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EXHIBIT 99.1 FIRSTBANK FOR IMMEDIATE RELEASE CONTACT : Patrick L. Ryan , President and CEO ( 609 ) 643-0168 , patrick.ryan@firstbanknj.com First Bank Reports Second Quarter 2021 Net Income of $ 8.9 Million Net Income of $ 18.6 Million for First Six Months of 2021 For the Second Quarter and First Half of 2021 : Continued Revenue and Asset Growth , Effective Management of Non - Interest Expense , and Solid Asset Quality Metrics HAMILTON , N.J. ( GLOBE NEWSWIRE ) — July 26 , 2021 First Bank ( Nasdaq Global Market : FRBA ) today announced results for the three and six months ended June 30 , 2021. Net income for the second quarter of 2021 was $ 8.9 million , or $ 0.45 per diluted share , compared to $ 4.1 million , or $ 0.21 per diluted share , for the second quarter of 2020. Return on average assets and return on average equity for the second quarter of 2021 were 1.48 % and 14.26 % , respectively , compared to 0.74 % and 7.33 % , respectively , for the second quarter of 2020. Net income for the first six months of 2021 was $ 18.6 million , or $ 0.93 per diluted share , compared to $ 7.4 million , or $ 0.36 per diluted share , for the same period in 2020 . Second Quarter and Year - to - Date 2021 Performance Highlights : • Total net revenue ( net interest income plus non - interest income ) of $ 21.8 million for the quarter increased $ 3.6 million , or 19.5 % , compared to $ 18.2 million for the prior year quarter . • Total loans of $ 2.05 billion at June 30 , 2021 increased $ 31.8 million , or 1.6 % , from the end of the linked first quarter of 2021 and were up $ 6.4 million from December 31 , 2020 . • • • • Continued participation in the Paycheck Protection Program ( PPP ) with $ 5.7 million in new PPP loans originated during the quarter for a total of $ 107.9 million during the first six months of 2021 . There were $ 59.6 million in PPP loans forgiven during the second quarter of 2021 and $ 105.1 million for the six months ended June 30 , 2021. PPP loans outstanding at June 30 , 2021 were $ 139.9 million . Total deposits of $ 2.04 billion at June 30 , 2021 increased $ 132.6 million , or 7.0 % , from December 31 , 2020 and $ 65.7 million , or 3.3 % , compared to March 31 , 2021 . Asset quality metrics remained solid during the quarter , with net charge - offs of $ 116,000 , or an annualized 0.02 % of average loans , for second quarter 2021 , compared to net charge - offs of $ 1.0 million , or an annualized 0.21 % of average loans , for second quarter 2020. Nonperforming loans were $ 9.6 million at June 30 , 2021 , $ 14.1 million on June 30 , 2020 , and $ 10.7 million on March 31 , 2021. The ratio of nonperforming loans to total loans was 0.47 % at June 30 , 2021 , down from 0.72 % at June 30 , 2020 , and 0.53 % at March 31 , 2021 . Continued effective non - interest expense management was reflected in the second quarter 2021 efficiency ratio of 46.66 % , improved from 53.64 % for second quarter 2020 , and 47.66 % for the linked first quarter of 2021 . " Our team delivered another quarter of very strong financial performance . During the second quarter we continued to focus on generating revenues , managing expenses , maintaining solid asset quality metrics and expanding relationships with new and existing customers , ” said Patrick L. Ryan , President and Chief Executive Officer . “ Our strong earnings performance is reflected in the recent improvement in our stock price . Through the first six months of the year , the price of our common stock grew by more than 44 % ,