United National Reports Increased Earnings Per Share for First Quarter 2001

Apr 17, 2001, 01:00 ET from United National Bancorp

    BRIDGEWATER, N.J., April 17 /PRNewswire/ --
 United National Bancorp (Nasdaq:   UNBJ), parent company of United National
 Bank, today reported an increase of 3 percent in first quarter 2001 earnings
 per diluted share.
     Net income for the first quarter of 2001 was $5.9 million or $0.39 per
 diluted share, compared with net income before of $5.9 million or $0.38 per
 diluted share in 2000.
     Key performance ratios remained strong for the first quarter of 2001.  On
 a year-to-date basis, Return on Average Assets was 1.13% while Return on
 Average Equity was 16.67%.
     "Our results for the first quarter are on target," stated Thomas C.
 Gregor, chairman and chief executive officer of United National.  "We are
 pleased by the positive trends reflected in our first quarter numbers.
 Non-interest expenses have declined by 4 percent over the same period last
 year.  Similarly, our net interest margin has shown continued improvement
 since the second quarter of last year."
     Total assets at March 31 were $2.1 billion.  Deposits were $1.5 billion.
 Loans were $1.3 billion at the end of first quarter 2001.  "We have maintained
 the superior asset quality of our existing loan portfolio," said Warren R.
 Gerleit, president and chief operating officer of United National Bank.  "In
 addition, we are optimistic about future loan growth."
     United National Bancorp, headquartered in Bridgewater, New Jersey, is a
 $2.1 billion asset commercial bank holding company whose principal subsidiary
 is United National Bank.  The Bank operates 34 offices throughout Essex,
 Hunterdon, Middlesex, Morris, Somerset, Union and Warren counties in New
 Jersey.  United National provides a complete range of personal and business
 banking services as well as an array of trust and investment services.  United
 Commercial Capital Group, a subsidiary of United National Bank, provides
 timely and innovative financing solutions for real estate and commercial
 transactions that do not fall within the boundaries of traditional bank
 financing.  Visit United National on the World Wide Web at
 http://www.united-national.com.
 
     The foregoing contains forward-looking statements within the meaning of
 The Private Securities Litigation Reform Act of 1995.  Such statements are not
 historical facts and include expressions about our confidence and strategies
 and our expectations about earnings, opportunities, and market conditions.
 These statements may be identified by such forward-looking terminology as
 "expect," "believe," "anticipate," or by expressions of confidence such as
 "for the coming months," "consistent," "continue," "strong," "superior" or
 similar statements or variations of such terms.  Such forward-looking
 statements involve certain risks and uncertainties.  These include, but are
 not limited to expected future loan growth; expected cost savings not being
 realized or not being realized within the expected time frame; income or
 revenues being lower than expected or operating costs higher; competitive
 pressures in the banking or financial services industries increasing
 significantly; business disruption related to program implementation or
 methodologies; weakening of general economic conditions nationally or in New
 Jersey; changes in legal and regulatory barriers and structures; and
 unanticipated occurrences delaying planned programs or initiatives or
 increasing their costs or decreasing their benefits.  Actual results may
 differ materially from such forward-looking statements.  The company does not
 assume any obligation for updating any such forward-looking statements at any
 time.
 
     Consolidated Balance Sheets
     (In Thousands, Except Per Share Data)
 
                                                              March 31,
                                                       2001              2000
     ASSETS
     Cash and Due From Banks                        $41,459           $48,172
     Federal Funds Sold                               1,000             1,600
     Securities Available for Sale, at
      Market Value                                  606,731           630,388
     Securities Held to Maturity                     33,455            51,338
     Trading Account Securities, at Market
      Value                                              --               876
 
     Loans, Net of Unearned Income                1,270,136         1,255,998
         Less: Allowance for Loan Losses             11,936            10,814
         Loans, Net                               1,258,200         1,245,184
 
     Premises and Equipment, Net                     26,893            28,280
     Other Real Estate, Net                             131               211
     Intangible Assets, Primarily Core
      Deposit Premiums                                6,043             7,907
     Cash Surrender Value on Life
      Insurance                                      54,536            50,815
     Other Assets                                    38,285            47,408
 
            TOTAL ASSETS                         $2,066,733        $2,112,179
 
     LIABILITIES AND STOCKHOLDERS' EQUITY
 
     LIABILITIES
     Demand Deposits                                247,462           231,621
     Savings Deposits                               561,706           588,493
     Time Deposits                                  731,991           723,103
            Total Deposits                        1,541,159         1,543,217
 
     Short-Term Borrowings                          201,272           156,563
     Other Borrowings                               125,672           244,386
     Other Liabilities                               32,052            31,734
            TOTAL LIABILITIES                     1,900,155         1,975,900
 
     Series B Capital Securities                     20,000            20,000
 
     STOCKHOLDERS' EQUITY
     Common Stock ($1.25 Par Value Per
      Share)                                         20,218            20,209
     Additional Paid-In Capital                     129,650           129,191
     Retained Earnings                               20,847             8,387
     Treasury Stock                                 (20,915)          (12,689)
     Restricted Stock                                   (60)              (73)
     Accumulated Other Comprehensive Loss            (3,162)          (28,746)
            TOTAL STOCKHOLDERS' EQUITY              146,578           116,279
 
            TOTAL LIABILITIES AND
             STOCKHOLDERS' EQUITY                $2,066,733        $2,112,179
 
 
     United National Bancorp
     Consolidated Statements of Income
     (In Thousands, Except Per Share Data)
 
                                                        Three Months Ended
                                                              March 31,
                                                       2001              2000
 
     INTEREST INCOME
     Interest and Fees on Loans                     $26,606           $25,860
     Interest and Dividends on Securities
      Available for Sale:
          Taxable                                     9,322            10,134
          Tax-Exempt                                  1,002               989
     Interest and Dividends on Securities
      Held to Maturity:
          Taxable                                       329               379
          Tax-Exempt                                    265               297
     Dividends on Trading Account
      Securities                                         --                11
     Interest on Federal Funds Sold and
      Deposits
          with Federal Home Loan Bank                    45                11
              TOTAL INTEREST INCOME                  37,569            37,681
 
     INTEREST EXPENSE
     Interest on Savings Deposits                     3,606             3,583
     Interest on Time Deposits                       10,455             9,493
     Interest on Short-Term Borrowings                3,494             2,230
     Interest on Other Borrowings                     2,112             3,494
              TOTAL INTEREST EXPENSE                 19,667            18,800
 
     Net Interest Income                             17,902            18,881
     Provision for Loan Losses                          546             1,200
     Net Interest Income After Provision
      for Possible Loan Losses                       17,356            17,681
 
     NON-INTEREST INCOME
     Trust Income                                     1,885             1,635
     Service Charges on Deposit Accounts                919               991
     Other Service Charges, Commissions
      and Fees                                        1,643             1,575
     Net Gains from Securities
      Transactions                                      175               929
     Income on Life Insurance                           781               562
     Other Income                                       457               685
              TOTAL NON-INTEREST INCOME               5,860             6,377
 
     NON-INTEREST EXPENSE
     Salaries, Wages and Employee Benefits            6,335             6,748
     Occupancy Expense, Net                           1,542             1,376
     Furniture and Equipment Expense                  1,104             1,129
     Data Processing Expense                          1,866             1,795
     Distributions on Series B Capital
      Securities                                        500               500
     Amortization of Intangible Assets                  357               330
     Net Cost to Operate Other Real Estate               18                67
     Other Expenses                                   3,503             3,939
              TOTAL NON-INTEREST EXPENSE             15,225            15,884
 
     Income Before Provision for Income
      Taxes                                           7,991             8,174
     Provision for Income Taxes                       2,126             2,272
     NET INCOME                                      $5,865            $5,902
 
     NET INCOME PER COMMON SHARE:
          Basic                                       $0.39             $0.38
          Diluted                                     $0.39             $0.38
 
     WEIGHTED AVERAGE SHARES OUTSTANDING:
          Basic                                      15,124            15,596
          Diluted                                    15,229            15,725
 
 
     United National Bancorp
     Consolidated Financial Highlights
     March 31, 2001
     (Dollars in Thousands, Except Share Data)
 
                                                       Three Months Ended
                                                             March 31,
                                                       2001              2000
     Results of Operations:
     Net Income                                      $5,865            $5,902
 
     Per Common Share:
          Net Income           Basic                   0.39              0.38
                               Diluted                 0.39              0.38
 
     Financial Ratios:
     Return on Average Assets                         1.13%             1.13%
     Return on Average Stockholders'
      Equity                                         16.67%            20.09%
 
     Net Interest Margin (Taxable
      Equivalent Basis)                               3.83%             3.97%
     Net Interest Income (Taxable
      Equivalent Basis)                             $18,616           $19,585
     Non-Interest Income                              5,860             6,377
     Non-Interest Expense                            15,225            15,884
 
     Distributions on Series B Capital
      Securities                                        500               500
     Provision for Loan Losses                          546             1,200
     Efficiency Ratio (1)                            60.29%            61.09%
     Dividends Declared per Common Share              $0.20             $0.20
 
     Financial Condition:
     AVERAGE :
     Securities, net                               $657,424          $685,119
     Total Loans                                  1,275,402         1,245,207
     Earning Assets                               1,946,761         1,972,472
     Total Assets                                 2,097,750         2,105,907
     Deposits                                     1,541,371         1,525,927
     Total Stockholders' Equity                     142,655           118,133
 
     PERIOD END:
     Securities, net                               $640,186          $682,602
     Total Loans                                  1,270,136         1,255,998
     Allowance for Loan Losses                       11,936            10,814
     Total Assets                                 2,066,733         2,112,179
     Deposits                                     1,541,159         1,543,217
     Total Stockholders' Equity                     146,578           116,279
     Book Value Per Share                              9.73              7.51
     Common Shares Outstanding                   15,061,588        15,479,711
 
     ASSET QUALITY:
     Impaired Loans                                  $4,700            $5,052
     Renegotiated Loans                                  11                26
     Loans Past Due 90 Days but Still
      Accruing                                        1,131             1,201
     Assets Acquired in Foreclosure                     201               267
        Total Non-Performing Assets                  $6,043            $6,546
     Net Charge-Offs                                 $1,029              $772
     Foreclosed Property Expense                         18                67
     Allowance for Loan Losses to Total
      Loans                                           0.94%             0.86%
     Allowance for Loan Losses to Non-
      Performing Loans                              204.31%           172.22%
     Non-Performing Assets to Total Loans
      and
        Assets Acquired in Foreclosure                0.48%             0.52%
 
     CAPITAL ADEQUACY:
     Tier I Leverage Ratio                            7.84%             7.42%
     Tier I Capital to Risk-Weighted
      Assets                                         10.97%            10.70%
     Tier I & Tier II Capital to Risk-
      Weighted Assets                                11.77%            11.43%
 
     (1)  Distributions on Series B Capital Securities have been reclassified
          from non-interest expense to interest expense for purposes of this
          calculation.
 
 

SOURCE United National Bancorp
    BRIDGEWATER, N.J., April 17 /PRNewswire/ --
 United National Bancorp (Nasdaq:   UNBJ), parent company of United National
 Bank, today reported an increase of 3 percent in first quarter 2001 earnings
 per diluted share.
     Net income for the first quarter of 2001 was $5.9 million or $0.39 per
 diluted share, compared with net income before of $5.9 million or $0.38 per
 diluted share in 2000.
     Key performance ratios remained strong for the first quarter of 2001.  On
 a year-to-date basis, Return on Average Assets was 1.13% while Return on
 Average Equity was 16.67%.
     "Our results for the first quarter are on target," stated Thomas C.
 Gregor, chairman and chief executive officer of United National.  "We are
 pleased by the positive trends reflected in our first quarter numbers.
 Non-interest expenses have declined by 4 percent over the same period last
 year.  Similarly, our net interest margin has shown continued improvement
 since the second quarter of last year."
     Total assets at March 31 were $2.1 billion.  Deposits were $1.5 billion.
 Loans were $1.3 billion at the end of first quarter 2001.  "We have maintained
 the superior asset quality of our existing loan portfolio," said Warren R.
 Gerleit, president and chief operating officer of United National Bank.  "In
 addition, we are optimistic about future loan growth."
     United National Bancorp, headquartered in Bridgewater, New Jersey, is a
 $2.1 billion asset commercial bank holding company whose principal subsidiary
 is United National Bank.  The Bank operates 34 offices throughout Essex,
 Hunterdon, Middlesex, Morris, Somerset, Union and Warren counties in New
 Jersey.  United National provides a complete range of personal and business
 banking services as well as an array of trust and investment services.  United
 Commercial Capital Group, a subsidiary of United National Bank, provides
 timely and innovative financing solutions for real estate and commercial
 transactions that do not fall within the boundaries of traditional bank
 financing.  Visit United National on the World Wide Web at
 http://www.united-national.com.
 
     The foregoing contains forward-looking statements within the meaning of
 The Private Securities Litigation Reform Act of 1995.  Such statements are not
 historical facts and include expressions about our confidence and strategies
 and our expectations about earnings, opportunities, and market conditions.
 These statements may be identified by such forward-looking terminology as
 "expect," "believe," "anticipate," or by expressions of confidence such as
 "for the coming months," "consistent," "continue," "strong," "superior" or
 similar statements or variations of such terms.  Such forward-looking
 statements involve certain risks and uncertainties.  These include, but are
 not limited to expected future loan growth; expected cost savings not being
 realized or not being realized within the expected time frame; income or
 revenues being lower than expected or operating costs higher; competitive
 pressures in the banking or financial services industries increasing
 significantly; business disruption related to program implementation or
 methodologies; weakening of general economic conditions nationally or in New
 Jersey; changes in legal and regulatory barriers and structures; and
 unanticipated occurrences delaying planned programs or initiatives or
 increasing their costs or decreasing their benefits.  Actual results may
 differ materially from such forward-looking statements.  The company does not
 assume any obligation for updating any such forward-looking statements at any
 time.
 
     Consolidated Balance Sheets
     (In Thousands, Except Per Share Data)
 
                                                              March 31,
                                                       2001              2000
     ASSETS
     Cash and Due From Banks                        $41,459           $48,172
     Federal Funds Sold                               1,000             1,600
     Securities Available for Sale, at
      Market Value                                  606,731           630,388
     Securities Held to Maturity                     33,455            51,338
     Trading Account Securities, at Market
      Value                                              --               876
 
     Loans, Net of Unearned Income                1,270,136         1,255,998
         Less: Allowance for Loan Losses             11,936            10,814
         Loans, Net                               1,258,200         1,245,184
 
     Premises and Equipment, Net                     26,893            28,280
     Other Real Estate, Net                             131               211
     Intangible Assets, Primarily Core
      Deposit Premiums                                6,043             7,907
     Cash Surrender Value on Life
      Insurance                                      54,536            50,815
     Other Assets                                    38,285            47,408
 
            TOTAL ASSETS                         $2,066,733        $2,112,179
 
     LIABILITIES AND STOCKHOLDERS' EQUITY
 
     LIABILITIES
     Demand Deposits                                247,462           231,621
     Savings Deposits                               561,706           588,493
     Time Deposits                                  731,991           723,103
            Total Deposits                        1,541,159         1,543,217
 
     Short-Term Borrowings                          201,272           156,563
     Other Borrowings                               125,672           244,386
     Other Liabilities                               32,052            31,734
            TOTAL LIABILITIES                     1,900,155         1,975,900
 
     Series B Capital Securities                     20,000            20,000
 
     STOCKHOLDERS' EQUITY
     Common Stock ($1.25 Par Value Per
      Share)                                         20,218            20,209
     Additional Paid-In Capital                     129,650           129,191
     Retained Earnings                               20,847             8,387
     Treasury Stock                                 (20,915)          (12,689)
     Restricted Stock                                   (60)              (73)
     Accumulated Other Comprehensive Loss            (3,162)          (28,746)
            TOTAL STOCKHOLDERS' EQUITY              146,578           116,279
 
            TOTAL LIABILITIES AND
             STOCKHOLDERS' EQUITY                $2,066,733        $2,112,179
 
 
     United National Bancorp
     Consolidated Statements of Income
     (In Thousands, Except Per Share Data)
 
                                                        Three Months Ended
                                                              March 31,
                                                       2001              2000
 
     INTEREST INCOME
     Interest and Fees on Loans                     $26,606           $25,860
     Interest and Dividends on Securities
      Available for Sale:
          Taxable                                     9,322            10,134
          Tax-Exempt                                  1,002               989
     Interest and Dividends on Securities
      Held to Maturity:
          Taxable                                       329               379
          Tax-Exempt                                    265               297
     Dividends on Trading Account
      Securities                                         --                11
     Interest on Federal Funds Sold and
      Deposits
          with Federal Home Loan Bank                    45                11
              TOTAL INTEREST INCOME                  37,569            37,681
 
     INTEREST EXPENSE
     Interest on Savings Deposits                     3,606             3,583
     Interest on Time Deposits                       10,455             9,493
     Interest on Short-Term Borrowings                3,494             2,230
     Interest on Other Borrowings                     2,112             3,494
              TOTAL INTEREST EXPENSE                 19,667            18,800
 
     Net Interest Income                             17,902            18,881
     Provision for Loan Losses                          546             1,200
     Net Interest Income After Provision
      for Possible Loan Losses                       17,356            17,681
 
     NON-INTEREST INCOME
     Trust Income                                     1,885             1,635
     Service Charges on Deposit Accounts                919               991
     Other Service Charges, Commissions
      and Fees                                        1,643             1,575
     Net Gains from Securities
      Transactions                                      175               929
     Income on Life Insurance                           781               562
     Other Income                                       457               685
              TOTAL NON-INTEREST INCOME               5,860             6,377
 
     NON-INTEREST EXPENSE
     Salaries, Wages and Employee Benefits            6,335             6,748
     Occupancy Expense, Net                           1,542             1,376
     Furniture and Equipment Expense                  1,104             1,129
     Data Processing Expense                          1,866             1,795
     Distributions on Series B Capital
      Securities                                        500               500
     Amortization of Intangible Assets                  357               330
     Net Cost to Operate Other Real Estate               18                67
     Other Expenses                                   3,503             3,939
              TOTAL NON-INTEREST EXPENSE             15,225            15,884
 
     Income Before Provision for Income
      Taxes                                           7,991             8,174
     Provision for Income Taxes                       2,126             2,272
     NET INCOME                                      $5,865            $5,902
 
     NET INCOME PER COMMON SHARE:
          Basic                                       $0.39             $0.38
          Diluted                                     $0.39             $0.38
 
     WEIGHTED AVERAGE SHARES OUTSTANDING:
          Basic                                      15,124            15,596
          Diluted                                    15,229            15,725
 
 
     United National Bancorp
     Consolidated Financial Highlights
     March 31, 2001
     (Dollars in Thousands, Except Share Data)
 
                                                       Three Months Ended
                                                             March 31,
                                                       2001              2000
     Results of Operations:
     Net Income                                      $5,865            $5,902
 
     Per Common Share:
          Net Income           Basic                   0.39              0.38
                               Diluted                 0.39              0.38
 
     Financial Ratios:
     Return on Average Assets                         1.13%             1.13%
     Return on Average Stockholders'
      Equity                                         16.67%            20.09%
 
     Net Interest Margin (Taxable
      Equivalent Basis)                               3.83%             3.97%
     Net Interest Income (Taxable
      Equivalent Basis)                             $18,616           $19,585
     Non-Interest Income                              5,860             6,377
     Non-Interest Expense                            15,225            15,884
 
     Distributions on Series B Capital
      Securities                                        500               500
     Provision for Loan Losses                          546             1,200
     Efficiency Ratio (1)                            60.29%            61.09%
     Dividends Declared per Common Share              $0.20             $0.20
 
     Financial Condition:
     AVERAGE :
     Securities, net                               $657,424          $685,119
     Total Loans                                  1,275,402         1,245,207
     Earning Assets                               1,946,761         1,972,472
     Total Assets                                 2,097,750         2,105,907
     Deposits                                     1,541,371         1,525,927
     Total Stockholders' Equity                     142,655           118,133
 
     PERIOD END:
     Securities, net                               $640,186          $682,602
     Total Loans                                  1,270,136         1,255,998
     Allowance for Loan Losses                       11,936            10,814
     Total Assets                                 2,066,733         2,112,179
     Deposits                                     1,541,159         1,543,217
     Total Stockholders' Equity                     146,578           116,279
     Book Value Per Share                              9.73              7.51
     Common Shares Outstanding                   15,061,588        15,479,711
 
     ASSET QUALITY:
     Impaired Loans                                  $4,700            $5,052
     Renegotiated Loans                                  11                26
     Loans Past Due 90 Days but Still
      Accruing                                        1,131             1,201
     Assets Acquired in Foreclosure                     201               267
        Total Non-Performing Assets                  $6,043            $6,546
     Net Charge-Offs                                 $1,029              $772
     Foreclosed Property Expense                         18                67
     Allowance for Loan Losses to Total
      Loans                                           0.94%             0.86%
     Allowance for Loan Losses to Non-
      Performing Loans                              204.31%           172.22%
     Non-Performing Assets to Total Loans
      and
        Assets Acquired in Foreclosure                0.48%             0.52%
 
     CAPITAL ADEQUACY:
     Tier I Leverage Ratio                            7.84%             7.42%
     Tier I Capital to Risk-Weighted
      Assets                                         10.97%            10.70%
     Tier I & Tier II Capital to Risk-
      Weighted Assets                                11.77%            11.43%
 
     (1)  Distributions on Series B Capital Securities have been reclassified
          from non-interest expense to interest expense for purposes of this
          calculation.
 
 SOURCE  United National Bancorp