BRANCHBURG, N.J. - United National Bancorp earned $8.4 million in 1994, up 7% over 1993.

Discounting the effect of a change in accounting principles, the earnings increase was 22%.

Fourth-quarter net income rose by $100,000 from the year-earlier period, to $2.2 million.

Return on assets was 1.12% for 1994.

Deposits dipped slightly - to $656 million from $665 million - at the end of last year, while loans increased 29% to $394 million.

United National is the holding company for United National Bank, with 15 offices in Union, Middlesex, Somerset, Hunterdon, and Warren counties.

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