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Exhibit 99.1 The First Bancorp Third Quarter Earnings Increase 27.0 % DAMARISCOTTA , ME -- ( BUSINESS WIRE ) -- The First Bancorp ( Nasdaq : FNLC ) , parent company of First National Bank , today announced operating results for the three months ended September 30 , 2021. Unaudited net income was $ 9.0 million , up $ 1.9 million or 27.0 % from the $ 7.1 million reported for the three months ended September 30 , 2020 , representing a new quarterly earnings high mark for the Company . Earnings per common share for the period on a fully diluted basis were up $ 0.17 to $ 0.82 per share , an increase of 26.2 % from the prior year . The Company also reported results for the nine months ended September 30 , 2021 . Net income was $ 26.7 million , up $ 6.6 million or 32.6 % from the first nine months of 2020 , and representing a new high mark for nine month earnings . Year - to - date earnings per share on a fully diluted basis were $ 2.43 , up $ 0.59 or 32.1 % from the same period in 2020 . " The First Bancorp continues to execute on its strategic initiatives as evidenced by record quarterly and year - to - date earnings " , commented Tony C. McKim , the Company's President and Chief Executive Officer . " Growth on both sides of the balance sheet has exceeded expectations to date in 2021. Loan balances net of Paycheck Protection Program ( PPP ) loans were up $ 43.7 million in the third quarter , an annualized growth rate of 11.3 % , while low - cost deposit growth continued to be very strong , increasing $ 138.9 million during the period . Loan growth was centered in commercial real estate , construction , and residential mortgage loans . Low- cost deposit growth was focused in municipal and business accounts , and allowed for a further reduction in wholesale funding . " Our earnings formula remains focused on growing earning assets , enhancing fee income and controlling operating expenses , while opportunistically investing in people , markets and technology . Interest income from the loan portfolio combined with lower funding costs produced a 15.4 % increase in net interest income for the quarter ended September 30 , 2021 compared to a year ago . Our fee - based business lines continue to produce strong results , with wealth management income in the third quarter up 24.9 % from the same period a year ago , and debit card revenue up 25.2 % . As expected , mortgage banking revenues were down from the extraordinary results of 2020's third quarter , off 46.2 % year - over - year . Continued strong asset quality coupled with improved economic conditions allowed for a $ 1.3 million reduction in the provision for loan loss expense compared to the third quarter of 2020. Revenue growth along with controlled operating expenses resulted in an 1