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EXHIBIT 99.1 FírsTBANK FOR IMMEDIATE RELEASE CONTACT : Patrick L. Ryan , President and CEO ( 609 ) 643-0168 , patrick.ryan@firstbanknj.com First Bank Reports Third Quarter 2021 Net Income of $ 9.0 Million Net Income of $ 27.6 Million for First Nine Months of 2021 For the Third Quarter of 2021 : Strong Revenue and Income Growth , Continued Solid Asset Quality Metrics , Effective Management of Non - Interest Expense HAMILTON , N.J. ( GLOBE NEWSWIRE ) - October 26 , 2021 First Bank ( Nasdaq Global Market : FRBA ) today announced results for the three and nine months ended September 30 , 2021. Net income for the third quarter of 2021 was $ 9.0 million , or $ 0.46 per diluted share , compared to $ 5.9 million , or $ 0.30 per diluted share , for the third quarter of 2020. Return on average assets , return on average equity and return on average tangible equity¹ for the third quarter of 2021 were 1.46 % , 13.86 % and 14.90 % , respectively , compared to 1.03 % , 10.20 % and 11.08 % , respectively , for the third quarter of 2020. Net income for the first nine months of 2021 was $ 27.6 million , an increase of $ 14.3 million , or 108.2 % , compared to $ 13.3 million for the same period in 2020. Diluted earnings per share for the year - to - date period ended September 30 , 2021 were $ 1.39 , an increase of $ 0.73 , or 109.5 % , compared to $ 0.66 per diluted share for the comparable period in 2020 . Third Quarter and Year - to - Date 2021 Performance Highlights : • • • • Total net revenue ( net interest income plus non - interest income ) of $ 22.7 million for the quarter increased $ 3.1 million , or 15.9 % , compared to $ 19.6 million for the prior year quarter and was up $ 919,000 , or 4.2 % , compared to the linked second quarter of 2021 . Total loans of $ 2.00 billion at September 30 , 2021 decreased $ 49.6 million , or 2.4 % , from the end of the linked second quarter of 2021 , and were down $ 43.3 from December 31 , 2020. Paycheck Protection Program ( PPP ) loans decreased $ 62.2 million and $ 59.4 million , respectively , during the three and nine months ended September 30 , 2021. PPP loans outstanding at September 30 , 2021 were $ 77.8 million . Total deposits of $ 2.05 billion at September 30 , 2021 increased $ 142.3 million , or 7.5 % , from December 31 , 2020 and $ 9.7 million , or 0.5 % , from June 30 , 2021. Non - interest bearing demand deposits increased to 26.3 % of total deposits at September 30 , 2021 compared to 22.3 % at December 31 , 2020 while time deposits decreased from 27.5 % of total deposits at December 31 , 2020 to 20.6 % at September 30 , 2021 . Asset quality metrics remained solid during the quarter , with net recoveries of $ 121,000 during the third quarter of 2021 , compared to net charge - offs of $ 633,000 during the third quarter of 2020 . Nonperforming loans were $ 11.5 million at September 30 , 2021 , $ 12.7 million on September 30 , 2020 , and $ 9.6 million on June 30 , 2021. The ratio of nonperforming loans to total loans was 0.57 % at September 30 , 2021 , down six basis points from 0.63 % at September 30 , 2020 , and up 10 basis points from 0.47 % at June 30 , 2021 . Continued effective non - interest expense management was reflected in the third quarter 2021 efficiency ratio of 45.75 % , improved from 49.31 % for third quarter 2020 , and 46.66 % for the linked second quarter of 2021 .