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Exhibit 99.1 The First Bancorp Reports Record First Quarter Earnings DAMARISCOTTA , ME , April 21 , 2021 The First Bancorp ( Nasdaq : FNLC ) , parent company of First National Bank , today announced operating results for the three months ended March 31 , 2021. Unaudited net income was $ 8.9 million , up $ 2.4 million or 37.4 % from the $ 6.5 million reported for the three months ended March 31 , 2020. Earnings per common share for the period on a fully diluted basis were up $ 0.21 to $ 0.81 per share , an increase of 35.0 % from the prior year . " I'm very pleased to report that The First Bancorp kicked off 2021 with its strongest ever earnings quarter " , commented Tony C. McKim , the Company's President and Chief Executive Officer . " Net Income of $ 8.9 million for the first quarter increased $ 2.4 million from the same period a year ago , and $ 2.0 million from the fourth quarter of 2020. Strong performances from all of our business lines led to year - over - year and quarter - over - quarter gains in both net interest income and non - interest income . Net interest income before loan loss provision increased $ 955,000 or 6.4 % from the first quarter of 2020 , and $ 194,000 or 1.2 % from the fourth quarter of 2020. Non - interest revenue before securities gains increased $ 1.7 million , or 49.3 % from the prior year , and $ 663,000 or 14.7 % from the preceding quarter . Earnings were achieved without the benefit resulting from reversal of credit loss reserves ; loan growth led to a loan loss provision of $ 525,000 for the quarter . " " The extraordinary efforts of our entire team through the COVID - 19 pandemic are shown in the Company's first quarter results " , continued Mr. McKim . " Growth in net interest income is attributable to the tremendous work of our lending and deposit gathering teams who significantly grew the base of earning assets and attracted low - cost , local deposits to not only fund growth but to also lessen our dependence on wholesale funding . In the first quarter , loan balances were up $ 40.0 million , an annualized growth rate of 11 % , and low - cost deposits were up $ 68.1 million . The outstanding contribution of our operational support teams in bolstering this growth also deserves to be mentioned . The increase in non - interest income was driven primarily by continued strong mortgage banking results , along with increased revenues from wealth management and debit card activity . Revenue growth was achieved while also maintaining an excellent efficiency ratio of 45.52 % for the quarter , down from 58.12 % for the same period a year ago , and from 50.00 % in the fourth quarter of 2020. " With regard to the Company's ongoing response to the pandemic , Mr. McKim remarked , " we continue to support our customers and communities in addressing the impact of COVID - 19 . In 2020 1