**UNITED      STATES SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON,      D.C. 20549**

----

**FORM      10-Q**

**(Mark      One)**

**[X]      Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange      Act      of 1934**

**For      the quarterly period ended September 30, 2006**

**OR**

**[       ] Transition report pursuant to section 13 or 15(d) of the Securities Exchange      Act of 1934**

**For      the transition period from ______________ to _____________**

**Commission      File Number 000-51369**

**United      Financial Bancorp, Inc.**

| **Federal**                                    | **83-0395247**                        |
|------------------------------------------------|---------------------------------------|
| (State                or other jurisdiction of | (I.R.S.                Employer       |
| incorporation                or organization)  | Identification                Number) |

**95      Elm Street, West Springfield, Massachusetts 01089**

**(413)      787-1700**

** **

| Large                accelerated filer [                 ] | Accelerated                filer [X] | Non-accelerated                filer [                 ] |
|-----------------------------------------------------------------|--------------------------------------|---------------------------------------------------------------|

** **

**Common      stock, $0.01 par value**

**17,153,995      shares outstanding as of November 8, 2006**

----

INDEX

|                                                                                                                                             | Page   |
|--------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                             |   |
| **PART                  I. FINANCIAL INFORMATION**                                                                                               |   |
|                                                                                                                                             |   |
| Item                  1.   Consolidated Financial Statements                  (unaudited)                                              | 1      |
|                                                                                                                                             |   |
| Consolidated                  Statements of Condition                                                                                            |   |
| September                  30, 2006 and December 31, 2005                                                                                        | 1      |
|                                                                                                                                             |   |
| Consolidated                  Statements of Earnings                                                                                             |   |
| Three                  Months and Nine Months ended September 30, 2006 and                  2005                                                 | 2      |
|                                                                                                                                             |   |
| Consolidated                  Statements of Stockholders’ Equity and                  Comprehensive Income                                 |   |
| Nine                  Months ended September 30, 2006 and                  2005                                                                  | 3      |
|                                                                                                                                             |   |
| Consolidated                  Statements of Cash Flows                                                                                           |   |
| Nine                  Months ended September 30, 2006 and                  2005                                                                  | 4      |
|                                                                                                                                             |   |
| Notes                  to Consolidated Financial Statements                                                                                      | 5      |
|                                                                                                                                             |   |
| Item                  2.  Management's Discussion and Analysis of Financial                  Condition  and Results of Operations | 10     |
|                                                                                                                                             |   |
| Item                  3.  Quantitative and Qualitative Disclosures About                  Market Risk                                       | 22     |
|                                                                                                                                             |   |
| Item                  4. Controls and Procedures                                                                                                 | 22     |
|                                                                                                                                             |   |
| **PART                  II. OTHER INFORMATION**                                                                                                  | 23     |
|                                                                                                                                             |   |
| Item                  1. Legal Proceedings                                                                                                       | 23     |
|                                                                                                                                             |   |
| Item                  1A. Risk Factors                                                                                                           | 23     |
|                                                                                                                                             |   |
| Item                  2. Unregistered Sales of Equity Securities and Use of                  Proceeds                                            | 23     |
|                                                                                                                                             |   |
| Item                  3. Defaults Upon Senior Securities                                                                                         | 23     |
|                                                                                                                                             |   |
| Item                  4. Submission of Matters to a Vote of Security                  Holders                                                    | 24     |
|                                                                                                                                             |   |
| Item                  5. Other Information                                                                                                       | 24     |
|                                                                                                                                             |   |
| Item                  6. Exhibits                                                                                                                | 24     |
|                                                                                                                                             |   |
|                                                                                                                                             |   |
| **SIGNATURES**                                                                                                                                   | 26     |

----

| Exhibit                31.1 | Certification                of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley                Act of 2002       | 27     |
|-----------------------------|----------------------------------------------------------------------------------------------------------------------------------------|--------|
|                        |                                                                                                                                   |   |
| Exhibit                31.2 | Certification                of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley                Act of 2002       | 28     |
|                        |                                                                                                                                   |   |
| Exhibit                32.1 | Statement                of Chief Executive Officer Furnished Pursuant to Section 906 of the                Sarbanes-Oxley Act of 2002 | 29     |
|                        |                                                                                                                                   |   |
| Exhibit                32.2 | Statement                of Chief Financial Officer Furnished Pursuant to Section 906 of the                Sarbanes-Oxley Act of 2002 | 30     |

*Index*

----

**PART      I.** **FINANCIAL      INFORMATION**

**ITEM      1.** **Consolidated      Financial Statements**

**UNITED      FINANCIAL BANCORP, INC. AND SUBSIDIARY**

CONSOLIDATED      STATEMENTS OF CONDITION 

----

|                                                                                                          |   | **September                  30,** |    | **December                  31,** |   |
|---------------------------------------------------------------------------------------------------------------|--------|------------------------------------|---------|-----------------------------------|--------|
|                                                                                                          |   | **2006**                           |    | **2005**                          |   |
|                                                                                                          |   | **(unaudited)**                    |    |                              |   |
| **ASSETS**                                                                                                    |   |                               |    |                              |   |   |   |
|                                                                                                          |   |                               |    |                              |   |   |   |
| Cash                  and due from banks                                                                      |   | $                                  | 15,340  |                              | $      | 15,841 |   |
| Interest-bearing                  deposits                                                                    |   |                               | 4,794   |                              |   | 2 |   |
| Total                  cash and cash equivalents                                                              |   |                               | 20,134  |                              |   | 15,843 |   |
|                                                                                                          |   |                               |    |                              |   |   |   |
| Securities                  available for sale, at fair value                                                 |   |                               | 196,127 |                              |   | 226,465 |   |
| Securities                  to be held to maturity, at amortized cost (fair value $3,254 at                   |   |                               |    |                              |   |  |   |
| September                  30, 2006 and $3,298 at December 31, 2005)                                          |   |                               | 3,293   |                              |   | 3,325 |   |
| Loans,                  net of allowance for loan losses of $6,880 at September 30, 2006                  and |   |                               |    |                              |   |   |   |
| $6,382                  at December 31, 2005                                                                  |   |                               | 726,564 |                              |   | 630,558 |   |
| Other                  real estate owned                                                                      |   |                               | 562     |                              |   | 1,602 |   |
| Accrued                  interest receivable                                                                  |   |                               | 4,410   |                              |   | 3,928 |   |
| Stock                  in the Federal Home Loan Bank of Boston                                                |   |                               | 8,740   |                              |   | 6,588 |   |
| Banking                  premises and equipment, net                                                          |   |                               | 8,556   |                              |   | 8,236 |   |
| Bank-owned                  life insurance                                                                    |   |                               | 6,259   |                              |   | 6,031 |   |
| Other                  assets                                                                                 |   |                               | 6,049   |                              |   | 3,937 |   |
|                                                                                                          |   |                               |    |                              |   |   |   |
| TOTAL                  ASSETS                                                                                 |   | $                                  | 980,694 |                              | $      | 906,513 |   |
|                                                                                                          |   |                               |    |                              |   |   |   |
| **LIABILITIES                  AND STOCKHOLDERS’ EQUITY**                                               |   |                               |    |                              |   |   |   |
|                                                                                                          |   |                               |    |                              |   |   |   |
| Liabilities:                                                                                                  |   |                               |    |                              |   |   |   |
| Deposits:                                                                                                     |   |                               |    |                              |   |   |   |
| Interest-bearing                                                                                              |   | $                                  | 595,280 |                              | $      | 560,310 |   |
| Non-interest-bearing                                                                                          |   |                               | 97,341  |                              |   | 93,301 |   |
| Total                  deposits                                                                               |   |                               | 692,621 |                              |   | 653,611 |   |
| Federal                  Home Loan Bank of Boston advances                                                    |   |                               | 137,412 |                              |   | 101,880 |   |
| Repurchase                  agreements                                                                        |   |                               | 5,920   |                              |   | 8,434 |   |
| Escrow                  funds held for borrowers                                                              |   |                               | 1,324   |                              |   | 1,129 |   |
| Accrued                  expenses and other liabilities                                                       |   |                               | 7,093   |                              |   | 4,454 |   |
| Total                  liabilities                                                                            |   |                               | 844,370 |                              |   | 769,508 |   |
|                                                                                                          |   |                               |    |                              |   |   |   |
| Stockholders’                  equity:                                                                  |   |                               |    |                              |   |   |   |
| Preferred                  stock, par value $0.01 per share, authorized 5,000,000                  shares;    |   |                               |    |                              |   |   |   |
| none                  issued                                                                                  |   |                               | -       |                              |   | - |   |
| Common                  stock, par value $0.01 per share, authorized 60,000,000                  shares;      |   |                               |    |                              |   |   |   |
| 17,205,995                  shares issued at September 30, 2006 and at December 31, 2005                      |   |                               | 172     |                              |   | 172 |   |
| Paid-in                  capital                                                                              |   |                               | 74,949  |                              |   | 78,446 |   |
| Retained                  earnings                                                                            |   |                               | 70,007  |                              |   | 66,944 |   |
| Unearned                  compensation                                                                        |   |                               | (5,851  | )                                 |   | (6,092 | ) |
| Treasury                  stock, at cost (52,000 shares at September 30, 2006)                                |   |                               | (669    | )                                 |   | - |   |
| Accumulated                  other comprehensive loss, net of taxes                                           |   |                               | (2,284  | )                                 |   | (2,465 | ) |
| Total                  stockholders’ equity                                                             |   |                               | 136,324 |                              |   | 137,005 |   |
|                                                                                                          |   |                               |    |                              |   |   |   |
| TOTAL                  LIABILITIES AND STOCKHOLDERS’ EQUITY                                             |   | $                                  | 980,694 |                              | $      | 906,513 |   |
|                                                                                                          |   |                               |    |                              |   |   |   |
|                                                                                                          |   |                               |    |                              |   |   |   |

*Index*

----

**UNITED      FINANCIAL BANCORP, INC. AND SUBSIDIARY**

CONSOLIDATED      STATEMENTS OF OPERATIONS (unaudited)

----

|                                                                  |   |                                    |   |                                   |   |     |   |     |   |
|-----------------------------------------------------------------------|--------|-----------------------------------------|--------|----------------------------------------|--------|----------|--------|----------|--------|
|                                                                  |   | **Three                  Months Ended** |   | **Nine                  Months Ended** |   |
|                                                                  |   | **September                  30,**      |   | **September                  30,**     |   |
|                                                                  |   | **2006**                                |   | **2005**                               |   | **2006** |   | **2005** |   |
| Interest                  and dividend income:                        |   |                                    |   |                                   |   |     |   |     |   |   |   |   |   |
| Loans                                                                 |   | $                                       | 11,043 |                                   | $      | 8,868    |   | $        | 30,719 |   | $ | 25,268 |   |
| Investments                                                           |   |                                    | 2,195  |                                   |   | 2,266    |   |     | 6,761  |   |   | 5,653 |   |
| Other                  interest-earning assets                        |   |                                    | 256    |                                   |   | 323      |   |     | 786    |   |   | 579 |   |
| Total                  interest and dividend income                   |   |                                    | 13,494 |                                   |   | 11,457   |   |     | 38,266 |   |   | 31,500 |   |
|                                                                  |   |                                    |   |                                   |   |     |   |     |   |   |   |   |   |
| Interest                  expense:                                    |   |                                    |   |                                   |   |     |   |     |   |   |   |   |   |
| Deposits                                                              |   |                                    | 4,885  |                                   |   | 3,171    |   |     | 13,590 |   |   | 8,653 |   |
| Short-term                  borrowings                                |   |                                    | 1,046  |                                   |   | 549      |   |     | 2,214  |   |   | 1,233 |   |
| Long-term                  debt                                       |   |                                    | 619    |                                   |   | 527      |   |     | 1,845  |   |   | 1,551 |   |
| Total                  interest expense                               |   |                                    | 6,550  |                                   |   | 4,247    |   |     | 17,649 |   |   | 11,437 |   |
|                                                                  |   |                                    |   |                                   |   |     |   |     |   |   |   |   |   |
| Net                  interest income before provision for loan losses |   |                                    | 6,944  |                                   |   | 7,210    |   |     | 20,617 |   |   | 20,063 |   |
|                                                                  |   |                                    |   |                                   |   |     |   |     |   |   |   |   |   |
| Provision                  for loan losses                            |   |                                    | 165    |                                   |   | 275      |   |     | 627    |   |   | 825 |   |
|                                                                  |   |                                    |   |                                   |   |     |   |     |   |   |   |   |   |
| Net                  interest income after provision for loan losses  |   |                                    | 6,779  |                                   |   | 6,935    |   |     | 19,990 |   |   | 19,238 |   |
|                                                                  |   |                                    |   |                                   |   |     |   |     |   |   |   |   |   |
| Non-interest                  income:                                 |   |                                    |   |                                   |   |     |   |     |   |   |   |   |   |
| Fee                  income on depositors’ accounts             |   |                                    | 1,146  |                                   |   | 1,006    |   |     | 3,128  |   |   | 2,751 |   |
| (Loss)                  gain on sale of securities                    |   |                                    | (218   | )                                      |   | 3        |   |     | (218   | ) |   | 3 |   |
| Income                  from bank-owned life insurance                |   |                                    | 73     |                                   |   | 81       |   |     | 227    |   |   | 243 |   |
| Other                  income                                         |   |                                    | 293    |                                   |   | 234      |   |     | 856    |   |   | 717 |   |
| Total                  non-interest income                            |   |                                    | 1,294  |                                   |   | 1,324    |   |     | 3,993  |   |   | 3,714 |   |
|                                                                  |   |                                    |   |                                   |   |     |   |     |   |   |   |   |   |
| Non-interest                  expense:                                |   |                                    |   |                                   |   |     |   |     |   |   |   |   |   |
| Salaries                  and benefits                                |   |                                    | 3,014  |                                   |   | 2,895    |   |     | 9,173  |   |   | 8,129 |   |
| Occupancy                  expenses                                   |   |                                    | 455    |                                   |   | 349      |   |     | 1,268  |   |   | 1,088 |   |
| Marketing                  expenses                                   |   |                                    | 329    |                                   |   | 239      |   |     | 1,093  |   |   | 919 |   |
| Data                  processing expenses                             |   |                                    | 622    |                                   |   | 571      |   |     | 1,813  |   |   | 1,800 |   |
| Contributions                  and sponsorships                       |   |                                    | 16     |                                   |   | 3,636    |   |     | 133    |   |   | 3,746 |   |
| Professional                  fees                                    |   |                                    | 223    |                                   |   | 189      |   |     | 702    |   |   | 407 |   |
| Other                  expenses                                       |   |                                    | 920    |                                   |   | 746      |   |     | 3,010  |   |   | 2,298 |   |
| Total                  non-interest expense                           |   |                                    | 5,579  |                                   |   | 8,625    |   |     | 17,192 |   |   | 18,387 |   |
|                                                                  |   |                                    |   |                                   |   |     |   |     |   |   |   |   |   |
| Income                  (loss) before income taxes                    |   |                                    | 2,494  |                                   |   | (366     | )      |     | 6,791  |   |   | 4,565 |   |
|                                                                  |   |                                    |   |                                   |   |     |   |     |   |   |   |   |   |
| Income                  tax expense (benefit)                         |   |                                    | 981    |                                   |   | (193     | )      |     | 2,633  |   |   | 1,772 |   |
|                                                                  |   |                                    |   |                                   |   |     |   |     |   |   |   |   |   |
| NET                  INCOME (LOSS)                                    |   | $                                       | 1,513  |                                   | $      | (173     | )      | $        | 4,158  |   | $ | 2,793 |   |
|                                                                  |   |                                    |   |                                   |   |     |   |     |   |   |   |   |   |
| Earnings                  per share:                                  |   |                                    |   |                                   |   |     |   |     |   |   |   |   |   |
| Basic                                                                 |   | $                                       | 0.09   |                                   |   | NA       |   | $        | 0.25   |   |   | NA |   |
| Diluted                                                               |   | $                                       | 0.09   |                                   |   | NA       |   | $        | 0.25   |   |   | NA |   |
|                                                                  |   |                                    |   |                                   |   |     |   |     |   |   |   |   |   |
| Weighted                  average shares outstanding:                 |   |                                    |   |                                   |   |     |   |     |   |   |   |   |   |
| Basic                                                                 |   |                                    | 16,382 |                                   |   | NA       |   |     | 16,529 |   |   | NA |   |
| Diluted                                                               |   |                                    | 16,396 |                                   |   | NA       |   |     | 16,534 |   |   | NA |   |

**.**

*Index*

----

**UNITED      FINANCIAL BANCORP, INC. AND SUBSIDIARY**

CONSOLIDATED      STATEMENTS OF STOCKHOLDERS’ EQUITY      (unaudited)

----

|                                                                   |   |            |       |       |   |        |   |         |   |             |   |         |   | **Accumulated**   |   |      |   |
|------------------------------------------------------------------------|--------|-----------------|------------|------------|--------|-------------|--------|--------------|--------|------------------|--------|--------------|--------|-------------------|--------|-----------|--------|
|                                                                   |   | **Common**      |       |       |   |        |   |         |   |             |   |         |   | **Other**         |   |      |   |
|                                                                   |   | **Shares**      |       | **Common** |   | **Paid-In** |   | **Retained** |   | **Unearned**     |   | **Treasury** |   | **Comprehensive** |   |      |   |
|                                                                   |   | **Outstanding** |       | **Stock**  |   | **Capital** |   | **Earnings** |   | **Compensation** |   | **Stock**    |   | **Loss**          |   | **Total** |   |
|                                                                   |   |            |       |       |   |        |   |         |   |             |   |         |   |              |   |      |   |
| Balances                  at December 31, 2004                         |   |            | -          |       | $      | -           |   | $            | -      |             | $      | 62,667       |   | $                 | -      |      | $      | - |   | $ | (412 | ) | $ | 62,255 |   |
|                                                                   |   |            |       |       |   |        |   |         |   |             |   |         |   |              |   |      |   |   |   |   |   |   |   |   |   |
| Net                  income                                            |   |            | -          |       |   | -           |   |         | -      |             |   | 2,793        |   |              | -      |      |   | - |   |   | - |   |   | 2,793 |   |
| Net                  unrealized loss on securities available for sale, |   |            |       |       |   |        |   |         |   |             |   |         |   |              |   |      |   |   |   |   |   |   |   |   |   |
| net                  of reclassification adjustments and taxes         |   |            | -          |       |   | -           |   |         | -      |             |   | -            |   |              | -      |      |   | - |   |   | (1,458 | ) |   | (1,458 | ) |
| Total                  comprehensive income                            |   |            |       |       |   |        |   |         |   |             |   |         |   |              |   |      |   |   |   |   |   |   |   | 1,335 |   |
|                                                                   |   |            |       |       |   |        |   |         |   |             |   |         |   |              |   |      |   |   |   |   |   |   |   |   |   |
| Issuance                  of common stock, net of offering costs       |   |            |       |       |   |        |   |         |   |             |   |         |   |              |   |      |   |   |   |   |   |   |   |   |   |
| of                  $1,900                                             |   |            | 7,671,973  |       |   | 77          |   |         | 74,745 |             |   | -            |   |              | -      |      |   | - |   |   | - |   |   | 74,822 |   |
| Issuance                  of common stock to MHC                       |   |            | 9,189,922  |       |   | 92          |   |         | -      |             |   | (92          | )      |              | -      |      |   | - |   |   | - |   |   | - |   |
| Issuance                  of common stock to United                    |   |            |       |       |   |        |   |         |   |             |   |         |   |              |   |      |   |   |   |   |   |   |   |   |   |
| Charitable                  Foundation.                                |   |            | 344,100    |       |   | 3           |   |         | 3,646  |             |   | -            |   |              | -      |      |   | - |   |   | - |   |   | 3,649 |   |
| Shares                  purchased for ESOP                             |   |            | -          |       |   | -           |   |         | -      |             |   | -            |   |              | (6,413 | )         |   | - |   |   | - |   |   | (6,413 | ) |
| ESOP                  shares committed to be released                  |   |            | -          |       |   | -           |   |         | 18     |             |   | -            |   |              | 161    |      |   | - |   |   | - |   |   | 179 |   |
|                                                                   |   |            |       |       |   |        |   |         |   |             |   |         |   |              |   |      |   |   |   |   |   |   |   |   |   |
| Balances                  at September 30, 2005                        |   |            | 17,205,995 |       | $      | 172         |   | $            | 78,409 |             | $      | 65,368       |   | $                 | (6,252 | )         | $      | - |   | $ | (1,870 | ) | $ | 135,827 |   |
|                                                                   |   |            |       |       |   |        |   |         |   |             |   |         |   |              |   |      |   |   |   |   |   |   |   |   |   |
|                                                                   |   |            |       |       |   |        |   |         |   |             |   |         |   |              |   |      |   |   |   |   |   |   |   |   |   |
| Balances                  at December 31, 2005                         |   |            | 17,205,995 |       | $      | 172         |   | $            | 78,446 |             | $      | 66,944       |   | $                 | (6,092 | )         | $      | - |   | $ | (2,465 | ) | $ | 137,005 |   |
|                                                                   |   |            |       |       |   |        |   |         |   |             |   |         |   |              |   |      |   |   |   |   |   |   |   |   |   |
| Net                  income                                            |   |            | -          |       |   | -           |   |         | -      |             |   | 4,158        |   |              | -      |      |   | - |   |   | - |   |   | 4,158 |   |
| Net                  unrealized gain on securities available for sale, |   |            |       |       |   |        |   |         |   |             |   |         |   |              |   |      |   |   |   |   |   |   |   |   |   |
| net                  of reclassification adjustments and taxes         |   |            | -          |       |   | -           |   |         | -      |             |   | -            |   |              | -      |      |   | - |   |   | 181 |   |   | 181 |   |
| Total                  comprehensive income                            |   |            |       |       |   |        |   |         |   |             |   |         |   |              |   |      |   |   |   |   |  |   |   | 4,339 |   |
|                                                                   |   |            |       |       |   |        |   |         |   |             |   |         |   |              |   |      |   |   |   |   |   |   |   |   |   |
| Cash                  dividends declared ($0.15 per share)             |   |            | -          |       |   | -           |   |         | -      |             |   | (1,095       | )      |              | -      |      |   | - |   |   | - |   |   | (1,095 | ) |
| Treasury                  stock purchases                              |   |            | (340,000   | )          |   | -           |   |         | -      |             |   | -            |   |              | -      |      |   | (4,378 | ) |   | - |   |   | (4,378 | ) |
| Reissuance                  of treasury shares in connection with      |   |            |       |       |   |        |   |         |   |             |   |         |   |              |   |      |   |   |   |   |   |   |   |   |   |
| restricted                  stock grants                               |   |            | 288,000    |       |   | -           |   |         | (3,709 | )                |   |         |   |              |   |      |   | 3,709 |   |   |   |   |   | - |   |
| Stock-based                  compensation                              |   |            | -          |       |   | -           |   |         | 159    |             |   | -            |   |              | -      |      |   | - |   |   | - |   |   | 159 |   |
| ESOP                  shares committed to be released                  |   |            | -          |       |   | -           |   |         | 53     |             |   | -            |   |              | 241    |      |   | - |   |   | - |   |   | 294 |   |
|                                                                   |   |            |       |       |   |        |   |         |   |             |   |         |   |              |   |      |   |   |   |   |   |   |   |   |   |
| Balances                  at September 30, 2006                        |   |            | 17,153,995 |       | $      | 172         |   | $            | 74,949 |             | $      | 70,007       |   | $                 | (5,851 | )         | $      | (669 | ) | $ | (2,284 | ) | $ | 136,324 |   |
|                                                                   |   |            |       |       |   |        |   |         |   |             |   |         |   |              |   |      |   |   |   |   |   |   |   |   |   |

| The                  components of other comprehensive income and related tax effects                  are as                  follows: |   |                                                 |   |     |   |
|-----------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------|--------|----------|--------|
|                                                                                                                                    |   |                                                 |   |     |   |
|                                                                                                                                    |   | **Nine                  Months ended September 30,** |   |
|                                                                                                                                    |   | **2006**                                             |   | **2005** |   |
|                                                                                                                                    |   |                                                 |   |     |   |
| Change                  in unrealized holding gains (losses) on available for sale                  securities                          |   | $                                                    | 90     |     | $      | (2,394 | ) |
| Reclassification                  adjustment for (gains) losses realized in income                                                      |   |                                                 | 218    |     |   | (3 | ) |
| Net                  change in unrealized gains (losses)                                                                                |   |                                                 | 308    |     |   | (2,397 | ) |
|                                                                                                                                    |   |                                                 |   |     |   |   |   |
| Tax                  effect                                                                                                             |   |                                                 | 127    |     |   | (939 | ) |
|                                                                                                                                    |   |                                                 |   |     |   |   |   |
| Other                  comprehensive income (loss)                                                                                      |   | $                                                    | 181    |     | $      | (1,458 | ) |
|                                                                                                                                    |   |                                                 |   |     |   |   |   |

**.**

*Index*

----

**UNITED      FINANCIAL BANCORP, INC. AND SUBSIDIARY**

CONSOLIDATED      STATEMENTS OF CASH FLOWS (unaudited)

----

|                                                                                                                 |   | **Nine                  Months Ended** |     |
|----------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------|----------|
|                                                                                                                 |   | **September                  30,**     |     |
|                                                                                                                 |   | **2006**                               |     | **2005** |   |
| **Cash                  flows from operating activities:**                                                           |   |                                   |     |   |   |   |   |
| Net                  income                                                                                          |   | $                                      | 4,158    |   | $ | 2,793 |   |
|                                                                                                                 |   |                                   |     |   |   |   |   |
| Adjustments                  to reconcile net income to net cash provided by operating                  activities:  |   |                                   |     |   |   |  |   |
| Provision                  for loan losses                                                                           |   |                                   | 627      |   |   | 825 |   |
| ESOP                  expense                                                                                        |   |                                   | 294      |   |   | 178 |   |
| Stock-based                  compensation                                                                            |   |                                   | 159      |   |   | - |   |
| Stock                  contribution to United Charitable Foundation                                                  |   |                                   | -        |   |   | 3,441 |   |
| Amortization                  of premiums and discounts                                                              |   |                                   | 272      |   |   | 539 |   |
| Depreciation                  and amortization                                                                       |   |                                   | 537      |   |   | 483 |   |
| Net                  loss (gain) on sale of property and equipment                                                   |   |                                   | 21       |   |   | (4 | ) |
| Net                  loss (gain) on sale of securities                                                               |   |                                   | 218      |   |   | (3 | ) |
| Increase                  in bank-owned life insurance                                                               |   |                                   | (227     | ) |   | (243 | ) |
| Increase                  in accrued interest receivable                                                             |   |                                   | (482     | ) |   | (1,173 | ) |
| Increase                  in other assets                                                                            |   |                                   | (2,024   | ) |   | (1,817 | ) |
| Increase                  in accrued expenses and other liabilities                                                  |   |                                   | 2,437    |   |   | 272 |   |
|                                                                                                                 |   |                                   |     |   |   |   |   |
| Net                  cash provided by operating activities                                                           |   |                                   | 5,990    |   |   | 5,291 |   |
|                                                                                                                 |   |                                   |     |   |   |   |   |
| **Cash                  flows from investing activities:**                                                           |   |                                   |     |   |   |   |   |
| Cash                  paid to acquire Levine Financial Group                                                         |   |                                   | (100     | ) |   | - |   |
| Purchases                  of securities available for sale                                                          |   |                                   | (30,318  | ) |   | (117,910 | ) |
| Proceeds                  from sales of securities available for sale                                                |   |                                   | 25,436   |   |   | - |   |
| Proceeds                  from maturities and principal repayments of securities available                  for sale |   |                                   | 35,127   |   |   | 35,882 |   |
| Purchase                  of securities held to maturity                                                             |   |                                   | -        |   |   | (909 | ) |
| Proceeds                  from maturities and principal repayments of securities held to                  maturity   |   |                                   | 25       |   |   | 25 |   |
| Purchases                  of Federal Home Loan Bank of Boston stock                                                 |   |                                   | (2,152   | ) |   | (568 | ) |
| Proceeds                  from sales of other real estate owned                                                      |   |                                   | 1,852    |   |   | - |   |
| Net                  loan originations and principal repayments                                                      |   |                                   | (97,443  | ) |   | (41,912 | ) |
| Purchases                  of property and equipment                                                                 |   |                                   | (877     | ) |   | (989 | ) |
| Proceeds                  from sale of property and equipment                                                        |   |                                   | -        |   |   | 16 |   |
|                                                                                                                 |   |                                   |     |   |   |   |   |
| Net                  cash used in investing activities                                                               |   |                                   | (68,450  | ) |   | (126,365 | ) |
|                                                                                                                 |   |                                   |     |   |   |   |   |
| **Cash                  flows from financing activities:**                                                           |   |                                   |     |   |   |   |   |
| Net                  increase in deposits                                                                            |   |                                   | 39,011   |   |   | 34,560 |   |
| Proceeds                  of Federal Home Loan Bank of Boston advances                                               |   |                                   | 357,203  |   |   | 140,824 |   |
| Repayments                  of Federal Home Loan Bank of Boston advances                                             |   |                                   | (321,671 | ) |   | (124,027 | ) |
| Proceeds                  from stock offering subscriptions                                                          |   |                                   | -        |   |   | 74,822 |   |
| Net                  (decrease) increase in repurchase agreements                                                    |   |                                   | (2,514   | ) |   | 702 |   |
| Net                  increase in escrow funds held for borrowers                                                     |   |                                   | 195      |   |   | 195 |   |
| Treasury                  stock purchases                                                                            |   |                                   | (4,378   | ) |   |  - |   |
| Acquistion                  of common stock by ESOP                                                                  |   |                                   | -        |   |   | (6,413 | ) |
| Cash                  dividends paid                                                                                 |   |                                   | (1,095   | ) |   | - |   |
|                                                                                                                 |   |                                   |     |   |   |   |   |
| Net                  cash provided by financing activities                                                           |   |                                   | 66,751   |   |   | 120,663 |   |
|                                                                                                                 |   |                                   |     |   |   |   |   |
| Increase                  (decrease) in cash and cash equivalents                                                    |   |                                   | 4,291    |   |   | (411 | ) |
| Cash                  and cash equivalents at beginning of year                                                      |   |                                   | 15,843   |   |   | 23,233 |   |
| Cash                  and cash equivalents at end of period                                                          |   | $                                      | 20,134   |   | $ | 22,822 |   |
|                                                                                                                 |   |                                   |     |   |   |   |   |
| **Supplemental                  Disclosure of Cash Flow Information****:**                                           |   |                                   |     |   |   |   |   |
| Cash                  paid during the period:                                                                        |   |                                   |     |   |   |   |   |
| Interest                  on deposits and other borrowings                                                           |   | $                                      | 18,416   |   | $ | 12,533 |   |
| Income                  taxes – net                                                                            |   |                                   | 2,062    |   |   | 1,943 |   |
|                                                                                                                 |   |                                   |     |   |   |   |   |
|                                                                                                                 |   |                                   |     |   |   |   |   |

**.**

*Index*

----

**UNITED      FINANCIAL BANCORP, INC. AND SUBSIDIARY**

**NOTES      TO UNAUDITED CONSOLIDATED FINANCIAL      STATEMENTS**

**SEPTEMBER      30, 2006**

**Dollars      in Thousands (except per share amounts)**

----

**NOTE      A - BASIS OF PRESENTATION**

**NOTE      B - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS**

*Index*

----

**NOTE      C - CRITICAL ACCOUNTING POLICIES**

**NOTE      D - EARNINGS PER SHARE**

|                                                                                                                                                                                                                                                                                               |   | **Three                  Months**       |       | **Nine                  Months**        |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|------------|-----------------------------------------|--------|
|                                                                                                                                                                                                                                                                                               |   | **Ended**                               |       | **Ended**                               |   |
|                                                                                                                                                                                                                                                                                               |   | **September                  30, 2006** |       | **September                  30, 2006** |   |
|                                                                                                                                                                                                                                                                                               |   |                                    |       |                                    |   |
| Net                  income                                                                                                                                                                                                                                                                        |   | $                                       | 1,513      |                                    | $      | 4,158 |   |
|                                                                                                                                                                                                                                                                                               |   |                                    |       |                                    |   |   |   |
| Weighted                  average common shares applicable to basic EPS                                                                                                                                                                                                                            |   |                                    | 16,379,002 |                                    |   | 16,528,647 |   |
| Effect                  of dilutive potential common shares (1,                  2)                                                                                                                                                                                                                |   |                                    | 4,404      |                                    |   | 1,468 |   |
|                                                                                                                                                                                                                                                                                               |   |                                    |       |                                    |   |   |   |
| Weighted                  average common shares applicable to diluted EPS                                                                                                                                                                                                                          |   |                                    | 16,383,406 |                                    |   | 16,530,115 |   |
|                                                                                                                                                                                                                                                                                               |   |                                    |       |                                    |   |   |   |
| Earnings                  per share:                                                                                                                                                                                                                                                               |   |                                    |       |                                    |   |   |   |
| Basic                                                                                                                                                                                                                                                                                              |   | $                                       | 0.09       |                                    | $      | 0.25 |   |
| Diluted                                                                                                                                                                                                                                                                                            |   | $                                       | 0.09       |                                    | $      | 0.25 |   |
|                                                                                                                                                                                                                                                                                          |   |                                    |       |                                    |   |   |   |
| (1)                  For the three and nine months ended September 30, 2006 options                  to purchase                  735,500 shares were outstanding but not included in the computation                  of earnings per share because they were                  antidulutive. |
| (2)                  Includes incremental shares related to stock options and restricted                  stock.                                                                                                                                                                                   |   |                                    |       |                                    |   |   |   |

*Index*

----

**NOTE      E - STOCK-BASED INCENTIVE PLAN**

*Share-Based      Payment *
** **

|                                           |   |                             |       |              |   | Stock                  Options Outstanding |   |
|------------------------------------------------|--------|----------------------------------|------------|-------------------|--------|--------------------------------------------|--------|
|                                           |   |                             |       |  Non-vested  |   |                                            |   |  Weighted- |   |
|                                           |   |  Shares                     |       |  Stock       |   |                                            |   |  Average |   |
|                                           |   |  Available                  |       |  Awards      |   |  Number                  of           |   |  Exercise |   |
|                                           |   |  for                  Grant |       |  Outstanding |   |  Shares                               |   |  Price |   |
| Balance                  at December 31, 2005  |   |                             | -          |              |   | -                                          |   |   | - |   | $ | - |   |
|                                           |   |                             |       |              |   |                                       |   |   |   |   |   |   |   |
| New                  Incentive Plan            |   |                             | 1,180,330  |              |   | -                                          |   |   | - |   |   | - |   |
| Granted                                        |   |                             | (1,023,500 | )                 |   | 288,000                                    |   |   | 735,500 |   |   | 12.85 |   |
| Stock                  options exercised       |   |                             | -          |              |   | -                                          |   |   | - |   |   | - |   |
| Shares                  vested                 |   |                             | -          |              |   | -                                          |   |   | - |   |   | - |   |
| Forfeited                                      |   |                             | -          |              |   | -                                          |   |   | - |   |   | - |   |
| Cancelled                                      |   |                             | -          |              |   | -                                          |   |   | - |   |   | - |   |
|                                           |   |                             |       |              |   |                                       |   |   |   |   |   |   |   |
| Balance                  at September 30, 2006 |   |                             | 156,830    |              |   | 288,000                                    |   |   | 735,500 |   | $ | 12.85 |   |

*Index*

----

| Weighted                  average fair value |   | $      | 3.62                        |   |
|----------------------------------------------|--------|--------|-----------------------------|--------|
| Expected                  term               |   |   | 6.50                  years |   |
| Volatility                                   |   |   | 25.00                       | %      |
| Expected                  dividend yield     |   |   | 2.00                        | %      |
| Risk-free                  interest rate     |   |   | 4.82                        | %      |

|                                                                         |   |                  Stock                  Options |                       |
|------------------------------------------------------------------------------|--------|------------------------------------------------------|----------------------------|
|                                                                         |   | Outstanding                                          |                       | Exercisable |   |
|                                                                         |   |                                                 |                       |   |   |
| Total                  number of shares                                      |   |                                                 | 735,500                    |   |   | - |   |
| Weighted                  average exercise price                             |   | $                                                    | 12.85                      |   | $ | - |   |
| Aggregate                  intrinsic value *(in                  thousands)* |   | $                                                    | 59                         |   | $ | - |   |
| Weighted                  average remaining contractual term                 |   |                                                 | 9.9                  years |   |   | - |   |

**NOTE      F - LOANS**

|                                                        |   | **September                  30,** |    | **December                  31,** |   |
|-------------------------------------------------------------|--------|------------------------------------|---------|-----------------------------------|--------|
|                                                        |   | **2006**                           |    | **2005**                          |   |
|                                                        |   |                               |    |                              |   |
| One-to-four                  family residential real estate |   | $                                  | 306,796 |                              | $      | 285,236 |   |
| Commercial                  real estate                     |   |                               | 171,136 |                              |   | 150,099 |   |
| Construction                                                |   |                               | 46,970  |                              |   | 28,872 |   |
| Home                  equity loans                          |   |                               | 109,154 |                              |   | 86,045 |   |
| Commercial                  and industrial                  |   |                               | 67,495  |                              |   | 59,591 |   |
| Consumer                                                    |   |                               | 30,619  |                              |   | 25,949 |   |
| Total                  loans                                |   |                               | 732,170 |                              |   | 635,792 |   |
|                                                        |   |                               |    |                              |   |   |   |
| Net                  deferred loan costs and fees           |   |                               | 1,274   |                              |   | 1,148 |   |
| Allowance                  for loan losses                  |   |                               | (6,880  | )                                 |   | (6,382 | ) |
| Loans,                  net                                 |   | $                                  | 726,564 |                              | $      | 630,558 |   |
|                                                        |   |                               |    |                              |   |   |   |

*Index*

----

**NOTE      G - NON-PERFORMING ASSETS**

|                                                                                                                                      |   | **At                    September 30,** |   | **At                    December 31,** |   |
|-------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|--------|----------------------------------------|--------|
|                                                                                                                                      |   | **2006**                                |   | **2005**                               |   |
|                                                                                                                                      |   |                                    |   |                                   |   |
| Non-accrual                    loans:                                                                                                     |   |                                    |   |                                   |   |   |   |
| Residential                    mortgages (1)                                                                                              |   | $                                       | 773    |                                   | $      | 1,016 |   |
| Commercial                    mortgages                                                                                                   |   |                                    | 388    |                                   |   | 141 |   |
| Construction                                                                                                                              |   |                                    | -      |                                   |   | 113 |   |
| Commercial                    and industrial                                                                                              |   |                                    | 852    |                                   |   | 447 |   |
| Total                    non-accrual loans                                                                                                |   |                                    | 2,013  |                                   |   | 1,717 |   |
|                                                                                                                                      |   |                                    |   |                                   |   |   |   |
| Accruing                    loans 90 days or more past due                                                                                |   |                                    | -      |                                   |   | - |   |
|                                                                                                                                      |   |                                    |   |                                   |   |   |   |
| Total                    non-performing loans                                                                                             |   |                                    | 2,013  |                                   |   | 1,717 |   |
|                                                                                                                                      |   |                                    |   |                                   |   |   |   |
| Other                    real estate owned                                                                                                |   |                                    | 562    |                                   |   | 1,602 |   |
| Total                    non-performing assets                                                                                            |   | $                                       | 2,575  |                                   | $      | 3,319 |   |
|                                                                                                                                      |   |                                    |   |                                   |   |   |   |
| Ratios:                                                                                                                                   |   |                                    |   |                                   |   |   |   |
| Total                    non-performing loans to total loans                                                                              |   |                                    | 0.27   | %                                      |   | 0.27 | % |
| Total                    non-performing assets to total assets                                                                            |   |                                    | 0.26   | %                                      |   | 0.37 | % |
| Allowance                    for loan losses to non-performing loans                                                                      |   |                                    | 341.78 | %                                      |   | 371.69 | % |
| _______________________________________                                                                                              |   |                                    |   |                                   |   |   |   |
|                                                                                                                                      |   |                                    |   |                                   |   |   |   |
| (1)                    Includes one- to four-family loans and home equity loans and                    lines of                    credit |   |                                    |   |                                   |   |   |   |
|                                                                                                                                      |   |                                    |   |                                   |   |   |   |

**NOTE      H - ALLOWANCE FOR LOAN LOSSES**

|                                                          |   | **For                  the Nine Months Ended September 30,** |   |
|---------------------------------------------------------------|--------|--------------------------------------------------------------|--------|
|                                                          |   | **2006**                                                     |   | **2005** |   |
|                                                          |   |                                                         |   |   |   |
|                                                          |   |                                                         |   |   |   |
| Balance                  at beginning of period               |   | $                                                            | 6,382  |   | $ | 5,750 |   |
| Provision                  for loan losses                    |   |                                                         | 627    |   |   | 825 |   |
| Charge-offs                                                   |   |                                                         | (179   | ) |   | (273 | ) |
| Recoveries                                                    |   |                                                         | 50     |   |   | 168 |   |
| Balance                  at end of period                     |   | $                                                            | 6,880  |   | $ | 6,470 |   |
|                                                          |   |                                                         |   |   |   |   |   |
|                                                          |   |                                                         |   |   |   |   |   |
| Ratios:                                                       |   |                                                         |   |   |   |   |   |
| Net                  charge-offs to average loans outstanding |   |                                                         | 0.03   | % |   | 0.02 | % |
| Allowance                  for loan losses to non-performing  |   |                                                         |   |   |   |   |   |
| loans                  at end of period                       |   |                                                         | 341.78 | % |   | 246.29 | % |
| Allowance                  for loan losses to total           |   |                                                         |   |   |   |   |   |
| loans                  at end of period                       |   |                                                         | 0.94   | % |   | 1.05 | % |

*Index*

----

**NOTE      I - COMMITMENTS**

|                                            |   | **September                  30,** |    | **December                  31,** |   |
|-------------------------------------------------|--------|------------------------------------|---------|-----------------------------------|--------|
|                                            |   | **2006**                           |    | **2005**                          |   |
|                                            |   |                               |    |                              |   |
| Unused                  lines of credit         |   | $                                  | 130,631 |                              | $      | 114,016 |   |
| Amounts                  due mortgagors         |   |                               | 40,863  |                              |   | 16,833 |   |
| Standby                  letters of credit      |   |                               | 1,129   |                              |   | 1,383 |   |
| Commitments                  to originate loans |   |                               | 35,760  |                              |   | 14,494 |   |

**NOTE      J - DEPOSITS**

|                                     |   | **September                  30,** |    | **December                  31,** |   |
|------------------------------------------|--------|------------------------------------|---------|-----------------------------------|--------|
|                                     |   | **2006**                           |    | **2005**                          |   |
|                                     |   |                               |    |                              |   |
| Demand                                   |   | $                                  | 97,341  |                              | $      | 93,301 |   |
| NOW                                      |   |                               | 42,103  |                              |   | 39,922 |   |
| Regular                  savings         |   |                               | 69,523  |                              |   | 87,253 |   |
| Money                  market            |   |                               | 164,519 |                              |   | 155,492 |   |
| Certificates                  of deposit |   |                               | 319,135 |                              |   | 277,643 |   |
|                                     |   | $                                  | 692,621 |                              | $      | 653,611 |   |
|                                     |   |                               |    |                              |   |   |   |

**NOTE      K - CONTINGENCIES**

**NOTE      L - SUBSEQUENT EVENT**

**ITEM      2.** **Management’s      Discussion and Analysis of Financial Condition and Results of      Operations**

**Forward-Looking      Statements**

*Index*

----

**Critical      Accounting Policies**

**Comparison      of Financial Condition at September 30, 2006 and December 31,      2005**

*Index*

----

**Comparison      of Operating Results for the **
**Three      Months Ended September 30, 2006 and 2005**

**Overview**

**Net      Income**

***Average      balances and yields***

*Index*

----

|                                                        |   | **Three                  Months Ended September 30,** |    |
|-------------------------------------------------------------|--------|-------------------------------------------------------|---------|
|                                                        |   | **2006**                                              |    | **2005** |   |
|                                                        |   |                                                  |    | **Interest** |   |   |   |   |   | **Interest** |   |   |   |
|                                                        |   | **Average**                                           |    | **and** |   | **Yield/** |   | **Average** |   | **and** |   | **Yield/** |   |
|                                                        |   | **Balance**                                           |    | **Dividends** |   | **Cost** |   | **Balance** |   | **Dividends** |   | **Cost** |   |
|                                                        |   |  **(Dollars                  in thousands)**     |    |
|                                                        |   |                                                  |    |   |   |   |   |   |   |   |   |   |   |
|                                                        |   |                                                  |    |   |   |   |   |   |   |   |   |   |   |
| **Interest-earning                  assets:**               |   |                                                  |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans:                                                      |   |                                                  |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Residential                  real estate                    |   | $                                                     | 421,447 |   | $ | 6,177 |   |   | 5.86 | % | $ | 368,640 |   | $ | 5,171 |   |   | 5.61 | % |
| Commercial                  real estate                     |   |                                                  | 197,146 |   |   | 3,312 |   |   | 6.72 | % |   | 160,013 |   |   | 2,508 |   |   | 6.27 | % |
| Commercial                  and industrial                  |   |                                                  | 66,115  |   |   | 1,190 |   |   | 7.20 | % |   | 55,791 |   |   | 918 |   |   | 6.58 | % |
| Consumer                  and other                         |   |                                                  | 30,209  |   |   | 364 |   |   | 4.82 | % |   | 21,602 |   |   | 271 |   |   | 5.02 | % |
| Total                  loans                                |   |                                                  | 714,917 |   |   | 11,043 |   |   | 6.18 | % |   | 606,046 |   |   | 8,868 |   |   | 5.85 | % |
| Investment                  securities                      |   |                                                  | 211,101 |   |   | 2,195 |   |   | 4.16 | % |   | 234,722 |   |   | 2,266 |   |   | 3.86 | % |
| Other                  interest-earning assets              |   |                                                  | 13,572  |   |   | 256 |   |   | 7.54 | % |   | 30,624 |   |   | 323 |   |   | 4.22 | % |
| Total                  interest-earning assets              |   |                                                  | 939,590 |   |   | 13,494 |   |   | 5.74 | % |   | 871,392 |   |   | 11,457 |   |   | 5.26 | % |
| Noninterest-earning                  assets                 |   |                                                  | 30,372  |   |   |   |   |   |   |   |   | 38,339 |   |   |   |   |   |   |   |
| Total                  assets                               |   | $                                                     | 969,962 |   |   |   |   |   |   |   | $ | 909,731 |   |   |   |   |   |   |   |
|                                                        |   |                                                  |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Interest-bearing                  liabilities:**          |   |                                                  |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Savings                  accounts                           |   | $                                                     | 73,567  |   |   | 154 |   |   | 0.84 | % | $ | 92,805 |   |   | 212 |   |   | 0.91 | % |
| Money                  market                               |   |                                                  | 167,031 |   |   | 1,322 |   |   | 3.17 | % |   | 146,440 |   |   | 799 |   |   | 2.18 | % |
| NOW                  accounts                               |   |                                                  | 36,682  |   |   | 25 |   |   | 0.27 | % |   | 37,982 |   |   | 24 |   |   | 0.25 | % |
| Certificates                  of deposit                    |   |                                                  | 316,793 |   |   | 3,384 |   |   | 4.27 | % |   | 273,683 |   |   | 2,136 |   |   | 3.12 | % |
| Total                  interest-bearing deposits            |   |                                                  | 594,073 |   |   | 4,885 |   |   | 3.29 | % |   | 550,910 |   |   | 3,171 |   |   | 2.30 | % |
| FHLB                  advances                              |   |                                                  | 134,833 |   |   | 1,582 |   |   | 4.69 | % |   | 103,722 |   |   | 1,014 |   |   | 3.91 | % |
| Other                  interest-bearing liabilities         |   |                                                  | 7,367   |   |   | 83 |   |   | 4.51 | % |   | 8,091 |   |   | 62 |   |   | 3.07 | % |
| Total                  interest-bearing liabilities         |   |                                                  | 736,273 |   |   | 6,550 |   |   | 3.56 | % |   | 662,723 |   |   | 4,247 |   |   | 2.56 | % |
| Demand                  deposits                            |   |                                                  | 89,543  |   |   |   |   |   |   |   |   | 93,002 |   |   |   |   |   |   |   |
| Other                  noninterest-bearing liabilities      |   |                                                  | 7,867   |   |   |   |   |   |   |   |   | 26,032 |   |   |   |   |   |   |   |
| Total                  liabilities                          |   |                                                  | 833,683 |   |   |   |   |   |   |   |   | 781,757 |   |   |   |   |   |   |   |
| Stockholders'                  equity                       |   |                                                  | 136,279 |   |   |   |   |   |   |   |   | 127,974 |   |   |   |   |   |   |   |
| Total                  liabilities and stockholders' equity |   | $                                                     | 969,962 |   |   |   |   |   |   |   | $ | 909,731 |   |   |   |   |   |   |   |
|                                                        |   |                                                  |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  interest income                        |   |                                                  |    |   | $ | 6,944 |   |   |   |   |   |   |   | $ | 7,210 |   |   |   |   |
| Interest                  rate spread(1)               |   |                                                  |    |   |   |   |   |   | 2.19 | % |   |   |   |   |   |   |   | 2.70 | % |
| Net                  interest-earning assets(2)             |   | $                                                     | 203,317 |   |   |   |   |   |   |   | $ | 208,669 |   |   |   |   |   |   |   |
| Net                  interest margin(3)                     |   |                                                  |    |   |   |   |   |   | 2.96 | % |   |   |   |   |   |   |   | 3.31 | % |
| Average                  interest-earning assets to         |   |                                                  |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| average                  interest-bearing liabilities       |   |                                                  |    |   |   |   |   |   | 127.61 | % |   |   |   |   |   |   |   | 131.49 | % |

***Rate/Volume      Analysis.***

*Index*

----

|                                                |   | **Three                  months ended September 30** |   |
|-----------------------------------------------------|--------|------------------------------------------------------|--------|
|                                                |   | **2006                  vs. 2005**                   |   |
|                                                |   | **Increase                  (Decrease) Due to**      |   |
|                                                |   | **Volume**                                           |   | **Rate** |   | **Net** |   |
|                                                |   | **(In                  thousands)**                  |   |
|                                                |   |                                                 |   |   |   |   |   |
| **Interest-earning                  assets:**       |   |                                                 |   |   |   |   |   |   |   |   |
| Loans:                                              |   |                                                 |   |   |   |   |   |   |   |   |
| Residential                  real estate            |   | $                                                    | 766    |   | $ | 240 |   | $ | 1,006 |   |
| Commercial                  real estate             |   |                                                 | 614    |   |   | 190 |   |   | 804 |   |
| Commercial                  and industrial          |   |                                                 | 180    |   |   | 92 |   |   | 272 |   |
| Consumer                  and other                 |   |                                                 | 105    |   |   | (12 | ) |   | 93 |   |
| Total                  loans                        |   |                                                 | 1,666  |   |   | 509 |   |   | 2,175 |   |
| Investment                  securities              |   |                                                 | (238   | ) |   | 167 |   |   | (71 | ) |
| Other                  interest-earning assets      |   |                                                 | (239   | ) |   | 172 |   |   | (67 | ) |
| Total                  interest-earning assets      |   |                                                 | 1,189  |   |   | 848 |   |   | 2,037 |   |
|                                                |   |                                                 |   |   |   |   |   |   |   |   |
| **Interest-bearing                  liabilities:**  |   |                                                 |   |   |   |   |   |   |   |   |
| Savings                  accounts                   |   |                                                 | (38    | ) |   | (20 | ) |   | (58 | ) |
| Money                  market accounts              |   |                                                 | 124    |   |   | 399 |   |   | 523 |   |
| NOW                  accounts                       |   |                                                 | (1     | ) |   | 2 |   |   | 1 |   |
| Certificates                  of deposit            |   |                                                 | 374    |   |   | 874 |   |   | 1,248 |   |
| Total                  interest-bearing deposits    |   |                                                 | 459    |   |   | 1,255 |   |   | 1,714 |   |
| FHLB                  Advances                      |   |                                                 | 341    |   |   | 227 |   |   | 568 |   |
| Other                  interest-bearing liabilities |   |                                                 | (6     | ) |   | 27 |   |   | 21 |   |
| Total                  interest-bearing liabilities |   |                                                 | 794    |   |   | 1,509 |   |   | 2,303 |   |
|                                                |   |                                                 |   |   |   |   |   |   |   |   |
| Change                  in net interest income      |   | $                                                    | 395    |   | $ | (661 | ) | $ | (266 | ) |
|                                                |   |                                                 |   |   |   |   |   |   |   |   |

***Net      Interest Income Before Provision for Loan Losses.***

***Interest      Income.***

*Index*

----

***Interest      Expense.***

***Provision      for Loan Losses.***

***Non-interest      Income.***

***Non-interest      Expense.***

*Index*

----

***Income      Tax Expense***
**.**

**Comparison      of Operating Results for the Nine Months Ended September 30, 2006 and      2005**

***Net      Income.***

***Average      balances and yields***

*Index*

----

|                                                        |   | **Nine                  Months Ended September 30,** |    |
|-------------------------------------------------------------|--------|------------------------------------------------------|---------|
|                                                        |   | **2006**                                             |    | **2005** |   |
|                                                        |   |                                                 |    | **Interest** |   |   |   |   |   | **Interest** |   |   |   |
|                                                        |   | **Average**                                          |    | **and** |   | **Yield/** |   | **Average** |   | **and** |   | **Yield/** |   |
|                                                        |   | **Balance**                                          |    | **Dividends** |   | **Cost** |   | **Balance** |   | **Dividends** |   | **Cost** |   |
|                                                        |   |  **(Dollars                  in thousands)**    |    |
|                                                        |   |                                                 |    |   |   |   |   |   |   |   |   |   |   |
|                                                        |   |                                                 |    |   |   |   |   |   |   |   |   |   |   |
| **Interest-earning                  assets:**               |   |                                                 |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans:                                                      |   |                                                 |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Residential                  real estate                    |   | $                                                    | 401,344 |   | $ | 17,386 |   |   | 5.78 | % | $ | 356,650 |   | $ | 14,810 |   |   | 5.54 | % |
| Commercial                  real estate                     |   |                                                 | 182,813 |   |   | 8,974 |   |   | 6.55 | % |   | 157,081 |   |   | 7,184 |   |   | 6.10 | % |
| Commercial                  and industrial                  |   |                                                 | 62,649  |   |   | 3,335 |   |   | 7.10 | % |   | 53,488 |   |   | 2,513 |   |   | 6.26 | % |
| Consumer                  and other                         |   |                                                 | 28,518  |   |   | 1,024 |   |   | 4.79 | % |   | 19,802 |   |   | 761 |   |   | 5.12 | % |
| Total                  loans                                |   |                                                 | 675,324 |   |   | 30,719 |   |   | 6.07 | % |   | 587,021 |   |   | 25,268 |   |   | 5.74 | % |
| Investment                  securities                      |   |                                                 | 219,713 |   |   | 6,761 |   |   | 4.10 | % |   | 198,819 |   |   | 5,653 |   |   | 3.79 | % |
| Other                  interest-earning assets              |   |                                                 | 19,989  |   |   | 786 |   |   | 5.24 | % |   | 25,774 |   |   | 579 |   |   | 3.00 | % |
| Total                  interest-earning assets              |   |                                                 | 915,026 |   |   | 38,266 |   |   | 5.58 | % |   | 811,614 |   |   | 31,500 |   |   | 5.17 | % |
| Noninterest-earning                  assets                 |   |                                                 | 30,613  |   |   |   |   |   |   |   |   | 31,991 |   |   |   |   |   |   |   |
| Total                  assets                               |   | $                                                    | 945,639 |   |   |   |   |   |   |   | $ | 843,605 |   |   |   |   |   |   |   |
|                                                        |   |                                                 |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Interest-bearing                  liabilities:**          |   |                                                 |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Savings                  accounts                           |   | $                                                    | 79,922  |   |   | 498 |   |   | 0.83 | % | $ | 95,168 |   |   | 514 |   |   | 0.72 | % |
| Money                  market                               |   |                                                 | 163,015 |   |   | 3,760 |   |   | 3.08 | % |   | 144,822 |   |   | 2,038 |   |   | 1.88 | % |
| NOW                  accounts                               |   |                                                 | 35,969  |   |   | 69 |   |   | 0.26 | % |   | 37,547 |   |   | 71 |   |   | 0.25 | % |
| Certificates                  of deposit                    |   |                                                 | 306,763 |   |   | 9,263 |   |   | 4.03 | % |   | 272,899 |   |   | 6,030 |   |   | 2.95 | % |
| Total                  interest-bearing deposits            |   |                                                 | 585,669 |   |   | 13,590 |   |   | 3.09 | % |   | 550,436 |   |   | 8,653 |   |   | 2.10 | % |
| FHLB                  advances                              |   |                                                 | 119,678 |   |   | 3,822 |   |   | 4.26 | % |   | 94,968 |   |   | 2,613 |   |   | 3.67 | % |
| Other                  interest-bearing liabilities         |   |                                                 | 7,708   |   |   | 237 |   |   | 4.10 | % |   | 7,956 |   |   | 171 |   |   | 2.87 | % |
| Total                  interest-bearing liabilities         |   |                                                 | 713,055 |   |   | 17,649 |   |   | 3.30 | % |   | 653,360 |   |   | 11,437 |   |   | 2.33 | % |
| Demand                  deposits                            |   |                                                 | 88,053  |   |   |   |   |   |   |   |   | 86,797 |   |   |   |   |   |   |   |
| Other                  noninterest-bearing liabilities      |   |                                                 | 7,307   |   |   |   |   |   |   |   |   | 18,237 |   |   |   |   |   |   |   |
| Total                  liabilities                          |   |                                                 | 808,415 |   |   |   |   |   |   |   |   | 758,394 |   |   |   |   |   |   |   |
| Stockholders'                  equity                       |   |                                                 | 137,224 |   |   |   |   |   |   |   |   | 85,211 |   |   |   |   |   |   |   |
| Total                  liabilities and stockholders' equity |   | $                                                    | 945,639 |   |   |   |   |   |   |   | $ | 843,605 |   |   |   |   |   |   |   |
|                                                        |   |                                                 |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  interest income                        |   |                                                 |    |   | $ | 20,617 |   |   |   |   |   |   |   | $ | 20,063 |   |   |   |   |
| Interest                  rate spread(1)               |   |                                                 |    |   |   |   |   |   | 2.28 | % |   |   |   |   |   |   |   | 2.84 | % |
| Net                  interest-earning assets(2)             |   | $                                                    | 201,971 |   |   |   |   |   |   |   | $ | 158,254 |   |   |   |   |   |   |   |
| Net                  interest margin(3)                     |   |                                                 |    |   |   |   |   |   | 3.00 | % |   |   |   |   |   |   |   | 3.30 | % |
| Average                  interest-bearing assets to         |   |                                                 |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| average                  interest-bearing liabilities       |   |                                                 |    |   |   |   |   |   | 128.32 | % |   |   |   |   |   |   |   | 124.22 | % |

| (1) | Net                interest rate spread represents the difference between the yield                on                average interest-earning assets and the cost of average interest-bearing                liabilities. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Net                interest-earning assets represents total interest-earning assets                less                total interest-bearing liabilities. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Net                interest margin represents net interest income divided by average                total                interest-earning assets. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

***Rate/Volume      Analysis***

*Index*

----

|                                                |   | **Nine                  months ended September 30** |   |
|-----------------------------------------------------|--------|-----------------------------------------------------|--------|
|                                                |   | **2006                  vs. 2005**                  |   |
|                                                |   | **Increase                  (Decrease) Due to**     |   |
|                                                |   | **Volume**                                          |   | **Rate** |   | **Net** |   |
|                                                |   | **(In                  thousands)**                 |   |
|                                                |   |                                                |   |   |   |   |   |
| **Interest-earning                  assets:**       |   |                                                |   |   |   |   |   |   |   |   |
| Loans:                                              |   |                                                |   |   |   |   |   |   |   |   |
| Residential                  real estate            |   | $                                                   | 1,916  |   | $ | 660 |   | $ | 2,576 |   |
| Commercial                  real estate             |   |                                                | 1,236  |   |   | 554 |   |   | 1,790 |   |
| Commercial                  and industrial          |   |                                                | 463    |   |   | 359 |   |   | 822 |   |
| Consumer                  and other                 |   |                                                | 309    |   |   | (46 | ) |   | 263 |   |
| Total                  loans                        |   |                                                | 3,924  |   |   | 1,527 |   |   | 5,451 |   |
| Investment                  securities              |   |                                                | 621    |   |   | 487 |   |   | 1,108 |   |
| Other                  interest-earning assets      |   |                                                | (88    | ) |   | 295 |   |   | 207 |   |
| Total                  interest-earning assets      |   |                                                | 4,457  |   |   | 2,309 |   |   | 6,766 |   |
|                                                |   |                                                |   |   |   |   |   |   |   |   |
| **Interest-bearing                  liabilities:**  |   |                                                |   |   |   |   |   |   |   |   |
| Savings                  accounts                   |   |                                                | (89    | ) |   | 73 |   |   | (16 | ) |
| Money                  market accounts              |   |                                                | 216    |   |   | 1,506 |   |   | 1,722 |   |
| NOW                  accounts                       |   |                                                | (3     | ) |   | 1 |   |   | (2 | ) |
| Certificates                  of deposit            |   |                                                | 608    |   |   | 2,625 |   |   | 3,233 |   |
| Total                  interest-bearing deposits    |   |                                                | 732    |   |   | 4,205 |   |   | 4,937 |   |
| FHLB                  Advances                      |   |                                                | 747    |   |   | 462 |   |   | 1,209 |   |
| Other                  interest-bearing liabilities |   |                                                | (5     | ) |   | 71 |   |   | 66 |   |
| Total                  interest-bearing liabilities |   |                                                | 1,474  |   |   | 4,738 |   |   | 6,212 |   |
|                                                |   |                                                |   |   |   |   |   |   |   |   |
| Change                  in net interest income      |   | $                                                   | 2,983  |   | $ | (2,429 | ) | $ | 554 |   |
|                                                |   |                                                |   |   |   |   |   |   |   |   |
|                                                |   |                                                |   |   |   |   |   |   |   |   |

***Net      Interest Income Before Provision for Loan Losses.***

***Interest      Income.***

*Index*

----

***Interest      Expense.***

***Provision      for Loan Losses.***

***Non-interest      Income.***

***Non-interest      Expense.***

*Index*

----

***Income      Tax Expense***
**.**

**Market      Risk, Liquidity and Capital Resources**

***Market      Risk***

| **Net                  Interest Income At-Risk** |
|--------------------------------------------------|
|                                             |   |   |   |   |
|                                             |   | **Estimated                  Increase** |   | **Estimated                  Increase** |
| **Change                  in Interest Rates**    |   | **(Decrease)                  in NII** |   | **(Decrease)                  in NII** |
| (Basis                  Points)                  |   | (September                  30, 2006) |   | (December                  31, 2005) |
| -200                                             |   | 11.9% |   | 0.4% |
| Stable                                           |   | 0.0% |   | 0.0% |
| +200                                             |   | -10.7% |   | -3.4% |

*Index*

----

***Liquidity***

***Capital      Resources***

*Index*

----

| **As                  of September 30, 2006:** |   |   |   |
|------------------------------------------------|--------|--------|--------|
|                                           |   |   |   |
| Risk-based                  capital            |   |   | 16.09  | % |
|                                           |   |   |   |   |
| Core                  capital                  |   |   | 10.73  | % |
|                                           |   |   |   |   |
| Tangible                  capital              |   |   | 10.73  | % |
|                                           |   |   |   |   |
| **As                  of December 31, 2005:**  |   |   |   |   |
|                                           |   |   |   |   |
| Risk-based                  capital            |   |   | 18.28  | % |
|                                           |   |   |   |   |
| Core                  capital                  |   |   | 11.63  | % |
|                                           |   |   |   |   |
| Tangible                  capital              |   |   | 11.63  | % |

**Off-Balance      Sheet Arrangements **

| **ITEM                3.** | **Quantitative                and Qualitative Disclosures About Market                Risk** |
|----------------------------|----------------------------------------------------------------------------------------------|

| **ITEM                4.** | **Controls                and Procedures** |
|----------------------------|--------------------------------------------|

*Index*

----

**PART      II. OTHER INFORMATION**

| **ITEM                1.** | **Legal                Proceedings** |
|----------------------------|--------------------------------------|

**ITEM      1A.**
**        Risk Factors**

| **ITEM                2.** | **Unregistered                Sales of Equity Securities and Use of                Proceeds** |
|----------------------------|-----------------------------------------------------------------------------------------------|

|                                   |   |                          |    |                           |   | (c)                                |   | (d)                                     |    |
|----------------------------------------|--------|-------------------------------|---------|--------------------------------|--------|------------------------------------|--------|-----------------------------------------|---------|
|                                   |   |                          |    |                           |   | Total                  Number of   |   | Maximum                  Number         |    |
|                                   |   |                          |    |                           |   | Shares                             |   | (or                  Approximate        |    |
|                                   |   | (a)                           |    | (b)                            |   | (or                  Units)        |   | Dollar                  Value) of       |    |
|                                   |   | Total                  Number |    | Average                  Price |   | Purchased                  as Part |   | Shares                  (or Units) that |    |
|                                   |   | of                  Shares    |    | Paid                  Per      |   | of                  Publicly       |   | May                  Yet Be             |    |
|                                   |   | (or                  Units)   |    | Share                          |   | Announced                  Plans   |   | Purchased                  Under the    |    |
| Period                                 |   | Purchased                     |    | (or                  Unit)     |   | or                  Programs (1)   |   | Plans                  or Programs      |    |
|                                   |   |                          |    |                           |   |                               |   |                                    |    |
| July                  1 -31, 2006      |   |                          | -       |                           | $      | -                                  |   |                                    | -       |   |   | - |   |
|                                   |   |                          |    |                           |   |                               |   |                                    |    |   |   |   |   |
| August                  1 - 31, 2006   |   |                          | 197,770 |                           |   | 12.93                              |   |                                    | 197,770 |   |   | 142,230 |   |
|                                   |   |                          |    |                           |   |                               |   |                                    |    |   |   |   |   |
| September                  1 -30, 2006 |   |                          | 142,230 |                           |   | 12.81                              |   |                                    | 142,230 |   |   | - |   |
| Total                                  |   |                          | 340,000 |                           | $      | 12.87                              |   |                                    | 340,000 |   |   | NA |   |

| **ITEM                3.** | **Defaults                Upon Senior Securities** |
|----------------------------|----------------------------------------------------|

*Index*

----

| **ITEM                4.** | **Submission                of Matters to a Vote of Security                Holders** |
|----------------------------|---------------------------------------------------------------------------------------|

|   |   |                                                                                                                                                                                                                                                            |   |                           |   |        |   |      |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|-------------|--------|-----------|
|   |   | The                  annual meeting of the stockholders of the company was held on July                  20,                  2006.                                                                                                                             |
|   |   |                                                                                                                                                                                                                                                            |   |                           |   |        |   |      |
|   | 1.     | The                  following individuals were elected as directors, each for a three-year                  term by the following vote:                                                                                                                        |
|   |   |                                                                                                                                                                                                                                                            |   |                           |   |        |   |      |
|   |   |                                                                                                                                                                                                                                                            |   | FOR                            |   | WITHHELD    |   |      |
|   |   | Kevin                  E. Ross                                                                                                                                                                                                                                  |   | 16,149,965                     |   | 84,639      |   |      |
|   |   | Robert                  A. Stewart, Jr.                                                                                                                                                                                                                         |   | 16,152,289                     |   | 82,315      |   |      |
|   |   | Thomas                  H. Themistos                                                                                                                                                                                                                            |   | 16,182,835                     |   | 51,769      |   |      |
|   |   |                                                                                                                                                                                                                                                            |   |                           |   |        |   |      |
|   |   | The                  terms of office of the following directors continued after the                  annual                  meeting of stockholders:                                                                                                           |
|   |   |                                                                                                                                                                                                                                                            |   |                           |   |        |   |      |
|   |   |                                                                                                                                                                                                                                                            |   | TERM                  EXPIRING |   |        |   |      |
|   |   | Robert                  W. Bozenhard, Jr.                                                                                                                                                                                                                       |   | 2007                           |   |        |   |      |
|   |   | Michael                  F. Crowley                                                                                                                                                                                                                             |   | 2007                           |   |        |   |      |
|   |   | Carol                  Moore Cutting                                                                                                                                                                                                                            |   | 2007                           |   |        |   |      |
|   |   | Carol                  A. Leary                                                                                                                                                                                                                                 |   | 2007                           |   |        |   |      |
|   |   | Richard                  B. Collins                                                                                                                                                                                                                             |   | 2008                           |   |        |   |      |
|   |   | G.                  Todd Marchant                                                                                                                                                                                                                               |   | 2008                           |   |        |   |      |
|   |   | Michael                  F. Werenski                                                                                                                                                                                                                            |   | 2008                           |   |        |   |      |
|   |   |                                                                                                                                                                                                                                                            |   |                           |   |        |   |      |
|   | 2.     | The                  appointment of Grant Thornton LLP as independent registered public                  accounting firm for the fiscal year ending December 31, 2006 was                  ratified                  by the stockholders by the following vote: |
|   |   |                                                                                                                                                                                                                                                            |   |                           |   |        |   |      |
|   |   | FOR                                                                                                                                                                                                                                                             |   | AGAINST                        |   | ABSTENTIONS |   |      |
|   |   | 16,041,931                                                                                                                                                                                                                                                      |   | 172,971                        |   | 19,702      |   |      |
|   |   |                                                                                                                                                                                                                                                            |   |                           |   |        |   |      |
|   | 3.     | The                  approval of the 2006 United Financial Bancorp, Inc. Stock-Based                  Incentive                  Plan.                                                                                                                          |
|   |   |                                                                                                                                                                                                                                                            |   |                           |   |        |   |      |
|   |   | FOR                                                                                                                                                                                                                                                             |   | AGAINST                        |   | ABSTENTIONS |   | NON-VOTE  |
|   |   | 13,328,733                                                                                                                                                                                                                                                      |   | 957,015                        |   | 46,310      |   | 1,902,546 |
|   |   |                                                                                                                                                                                                                                                            |   |                           |   |        |   |      |

| **ITEM                5.** | **Other                Information** |
|----------------------------|--------------------------------------|

| **ITEM                6.** | **Exhibits.** |
|----------------------------|---------------|

|   | 3.1 | Charter                of United Financial Bancorp, Inc.                (1) |
|--------|-----|-----------------------------------------------------------------------------|

|   | 3.2 | Resolution                and Consent of Sole Stockholder Amending the Charter of United Financial                Bancorp, Inc. (1) |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.3 | Bylaws                of United Financial Bancorp, Inc.                (2) |
|--------|-----|----------------------------------------------------------------------------|

|   | 4 | Form                of Common Stock Certificate of United Financial Bancorp, Inc.                (1) |
|--------|---|------------------------------------------------------------------------------------------------------|

|   | 10.1 | Form                of Employee Stock Ownership Plan                (1) |
|--------|------|-------------------------------------------------------------------------|

|   | 10.2 | Executive                Supplemental Compensation Agreement by and between United Bank and                Richard                B. Collins (1) |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.3 | Executive                Supplemental Compensation Agreement by and between United Bank and                Keith                E. Harvey (1) |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.4 | Executive                  Supplemental Compensation Agreement by and between United Bank                  and John J.                  Patterson (1) |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.5 | United                  Bank 2004 and 2005 Incentive Plans                  (1) |
|--------|------|---------------------------------------------------------------------------------|

|   | 10.6 | Deferred                  Income Agreement by and between United Bank and Donald G. Helliwell                  (1) |
|--------|------|--------------------------------------------------------------------------------------------------------------------|

*Index*

----

|   | 10.7 | Deferred                Income Agreement by and between United Bank and Robert W. Bozenhard,                Jr.                (1) |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.8 | Deferred                Income Agreement by and between United Bank and George W. Jones                (1) |
|--------|------|------------------------------------------------------------------------------------------------------------|

|   | 10.9 | Directors                Fee Continuation Plan (1) |
|--------|------|----------------------------------------------------|

|   | 10.10 | Form                of Employment Agreement by and between United Bank and Richard B.                Collins                (1) |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------|

|   | 10.11 | Form                of Change in Control Agreement by and between United Bank and certain                executive officers (1) |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------|

|   | 10.12 | United                Bank 2006 Stock-Based Incentive Plan                (3) |
|--------|-------|-------------------------------------------------------------------------------|

|  | 11 | Statement                Regarding Computation of Per Share                Earnings |
|--|----|-------------------------------------------------------------------------------------|

|   | 21 | Subsidiaries                of Registrant (1) |
|--------|----|-----------------------------------------------|

|   | 31.1 | Certification                of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley                Act of 2002 |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------|

|   | 31.2 | Certification                of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley                Act of 2002 |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------|

|   | 32.1 | Certification                of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley                Act of 2002 |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------|

|   | 32.2 | Certification                of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley                Act of 2002 |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------|

*Index*

----

**SIGNATURES**

|                                                 | **United                Financial Bancorp, Inc.** |
|------------------------------------------------------|---------------------------------------------------|
|                                                 |                                              |   |
|                                                 |                                              |   |
| Date:                November                9, 2006 | By:                                               | /s/                Richard B. Collins |
|                                                 |                                              | Richard                B. Collins |
|                                                 |                                              | President                and Chief Executive Officer |
|                                                 |                                              |   |
|                                                 |                                              |   |
| Date:                November                9, 2006 | By:                                               | /s/                Mark A. Roberts |
|                                                 |                                              | Mark                A. Roberts |
|                                                 |                                              | Executive                Vice President and Chief |
|                                                 |                                              | Financial                Officer |

*Index*