Exhibit 99.1



The First Bancorp Reports First Quarter Results, Up 3.8% Over 2008



DAMARISCOTTA, ME, April 22  The First Bancorp (Nasdaq: FNLC), today announced unaudited results for the quarter ended March 31, 2009, with net income of $3.7 million, an increase of $137,000 or 3.8% from the first quarter of 2008 and up $720,000 or 23.9% from the previous quarter. This was the second highest quarterly income posted by the Company. Earnings per share on a fully diluted basis were $0.37 for the quarter ended March 31, 2009, even with the first quarter of 2008 and up $0.06 or 19.4% from the previous quarter.

Net interest income was again the driver for our strong quarterly performance, up $2.3 million or 25.6% over the first quarter of 2008, noted Daniel R. Daigneault, the Companys President & Chief Executive Officer. With a declining interest rate environment over the past year, income from earning assets in the first quarter declined by 9.3% compared to the first quarter of 2008 while funding costs declined 41.7% during the same period. As a result, we saw our net interest margin widen from 3.24% in the first quarter of 2008 to 3.68% in the first quarter of 2009.

During the first quarter we saw earning assets grow by $72.7 million or 5.8%, President Daigneault observed. The majority of this growth was in the Companys investment portfolio which was up $61.3 million or 23.3%, with the purchase of GNMA mortgage-backed securities. At the same time, the Companys loan portfolio increased $10.7 million or 1.1% during the quarter. While commercial and municipal loans posted strong growth in the quarter, mortgage loans declined as a result of borrowers refinancing at lower rates with these loans being sold to the secondary market.

Our growth this quarter was funded primarily with deposits as well as the issuance of preferred stock, President Daigneault continued. Certificates of deposit  from both local and national market sources  were up $92.6 million or 17.2%, while other deposits were down $30.9 million. We also added $25.0 million in preferred stock in the first quarter as a result of our participation in the U.S. Treasury Capital Purchase Program.

With the economy continuing to weaken, we increased our allowance for loan losses by $1.0 million in the first quarter President Daigneault said. Net chargeoffs were $645,000 compared to






net chargeoffs of $92,000 in the first quarter of 2008. In comparison to peer, however, our level of chargeoffs is quite low at 0.28% of average loans vs. our peer groups 0.75% as of December 31, 2008, the latest peer data available. Our level of non-performing loans stood at 1.32% on March 31, 2009 compared to 1.27% of total loans on December 31, 2008 and 0.33% of total loans on March 31, 2008. In comparison, our peer groups non-performing loans stood at 2.30% as of December 31, 2008.

On the past due front, the level of delinquent loans remained virtually level during the first quarter of 2009, President Daigneault added. Overall, our balance sheet remains sound, and I feel this performance is demonstrative of The Firsts conservative approach to loan underwriting. We have not traded quality for higher levels of asset growth, and most importantly, we have not originated sub-prime mortgages. In my view, this is one of the factors that will enable us to weather the current economic storm better than most banks.

During the first quarter we took an after-tax charge of $596,000 for other-than-temporary impairment related to one automotive company holding in the investment portfolio, observed F. Stephen Ward, The First Bancorps Chief Financial Officer. In the past six months, we sold most of our corporate securities to reduce the level of credit risk in the investment portfolio. As of March 31, 2009, corporate securities totaled only $3.1 million, of which $1.5 million is rated sub-investment grade. These securities are less than 0.5% of the Companys $323.8 million investment portfolio and had an after-tax unrealized loss of $70,000 as of March 31, 2009. In Managements opinion, no additional writedown for other-than-temporary impairment is warranted for these sub-investment-grade securities.

Capital levels are increasingly important for every bank, CFO Ward stated. We continue to be considered well-capitalized by FDIC standards, and on January 9, 2009 we added an additional $25.0 million to capital with a preferred stock investment from the U.S. Treasury under its Capital Purchase Program. As a result, our total risk-based capital is nearly 14.0%, well above the well-capitalized threshold of 10.0% set by the FDIC. Higher levels of capital give the Company greater ability to ride out the current economic storm, especially if conditions worsen, and also provide greater ability to work with individuals and businesses as they also struggle through these adverse economic conditions.

Our operating ratios continue to be very strong, CFO Ward noted. Our return on average tangible common equity was 16.43% for the quarter; in comparison, the Banks return on average






equity was in the top 9% of all banks in our peer group, which had an average return of only 2.96% as of December 31, 2008. Our efficiency ratio continues to improve and stood at 40.12% for the first quarter compared to 46.97% for the first quarter of 2008 and 42.53% for the prior quarter. Once again, this was the result of the significant increase in net interest income while operating expense increased only modestly. As of December 31, 2008, the average efficiency ratio for our peer group was 66.18%.

Our price per share closed the quarter at $15.86, President Daigneault observed. While this is below the December 31, 2008 closing price of $19.89 per share, it is well above the 52-week low of $10.77 per share set during the quarter. Our stock price was certainly affected by the precipitous drop in the overall market during the first quarter and has been much more volatile since our addition to the Russell 2000 and Russell 3000 indices in June of 2008.

Overall, this was very good quarter for The First Bancorp, President Daigneault concluded. We continued to benefit from declining interest rates, and when combined with growth in earning assets, these led to higher net interest income. Our net income for the quarter was the second highest ever for the Company, and this was after $1.7 million in after-tax costs for the provision to the allowance for loan losses and an impairment charge for investments. Despite some deterioration in asset quality, our balance sheet remains sound and we feel that our conservative approach to banking is serving us well in these challenging economic times. And finally, we remain well-capitalized, which is an important concern for all banks today.

The First Bancorp, headquartered in Damariscotta, Maine, is the holding company for The First, N.A. Founded in 1864, The First is an independent community bank serving Mid-Coast and Down East Maine with 14 offices in Lincoln, Knox, Hancock and Washington Counties. The Bank provides a full range of consumer and commercial banking products and services. First Advisors, a division of The First, provides investment advisory, private banking and trust services from two offices in Lincoln and Hancock Counties.

Forward-looking and cautionary statements: except for the historical information and discussions contained herein, statements contained in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results and events to differ materially, as discussed in the Companys filings with the Securities and Exchange Commission.






For more information, please contact F. Stephen Ward, The First Bancorps Treasurer & Chief Financial Officer, at 207.563.3195 ext. 5001.








The First BancorpConsolidated Balance Sheets (Unaudited)In thousands of dollars

        3/31/2009

        12/31/2008

        3/31/2008AssetsCash and due from banks

        $15,815

        $16,856

        $15,837Overnight funds sold

        -

        -

        -Securities available for sale

        26,584

        27,765

        40,578Securities to be held to maturity (fair value $291,271 at March 31, 2009, $229,460 at December 31, 2008 and $193,416 at March 31, 2008)

        297,215

        234,767

        192,300Loans held for sale

        1,949

        1,298

        2,281Loans

        990,014

        979,273

        933,814Less allowance for loan losses

        9,805

        8,800

        7,208Net loans

        980,209

        970,473

        926,606Accrued interest receivable

        7,077

        5,783

        7,273Premises and equipment

        18,860

        16,028

        16,250Other real estate owned

        2,652

        2,428

        1,558Goodwill

        27,684

        27,684

        27,684Other assets

        20,455

        22,662

        17,841Total assets

        $1,398,500

        $1,325,744

        $1,248,208LiabilitiesDemand deposits

        $56,162

        $68,399

        $57,008NOW deposits

        103,711

        108,188

        96,226Money market deposits

        111,904

        129,333

        127,360Savings deposits

        86,130

        82,867

        86,247Certificates of deposit under $100,000

        246,464

        246,152

        329,833Certificates $100,000 and over

        383,069

        290,797

        129,803Total deposits

        987,440

        925,736

        826,477Borrowed funds

        254,124

        272,074

        295,253Other liabilities

        12,336

        10,753

        12,867Total Liabilities

        1,253,900

        1,208,563

        1,134,597Shareholders' equityPreferred stock

        25,000

        -

        -Common stock

        97

        97

        97Additional paid-in capital

        44,356

        44,117

        44,309Retained earnings

        75,741

        74,057

        69,234Net unrealized gains (loss) on securities available-for-sale

        (328)

        (819)

        240Net unrealized loss on postretirement benefit costs

        (266)

        (271)

        (269)Total shareholders' equity

        144,600

        117,181

        113,611Total liabilities & shareholders' equity

        $1,398,500

        $1,325,744

        $1,248,208Common StockNumber of shares authorized

        18,000,000

        18,000,000

        18,000,000Number of shares issued and outstanding

        9,711,805

        9,696,397

        9,706,784Book value per share

        $12.31

        $12.09

        $11.70Tangible book value per share

        $  9.46

        $9.23

        $8.85











The First BancorpConsolidated Statements of Income (Unaudited)For the three months ended

        For the quarters endedIn thousands of dollars

        3/31/2009

        3/31/2008

        3/31/2009

        3/31/2008Interest incomeInterest and fees on loans

        $12,927

        $15,292

        $12,927

        $15,292Interest on deposits with other banks

        -

        -

        -

        -Interest and dividends on investments

        3,691

        3,038

        3,691

        3,038Total interest income

        16,618

        18,330

        16,618

        18,330Interest expense

        

        -

        

        -Interest on deposits

        3,645

        6,439

        3,645

        6,439Interest on borrowed funds

        1,900

        3,074

        1,900

        3,074Total interest expense

        5,545

        9,513

        5,545

        9,513Net interest income

        11,073

        8,817

        11,073

        8,817Provision for loan losses

        1,650

        500

        1,650

        500Net interest income after provision for loan losses

        9,423

        8,317

        9,423

        8,317Non-interest incomeInvestment management and fiduciary income

        325

        390

        325

        390Service charges on deposit accounts

        558

        682

        558

        682Net securities gains

        9

        -

        9

        -Mortgage origination and servicing income

        681

        94

        681

        94Other operating income

        1,022

        1,010

        1,022

        1,010Total non-interest income

        2,595

        2,176

        2,595

        2,176Non-interest expenseSalaries and employee benefits

        2,589

        2,925

        2,589

        2,925Occupancy expense

        441

        411

        441

        411Furniture and equipment expense

        569

        490

        569

        490Net securities losses

        151

        -

        151

        -Other than temporary impairment charge

        916

        -

        916

        -Amortization of identified intangibles

        71

        71

        71

        71Other operating expense

        2,059

        1,552

        2,059

        1,552Total non-interest expense

        6,796

        5,449

        6,796

        5,449Income before income taxes

        5,222

        5,044

        5,222

        5,044Applicable income taxes

        1,494

        1,453

        1,494

        1,453Net Income

        $3,728

        $3,591

        $3,728

        $3,591Less dividends and amortization of premium on preferred stock

        150

        -

        150

        -Net income available to common shareholders

        $3,578

        $3,591

        $3,578

        $3,591Basic earnings per share

        $0.37

        $0.37

        $0.37

        $0.37Diluted earnings per share

        $0.37

        $0.37

        $0.37

        $0.37Weighted average number of shares outstanding

        9,705,783

        9,718,846

        9,705,783

        9,718,846Incremental shares

        16,536

        18,260

        16,536

        18,260Cash dividends declared per share

        $0.195

        $0.185

        $0.195

        $0.185Payout Ratio

        52.70%

        50.00%

        52.70%

        50.00%











The First BancorpSelected Financial Data (Unaudited)Dollars in thousands,

        For the three months ended

        For the quarters endedexcept for per share amounts

        3/31/2009

        3/31/2008

        3/31/2009

        3/31/2008Summary of OperationsInterest Income

        $16,618

        $18,330

        $16,618

        $18,330Interest Expense

        5,545

        9,513

        5,545

        9,513Net Interest Income

        11,073

        8,817

        11,073

        8,817Provision for Loan Losses

        1,650

        500

        1,650

        500Non-Interest Income

        2,595

        2,176

        2,595

        2,176Non-Interest Expense

        6,796

        5,449

        6,796

        5,449Net Income

        3,728

        3,591

        3,728

        3,591Per Common Share DataBasic Earnings per Share

        $0.37

        $0.37

        $0.37

        $0.37Diluted Earnings per Share

        0.37

        0.37

        0.37

        0.37Cash Dividends Declared

        0.195

        0.185

        0.195

        0.185Book Value

        12.31

        11.70

        12.31

        11.70Tangible Book Value

        9.46

        8.85

        9.46

        8.85Market Value

        $15.86

        $15.15

        $15.86

        $15.15Financial RatiosReturn on Average Equity (a)

        12.63%

        13.08%

        12.63%

        13.08%Return on Average Tangible Equity (a)

        16.43%

        17.47%

        16.43%

        17.47%Return on Average Assets (a)

        1.11%

        1.18%

        1.11%

        1.18%Average Equity to Average Assets

        8.79%

        9.00%

        8.79%

        9.00%Average Tangible Equity to Average Assets

        6.76%

        6.73%

        6.76%

        6.73%Net Interest Margin Tax-Equivalent (a)

        3.68%

        3.24%

        3.68%

        3.24%Dividend Payout Ratio

        52.70%

        50.00%

        52.70%

        50.00%Allowance for Loan Losses/Total Loans

        0.99%

        0.77%

        0.99%

        0.77%Non-Performing Loans to Total Loans

        1.32%

        0.33%

        1.32%

        0.33%Non-Performing Assets to Total Assets

        1.23%

        0.52%

        1.23%

        0.52%Efficiency Ratio

        40.12%

        46.97%

        40.12%

        46.97%At  Period EndTotal Assets

        $1,398,500

        $1,248,208

        $1,398,500

        $1,248,208Total Loans

        990,014

        933,814

        990,014

        933,814Total Investment Securities

        323,799

        232,878

        323,799

        232,878Total Deposits

        987,440

        826,477

        987,440

        826,477Total Shareholders Equity

        144,601

        113,611

        144,601

        113,611(a) Annualized using a 365-day basis