32.6	%		703.7	%		32.6	%
Net charge-offs annualize to avg. loans		-0.11	%		-0.04	%		-0.36	%		-0.17	%		-0.04	%
Capital Ratios
Common Equity Tier 1 Capital		15.32	%		14.05	%		13.09	%		15.32	%		13.09	%
Tier 1 Risk-based Capital Ratio		15.32	%		14.05	%		13.09	%		15.32	%		13.09	%
Leverage Ratio		8.40	%		8.50	%		9.12	%		8.40	%		9.12	%
Total Risk-Based Capital Ratio		16.03	%		14.86	%		13.63	%		16.03	%		13.63	%