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UNITED FEDERAL BANCORP ANNOUNCES 15.2 PERCENT INCREASE IN EARNINGS

 UNITED FEDERAL BANCORP ANNOUNCES 15.2 PERCENT INCREASE IN EARNINGS
 STATE COLLEGE, Pa., April 22 /PRNewswire/ -- United Federal Bancorp, Inc. (NASDAQ-NMS: UFBK) today reported earnings for the three months ended March 31, 1992.
 Net income for the period rose 6.8 percent to $1,890,000 or $0.38 per share. This compares with net income of $1,770,000 or $0.33 per share for the first quarter last year.
 Net interest income before provision for loan losses increased 18.8 percent to $7,078,000 vs. $5,959,000 in the first quarter a year ago. At March 31, 1992, United Federal had total assets of $701,019,000 and stockholders' equity of $98,000,000 or $20.44 per share. Total loans at the end of the current quarter were $429,639,000 and total deposits were $551,770,000.
 In discussing the company's results, Charles C. Pearson Jr., president and chief executive officer, stated, "Unlike many parts of the nation, we continue to experience strong loan demand and deposit growth at United Federal. In addition, we have benefitted from the effects of a very favorable interest rate environment." Pearson continued, "United Federal Bancorp continues to record superior operating performance and to retain its high asset quality. At March 31, 1992, the company's non-performing assets to total assets was 0.64 percent. Return on average assets was 1.06 percent and return on average equity was 7.57 percent. United Federal Bancorp's interest rate spread was 3.32 percent and the net interest margin was 4.15 percent."
 United Federal Bancorp is the holding company for United Federal Bank, Founders Federal Bank and UFB Financial, Inc. United Federal Bank conducts business from its headquarters in State College and 15 full-service branches in central and southern Pennsylvania. Founders Federal Bank conducts business from its headquarters and two branch offices in Williamsport, Pa.
 UNITED FEDERAL BANCORP, INC.
 Financial Data
 (Unaudited; in thousands, except per share data)
 Three Months Ended March 31 1992 1991
 Interest income $15,174 $15,763
 Interest expense 8,096 9,804
 Net interest income before provision for
 loan losses 7,078 5,959
 Prov. for loan losses, net of recoveries 476 495
 Gain (loss) on sale of investments (27) 507
 Other income 620 469
 Other expenses 4,179 3,712
 Income before income taxes and
 extraordinary items 3,016 2,728
 Provision for income taxes 1,126 958
 Net income 1,890 1,770
 Net income per share $0.38 $0.33
 Book value per share $20.44 $18.54
 Dividend per share of common stock $0.14 $0.11
 Weighted average shares outstanding 4,961,548 5,408,268
 /delval/
 -0- 4/22/92
 /CONTACT: Charles C. Pearson Jr., chief executive officer, or Donald L. Gross, chief operating officer, of United Federal Bancorp, 814-231-1668/
 (UFBK) CO: United Federal Bancorp, Inc. ST: Pennsylvania IN: FIN SU: ERN


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Publication:PR Newswire
Date:Apr 22, 1992
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