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UNITED NATIONAL BANCORP REPORTS RESULTS

 BRANCHBURG, N.J., April 21 /PRNewswire/ -- Thomas C. Gregor, chairman and chief executive officer of United National Bancorp, parent company of United National Bank, reported increased earnings for the first quarter.
 Consolidated net income for the first quarter increased 131.4 percent to $2,254,000 from $974,000 for the first quarter of 1992. Per share earnings were $.93 versus $.40 for the prior year period.
 Total assets increased to $716,208,000 from $702,293,000 and deposits grew to $634,439,000 from $631,341,000.
 "We are aggressively seeking quality lending relationships," Mr. Gregor said, "but demand is still soft." Total loans at March 31, 1993 stood at $266,475,000 down from $277,831,000 for the same period in 1992. The provision for possible loan losses was reduced to $300,000 for the first quarter compared to $590,000 for the like period in 1992.
 A reduction in the loan loss provision, higher net interest income and a nonrecurring extraordinary item resulting from adoption of FASB 109 which changed the method of accounting for income taxes aided the considerable increase in income.
 The board also approved an increase in the regular quarterly dividend from $.23 to $.25 per share to shareholders of record July 15, 1993 payable Aug. 2, 1993.
 -0- 4/21/93
 /CONTACT: Pierce Bauch, Secretary of United National Bancorp, 908-756-5000/
 (UNBJ)


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

SM-OS -- NY102 -- 8911 04/21/93 15:58 EDT
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Publication:PR Newswire
Date:Apr 21, 1993
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