**UNITED      STATES SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON,      D.C. 20549**

**FORM      10-Q**

**(Mark      One)**

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

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

**OR**

**o**
**      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**

**ý**
** **
**o**

| Large                accelerated filer **o** | Accelerated                filer **ý** | Non-accelerated                filer **o** |
|----------------------------------------------|---------------------------------------------|--------------------------------------------|

**o**
**ý**

**Common      stock, $0.01 par value**

**16,865,995      shares outstanding as of August 09, 2006**

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**United      Financial Bancorp, Inc.**

INDEX

|                                                                                         |                                                                                                         |                                                                                      | Page   |
|----------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------|--------|
| **PART                I.     FINANCIAL                INFORMATION** |                                                                                                         |
|                                                                                         |                                                                                                         |                                                                                      |   |
|                                                                                         | Item                1.                                                                                       | Consolidated                Financial Statements                (unaudited)               | 1      |
|                                                                                         |                                                                                                         |                                                                                      |   |
|                                                                                         | Consolidated                Statements of Condition                                                          |                                                                                      |
|                                                                                         |                                                                                                         | June                30, 2006 and December 31, 2005                                        | 1      |
|                                                                                         |                                                                                                         |                                                                                      |   |
|                                                                                         | Consolidated                Statements of Earnings                                                           |                                                                                      |
|                                                                                         |                                                                                                         | Three                Months and Six Months ended June 30, 2006 and                2005    | 2      |
|                                                                                         |                                                                                                         |                                                                                      |   |
|                                                                                         | Consolidated                Statements of Stockholders’ Equity and                Comprehensive Income |                                                                                      |
|                                                                                         |                                                                                                         | Six                Months ended June 30, 2006 and 2005                                    | 3      |
|                                                                                         |                                                                                                         |                                                                                      |   |
|                                                                                         | Consolidated                Statements of Cash                Flows                                          |                                                                                      |
|                                                                                         |                                                                                                         | Six                Months ended June 30, 2006 and                2005                     | 4      |
|                                                                                         |                                                                                                         |                                                                                      |   |
|                                                                                         | Notes                to Consolidated Financial                Statements                                     | 6                                                                                         |
|                                                                                         |                                                                                                         |                                                                                      |   |
|                                                                                         | Item                2.                                                                                       | Management's                Discussion and Analysis of Financial                Condition |   |
|                                                                                         |                                                                                                         | and                Results of Operations                                                  | 8      |
|                                                                                         |                                                                                                         |                                                                                      |   |
|                                                                                         | Item                3.                                                                                       | Quantitative                and Qualitative Disclosures About Market                Risk  | 21     |
|                                                                                         |                                                                                                         |                                                                                      |   |
|                                                                                         | Item                4.                                                                                       | Controls                and Procedures                                                    | 21     |
|                                                                                         |                                                                                                         |                                                                                      |   |
| **PART                II.     OTHER                INFORMATION**    | 22                                                                                                           |
|                                                                                         |                                                                                                         |                                                                                      |   |
|                                                                                         | Item                1.                                                                                       | Legal                Proceedings                                                          | 22     |
|                                                                                         |                                                                                                         |                                                                                      |   |
|                                                                                         | Item                1A.                                                                                      | Risk                Factors                                                               | 22     |
|                                                                                         |                                                                                                         |                                                                                      |   |
|                                                                                         | Item                2.                                                                                       | Unregistered                Sales of Equity Securities and Use of                Proceeds | 22     |
|                                                                                         |                                                                                                         |                                                                                      |   |
|                                                                                         | Item                3.                                                                                       | Defaults                Upon Senior Securities                                            | 22     |
|                                                                                         |                                                                                                         |                                                                                      |   |
|                                                                                         | Item                4.                                                                                       | Submission                of Matters to a Vote of Security                Holders         | 22     |
|                                                                                         |                                                                                                         |                                                                                      |   |
|                                                                                         | Item                5.                                                                                       | Other                Information                                                          | 22     |
|                                                                                         |                                                                                                         |                                                                                      |   |
|                                                                                         | Item                6.                                                                                       | Exhibits                                                                                  | 22     |
|                                                                                         |                                                                                                         |                                                                                      |   |
|                                                                                         |                                                                                                         |                                                                                      |   |
| **SIGNATURES**                                                                               |                                                                                                         | 24                                                                                        |

----

|   | Exhibit                3.3  | Bylaws                of United Financial Bancorp, Inc                                                                                 | 25     |
|--------|-----------------------------|----------------------------------------------------------------------------------------------------------------------------------------|--------|
|   |                        |                                                                                                                                   |   |
|   | Exhibit                31.1 | Certification                of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley                Act of 2002       | 36     |
|   |                        |                                                                                                                                   |   |
|   | Exhibit                31.2 | Certification                of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley                Act of 2002       | 37     |
|   |                        |                                                                                                                                   |   |
|   | Exhibit                32.1 | Statement                of Chief Executive Officer Furnished Pursuant to Section 906 of the                Sarbanes-Oxley Act of 2002 | 38     |
|   |                        |                                                                                                                                   |   |
|   | Exhibit                32.2 | Statement                of Chief Financial Officer Furnished Pursuant to Section 906 of the                Sarbanes-Oxley Act of 2002 | 39     |

*Back          to Index*

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

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

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

CONSOLIDATED      STATEMENTS OF CONDITION 

----

|                                                                                                       |   | **June                  30,** |    | **December                  31,** |   |
|------------------------------------------------------------------------------------------------------------|--------|-------------------------------|---------|-----------------------------------|--------|
|                                                                                                       |   | **2006**                      |    | **2005**                          |   |
|                                                                                                       |   | **(unaudited)**               |    |                              |   |
| **ASSETS**                                                                                                 |   |                          |    |                              |   |   |   |
|                                                                                                       |   |                          |    |                              |   |   |   |
| Cash                  and due from banks                                                                   |   | $                             | 18,790  |                              | $      | 15,841 |   |
| Interest-bearing                  deposits                                                                 |   |                          | 5,154   |                              |   | 2 |   |
| Liquidity                  and federal funds sold                                                          |   |                          | 34      |                              |   | - |   |
| Total                  cash and cash equivalents                                                           |   |                          | 23,978  |                              |   | 15,843 |   |
|                                                                                                       |   |                          |    |                              |   |   |   |
| Securities                  available for sale, at fair value                                              |   |                          | 213,842 |                              |   | 226,465 |   |
| Securities                  to be held to maturity, at amortized cost (fair value $3,254 at                |   |                          |         |                              |   |  |   |
| June                  30, 2006 and $3,298 at December 31, 2005)                                            |   |                          | 3,295   |                              |   | 3,325 |   |
| Loans,                  net of allowance for loan losses of $6,825 at June 30, 2006                  and   |   |                          |    |                              |   |   |   |
| $6,382                  at December 31, 2005                                                               |   |                          | 689,630 |                              |   | 630,558 |   |
| Other                  real estate owned                                                                   |   |                          | 250     |                              |   | 1,602 |   |
| Accrued                  interest receivable                                                               |   |                          | 4,051   |                              |   | 3,928 |   |
| Deferred                  tax asset, net                                                                   |   |                          | 1,645   |                              |   | 1,245 |   |
| Stock                  in the Federal Home Loan Bank of Boston                                             |   |                          | 7,157   |                              |   | 6,588 |   |
| Banking                  premises and equipment, net                                                       |   |                          | 8,505   |                              |   | 8,236 |   |
| Bank-owned                  life insurance                                                                 |   |                          | 6,186   |                              |   | 6,031 |   |
| Other                  assets                                                                              |   |                          | 3,304   |                              |   | 2,692 |   |
|                                                                                                       |   |                          |    |                              |   |   |   |
| TOTAL                  ASSETS                                                                              |   | $                             | 961,843 |                              | $      | 906,513 |   |
|                                                                                                       |   |                          |    |                              |   |   |   |
| **LIABILITIES                  AND STOCKHOLDERS’ EQUITY**                                            |   |                          |    |                              |   |   |   |
|                                                                                                       |   |                          |    |                              |   |   |   |
| Liabilities:                                                                                               |   |                          |    |                              |   |   |   |
| Deposits:                                                                                                  |   |                          |    |                              |   |   |   |
| Interest-bearing                                                                                           |   | $                             | 599,294 |                              | $      | 560,310 |   |
| Non-interest-bearing                                                                                       |   |                          | 97,656  |                              |   | 93,301 |   |
| Total                  deposits                                                                            |   |                          | 696,950 |                              |   | 653,611 |   |
| Federal                  Home Loan Bank of Boston advances                                                 |   |                          | 114,990 |                              |   | 101,880 |   |
| Repurchase                  agreements                                                                     |   |                          | 6,809   |                              |   | 8,434 |   |
| Escrow                  funds held for borrowers                                                           |   |                          | 964     |                              |   | 1,129 |   |
| Accrued                  expenses and other liabilities                                                    |   |                          | 4,394   |                              |   | 4,454 |   |
| Total                  liabilities                                                                         |   |                          | 824,107 |                              |   | 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 June 30, 2006 and at December 31, 2005                        |   |                          | 172     |                              |   | 172 |   |
| Paid-in                  capital                                                                           |   |                          | 78,476  |                              |   | 78,446 |   |
| Retained                  earnings                                                                         |   |                          | 68,848  |                              |   | 66,944 |   |
| Unearned                  ESOP shares                                                                      |   |                          | (5,932  | )                                 |   | (6,092 | ) |
| Accumulated                  other comprehensive loss, net of taxes                                        |   |                          | (3,828  | )                                 |   | (2,465 | ) |
| Total                  stockholders’ equity                                                          |   |                          | 137,736 |                              |   | 137,005 |   |
|                                                                                                       |   |                          |    |                              |   |   |   |
| TOTAL                  LIABILITIES AND STOCKHOLDERS’ EQUITY                                          |   | $                             | 961,843 |                              | $      | 906,513 |   |
|                                                                                                       |   |                          |    |                              |   |   |   |

*Back          to Index*

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

CONSOLIDATED      STATEMENTS OF EARNINGS (unaudited)

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|                                                                  |   | **Three                  Months Ended** |   | **Six                  Months Ended** |   |
|-----------------------------------------------------------------------|--------|-----------------------------------------|--------|---------------------------------------|--------|
|                                                                  |   | **June                  30,**           |   | **June                  30,**         |   |
|                                                                  |   | **2006**                                |   | **2005**                              |   | **2006** |   | **2005** |   |
| Interest                  and dividend income:                        |   |                                    |   |                                  |   |   |   |   |   |   |   |   |   |
| Loans                                                                 |   | $                                       | 10,076 |                                  | $      | 8,352 |   | $ | 19,676 |   | $ | 16,400 |   |
| Investments                                                           |   |                                    | 2,261  |                                  |   | 1,859 |   |   | 4,566 |   |   | 3,387 |   |
| Other                  interest-earning assets                        |   |                                    | 288    |                                  |   | 116 |   |   | 530 |   |   | 256 |   |
| Total                  interest and dividend income                   |   |                                    | 12,625 |                                  |   | 10,327 |   |   | 24,772 |   |   | 20,043 |   |
|                                                                  |   |                                    |   |                                  |   |   |   |   |   |   |   |   |   |
| Interest                  expense:                                    |   |                                    |   |                                  |   |   |   |   |   |   |   |   |   |
| Deposits                                                              |   |                                    | 4,664  |                                  |   | 2,901 |   |   | 8,706 |   |   | 5,481 |   |
| Short-term                  borrowings                                |   |                                    | 591    |                                  |   | 416 |   |   | 1,167 |   |   | 684 |   |
| Long-term                  debt                                       |   |                                    | 605    |                                  |   | 503 |   |   | 1,226 |   |   | 1,023 |   |
| Total                  interest expense                               |   |                                    | 5,860  |                                  |   | 3,820 |   |   | 11,099 |   |   | 7,188 |   |
|                                                                  |   |                                    |   |                                  |   |   |   |   |   |   |   |   |   |
| Net                  interest income before provision for loan losses |   |                                    | 6,765  |                                  |   | 6,507 |   |   | 13,673 |   |   | 12,855 |   |
|                                                                  |   |                                    |   |                                  |   |   |   |   |   |   |   |   |   |
| Provision                  for loan losses                            |   |                                    | 300    |                                  |   | 275 |   |   | 462 |   |   | 550 |   |
|                                                                  |   |                                    |   |                                  |   |   |   |   |   |   |   |   |   |
| Net                  interest income after provision for loan losses  |   |                                    | 6,465  |                                  |   | 6,232 |   |   | 13,211 |   |   | 12,305 |   |
|                                                                  |   |                                    |   |                                  |   |   |   |   |   |   |   |   |   |
| Non-interest                  income:                                 |   |                                    |   |                                  |   |   |   |   |   |   |   |   |   |
| Fee                  income on depositors’ accounts             |   |                                    | 1,036  |                                  |   | 923 |   |   | 1,982 |   |   | 1,746 |   |
| Income                  from bank-owned life insurance                |   |                                    | 73     |                                  |   | 81 |   |   | 154 |   |   | 162 |   |
| Other                  income                                         |   |                                    | 332    |                                  |   | 252 |   |   | 563 |   |   | 482 |   |
| Total                  non-interest income                            |   |                                    | 1,441  |                                  |   | 1,256 |   |   | 2,699 |   |   | 2,390 |   |
|                                                                  |   |                                    |   |                                  |   |   |   |   |   |   |   |   |   |
| Non-interest                  expense:                                |   |                                    |   |                                  |   |   |   |   |   |   |   |   |   |
| Salaries                  and benefits                                |   |                                    | 3,130  |                                  |   | 2,596 |   |   | 6,159 |   |   | 5,234 |   |
| Occupancy                  expenses                                   |   |                                    | 410    |                                  |   | 399 |   |   | 813 |   |   | 739 |   |
| Marketing                  expenses                                   |   |                                    | 350    |                                  |   | 335 |   |   | 765 |   |   | 680 |   |
| Data                  processing expenses                             |   |                                    | 558    |                                  |   | 563 |   |   | 1,190 |   |   | 1,229 |   |
| Contributions                  and sponsorships                       |   |                                    | 86     |                                  |   | 37 |   |   | 117 |   |   | 110 |   |
| Professional                  fees                                    |   |                                    | 223    |                                  |   | 108 |   |   | 479 |   |   | 219 |   |
| Other                  expenses                                       |   |                                    | 1,079  |                                  |   | 788 |   |   | 2,089 |   |   | 1,552 |   |
| Total                  non-interest expense                           |   |                                    | 5,836  |                                  |   | 4,826 |   |   | 11,612 |   |   | 9,763 |   |
|                                                                  |   |                                    |   |                                  |   |   |   |   |   |   |   |   |   |
| Income                  before income taxes                           |   |                                    | 2,070  |                                  |   | 2,662 |   |   | 4,298 |   |   | 4,932 |   |
|                                                                  |   |                                    |   |                                  |   |   |   |   |   |   |   |   |   |
| Income                  tax expense                                   |   |                                    | 780    |                                  |   | 1,063 |   |   | 1,653 |   |   | 1,966 |   |
|                                                                  |   |                                    |   |                                  |   |   |   |   |   |   |   |   |   |
| NET                  INCOME                                           |   | $                                       | 1,290  |                                  | $      | 1,599 |   | $ | 2,645 |   | $ | 2,966 |   |
|                                                                  |   |                                    |   |                                  |   |   |   |   |   |   |   |   |   |
| Basic                  and diluted earnings per share                 |   | $                                       | 0.08   |                                  |   | NA |   | $ | 0.16 |   |   | NA |   |
| Weighted-average                  common shares outstanding           |   |                                    |   |                                  |   |   |   |   |   |   |   |   |   |
| for                  basic and diluted earnings per share             |   |                                    | 16,609 |                                  |   | NA |   |   | 16,605 |   |   | NA |   |
|                                                                  |   |                                    |   |                                  |   |   |   |   |   |   |   |   |   |
| NA                  - Not applicable                                  |   |                                    |   |                                  |   |   |   |   |   |   |   |   |   |

**.**

*Back          to Index*

----

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

CONSOLIDATED      STATEMENTS OF STOCKHOLDERS’ EQUITY      (unaudited)

----

|                                                                                                 |   |       |   |        |   |         |   | **Unearned** |   | **Other**         |   |      |   |
|------------------------------------------------------------------------------------------------------|--------|------------|--------|-------------|--------|--------------|--------|--------------|--------|-------------------|--------|-----------|--------|
|                                                                                                 |   | **Common** |   | **Paid-In** |   | **Retained** |   | **ESOP**     |   | **Comprehensive** |   |      |   |
|                                                                                                 |   | **Stock**  |   | **Capital** |   | **Earnings** |   | **Shares**   |   | **Loss**          |   | **Total** |   |
|                                                                                                 |   |       |   |        |   |         |   |         |   |              |   |      |   |
| Balances                  at December 31, 2004                                                       |   | $          | -      |        | $      | -            |   | $            | 62,667 |              | $      | -         |   | $ | (412 | ) | $ | 62,255 |   |
|                                                                                                 |   |       |   |        |   |         |   |         |   |              |   |      |   |   |   |   |   |   |   |
| Net                  income                                                                          |   |       | -      |        |   | -            |   |         | 2,966  |              |   | -         |   |   | - |   |   | 2,966 |   |
| Net                  unrealized loss on securities available for sale, net of                  taxes |   |       | -      |        |   | -            |   |         | -      |              |   | -         |   |   | (337 | ) |   | (337 | ) |
| Total                  comprehensive income                                                          |   |       | -      |        |   | -            |   |         | -      |              |   | -         |   |   | - |   |   | 2,629 |   |
|                                                                                                 |   |       |   |        |   |         |   |         |   |              |   |      |   |   |   |   |   |   |   |
| Balances                  at June 30, 2005                                                           |   | $          | -      |        | $      | -            |   | $            | 65,633 |              | $      | -         |   | $ | (749 | ) | $ | 64,884 |   |
|                                                                                                 |   |       |   |        |   |         |   |         |   |              |   |      |   |   |   |   |   |   |   |
|                                                                                                 |   |       |   |        |   |         |   |         |   |              |   |      |   |   |   |   |   |   |   |
| Balances                  at December 31, 2005                                                       |   |       | 172    |        |   | 78,446       |   |         | 66,944 |              |   | (6,092    | )      |   | (2,465 | ) |   | 137,005 |   |
|                                                                                                 |   |       |   |        |   |         |   |         |   |              |   |      |   |   |   |   |   |   |   |
| Net                  income                                                                          |   |       | -      |        |   | -            |   |         | 2,645  |              |   | -         |   |   | - |   |   | 2,645 |   |
| Net                  unrealized loss on securities available for sale, net of                  taxes |   |       | -      |        |   | -            |   |         | -      |              |   | -         |   |   | (1,363 | ) |   | (1,363 | ) |
| Total                  comprehensive income                                                          |   |       |   |        |   |         |   |         |   |              |   |      |   |   |  |   |   | 1,282 |   |
|                                                                                                 |   |       |   |        |   |         |   |         |   |              |   |      |   |   |   |   |   |   |   |
| Cash                  dividends declared ($0.10 per share)                                           |   |       | -      |        |   | -            |   |         | (741   | )                 |   | -         |   |   | - |   |   | (741 | ) |
| ESOP                  shares committed to be released                                                |   |       | -      |        |   | 30           |   |         | -      |              |   | 160       |   |   | - |   |   | 190 |   |
|                                                                                                 |   |       |   |        |   |         |   |         |   |              |   |      |   |   |   |   |   |   |   |
| Balances                  at June 30, 2006                                                           |   | $          | 172    |        | $      | 78,476       |   | $            | 68,848 |              | $      | (5,932    | )      | $ | (3,828 | ) | $ | 137,736 |   |
|                                                                                                 |   |       |   |        |   |         |   |         |   |              |   |      |   |   |   |   |   |   |   |

**.**

*Back          to Index*

----

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

CONSOLIDATED      STATEMENTS OF CASH FLOWS      (unaudited)

----

|                                                                                                                 |   | **Six                  Months Ended** |    |
|----------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|---------|
|                                                                                                                 |   | **June                  30,**         |    |
|                                                                                                                 |   | **2006**                              |    | **2005** |   |
| **Cash                  flows from operating activities:**                                                           |   |                                  |    |   |   |   |   |
| Net                  income                                                                                          |   | $                                     | 2,645   |   | $ | 2,966 |   |
|                                                                                                                 |   |                                  |    |   |   |   |   |
| Adjustments                  to reconcile net income to net cash provided by operating                  activities:  |   |                                  |    |   |   |  |   |
| Provision                  for loan losses                                                                           |   |                                  | 462     |   |   | 550 |   |
| ESOP                  expense                                                                                        |   |                                  | 190     |   |   | - |   |
| Amortization                  of premiums and discounts                                                              |   |                                  | 201     |   |   | 382 |   |
| Provision                  for other real estate owned                                                               |   |                                  | 34      |   |   | - |   |
| Depreciation                  and amortization                                                                       |   |                                  | 363     |   |   | 311 |   |
| Net                  loss (gain) on sale of property and equipment                                                   |   |                                  | 21      |   |   | (4 | ) |
| Deferred                  income tax benefit                                                                         |   |                                  | (609    | ) |   | (132 | ) |
| Increase                  in Bank-owned life insurance                                                               |   |                                  | (154    | ) |   | (162 | ) |
| Increase                  in accrued interest receivable                                                             |   |                                  | (123    | ) |   | (593 | ) |
| Increase                  in other assets                                                                            |   |                                  | (514    | ) |   | (1,133 | ) |
| Decrease                  in accrued expenses and other liabilities                                                  |   |                                  | (60     | ) |   | (368 | ) |
|                                                                                                                 |   |                                  |    |   |   |   |   |
| Net                  cash provided by operating activities                                                           |   |                                  | 2,456   |   |   | 1,817 |   |
|                                                                                                                 |   |                                  |    |   |   |   |   |
| **Cash                  flows from investing activities:**                                                           |   |                                  |    |   |   |   |   |
| Cash                  paid to acquire Levine Financial Group                                                         |   |                                  | (100    | ) |   | - |   |
| Purchases                  of securities available for sale                                                          |   |                                  | (11,831 | ) |   | (77,525 | ) |
| Proceeds                  from maturities and principal repayments of securities available                  for sale |   |                                  | 23,104  |   |   | 18,388 |   |
| 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                                                 |   |                                  | (569    | ) |   | (154 | ) |
| Proceeds                  from sales of other real estate owned                                                      |   |                                  | 1,568   |   |   | - |   |
| Net                  loan originations and principal repayments                                                      |   |                                  | (59,784 | ) |   | (19,411 | ) |
| Purchases                  of property and equipment                                                                 |   |                                  | (652    | ) |   | (363 | ) |
| Proceeds                  from sale of property and equipment                                                        |   |                                  | -       |   |   | 16 |   |
|                                                                                                                 |   |                                  |    |   |   |   |   |
| Net                  cash used in investing activities                                                               |   |                                  | (48,239 | ) |   | (79,933 | ) |
|                                                                                                                 |   |                                  |    |   |   |   |   |
| **Cash                  flows from financing activities:**                                                           |   |                                  |    |   |   |   |   |
| Net                  increase in deposits                                                                            |   |                                  | 43,339  |   |   | 41,313 |   |
| Proceeds                  of Federal Home Loan Bank of Boston advances                                               |   |                                  | 65,307  |   |   | 54,626 |   |
| Repayments                  of Federal Home Loan Bank of Boston advances                                             |   |                                  | (52,197 | ) |   | (37,691 | ) |
| Proceeds                  from stock offering subscriptions                                                          |   |                                  | -       |   |   | 116,547 |   |
| Net                  (decrease) increase in repurchase agreements                                                    |   |                                  | (1,625  | ) |   | 3,653 |   |
| Net                  decrease in escrow funds held for borrowers                                                     |   |                                  | (165    | ) |   | (30 | ) |
| Cash                  dividends paid                                                                                 |   |                                  | (741    | ) |   | - |   |
|                                                                                                                 |   |                                  |    |   |   |   |   |
| Net                  cash provided by financing activities                                                           |   |                                  | 53,918  |   |   | 178,418 |   |
|                                                                                                                 |   |                                  |    |   |   |   |   |
| Increase                  in cash and cash equivalents                                                               |   |                                  | 8,135   |   |   | 100,302 |   |
| Cash                  and cash equivalents at beginning of year                                                      |   |                                  | 15,843  |   |   | 23,233 |   |
| Cash                  and cash equivalents at end of period                                                          |   | $                                     | 23,978  |   | $ | 123,535 |   |
|                                                                                                                 |   |                                  |    |   |   |   |   |
| **Supplemental                  Disclosure of Cash Flow Information****:**                                           |   |                                  |    |   |   |   |   |
| Cash                  paid during the period:                                                                        |   |                                  |    |   |   |   |   |
| Interest                  on deposits and other borrowings                                                           |   | $                                     | 11,143  |   | $ | 7,179 |   |
| Income                  taxes – net                                                                            |   |                                  | 867     |   |   | 2,027 |   |
|                                                                                                                 |   |                                  |    |   |   |   |   |

**.**

*Back          to Index*

----

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

**NOTES      TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**JUNE      30, 2006**

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

----

**NOTE      A - BASIS OF PRESENTATION**

**NOTE      B - CRITICAL ACCOUNTING POLICIES**

*Back          to Index*

----

**NOTE      C - EARNINGS PER SHARE**

|                                                                      |   | **Three                  Months**  |   | **Six                  Months**    |   |
|---------------------------------------------------------------------------|--------|------------------------------------|--------|------------------------------------|--------|
|                                                                      |   | **Ended**                          |   | **Ended**                          |   |
|                                                                      |   | **June                  30, 2006** |   | **June                  30, 2006** |   |
|                                                                      |   |                               |   |                               |   |
| Net                  income                                               |   | $                                  | 1,290  |                               | $      | 2,645 |   |
|                                                                      |   |                               |   |                               |   |   |   |
| Weighted                  average common shares applicable to basic EPS   |   |                               | 16,609 |                               |   | 16,605 |   |
| Effect                  of dilutive potential common shares               |   |                               | -      |                               |   | - |   |
|                                                                      |   |                               |   |                               |   |   |   |
| Weighted                  average common shares applicable to diluted EPS |   |                               | 16,609 |                               |   | 16,605 |   |
|                                                                      |   |                               |   |                               |   |   |   |
| Earnings                  per share:                                      |   |                               |   |                               |   |   |   |
| Basic                                                                     |   | $                                  | 0.08   |                               | $      | 0.16 |   |
| Diluted                                                                   |   | $                                  | 0.08   |                               | $      | 0.16 |   |

**NOTE      D - LOANS**

|                                                        |   | **June                  30,** |    | **December                  31,** |   |
|-------------------------------------------------------------|--------|-------------------------------|---------|-----------------------------------|--------|
|                                                        |   | **2006**                      |    | **2005**                          |   |
|                                                        |   |                          |    |                              |   |
| One-to-four                  family residential real estate |   | $                             | 296,717 |                              | $      | 285,236 |   |
| Commercial                  real estate                     |   |                          | 163,300 |                              |   | 150,099 |   |
| Construction                                                |   |                          | 40,931  |                              |   | 28,872 |   |
| Home                  equity loans                          |   |                          | 100,057 |                              |   | 86,045 |   |
| Commercial                  and industrial                  |   |                          | 64,464  |                              |   | 59,591 |   |
| Consumer                                                    |   |                          | 29,752  |                              |   | 25,949 |   |
| Total                  loans                                |   |                          | 695,221 |                              |   | 635,792 |   |
|                                                        |   |                          |    |                              |   |   |   |
| Net                  deferred loan costs and fees           |   |                          | 1,234   |                              |   | 1,148 |   |
| Allowance                  for loan losses                  |   |                          | (6,825  | )                                 |   | (6,382 | ) |
| Loans,                  net                                 |   | $                             | 689,630 |                              | $      | 630,558 |   |
|                                                        |   |                          |    |                              |   |   |   |

*Back          to Index*

----

**NOTE      E - ALLOWANCE FOR LOAN LOSSES**

|                                            |   | **For                  the Six Months Ended June 30,** |   |
|-------------------------------------------------|--------|--------------------------------------------------------|--------|
|                                            |   | **2006**                                               |   | **2005** |   |
|                                            |   |                                                   |   |   |   |
|                                            |   |                                                   |   |   |   |
| Balance                  at beginning of period |   | $                                                      | 6,382  |   | $ | 5,750 |   |
| Provision                  for loan losses      |   |                                                   | 462    |   |   | 550 |   |
| Charge-offs                                     |   |                                                   | (58    | ) |   | (248 | ) |
| Recoveries                                      |   |                                                   | 39     |   |   | 162 |   |
| Balance                  at end of period       |   | $                                                      | 6,825  |   | $ | 6,214 |   |
|                                            |   |                                                   |   |   |   |   |   |

**NOTE      F - COMMITMENTS**

|                                            |   | **June                  30,** |    | **December                  31,** |   |
|-------------------------------------------------|--------|-------------------------------|---------|-----------------------------------|--------|
|                                            |   | **2006**                      |    | **2005**                          |   |
|                                            |   |                          |    |                              |   |
| Unused                  lines of credit         |   | $                             | 124,988 |                              | $      | 114,016 |   |
| Amounts                  due mortgagors         |   |                          | 39,771  |                              |   | 16,833 |   |
| Standby                  letters of credit      |   |                          | 1,129   |                              |   | 1,383 |   |
| Commitments                  to originate loans |   |                          | 37,060  |                              |   | 14,494 |   |

**NOTE      G - DEPOSITS**

|                                     |   | **June                  30,** |    | **December                  31,** |   |
|------------------------------------------|--------|-------------------------------|---------|-----------------------------------|--------|
|                                     |   | **2006**                      |    | **2005**                          |   |
|                                     |   |                          |    |                              |   |
| Demand                                   |   | $                             | 97,656  |                              | $      | 93,301 |   |
| NOW                                      |   |                          | 41,990  |                              |   | 39,922 |   |
| Regular                  savings         |   |                          | 79,831  |                              |   | 87,253 |   |
| Money                  market            |   |                          | 159,057 |                              |   | 155,492 |   |
| Certificates                  of deposit |   |                          | 318,416 |                              |   | 277,643 |   |
|                                     |   | $                             | 696,950 |                              | $      | 653,611 |   |
|                                     |   |                          |    |                              |   |   |   |

**NOTE      H - CONTINGENCIES**

*Back          to Index*

----

**NOTE      I - SUBSEQUENT EVENTS**

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

**Forward-Looking      Statements**

**Critical      Accounting Policies**

*Back          to Index*

----

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

** **

*Back          to Index*

----

***Non-Performing      Assets.***

|                                                                                                                                     |   | **At                  June 30,**            |   | **At                  December 31,** |   |
|-------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------|--------|--------------------------------------|--------|
|                                                                                                                                     |   | **2006**                                    |   | **2005**                             |   |
|                                                                                                                                     |   | **(Dollars                  in thousands)** |   |
|                                                                                                                                |   |                                        |   |                                 |   |
| Non-accrual                  loans:                                                                                                 |   |                                        |   |                                 |   |   |   |
| Residential                  mortgages (1)                                                                                          |   | $                                           | 445    |                                 | $      | 1,016 |   |
| Commercial                  mortgages                                                                                               |   |                                        | 1,826  |                                 |   | 141 |   |
| Construction                                                                                                                        |   |                                        | -      |                                 |   | 113 |   |
| Commercial                  and industrial                                                                                          |   |                                        | 44     |                                 |   | 447 |   |
| Total                  non-accrual loans                                                                                            |   |                                        | 2,315  |                                 |   | 1,717 |   |
|                                                                                                                                |   |                                        |   |                                 |   |   |   |
| Accruing                  loans 90 days or more past due                                                                            |   |                                        | -      |                                 |   | - |   |
|                                                                                                                                |   |                                        |   |                                 |   |   |   |
| Total                  non-performing loans                                                                                         |   |                                        | 2,315  |                                 |   | 1,717 |   |
|                                                                                                                                |   |                                        |   |                                 |   |   |   |
| Other                  real estate owned                                                                                            |   |                                        | 250    |                                 |   | 1,602 |   |
| Total                  non-performing assets                                                                                        |   | $                                           | 2,565  |                                 | $      | 3,319 |   |
|                                                                                                                                |   |                                        |   |                                 |   |   |   |
| Ratios:                                                                                                                             |   |                                        |   |                                 |   |   |   |
| Total                  non-performing loans to total loans                                                                          |   |                                        | 0.33   | %                                    |   | 0.27 | % |
| Total                  non-performing assets to total assets                                                                        |   |                                        | 0.27   | %                                    |   | 0.37 | % |
| Allowance                  for loan losses to non-performing loans                                                                  |   |                                        | 294.82 | %                                    |   | 371.69 | % |
| _______________________________________________                                                                                |   |                                        |   |                                 |   |   |   |
|                                                                                                                                |   |                                        |   |                                 |   |   |   |
| (1)                  Includes one- to four-family loans and home equity loans and lines                  of                  credit |   |                                        |   |                                 |   |   |   |
|                                                                                                                                |   |                                        |   |                                 |   |   |   |

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

**Overview**

*Back          to Index*

----

**Net      Income**

***Average      balances and yields***

*Back          to Index*

----

|                                                        |   | **Three                  Months Ended June 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                    |   | $                                                 | 396,811 |   | $ | 5,731 |   |   | 5.78 | % | $ | 355,336 |   | $ | 4,935 |   |   | 5.56 | % |
| Commercial                  real estate                     |   |                                              | 181,412 |   |   | 2,882 |   |   | 6.35 | % |   | 154,454 |   |   | 2,345 |   |   | 6.07 | % |
| Commercial                  and industrial                  |   |                                              | 62,586  |   |   | 1,126 |   |   | 7.20 | % |   | 51,654 |   |   | 828 |   |   | 6.41 | % |
| Consumer                  and other                         |   |                                              | 28,599  |   |   | 337 |   |   | 4.71 | % |   | 18,996 |   |   | 244 |   |   | 5.14 | % |
| Total                  loans                                |   |                                              | 669,408 |   |   | 10,076 |   |   | 6.02 | % |   | 580,440 |   |   | 8,352 |   |   | 5.76 | % |
| Investment                  securities                      |   |                                              | 220,844 |   |   | 2,261 |   |   | 4.10 | % |   | 197,865 |   |   | 1,859 |   |   | 3.76 | % |
| Other                  interest-earning assets              |   |                                              | 24,475  |   |   | 288 |   |   | 4.71 | % |   | 24,667 |   |   | 116 |   |   | 1.88 | % |
| Total                  interest-earning assets              |   |                                              | 914,727 |   |   | 12,625 |   |   | 5.52 | % |   | 802,972 |   |   | 10,327 |   |   | 5.14 | % |
| Noninterest-earning                  assets                 |   |                                              | 30,540  |   |   |   |   |   |   |   |   | 29,964 |   |   |   |   |   |   |   |
| Total                  assets                               |   | $                                                 | 945,267 |   |   |   |   |   |   |   | $ | 832,936 |   |   |   |   |   |   |   |
|                                                        |   |                                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Interest-bearing                  liabilities:**          |   |                                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Savings                  accounts                           |   | $                                                 | 81,496  |   |   | 169 |   |   | 0.83 | % | $ | 97,669 |   |   | 154 |   |   | 0.63 | % |
| Money                  market                               |   |                                              | 160,432 |   |   | 1,255 |   |   | 3.13 | % |   | 142,963 |   |   | 672 |   |   | 1.88 | % |
| NOW                  accounts                               |   |                                              | 35,753  |   |   | 23 |   |   | 0.26 | % |   | 37,990 |   |   | 24 |   |   | 0.25 | % |
| Certificates                  of deposit                    |   |                                              | 316,150 |   |   | 3,217 |   |   | 4.07 | % |   | 278,009 |   |   | 2,051 |   |   | 2.95 | % |
| Total                  interest-bearing deposits            |   |                                              | 593,831 |   |   | 4,664 |   |   | 3.14 | % |   | 556,631 |   |   | 2,901 |   |   | 2.08 | % |
| FHLB                  advances                              |   |                                              | 111,316 |   |   | 1,122 |   |   | 4.03 | % |   | 95,615 |   |   | 856 |   |   | 3.58 | % |
| Other                  interest-bearing liabilities         |   |                                              | 6,898   |   |   | 74 |   |   | 4.29 | % |   | 8,960 |   |   | 63 |   |   | 2.81 | % |
| Total                  interest-bearing liabilities         |   |                                              | 712,045 |   |   | 5,860 |   |   | 3.29 | % |   | 661,206 |   |   | 3,820 |   |   | 2.31 | % |
| Demand                  deposits                            |   |                                              | 88,872  |   |   |   |   |   |   |   |   | 85,282 |   |   |   |   |   |   |   |
| Other                  noninterest-bearing liabilities      |   |                                              | 6,710   |   |   |   |   |   |   |   |   | 22,653 |   |   |   |   |   |   |   |
| Total                  liabilities                          |   |                                              | 807,627 |   |   |   |   |   |   |   |   | 769,141 |   |   |   |   |   |   |   |
| Stockholders'                  equity                       |   |                                              | 137,640 |   |   |   |   |   |   |   |   | 63,795 |   |   |   |   |   |   |   |
| Total                  liabilities and stockholders' equity |   | $                                                 | 945,267 |   |   |   |   |   |   |   | $ | 832,936 |   |   |   |   |   |   |   |
|                                                        |   |                                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  interest income                        |   |                                              |    |   | $ | 6,765 |   |   |   |   |   |   |   | $ | 6,507 |   |   |   |   |
| Interest                  rate spread(1)               |   |                                              |    |   |   |   |   |   | 2.23 | % |   |   |   |   |   |   |   | 2.83 | % |
| Net                  interest-earning assets(2)             |   | $                                                 | 202,682 |   |   |   |   |   |   |   | $ | 141,766 |   |   |   |   |   |   |   |
| Net                  interest margin(3)                     |   |                                              |    |   |   |   |   |   | 2.96 | % |   |   |   |   |   |   |   | 3.24 | % |
| Average                  interest-earning assets to         |   |                                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| average                  interest-bearing liabilities       |   |                                              |    |   |   |   |   |   | 128.46 | % |   |   |   |   |   |   |   | 121.44 | % |
|                                                        |   |                                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                        |   |                                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

*Back          to Index*

----

***Rate/Volume      Analysis.***

|                                                |   | **Three                  months ended June 30** |   |
|-----------------------------------------------------|--------|-------------------------------------------------|--------|
|                                                |   | **2006                  vs. 2005**              |   |
|                                                |   | **Increase                  (Decrease) Due to** |   |
|                                                |   | **Volume**                                      |   | **Rate** |   | **Net** |   |
|                                                |   | **(In                  thousands)**             |   |
|                                                |   |                                            |   |   |   |   |   |
| **Interest-earning                  assets:**       |   |                                            |   |   |   |   |   |   |   |   |
| Loans:                                              |   |                                            |   |   |   |   |   |   |   |   |
| Residential                  real estate            |   | $                                               | 593    |   | $ | 203 |   | $ | 796 |   |
| Commercial                  real estate             |   |                                            | 424    |   |   | 112 |   |   | 536 |   |
| Commercial                  and industrial          |   |                                            | 189    |   |   | 109 |   |   | 298 |   |
| Consumer                  and other                 |   |                                            | 115    |   |   | (21 | ) |   | 94 |   |
| Total                  loans                        |   |                                            | 1,321  |   |   | 403 |   |   | 1,724 |   |
| Investment                  securities              |   |                                            | 227    |   |   | 175 |   |   | 402 |   |
| Other                  interest-earning assets      |   |                                            | (1     | ) |   | 173 |   |   | 172 |   |
| Total                  interest-earning assets      |   |                                            | 1,547  |   |   | 751 |   |   | 2,298 |   |
|                                                |   |                                            |   |   |   |   |   |   |   |   |
| **Interest-bearing                  liabilities:**  |   |                                            |   |   |   |   |   |   |   |   |
| Savings                  accounts                   |   |                                            | (28    | ) |   | 43 |   |   | 15 |   |
| Money                  market accounts              |   |                                            | 91     |   |   | 492 |   |   | 583 |   |
| NOW                  accounts                       |   |                                            | (1     | ) |   | - |   |   | (1 | ) |
| Certificates                  of deposit            |   |                                            | 310    |   |   | 856 |   |   | 1,166 |   |
| Total                  interest-bearing deposits    |   |                                            | 372    |   |   | 1,391 |   |   | 1,763 |   |
| FHLB                  Advances                      |   |                                            | 151    |   |   | 115 |   |   | 266 |   |
| Other                  interest-bearing liabilities |   |                                            | (17    | ) |   | 28 |   |   | 11 |   |
| Total                  interest-bearing liabilities |   |                                            | 506    |   |   | 1,534 |   |   | 2,040 |   |
|                                                |   |                                            |   |   |   |   |   |   |   |   |
| Change                  in net interest income      |   | $                                               | 1,041  |   | $ | (783 | ) | $ | 258 |   |
|                                                |   |                                            |   |   |   |   |   |   |   |   |

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

***Interest      Income.***

*Back          to Index*

----

***Interest      Expense.***

***Provision      for Loan Losses.***

***Non-interest      Income.***

***Non-interest      Expense.***

*Back          to Index*

----

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

**Comparison      of Operating Results for the Six Months Ended June 30, 2006 and      2005**

**Net      Income**

***Average      balances and yields***

*Back          to Index*

----

|                                                        |   | **Six                  Months Ended June 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                    |   | $                                                 | 391,125 |   | $ | 11,209 |   |   | 5.73 | % | $ | 350,556 |   | $ | 9,638 |   |   | 5.50 | % |
| Commercial                  real estate                     |   |                                              | 175,528 |   |   | 5,662 |   |   | 6.45 | % |   | 155,592 |   |   | 4,677 |   |   | 6.01 | % |
| Commercial                  and industrial                  |   |                                              | 60,887  |   |   | 2,145 |   |   | 7.05 | % |   | 52,318 |   |   | 1,595 |   |   | 6.10 | % |
| Consumer                  and other                         |   |                                              | 27,658  |   |   | 660 |   |   | 4.77 | % |   | 18,886 |   |   | 490 |   |   | 5.19 | % |
| Total                  loans                                |   |                                              | 655,198 |   |   | 19,676 |   |   | 6.01 | % |   | 577,352 |   |   | 16,400 |   |   | 5.68 | % |
| Investment                  securities                      |   |                                              | 224,091 |   |   | 4,566 |   |   | 4.08 | % |   | 180,570 |   |   | 3,387 |   |   | 3.75 | % |
| Other                  interest-earning assets              |   |                                              | 23,251  |   |   | 530 |   |   | 4.56 | % |   | 23,308 |   |   | 256 |   |   | 2.20 | % |
| Total                  interest-earning assets              |   |                                              | 902,540 |   |   | 24,772 |   |   | 5.49 | % |   | 781,230 |   |   | 20,043 |   |   | 5.13 | % |
| Noninterest-earning                  assets                 |   |                                              | 30,737  |   |   |   |   |   |   |   |   | 28,763 |   |   |   |   |   |   |   |
| Total                  assets                               |   | $                                                 | 933,277 |   |   |   |   |   |   |   | $ | 809,993 |   |   |   |   |   |   |   |
|                                                        |   |                                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Interest-bearing                  liabilities:**          |   |                                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Savings                  accounts                           |   | $                                                 | 83,152  |   |   | 344 |   |   | 0.83 | % | $ | 96,369 |   |   | 302 |   |   | 0.63 | % |
| Money                  market                               |   |                                              | 160,974 |   |   | 2,438 |   |   | 3.03 | % |   | 143,999 |   |   | 1,239 |   |   | 1.72 | % |
| NOW                  accounts                               |   |                                              | 35,607  |   |   | 45 |   |   | 0.25 | % |   | 37,326 |   |   | 46 |   |   | 0.25 | % |
| Certificates                  of deposit                    |   |                                              | 301,664 |   |   | 5,879 |   |   | 3.90 | % |   | 272,501 |   |   | 3,894 |   |   | 2.86 | % |
| Total                  interest-bearing deposits            |   |                                              | 581,397 |   |   | 8,706 |   |   | 2.99 | % |   | 550,195 |   |   | 5,481 |   |   | 1.99 | % |
| FHLB                  advances                              |   |                                              | 111,975 |   |   | 2,240 |   |   | 4.00 | % |   | 90,519 |   |   | 1,599 |   |   | 3.53 | % |
| Other                  interest-bearing liabilities         |   |                                              | 7,882   |   |   | 153 |   |   | 3.88 | % |   | 7,886 |   |   | 108 |   |   | 2.74 | % |
| Total                  interest-bearing liabilities         |   |                                              | 701,254 |   |   | 11,099 |   |   | 3.17 | % |   | 648,600 |   |   | 7,188 |   |   | 2.22 | % |
| Demand                  deposits                            |   |                                              | 87,295  |   |   |   |   |   |   |   |   | 83,642 |   |   |   |   |   |   |   |
| Other                  noninterest-bearing liabilities      |   |                                              | 7,024   |   |   |   |   |   |   |   |   | 14,275 |   |   |   |   |   |   |   |
| Total                  liabilities                          |   |                                              | 795,573 |   |   |   |   |   |   |   |   | 746,517 |   |   |   |   |   |   |   |
| Stockholders'                  equity                       |   |                                              | 137,704 |   |   |   |   |   |   |   |   | 63,476 |   |   |   |   |   |   |   |
| Total                  liabilities and stockholders' equity |   | $                                                 | 933,277 |   |   |   |   |   |   |   | $ | 809,993 |   |   |   |   |   |   |   |
|                                                        |   |                                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  interest income                        |   |                                              |    |   | $ | 13,673 |   |   |   |   |   |   |   | $ | 12,855 |   |   |   |   |
| Interest                  rate spread(1)               |   |                                              |    |   |   |   |   |   | 2.32 | % |   |   |   |   |   |   |   | 2.91 | % |
| Net                  interest-earning assets(2)             |   | $                                                 | 201,286 |   |   |   |   |   |   |   | $ | 132,630 |   |   |   |   |   |   |   |
| Net                  interest margin(3)                     |   |                                              |    |   |   |   |   |   | 3.03 | % |   |   |   |   |   |   |   | 3.29 | % |
| Average                  interest-bearing assets to         |   |                                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| average                  interest-bearing liabilities       |   |                                              |    |   |   |   |   |   | 128.70 | % |   |   |   |   |   |   |   | 120.45 | % |
|                                                        |   |                                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| ____________________________                                |   |                                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| (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. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

*Back          to Index*

----

**Rate/Volume      Analysis**

|                                                |   | **Six                  months ended June 30**   |   |
|-----------------------------------------------------|--------|-------------------------------------------------|--------|
|                                                |   | **2006                  vs. 2005**              |   |
|                                                |   | **Increase                  (Decrease) Due to** |   |
|                                                |   | **Volume**                                      |   | **Rate** |   | **Net** |   |
|                                                |   | **(In                  thousands)**             |   |
|                                                |   |                                            |   |   |   |   |   |
| **Interest-earning                  assets:**       |   |                                            |   |   |   |   |   |   |   |   |
| Loans:                                              |   |                                            |   |   |   |   |   |   |   |   |
| Residential                  real estate            |   | $                                               | 1,150  |   | $ | 421 |   | $ | 1,571 |   |
| Commercial                  real estate             |   |                                            | 627    |   |   | 358 |   |   | 985 |   |
| Commercial                  and industrial          |   |                                            | 282    |   |   | 268 |   |   | 550 |   |
| Consumer                  and other                 |   |                                            | 209    |   |   | (39 | ) |   | 170 |   |
| Total                  loans                        |   |                                            | 2,268  |   |   | 1,008 |   |   | 3,276 |   |
| Investment                  securities              |   |                                            | 868    |   |   | 311 |   |   | 1,179 |   |
| Other                  interest-earning assets      |   |                                            | (2     | ) |   | 276 |   |   | 274 |   |
| Total                  interest-earning assets      |   |                                            | 3,134  |   |   | 1,595 |   |   | 4,729 |   |
|                                                |   |                                            |   |   |   |   |   |   |   |   |
| **Interest-bearing                  liabilities:**  |   |                                            |   |   |   |   |   |   |   |   |
| Savings                  accounts                   |   |                                            | (45    | ) |   | 87 |   |   | 42 |   |
| Money                  market accounts              |   |                                            | 126    |   |   | 1,073 |   |   | 1,199 |   |
| NOW                  accounts                       |   |                                            | (2     | ) |   | - |   |   | (2 | ) |
| Certificates                  of deposit            |   |                                            | 354    |   |   | 1,632 |   |   | 1,986 |   |
| Total                  interest-bearing deposits    |   |                                            | 433    |   |   | 2,792 |   |   | 3,225 |   |
| FHLB                  Advances                      |   |                                            | 411    |   |   | 230 |   |   | 641 |   |
| Other                  interest-bearing liabilities |   |                                            | -      |   |   | 45 |   |   | 45 |   |
| Total                  interest-bearing liabilities |   |                                            | 844    |   |   | 3,067 |   |   | 3,911 |   |
|                                                |   |                                            |   |   |   |   |   |   |   |   |
| Change                  in net interest income      |   | $                                               | 2,290  |   | $ | (1,472 | ) | $ | 818 |   |
|                                                |   |                                            |   |   |   |   |   |   |   |   |

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

***Interest      Income.***

*Back          to Index*

----

***Interest      Expense.***

***Provision      for Loan Losses.***

***Non-interest      Income.***

***Non-interest      Expense.***

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

*Back          to Index*

----

**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)                  |   | (June                  30, 2006) |   | (December                  31, 2005) |
| -200                                             |   | 8.7% |   | 0.4% |
| Stable                                           |   | 0.0% |   | 0.0% |
| +200                                             |   | -7.7% |   | -3.4% |

*Back          to Index*

----

***Liquidity***

***Capital      Resources***

*Back          to Index*

----

| **As                of June 30, 2006:**     |   |
|---------------------------------------------|--------|
|                                        |   |
| Risk-based                capital           | 17.1%  |
|                                        |   |
| Core                capital                 | 11.2%  |
|                                        |   |
| Tangible                capital             | 11.2%  |
|                                        |   |
| **As                of December 31, 2005:** |   |
|                                        |   |
| Risk-based                capital           | 18.3%  |
|                                        |   |
| Core                capital                 | 11.6%  |
|                                        |   |
| Tangible                capital             | 11.6%  |

**Off-Balance      Sheet Arrangements **

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

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

*Back          to Index*

----

**PART      II. OTHER INFORMATION**

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

**ITEM      1A.  Risk Factors**

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

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

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

| **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. |
|--------|-----|---------------------------------------------------------|

|   | 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) |
|--------|------|----------------------------------------------------------------------------------------------------------------|

|   | 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                (2) |
|--------|-------|-------------------------------------------------------------------------------|

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

*Back          to Index*

----

|   | 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 |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------|

*Back          to Index*

----

**SIGNATURES**

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