10QSB/A

 
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549

                                 FORM 10-QSB-A
                               QUARTERLY REPORT


QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1996.


                        Commission file number 22-25144

                          FIRST STATE BANCORPORATION
                (Name of small business issuer in its charter)

New Mexico                                      85-0366665
(State of incorporation)                        (IRS EmployerIdentification No.)

                            111 LOMAS AVENUE N.W. 
                            ALBUQUERQUE, NEW MEXICO
                                (505) 241-7500
                       (Address and telephone number of
                         principal executive offices)


Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports) and (2)
has been subject to such filing requirements for the past 90 days.

     Yes XX              No ____
                     
State the number of shares outstanding of each of the issuer's classes of common
equity as of the latest practicable date:

     1,981,667 shares of common stock, no par value, outstanding as of April 30,
1996

 
Total non-interest expense increased by $853,000 to $3,336,000 for the first
quarter of 1996, compared to $2,483,000 for the same period of 1995.  The
opening and staffing of new branchs subsequet to the first quarter of 1995,
including Los Lunas in August, the Journal Center branch and operations center
in September, and the Santa Fe Downtown branch in December and the beginning of
the leasing division in January 1996, accounted for a substantial portion of the
increases in salaries and employee benefits, occupancy and equipment which
totaled $508,000.

Liquidity and Capital Expenditures

The Company's primary sources of funds are customer deposits, loan repayments,
loan sales and sales and maturities of investment securities.  The Company has
additional sources of liquidity in the form of borrowings. Borrowings include
federal funds purchased, securities sold under repurchase agreements, and
borrowings from the Federal Home Loan Bank.

Management estimates that it will require an additional $800,000 to $1,000,000
for branch expansions during 1996.

Branch expansions will be funded through the source discussed above.

                          PART II - OTHER INFORMATION

FORM 8-K.  On January 10, 1996, the Company filed a Form 8-K which contained,
under Item 5 Other Events, a press release concerning the Company's decision to
abandon its investment in a credit card processing operation.

                                  SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.



                           FIRST STATE BANCORPORATION
                     
 
Date:  August 5, 1996      By: Michael R. Stanford
       --------------          -----------------------------------------------
                               Michael R. Stanford, President & Chief Executive
                               Officer
 
Date:  August 5, 1996      By: H. Patrick Dee
       --------------          ----------------------------------------------
                               H. Patrick Dee, Executive Vice President & Chief
                               Operating Officer
 
Date:  August 5, 1996      By: Brian C. Reinhardt
       --------------          -----------------------------------------------
                               Brian C. Reinhardt, Senior Vice President and
                               Chief Financial Officer

EX-27

 


 
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CONSOLIDATED
CONDENSED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.

       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               MAR-31-1996
<CASH>                                      13,218,961
<INT-BEARING-DEPOSITS>                               0
<FED-FUNDS-SOLD>                             1,150,000
<TRADING-ASSETS>                                     0
<INVESTMENTS-HELD-FOR-SALE>                 14,968,492
<INVESTMENTS-CARRYING>                      18,564,222
<INVESTMENTS-MARKET>                        18,512,000
<LOANS>                                    201,526,547
<ALLOWANCE>                                  1,991,772
<TOTAL-ASSETS>                             264,369,427
<DEPOSITS>                                 228,897,217
<SHORT-TERM>                                 9,825,070
<LIABILITIES-OTHER>                          1,918,709
<LONG-TERM>                                  5,750,000
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                    17,813,643
<OTHER-SE>                                    (17,417)
<TOTAL-LIABILITIES-AND-EQUITY>             264,369,427
<INTEREST-LOAN>                              5,211,186
<INTEREST-INVEST>                              599,607
<INTEREST-OTHER>                                     0
<INTEREST-TOTAL>                             5,810,793
<INTEREST-DEPOSIT>                           1,926,991
<INTEREST-EXPENSE>                           2,150,848
<INTEREST-INCOME-NET>                        3,659,945
<LOAN-LOSSES>                                  118,500
<SECURITIES-GAINS>                                 156
<EXPENSE-OTHER>                              3,336,133
<INCOME-PRETAX>                                742,988
<INCOME-PRE-EXTRAORDINARY>                     504,595
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   504,595
<EPS-PRIMARY>                                     0.24
<EPS-DILUTED>                                     0.22
<YIELD-ACTUAL>                                    5.94
<LOANS-NON>                                  1,862,000
<LOANS-PAST>                                   182,000
<LOANS-TROUBLED>                               150,000
<LOANS-PROBLEM>                                      0
<ALLOWANCE-OPEN>                             1,851,000
<CHARGE-OFFS>                                        0
<RECOVERIES>                                    22,000
<ALLOWANCE-CLOSE>                            1,991,772
<ALLOWANCE-DOMESTIC>                         1,991,772
<ALLOWANCE-FOREIGN>                                  0
<ALLOWANCE-UNALLOCATED>                              0