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UNITED FEDERAL BANCORP ANNOUNCES THIRD QUARTER EARNINGS

 STATE COLLEGE, Pa., Oct. 19 /PRNewswire/ -- United Federal Bancorp, Inc. (NASDAQ-NMS: UFBK) today reported earnings for the three months ended Sept. 30, 1993.
 Net income for the period was $2,368,000 or $0.50 per share. This compares with net income of $2,316,000 or $0.48 per share in the same period last year.
 Net interest income before provision for loan losses was $7,009,000 compared to $7,713,000 in the third quarter of 1992. At Sept. 30, 1993, United Federal had total assets of $954,484,000 and stockholders' equity of $105,823,000 or $22.24 per share. Net loans at the end of the current quarter were $460,586,000 and total deposits were $570,330,000.
 For the nine months ended Sept. 30, 1993, net income increased 14 percent to $7,265,000 or $1.54 per share vs. net income of $6,364,000 or $1.31 per share in the first nine months of last year. Net interest income for the period was $22,433,000 vs. $22,262,000 last year.
 Results for the first nine months of 1993 reflect the Bancorp's adoption of Financial Accounting Standards Board Statement No. 106 relating to accounting for post-retirement benefits and Statement No. 109 relating to accounting for income taxes. During the same period, the company also fully funded the directors' retirement plan and the self-directed group insurance plan.
 At. Sept. 30, 1993, United Federal's non-performing assets to total assets was 0.40 percent and the loan loss reserve as a percentage of total loans was 1.18 percent. Return on average assets was 1.07 percent and return on average equity was 9.38 percent. The interest rate spread was 3.00 percent and the net interest margin was 3.58 percent.
 In discussing the company's performance, Charles C. Pearson Jr., president and chief executive officer, stated, "United Federal continues to report excellent results. Contributing to our strong earnings was a sizable increase in fee income and gains on the sales of loans coupled with a lower provision for loan losses." Pearson continued, "The acquisition of United Federal by PNC Bank remains on schedule and should be completed around the end of the year."
 United Federal Bancorp, Inc. is the holding company for United Federal Bank, FSB and UFB Financial, Inc. United Federal Bank conducts business from its headquarters in State College and 18 full-service branches in central and southern Pennsylvania.
 UNITED FEDERAL BANCORP, INC.
 Financial data for the three months ended Sept. 30, 1993 and 1992
 (In thousands, except per share data)
 Unaudited
 1993 1992
 Interest income $15,529 $15,967
 Interest expense 8,520 8,264
 Net interest income before provision for
 loan losses 7,009 7,713
 Provision for loan losses, net of
 recoveries 316 528
 Gain on sale of investments 216 0
 Other income 1,146 1,276
 Other expenses 4,140 4,775
 Income before income taxes 3,915 3,686
 Provision for income taxes 1,547 1,370
 Net income 2,368 2,316
 Net income per share $0.50 $0.48
 Book value per share $22.24 $21.02
 Dividend per share of common stock $0.17 $0.14
 Weighted average shares outstanding 4,749 4,796
 UNITED FEDERAL BANCORP, INC.
 Financial data for the nine months ended Sept. 30, 1993 and 1992
 (In thousands, except per share data)
 Unaudited
 1993 1992
 Interest income $47,172 $46,582
 Interest expense 24,739 24,320
 Net interest income before provision for
 loan losses 22,433 22,262
 Provision for loan losses, net of
 recoveries 993 1,501
 Gain on sale of investments 216 34
 Other income 3,071 2,566
 Other expenses 14,482 13,152
 Income before income taxes and
 cumulative effect of changes in
 accounting principles 10,265 10,209
 Provision for income taxes 4,241 3,845
 Income before cumulative effect of
 changes in accounting principles 6,024 6,364
 Cumulative effect of changes in
 accounting principles, net of tax 1,241 0
 Net income 7,265 6,364
 Per share amounts:
 Income before accounting changes $1.28 $1.31
 Cumulative effect of accounting changes $0.26 $0.00
 Net income per share $1.54 $1.31
 Book value per share $22.24 $21.02
 Dividend per share of common stock $0.51 $0.42
 Weighted average shares outstanding 4,722 4,846
 /delval/
 -0- 10/19/93
 /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 ST: Pennsylvania IN: FIN SU: ERN

CD-PT -- PG002 -- 3800 10/19/93 09:27 EDT
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Date:Oct 19, 1993
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