FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For quarter ended March 31, 1996
Commission file number 0-14237
First United Corporation
(Exact name of registrant as specified in its charter)
Maryland 52-1380770
(State or other jurisdiction of (I. R. S. Employer
incorporation or organization) Identification no.)
19 South Second Street, Oakland, Maryland 21550-0009
(address of principal executive offices) (zip code)
(301) 334-9471
Registrant's telephone number, including area code
Not applicable
Former name, address and former fiscal year, if changed since
last report.
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter periods that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
X Yes No
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practical date.
Common stock, $.01 Par value--6,506,295 shares outstanding as of
March 31, 1996 Preferred stock, No par value--No shares
outstanding as of March 31, 1996.
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FIRST UNITED CORPORATION
Consolidated Balance Sheet
Mar. 31, Dec. 31, Mar. 31,
1996 1995 1995
(Unaudited) (*) (Unaudited)
Liabiliities ------------------------------
Deposits
Non-int. bearing deposits $ 46,830 $ 49,541 $ 44,155
Interest bearing deposits 380,462 374,753 362,352
---------------------------
Total deposits 427,292 424,294 406,507
Reserve for taxes, int., &
Other liabilities 5,159 4,371 3,857
Fed funds purchased & other
borrowed money 1,300 3,000 4,000
Dividends payable 846 0 743
----------------------------
Total Liabitities 434,597 431,665 415,107
Shareholder's Equity
Preferred stock -no par value
Authorized and unissued; 2,000 Shares
Capital Stock -par value $.01 per share:
Authorized 12,000 shares; issued and
outstanding 6,506 shares at March 31,
1996, 6,194 outstanding at December
31, 1995, and 6,192 outstanding at
March 31, 1995 65 62 62
Surplus 27,314 23,184 23,141
Retained earnings 27,908 32,065 29,347
Unrealized (loss)gain on
available-for-sale securities
net of taxes (38) 193 (665)
---------------------------
Total Shareholder's Equity 55,249 55,504 51,885
---------------------------
Total Liabilities and
Shareholder's Equity $489,846 $487,169 $466,992
============================
* The balance sheet at December 31, 1995 has been derived from
the audited financial statements at that date.
See Notes to unaudited consolidated financial statements.
() Indicates Deduction
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SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
FIRST UNITED CORPORATION
Date 05/14/96 /s/ WILLIAM B. GRANT
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William B. Gramt, Executive Vice
President and Secretary
Date 05/14/96 /s/ ROBERT W. KURTZ
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Robert W. Kurtz, Executive Vice
President and Treasurer
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