Printer Friendly

UNITED FEDERAL BANCORP ANNOUNCES 26 PERCENT INCREASE IN NET INCOME

UNITED FEDERAL BANCORP ANNOUNCES 26 PERCENT INCREASE IN NET INCOME
 STATE COLLEGE, Pa., July 23 /PRNewswire/ -- United Federal Bancorp Inc. (NASDAQ-NMS: UFBK) today reported record earnings for the three months ended June 30, 1992.
 Net income for the period rose 26.5 percent to $2,158,000 or $0.45 per share. This compares with net income of $1,706,000 or $0.32 per share for the second quarter last year.
 Net interest income before provision for loan losses increased 23.6 percent to $7,471,000 vs. $6,045,000 in the second quarter a year ago. At June 30, 1992, United Federal had total assets of $781,299,000 and stockholders' equity of $99,174,000, or $20.71 per share. Total loans at the end of the current quarter were $440,916,000 and total deposits were $556,776,000.
 For the six months ended June 30, 1992, net income rose 16.5 percent to $4,048,000 or $0.83 per share vs. net income of $3,476,000 or $0.65 per share in the first half of last year. Net interest income for the period rose 21.2 percent to $14,549,000 vs. $12,004,000 last year.
 In discussing the company's results, Charles C. Pearson Jr., president and chief executive officer, stated, "We are extremely pleased with the substantial increase in earnings per share over the second quarter of last year. United Federal continues to benefit from improving interest rate margins, and from strengthened operating performance at our Founders Federal subsidiary." Pearson continued, "Our previous investments in state-of-the-art banking systems and technology, coupled with the restructuring of our balance sheet, have greatly enhanced profitability at United Federal. Going forward, we expect to reap continued benefits from these strategic initiatives."
 At June 30, 1992, the company's non-performing as Federal Bancorp's interest rate spread was 3.57 percent and the net interest margin was 4.25 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
 Period Ended Three Months Six Months
 June 30 1992 1991 1992 1991
 Interest income $15,441 $15,741 $30,615 $31,504
 Interest expense 7,970 9,696 16,066 19,500
 Net interest income
 before provision for
 loan losses 7,471 6,045 14,549 12,004
 Provision for loan
 losses, net of
 recoveries 497 314 973 809
 Gain (loss) on sale of
 investments 61 (16) 34 491
 Other income 670 558 1,290 1,027
 Other expenses 4,198 3,687 8,377 7,399
 Income before income
 taxes 3,507 2,586 6,523 5,314
 Provision for income
 taxes 1,349 880 2,475 1,838
 Net income 2,158 1,706 4,048 3,476
 Net income per share $0.45 $0.32 $0.83 $0.65
 Book value per share $20.71 $19.19 $20.71 $19.19
 Dividend per share of
 common stock $0.14 $0.11 $0.28 $0.22
 Weighted average shares
 outstanding 4,781 5,316 4,873 5,366
 -0- 7/23/92
 /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


JT-CC -- PG002 -- 2285 07/23/92 08:57 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 23, 1992
Words:605
Previous Article:COMPTEK REPORTS QUARTERLY RESULTS
Next Article:SECOND QUARTER REVENUE AND EARNINGS UP FOR MCI
Topics:


Related Articles
ATLANFED BANCORP, INC., ANNOUNCES RESULTS
FIRST BANCORP ANNOUNCEMENT OF EARNINGS FOR THE PERIODS ENDED DECEMBER 31, 1991
UNITED FEDERAL BANCORP ANNOUNCES YEAR-END RESULTS
EAGLE BANCORP, INC. ANNOUNCES FOURTH QUARTER EARNINGS
ELMWOOD BANCORP REPORTS INCREASED NET INCOME AND EARNINGS
ATLANFED BANCORP ANNOUNCES EARNINGS
FIRST BANCORP (N.C.) ANNOUNCES THIRD QUARTER RESULTS
UNITED FEDERAL BANCORP RECORDS 19.4 PERCENT INCREASE IN 1992 NET INCOME
UNITED FEDERAL BANCORP RECORDS 34.2 PERCENT INCREASE IN FIRST QUARTER EARNINGS
UNITED FEDERAL BANCORP ANNOUNCES THIRD QUARTER EARNINGS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters