FIRST UNITED CORPORATION
Oakland, MD
Stock Symbol :  FUNC
(Dollars in thousands, except per share data)
			Three Months Ended								Twelve Months Ended
			unaudited								unaudited
			31-Dec	31-Dec		30-Sep		30-Jun	31-Mar		31-Dec	31-Dec
			2006	2005		2006		2006	2006		2006	2005
EARNINGS SUMMARY
Interest income			$      21,193	$      18,681		$      20,560		$     19,539	$         18,977		$    80,269	$      69,756
Interest expense			$      10,890	$        8,310		$      10,380		$       9,225	$           8,840		$    39,335	$      29,413
Net interest income			$      10,303	$      10,371		$      10,180		$     10,314	$         10,137		$    40,934	$      40,343
Provision for loan and lease losses			$           586	$         (194)		$           499		$          157	$              (77)		$      1,165	$        1,078
Noninterest income			$        3,711	$        4,639		$        3,510		$       3,304	$           3,516		$    14,041	$      14,088
Noninterest expense			$        8,498	$        8,879		$        8,538		$       8,936	$           9,518		$    35,490	$      34,654
Income taxes			$        1,467	$        2,109		$        1,388		$       1,481	$           1,407		$      5,743	$        6,548
Net income			$        3,463	$        4,216		$        3,265		$       3,044	$           2,805		$    12,577	$      12,151
Cash dividends paid			$        1,167	$        1,146		$        1,166		$       1,165	$           1,164		$      4,662	$        4,544
			Three Months Ended
			unaudited
			31-Dec	31-Dec		30-Sep		30-Jun	31-Mar
			2006	2005		2006		2006	2006
PER COMMON SHARE
Earnings per share
	Basic/Diluted		$          0.56	$          0.69		$          0.53		$         0.50	$             0.46
Book value			$        16.09	$        15.04		$        16.10		$       15.34	$           15.25
Closing market value			$        21.90	$        21.24		$        21.25		$       20.65	$           22.83
Common shares
	outstanding at period end		6,141,344	6,118,103		6,135,594		6,129,412	6,123,681
PERFORMANCE RATIOS (Period End, annualized)
Return on average assets			0.96%	0.95%		0.93%		0.90%	0.87%
Return on average shareholders'
	equity		13.05%	13.61%		12.79%		12.54%	12.12%
Net interest margin			3.52%	3.49%		3.57%		3.59%	3.57%
Efficiency ratio			62.77%	62.67%		64.04%		65.80%	67.93%
PERIOD END BALANCES			31-Dec	31-Dec
			2006	2005
Assets			$ 1,348,260	$ 1,310,991
Earning assets			$ 1,223,822	$ 1,197,691
Gross loans			$    963,656	$    960,961
	Consumer Real Estate		$    373,696	$    363,005
	Commercial		$    408,361	$    404,681
	Consumer		$    181,599	$    193,275
Investment securities			$    263,272	$    230,095
Total deposits			$    971,381	$    955,854
	Noninterest bearing		$    120,758	$    114,523
	Interest bearing		$    850,623	$    841,331
Shareholders' equity			$      98,820	$      92,039
CAPITAL RATIOS			31-Dec	31-Dec
Period end capital to risk-			2006	2005
	weighted assets:
	Tier 1		11.82%	11.47%
	Total		12.97%	12.66%
ASSET QUALITY
Net charge-offs for the quarter			$           333	$           682
Nonperforming assets: (Period End)
	Nonaccrual loans		$        4,133	$        2,393
	Restructured loans		$           522	$           532
	Loans 90 days past due
	and accruing		$           658	$           989
	Other real estate owned		$             23	$           133
	Total nonperforming assets
	and past due loans		$      14,788	$      11,620
Allowance for credit losses
	to gross loans, at period end		0.68%	0.67%
Nonperforming and 90 day past-due loans
	to total loans, at period end		0.50%	0.35%
Nonperforming loans and 90 day past-due
	loans to total assets, at period end		0.36%	0.26%