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UNITED NATIONAL BANCORP REPORTS EARNINGS

 BRANCHBURG, N.J., Jan. 21 /PRNewswire/ -- Kenneth W. Turnbull, chairman and chief executive officer of United National Bancorp, parent of United National Bank, reported income gains for the fourth quarter and 12 months ended Dec. 31, 1992.
 Consolidated net income for the 12-month period was $4,921,000 compared to $3,819,000 a year earlier, a 29 percent increase. Income per share, on an adjusted basis, was $2.04 vs. $1.59 for the prior year.
 In the fourth quarter, Bancorp reflected income of $1,701,000 compared to $1,544,000 for the same period in 1991. Per-share results were $.71 vs. $.64 for the fourth quarter of 1991, an 11 percent increase.
 In 1992, an increase in operating earnings and a reduction in the provision for possible loan losses accounted for much of the overall gain, whereas, in 1991, earnings were generated by substantial gains from securities transactions.
 Total assets increased to $725,770,000 from $691,256,000, a 5 percent increase. Year-end deposits were $653,528,000 vs. $609,362,000, in 1991, a 7 percent increase.
 Loans, net of unearned income, decreased to $275,087,000 from $290,363,000 due to the continued weak loan demand in all sectors of lending. The fourth quarter did show positive signs of an increase in loan demand and we look for further improvement in 1993.
 "Bancorp exceeds all capital adequacy regulatory requirements," Mr. Turnbull said. "We are very pleased with the earnings rebound for the year."
 -0- 1/21/93
 /CONTACT: Pierce Baugh, secretary of United National Bancorp, 908-756-5000/


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

CK-OS -- NY026 -- 7332 01/21/93 10:54 EST
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Publication:PR Newswire
Date:Jan 21, 1993
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