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Exhibit 99.1 The First Bancorp's Second Quarter Earnings Increase 33.8 % - DAMARISCOTTA , ME , July 21 , 2021 The First Bancorp ( Nasdaq : FNLC ) , parent company of First National Bank , today announced operating results for the three months ended June 30 , 2021. Unaudited net income was $ 8.8 million , up $ 2.2 million or 33.8 % from the $ 6.6 million reported for the three months ended June 30 , 2020. Earnings per common share for the period on a fully diluted basis were up $ 0.20 to $ 0.80 per share , an increase of 33.3 % from the prior year . The Company also reported results for the six months ended June 30 , 2021. Net income was $ 17.7 million , up $ 4.6 million or 35.6 % from the first six months of 2020 , with earnings per share on a fully diluted basis of $ 1.61 , up $ 0.41 or 34.2 % from the same period in 2020 . " I'm very pleased to report that The First Bancorp concluded an excellent first half of 2021 with very strong earnings in the second quarter " , commented Tony C. McKim , the Company's President and Chief Executive Officer . " Loan growth produced an increase in net interest income , while non - interest income benefited from year - over - year increases of greater than 20 % in our wealth management , debit card , and service charge revenues . At the same time , sustained improvement in asset quality coupled with improved economic conditions allowed for a $ 1.8 million reduction in the provision for loan loss expense compared to the second quarter of 2020. The resulting net income of $ 8.8 million for the second quarter was an increase of $ 2.2 million from the same period a year ago , and was down marginally from the record earnings the Company reported in the first quarter of 2021. " " The strong growth we experienced on both sides of the balance sheet in the first quarter continued , and in the case of loans , accelerated in the second quarter " , continued Mr. McKim . " For the period , loan balances were up $ 71.5 million , an annualized growth rate of nearly 19 % , and low - cost deposits were up $ 45.9 million , each contributing to a $ 1.2 million increase in net interest income for the quarter versus a year ago . The growth in low - cost deposits allowed for a reduction in higher cost brokered CDs , and further lowered the Bank's level of wholesale funding . Overall revenue growth combined with a measured increase in operating expenses resulted in an excellent efficiency ratio of 44.75 % for the quarter , improved from 46.23 % for the same period a year ago , and from 45.52 % in the first quarter of 2021. Full credit goes to our incredible lending , deposit gathering , asset management , and service teams for producing these outstanding results . " 1