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UNITED FEDERAL BANCORP ANNOUNCES YEAR-END RESULTS

 UNITED FEDERAL BANCORP ANNOUNCES YEAR-END RESULTS
 STATE COLLEGE, Pa., Jan. 23 /PRNewswire/ -- United Federal


Bancorp, Inc., (NASDAQ NMS: UFBK) today reported earnings for the year ended Dec. 31, 1991.
 Earnings per share for 1991 were $1.37, an increase of 3.0 percent over 1990 earnings of $1.33 per share. While 1991 margins remained strong, net income was impacted by the building of loan loss reserves and other non-recurring expenses. Net income for 1991 was $7.2 million vs. net income of $7.4 million last year. The 1990 net income of $7.4 million includes a gain of $342,000 from the sale of a former branch office building in State College and the addition to income of $190,000 related to tax loss carryforwards at Founders Federal Bank.
 Net interest income before provision for loan losses rose 15.8 percent to $24.5 million compared with $21.1 million a year ago. For the 12 months ended Dec. 31, 1991, the net interest spread was 2.89 percent, and the net yield on average earnings assets was 3.71 percent. At year-end United Federal had total assets of $733 million and stockholders' equity of $100 million or $19.97 per share. Total loans at the end of year were $419 million and total deposits were $544 million.
 For the fourth quarter ended Dec. 31, 1991, United Federal reported earnings per share of $0.34 vs. $0.30 in the comparable period last year. Net income for the period was $1.7 million vs. net income of $1.7 million last year. Net interest income before provision for loan losses rose 17.5 percent to $6.2 million vs. $5.3 million in the fourth quarter last year.
 In discussing the 1991 results, Charles C. Pearson Jr., president and chief executive officer, stated, "During 1991 we continued to demonstrate our ability to create stockholder value. Earnings per share increased and we continued our program of increasing the reserve for loan losses; the quarterly cash dividend rose 30 percent; and the price of our stock nearly doubled." Pearson continued, "1992 should be another year of solid earnings for our company. A greater profit contribution by Founders Federal Bank, coupled with improved performance at the South Central Division, will complement the excellent operating results we are achieving at our largest subsidiary, United Federal Bank. We are confident of our continued success going forward."
 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, Pa., and 15 full-service branches in central and southern Pennsylvania. Founders Federal Bank conducts business from it headquarters and two branch offices in Williamsport, Pa.
 UNITED FEDERAL BANCORP, INC.
 Financial Data for the Three Months and Twelve Months
 Ended Dec. 31, 1991 and 1990
 In thousands except per share data
 Period ended Three Months Twelve Months
 Dec. 31 1991 1990 1991 1990
 (Unaudited)
 Interest income $15,208 $14,515 $62,457 $55,940
 Interest expense 9,003 9,235 38,003 34,822
 Net interest income
 before provision for
 loan losses 6,205 5,280 24,454 21,118
 Provision for loan
 losses, net of
 recoveries 384 368 1,422 857
 Gain (loss) on
 sale of investments 872 187 1,471 230
 Other income 801 643 2,371 2,240
 Other expenses 4,517 3,186 15,596 11,818
 Income before income
 taxes and extraordinary
 item 2,977 2,556 11,278 10,913
 Provision for income
 taxes 1,233 926 4,057 3,752
 Income before
 extraordinary item 1,744 1,630 7,221 7,161
 Extraordinary item -- 40 -- 190
 Net income 1,744 1,670 7,221 7,351
 Net income per share $0.34 $0.30 $1.37 $1.33
 Book value per share $19.97 $18.53 $19.97 $18.53
 Dividend per share of
 common stock $0.14 $0.11 $0.47 $0.38
 Average shares
 outstanding 5,115,315 5,286,511 5,276,073 5,191,700
 -0- 1/23/92
 /CONTACT: Charles C. Pearson Jr., chief executive officer or Donald L. Gross, chief operating officer, 814-231-1668, both of United Federal Bancorp/
 (UFBK) CO: United Federal Bancorp ST: Pennsylvania IN: FIN SU: ERN


CD -- PG005 -- 2821 01/23/92 12:46 EST
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