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UNITED FEDERAL BANCORP RECORDS 34.2 PERCENT INCREASE IN FIRST QUARTER EARNINGS

 STATE COLLEGE, Pa., April 15 /PRNewswire/ -- United Federal Bancorp, Inc. (NASDAQ-NMS: UFBK), today reported record earnings for the three months ended March 31, 1993.
 Net income for the period rose 27.8 percent to $2,416,000 or $0.51 per share. This compares with net income of $1,890,000 or $0.38 per share in the same period last year.
 Net interest income before provision for loan losses increased 8.0 percent to $7,645,000 compared to $7,078,000 in the first quarter of 1992. At March 31, 1993, United Federal had total assets of $894,749,000 and stockholders' equity of $102,096,000 or $21.67 per share. Net loans at the end of the current quarter were $453,937,000 and total deposits were $553,051,000.
 Charles C. Pearson Jr., president and chief executive officer, stated, "United Federal recorded another excellent quarter. We achieved record earnings per share; return on average assets rose 8 basis points to 1.14 percent; and the stock price appreciated 47 percent compared to the first quarter last year." Pearson continued, "The company continues to reflect superior operating performance and high quality assets. At March 31, 1993, United Federal's non-performing assets to total assets were 0.44 percent and the loan loss reserve as a percentage of total loans was 1.08 percent. The interest rate spread was 3.24 percent and the net interest margin was 3.86 percent. 1993 should be another excellent year for the United Federal."
 During the current quarter, the company recorded several material transactions. The bancorp adopted the provisions 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. The company also fully funded the director's retirement plan and the self-directed group insurance plan.
 United Federal Bancorp, Inc. is the holding company for United Federal Bank, FSB Central and Southern Pennsylvania.
 UNITED FEDERAL BANCORP, INC.
 Financial data for the three months ended March 31, 1993 and 1992
 (In thousands, except per share data)
 Unaudited
 1993 1992
 Interest income $15,508 $15,174
 Interest expense 7,863 8,096
 Net interest income before
 provision for loan losses 7,645 7,078
 Provision for loan losses, net of
 recoveries 337 476
 Gain (loss) on sale of investments -- (27)
 Other income 828 620
 Other expenses 5,908 4,179
 Income before income taxes and
 cumulative effect of a change in
 accounting principle 2,228 3,016
 Provision for income taxes 1,053 1,126
 Income before cumulative effect of a
 change in accounting principle 1,175 1,890
 Cumulative effect of a change in
 accounting principle, net of tax 1,241 --
 Net income 2,416 1,890
 Per share amount:
 Income before accounting change $0.25 $0.38
 Cumulative effect of accounting
 change $0.26 --
 Net income per share $0.51 $0.38
 Book value per share $21.67 $20.44
 Dividend per share of common stock $0.17 $0.14
 Weighted average shares outstanding 4,697 4,962
 /delval/
 -0- 4/15/93
 /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, Inc. ST: Pennsylvania IN: FIN SU: ERN

CD-KC -- PG013 -- 6206 04/15/93 11:45 EDT
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Date:Apr 15, 1993
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