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UNITED NATIONAL BANCORP REPORTS EARNINGS

 UNITED NATIONAL BANCORP REPORTS EARNINGS
 BRANCHBURG, N.J., Jan. 29 /PRNewswire/ -- Kenneth W. Turnbull,


chairman and chief executive officer of United National Bancorp, (NASDAQ-NMS: UNBJ) parent company of United National Bank, reported income figures for the fourth quarter and twelve months ended Dec. 31, 1991.
 Consolidated net income for the twelve-month period was $3,819,000 compared to $2,945,000 a year earlier, a 30 percent increase. Income per share, on an adjusted basis, was $1.63 versus $1.25 for the prior year. Net income was aided by gross securities gains of $5,452,000 for the year. Such securities gains were realized primarily from the disposition of equity securities as the market reached high levels in December 1991.
 For the fourth quarter, Bancorp reflected income of $1,544,000 compared to $183,000 for the same period in 1990. Per share results were $.66 versus $.08 for the fourth quarter of 1990. Operating earnings for the third and fourth quarter were negatively impacted by the special additional of a total of $3,800,000 to the provision for possible loan losses, bringing the total for the year to $6,160,000.
 Total assets increased to $691,256,000 from $644,340,000, a 7 percent increase. Deposits at year's end were $609,362,000, versus $566,609,000 in 1990. Total loans decreased to $283,368,000 from $311,924,000 due to weak loan demand in all sectors.
 "In the 90-year history of United National Bank, we have weathered many economic storms and management is confident that the moves made in the last few years to improve asset quality and strengthen the balance sheet will serve us well in the future," Turnbull concluded.
 -0- 1/29/92
 /CONTACT: Pierce Baugh of United National Bancorp, 908-756-5000/
 (UNBJ) CO: United National Bancorp ST: New Jersey IN: FIN SU: ERN


SM-OS -- NY072 -- 4852 01/29/92 15:28 EST
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Publication:PR Newswire
Date:Jan 29, 1992
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