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UNITED BANCORP REPORTS SECOND QUARTER EARNINGS

 BRANCHBURG, N.J., July 21 /PRNewswire/ -- Thomas C. Gregor, chairman and chief executive officer of United National Bancorp (NASDAQ-NMS: UNBJ), parent company of United National Bank, reported increased earnings for the second quarter and first six months of 1993.
 Consolidated net income for the first six months was $3,849,000 compared to $1,981,000 for the same period a year ago, an increase of 94 percent. Per share earnings were $1.59 versus $0.82 for the prior year period. Second quarter consolidated net income was $1,595,000 compared to $1,007,000 in 1992, a 58 percent increase. Per share results were $0.66 versus $0.42 for the second quarter of 1992.
 Total assets rose to $728,177,000 from $699,398,000 for the same period in 1992, an increase of 4 percent. Deposits grew to $644,392,000 from $628,377,000.
 The loan portfolio reversed the downward trend showing a gain for the first time in 3 years. Net loans at June 30, 1993 were $274,083,000 compared to $268,359,000 for the same period in 1992.
 Mr. Gregor said that net interest income increased more than 13 percent, the provision for loan losses was reduced by 57 percent and earnings were also aided by the adoption of FASB 109 the accounting change for income taxes during the first half of 1993.
 -0- 7/21/93
 /CONTACT: Pierce Baugh, secretary of United National Bancorp, 908-756-5000/
 (UNBJ)


CO: United National Bancorp ST: New Jersey IN: FIN SU: ERN

MP-MG -- NY057 -- 3951 07/21/93 12:44 EDT
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Publication:PR Newswire
Date:Jul 21, 1993
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