----

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**UNITED      STATES SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON,      D.C. 20549**

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**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 March 31, 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 **o** | Non-accelerated                filer **ý** |
|----------------------------------------------|----------------------------------------|-------------------------------------------------|

**o**
**ý**

**Common      stock, $0.01 par value**

**17,205,995      shares outstanding as of May 5, 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                                                        |   |
| March                31, 2006 and December 31, 2005                                                                       | 1      |
|                                                                                                                      |   |
| Consolidated                Statements of Earnings                                                                        |   |
| Three                Months ended March 31, 2006 and 2005                                                                 | 2      |
|                                                                                                                      |   |
| Consolidated                Statements of Stockholders’                Equity                                       |   |
| Three                Months ended March 31, 2006 and                2005                                                  | 3      |
|                                                                                                                      |   |
| Consolidated                Statements of Cash                Flows                                                       |   |
| Three                Months ended March 31, 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  | 13     |
|                                                                                                                      |   |
| Item                4.     Controls and                Procedures                                     | 13     |
|                                                                                                                      |   |
| **PART                II.    OTHER                INFORMATION**                                            | 14     |
|                                                                                                                      |   |
| Item                1.     Legal                Proceedings                                           | 14     |
|                                                                                                                      |   |
| Item                1A.  Risk Factors                                                                                | 14     |
|                                                                                                                      |   |
| Item                2.     Unregistered Sales of Equity                Securities and Use of Proceeds      | 14     |
|                                                                                                                      |   |
| Item                3.     Defaults Upon Senior                Securities                             | 14     |
|                                                                                                                      |   |
| Item                4.     Submission of Matters to a                Vote of Security Holders         | 14     |
|                                                                                                                      |   |
| Item                5.     Other                Information                                      | 14     |
|                                                                                                                      |   |
| Item                6.     Exhibits                                                                   | 14     |
|                                                                                                                      |   |
| **SIGNATURES**                                                                                                            | 15     |

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|   | Exhibit                31.1 | Certification                of Chief Executive Officer Pursuant to                Section 302 of the Sarbanes-Oxley Act of 2002       | 16     |
|--------|-----------------------------|----------------------------------------------------------------------------------------------------------------------------------------|--------|
|   |                        |                                                                                                                                   |   |
|   | Exhibit                31.2 | Certification                of Chief Financial Officer Pursuant to                Section 302 of the Sarbanes-Oxley Act of 2002       | 17     |
|   |                        |                                                                                                                                   |   |
|   | Exhibit                32.1 | Statement                of Chief Executive Officer Furnished Pursuant                to Section 906 of the Sarbanes-Oxley Act of 2002 | 18     |
|   |                        |                                                                                                                                   |   |
|   | Exhibit                32.2 | Statement                of Chief Financial Officer Furnished Pursuant                to Section 906 of the Sarbanes-Oxley Act of 2002 | 19     |

Back          to Index 

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

**ITEM      1.    Consolidated      Financial Statements**

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

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|                                                                                                                                                                                    |   | **March                31,** |    | **December                31,** |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------|---------|---------------------------------|--------|
|                                                                                                                                                                                    |   | **2006**                     |    | **2005**                        |   |
|                                                                                                                                                                                    |   | **(unaudited)**              |    |                            |   |
| **ASSETS**                                                                                                                                                                              |   |                         |    |                            |   |   |   |
|                                                                                                                                                                                    |   |                         |    |                            |   |   |   |
| Cash                and due from banks                                                                                                                                                  |   | $                            | 16,473  |                            | $      | 15,841 |   |
| Interest-bearing                deposits                                                                                                                                                |   |                         | 35,942  |                            |   | 2 |   |
| Liquidity                and cash funds                                                                                                                                                 |   |                         | 385     |                            |   | — |   |
| Total                cash and cash equivalents                                                                                                                                          |   |                         | 52,800  |                            |   | 15,843 |   |
|                                                                                                                                                                                    |   |                         |    |                            |   |   |   |
| Securities                available for sale, at fair value                                                                                                                             |   |                         | 220,485 |                            |   | 226,465 |   |
| Securities                to be held to maturity, at amortized cost (fair value $3,298 at March                31,                2006 and $3,298 at December 31, 2005)                 |   |                         | 3,323   |                            |   | 3,325 |   |
| Loans,                net of allowance for loan losses of $6,580 at March 31, 2006 and                $6,382 at                December 31, 2005                                        |   |                         | 641,008 |                            |   | 630,558 |   |
| Other                real estate owned                                                                                                                                                  |   |                         | — |                            |   | 1,602 |   |
| Accrued                interest receivable                                                                                                                                              |   |                         | 4,202   |                            |   | 3,928 |   |
| Deferred                tax asset, net                                                                                                                                                  |   |                         | 1,494   |                            |   | 1,245 |   |
| Stock                in the Federal Home Loan Bank of Boston                                                                                                                            |   |                         | 6,684   |                            |   | 6,588 |   |
| Banking                premises and equipment, net                                                                                                                                      |   |                         | 8,141   |                            |   | 8,236 |   |
| Bank-owned                life insurance                                                                                                                                                |   |                         | 6,113   |                            |   | 6,031 |   |
| Other                assets                                                                                                                                                             |   |                         | 3,319   |                            |   | 2,692 |   |
|                                                                                                                                                                                    |   |                         |    |                            |   |   |   |
| TOTAL                ASSETS                                                                                                                                                             |   | $                            | 947,569 |                            | $      | 906,513 |   |
|                                                                                                                                                                                    |   |                         |    |                            |   |   |   |
| **LIABILITIES                AND STOCKHOLDERS’ EQUITY**                                                                                                                           |   |                         |    |                            |   |   |   |
|                                                                                                                                                                                    |   |                         |    |                            |   |   |   |
| Liabilities:                                                                                                                                                                            |   |                         |    |                            |   |   |   |
| Deposits:                                                                                                                                                                               |   |                         |    |                            |   |   |   |
| Interest-bearing                                                                                                                                                                        |   | $                            | 593,019 |                            | $      | 560,310 |   |
| Non-interest                bearing                                                                                                                                                     |   |                         | 92,762  |                            |   | 93,301 |   |
| Total                deposits                                                                                                                                                           |   |                         | 685,781 |                            |   | 653,611 |   |
|                                                                                                                                                                                    |   |                         |    |                            |   |   |   |
| Federal                Home Loan Bank of Boston advances                                                                                                                                |   |                         | 112,542 |                            |   | 101,880 |   |
| Repurchase                agreements                                                                                                                                                    |   |                         | 6,388   |                            |   | 8,434 |   |
| Escrow                funds held for borrowers                                                                                                                                          |   |                         | 1,259   |                            |   | 1,129 |   |
| Accrued                expenses and other liabilities                                                                                                                                   |   |                         | 4,307   |                            |   | 4,454 |   |
| Total                liabilities                                                                                                                                                        |   |                         | 810,277 |                            |   | 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 March 31, 2006 and at December 31, 2005 |   |                         | 172     |                            |   | 172 |   |
| Paid-in                capital                                                                                                                                                          |   |                         | 78,460  |                            |   | 78,446 |   |
| Retained                earnings                                                                                                                                                        |   |                         | 67,928  |                            |   | 66,944 |   |
| Unearned                ESOP shares                                                                                                                                                     |   |                         | (6,012  | )                               |   | (6,092 | ) |
| Accumulated                other comprehensive (loss), net of taxes                                                                                                                     |   |                         | (3,256  | )                               |   | (2,465 | ) |
| Total                stockholders’ equity                                                                                                                                         |   |                         | 137,292 |                            |   | 137,005 |   |
|                                                                                                                                                                                    |   |                         |    |                            |   |   |   |
| TOTAL                LIABILITIES AND STOCKHOLDERS’ EQUITY                                                                                                                         |   | $                            | 947,569 |                            | $      | 906,513 |   |

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

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|                                                                |   |                                                              |   |
|---------------------------------------------------------------------|--------|-------------------------------------------------------------------|--------|
|                                                                |   | **Three                Months Ended****March                31,** |   |
|                                                                |   | **2006**                                                          |   | **2005** |   |
| Interest                and dividend income:                        |   |                                                              |   |   |   |   |   |
| Loans                                                               |   | $                                                                 | 9,600  |   | $ | 8,048 |   |
| Investments                                                         |   |                                                              | 2,305  |   |   | 1,528 |   |
| Other                interest-earning assets                        |   |                                                              | 242    |   |   | 140 |   |
| Total                interest and dividend income                   |   |                                                              | 12,147 |   |   | 9,716 |   |
|                                                                |   |                                                              |   |   |   |   |   |
| Interest                expense:                                    |   |                                                              |   |   |   |   |   |
| Deposits                                                            |   |                                                              | 4,042  |   |   | 2,580 |   |
| Short-term                borrowings                                |   |                                                              | 576    |   |   | 268 |   |
| Long-term                debt                                       |   |                                                              | 621    |   |   | 521 |   |
| Total                interest expense                               |   |                                                              | 5,239  |   |   | 3,369 |   |
|                                                                |   |                                                              |   |   |   |   |   |
| Net                interest income before provision for loan losses |   |                                                              | 6,908  |   |   | 6,347 |   |
|                                                                |   |                                                              |   |   |   |   |   |
| Provision                for loan losses                            |   |                                                              | 162    |   |   | 275 |   |
|                                                                |   |                                                              |   |   |   |   |   |
| Net                interest income after provision for loan losses  |   |                                                              | 6,746  |   |   | 6,072 |   |
|                                                                |   |                                                              |   |   |   |   |   |
| Non-interest                income:                                 |   |                                                              |   |   |   |   |   |
| Fee                income on depositors’ accounts             |   |                                                              | 1,044  |   |   | 903 |   |
| Income                from bank-owned life insurance                |   |                                                              | 81     |   |   | 81 |   |
| Other                income                                         |   |                                                              | 231    |   |   | 231 |   |
| Total                non-interest income                            |   |                                                              | 1,356  |   |   | 1,215 |   |
|                                                                |   |                                                              |   |   |   |   |   |
| Non-interest                expense:                                |   |                                                              |   |   |   |   |   |
| Salaries                and benefits                                |   |                                                              | 3,029  |   |   | 2,638 |   |
| Occupancy                expenses                                   |   |                                                              | 403    |   |   | 340 |   |
| Marketing                expenses                                   |   |                                                              | 415    |   |   | 345 |   |
| Data                processing expenses                             |   |                                                              | 730    |   |   | 746 |   |
| Contributions                and sponsorships                       |   |                                                              | 31     |   |   | 73 |   |
| Professional                fees                                    |   |                                                              | 256    |   |   | 111 |   |
| Other                expenses                                       |   |                                                              | 1,010  |   |   | 764 |   |
| Total                non-interest expense                           |   |                                                              | 5,874  |   |   | 5,017 |   |
|                                                                |   |                                                              |   |   |   |   |   |
| Income                before income taxes                           |   |                                                              | 2,228  |   |   | 2,270 |   |
|                                                                |   |                                                              |   |   |   |   |   |
| Income                tax expense                                   |   |                                                              | 873    |   |   | 904 |   |
|                                                                |   |                                                              |   |   |   |   |   |
| NET                INCOME                                           |   | $                                                                 | 1,355  |   | $ | 1,366 |   |
|                                                                |   |                                                              |   |   |   |   |   |
| Basic                and diluted earnings per share                 |   | $                                                                 | .08    |   |   | NA |   |
| Weighted-average                common shares outstanding           |   |                                                              |   |   |   |   |   |
| for                basic and diluted earnings per share             |   |                                                              | 16,601 |   |   | NA |   |

**.**

Back          to Index 

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

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|                                                                                           |   | **Common                Stock** |    | **Paid-In                Capital** |    | **Retained                Earnings** |   | **Unearned****ESOP                Shares** |    | **Other****Comprehensive****(Loss)** |    | **Total** |   |
|------------------------------------------------------------------------------------------------|--------|---------------------------------|---------|------------------------------------|---------|--------------------------------------|--------|--------------------------------------------|---------|--------------------------------------|---------|-----------|--------|
|                                                                                           |   |                            |    |                               |    |                                 |   |                                       |    |                                 |    |      |   |
| Balances                at December 31, 2004                                                   |   | $                               | — |                               | $       | —                              |   | $                                          | 62,667  |                                 | $       | —   |   | $ | (412 | ) | $ | 62,255 |   |
|                                                                                           |   |                            |    |                               |    |                                 |   |                                       |    |                                 |    |      |   |   |   |   |   |   |   |
| Net                income                                                                      |   |                            | — |                               |    | —                              |   |                                       | 1,366   |                                 |    | —   |   |   | — |   |   | 1,366 |   |
| Net                unrealized loss on securities available for sale, net of tax                |   | —                         |    |                               | — |                                 |   | —                                    |    |                                 | — |      |   | (1,156 | ) |   | (1,156 | ) |
| Total                comprehensive income                                                      |   |                            |    |                               |    |                                 |   |                                       |    |                                 |    |      |   |   |   |   |   | 210 |   |
|                                                                                           |   |                            |    |                               |    |                                 |   |                                       |    |                                 |    |      |   |   |   |   |   |   |   |
| Balances                at March 31, 2005                                                      |   | $                               | — |                               | $       | —                              |   | $                                          | 64,033  |                                 | $       | —   |   | $ | (1,568 | ) | $ | 62,465 |   |
|                                                                                           |   |                            |    |                               |    |                                 |   |                                       |    |                                 |    |      |   |   |   |   |   |   |   |
|                                                                                           |   |                            |    |                               |    |                                 |   |                                       |    |                                 |    |      |   |   |   |   |   |   |   |
|                                                                                           |   |                            |    |                               |    |                                 |   |                                       |    |                                 |    |      |   |   |   |   |   |   |   |
| Balances                at December 31, 2005                                                   |   | $                               | 172     |                               |    | 78,446                               |   | $                                          | 66,944  |                                 | $       | (6,092    | )      | $ | (2,465 | ) | $ | 137,005 |   |
|                                                                                           |   |                            |    |                               |    |                                 |   |                                       |    |                                 |    |      |   |   |   |   |   |   |   |
| Net                income                                                                      |   |                            | — |                               |    | —                              |   |                                       | 1,355   |                                 |    | —   |   |   | — |   |   | 1,355 |   |
| Net                unrealized loss on securities available for sale, net of                tax |   | —                         |    |                               | — |                                 |   | —                                    |    |                                 | — |      |   | (791 | ) |   | (791 | ) |
| Total                comprehensive income                                                      |   |                            |    |                               |    |                                 |   |                                       |    |                                 |    |      |   |   |   |   |   | 564 |   |
|                                                                                           |   |                            |    |                               |    |                                 |   |                                       |    |                                 |    |      |   |   |   |   |   |   |   |
| Cash                dividends declared ($.05 per share)                                        |   |                            |    |                               |    |                                 |   |                                       | (371    | )                                    |    |      |   |   |   |   |   | (371 | ) |
|                                                                                           |   |                            |    |                               |    |                                 |   |                                       |    |                                 |    |      |   |   |   |   |   |   |   |
| ESOP                shares committed to be released                                            |   |                            | — |                               |    | 14                                   |   |                                       | — |                                 |    | 80        |   |   | — |   |   | 94 |   |
|                                                                                           |   |                            |    |                               |    |                                 |   |                                       |    |                                 |    |      |   |   |   |   |   |   |   |
| Balances                at March 31, 2006                                                      |   | $                               | 172     |                               | $       | 78,460                               |   | $                                          | 67,928  |                                 | $       | (6,012    | )      | $ | (3,256 | ) | $ | 137,292 |   |
|                                                                                           |   |                            |    |                               |    |                                 |   |                                       |    |                                 |    |      |   |   |   |   |   |   |   |
|                                                                                           |   |                            |    |                               |    |                                 |   |                                       |    |                                 |    |      |   |   |   |   |   |   |   |

**.**

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

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|                                                                                                                    |   | **Three                Months Ended****March                31,** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------|--------|
|                                                                                                                    |   | **2006**                                                          |   | **2005** |   |
| **Cash                flows from operating activities:**                                                                |   |                                                              |   |   |   |   |   |
| Net                income                                                                                               |   | $                                                                 | 1,355  |   | $ | 1,366 |   |
| Adjustments                to reconcile net income to net cash provided by operating                activities:         |   |                                                              |   |   |   |   |   |
| Provision                for loan losses                                                                                |   |                                                              | 162    |   |   | 275 |   |
| ESOP                expense                                                                                             |   |                                                              | 94     |   |   | — |   |
| Amortization                of premiums and discounts                                                                   |   |                                                              | 100    |   |   | 187 |   |
| Provision                for other real estate owned                                                                    |   |                                                              | 34     |   |   | — |   |
| Depreciation                and amortization                                                                            |   |                                                              | 193    |   |   | 156 |   |
| Deferred                (prepaid) income tax expense                                                                    |   |                                                              | (458   | ) |   | (281 | ) |
| Increase                in Bank-owned life insurance                                                                    |   |                                                              | (81    | ) |   | (81 | ) |
| Increase                in accrued interest receivable                                                                  |   |                                                              | (274   | ) |   | (274 | ) |
| Increase                in other assets                                                                                 |   |                                                              | (329   | ) |   | (354 | ) |
| Decrease                in accrued expenses and other liabilities                                                       |   |                                                              | (348   | ) |   | (733 | ) |
|                                                                                                                    |   |                                                              |   |   |   |   |   |
| Net                cash provided by operating activities                                                                |   |                                                              | 448    |   |   | 261 |   |
|                                                                                                                    |   |                                                              |   |   |   |   |   |
| **Cash                flows from investing activities:**                                                                |   |                                                              |   |   |   |   |   |
| Cash                paid to acquire Levine Financial Group                                                              |   |                                                              | (100   | ) |   | — |   |
| Purchases                of securities available for sale                                                               |   |                                                              | (6,872 | ) |   | (30,879 | ) |
| Proceeds                from sales, maturities and principal repayments of securities available                for sale |   |                                                              | 12,172 |   |   | 7,688 |   |
| Purchases                of Federal Home Loan Bank of Boston stock                                                      |   |                                                              | (96    | ) |   | — |   |
| Net                loan originations and principal repayments                                                           |   |                                                              | (9,044 | ) |   | 3,035 |   |
| Purchases                of property and equipment                                                                      |   |                                                              | (97    | ) |   | (64 | ) |
|                                                                                                                    |   |                                                              |   |   |   |   |   |
| Net                cash used in investing activities                                                                    |   |                                                              | (4,037 | ) |   | (20,220 | ) |

Back          to Index 

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

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|                                                                     |   | **Three                Months Ended****March                31,** |    |
|--------------------------------------------------------------------------|--------|-------------------------------------------------------------------|---------|
|                                                                     |   | **2006**                                                          |    | **2005** |   |
| **Cash                flows from financing activities:**                 |   |                                                              |    |   |   |   |   |
| Net                increase in deposits                                  |   | $                                                                 | 32,170  |   | $ | 24,389 |   |
| Proceeds                of Federal Home Loan Bank of Boston advances     |   |                                                              | 29,612  |   |   | — |   |
| Repayments                of Federal Home Loan Bank of Boston advances   |   |                                                              | (18,949 | ) |   | (2,027 | ) |
| Net                increase (decrease) in repurchase agreements          |   |                                                              | (2,046  | ) |   | 1,938 |   |
| Net                increase in escrow funds held for borrowers           |   |                                                              | 130     |   |   | 223 |   |
| Cash                dividends paid                                       |   |                                                              | (371    | ) |   | — |   |
|                                                                     |   |                                                              |    |   |   |   |   |
| Net                cash provided by financing activities                 |   |                                                              | 40,546  |   |   | 24,523 |   |
|                                                                     |   |                                                              |    |   |   |   |   |
| Increase                in cash and cash equivalents                     |   |                                                              | 36,957  |   |   | 4,564 |   |
|                                                                     |   |                                                              |    |   |   |   |   |
| Cash                and cash equivalents at beginning of year            |   |                                                              | 15,843  |   |   | 23,233 |   |
|                                                                     |   |                                                              |    |   |   |   |   |
| Cash                and cash equivalents at end of period                |   | $                                                                 | 52,800  |   | $ | 27,797 |   |
|                                                                     |   |                                                              |    |   |   |   |   |
|                                                                     |   |                                                              |    |   |   |   |   |
| **Supplemental                Disclosure of Cash Flow Information****:** |   |                                                              |    |   |   |   |   |
|                                                                     |   |                                                              |    |   |   |   |   |
| Cash                paid during the period:                              |   |                                                              |    |   |   |   |   |
| Interest                on deposits and other borrowings                 |   | $                                                                 | 5,240   |   | $ | 3,385 |   |
| Income                taxes - net                                        |   |                                                              | 312     |   |   | 726 |   |

**.**

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

**NOTES      TO UNAUDITED CONSOLIDATED FINANCIAL      STATEMENTS**

**MARCH      31, 2006**

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

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**NOTE      A - BASIS OF PRESENTATION**

**NOTE      B - CRITICAL ACCOUNTING POLICIES**

Back          to Index 

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

**NOTES      TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED**

**MARCH      31, 2006**

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**NOTE      C - LOANS **

|                                                  |   | **March                31,** |    | **December                31,** |   |
|-------------------------------------------------------|--------|------------------------------|---------|---------------------------------|--------|
|                                                  |   | **2006**                     |    | **2005**                        |   |
|                                                  |   |                         |    |                            |   |
| Real                estate - Residential (1-4 Family) |   | $                            | 374,972 |                            | $      | 371,281 |   |
| -                Commercial                           |   |                         | 154,637 |                            |   | 150,099 |   |
| Construction                                          |   |                         | 30,167  |                            |   | 28,872 |   |
| Commercial                and industrial              |   |                         | 58,734  |                            |   | 59,591 |   |
| Consumer                                              |   |                         | 27,863  |                            |   | 25,949 |   |
|                                                  |   |                         | 646,373 |                            |   | 635,792 |   |
| Other                Items:                           |   |                         |    |                            |   |   |   |
| Net                deferred loan costs                |   |                         | 1,215   |                            |   | 1,148 |   |
| Allowance                for loan losses              |   |                         | (6,580  | )                               |   | (6,382 | ) |
|                                                  |   | $                            | 641,008 |                            | $      | 630,558 |   |

**NOTE      D - DEPOSITS**

|                             |   | **March                31,** |    | **December                31,** |   |
|----------------------------------|--------|------------------------------|---------|---------------------------------|--------|
|                             |   | **2006**                     |    | **2005**                        |   |
| Type                             |   |                         |    |                            |   |   |   |
| Demand                           |   | $                            | 92,762  |                            | $      | 93,301 |   |
| NOW                              |   |                         | 38,714  |                            |   | 39,922 |   |
| Regular                Savings   |   |                         | 84,646  |                            |   | 87,253 |   |
| Money                Market      |   |                         | 157,103 |                            |   | 154,177 |   |
| Retirement                       |   |                         | 54,809  |                            |   | 52,694 |   |
| Term                Certificates |   |                         | 257,747 |                            |   | 226,264 |   |
|                             |   | $                            | 685,781 |                            | $      | 653,611 |   |

**NOTE      E - ACQUISITION OF LEVINE FINANCIAL GROUP**

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

**NOTES      TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED**

**MARCH      31, 2006**

----

**NOTE      F - SUBSEQUENT EVENT**

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

**Overview**

***Critical      Accounting Policies.***

***Allowance      for Loan Losses.***
* *

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**Business      Strategy**

***Remaining      a Community-Oriented Financial Institution***

***Expanding      our Branch Network***
*.*
*de      novo *

***Increasing      our Commercial Real Estate and Commercial and Industrial      Lending.***

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***Maintaining      High Asset Quality.***

***Increasing      our Share of Lower-Cost Deposits***
*.*

**Forward      Looking Statements**

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

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** **

**Rate/Volume      Analysis**

|                                              |   | **Three                Months Ended March 31,****2006                vs. 2005** |   |
|---------------------------------------------------|--------|---------------------------------------------------------------------------------|--------|
|                                              |   | **Increase                (Decrease) Due to**                                   |   | **Net** |   |
|                                              |   | **Volume**                                                                      |   | **Rate** |   |
| **Interest-earning                assets:**       |   |                                                                            |   |   |   |   |   |   |   |   |
| Loans                                             |   | $                                                                               | 974    |   | $ | 578 |   | $ | 1,552 |   |
| Investment                securities              |   |                                                                            | 643    |   |   | 134 |   |   | 777 |   |
| Other                interest-earning assets      |   |                                                                            | 1      |   |   | 101 |   |   | 102 |   |
|                                              |   |                                                                            |   |   |   |   |   |   |   |   |
| Total                interest-earning assets      |   |                                                                            | 1,618  |   |   | 813 |   |   | 2,431 |   |
|                                              |   |                                                                            |   |   |   |   |   |   |   |   |
| **Interest-bearing                liabilities:**  |   |                                                                            |   |   |   |   |   |   |   |   |
| Savings                accounts                   |   |                                                                            | (17    | ) |   | 44 |   |   | 27 |   |
| Money                market/NOW accounts          |   |                                                                            | 53     |   |   | 563 |   |   | 616 |   |
| Certificates                of deposit            |   |                                                                            | 147    |   |   | 672 |   |   | 819 |   |
| Total                interest-bearing deposits    |   |                                                                            | 183    |   |   | 1,279 |   |   | 1,462 |   |
|                                              |   |                                                                            |   |   |   |   |   |   |   |   |
| FHLB                Advances                      |   |                                                                            | 261    |   |   | 114 |   |   | 375 |   |
| Other                interest-bearing liabilities |   |                                                                            | 16     |   |   | 17 |   |   | 33 |   |
|                                              |   |                                                                            |   |   |   |   |   |   |   |   |
| Total                interest-bearing liabilities |   |                                                                            | 460    |   |   | 1,410 |   |   | 1,870 |   |
|                                              |   |                                                                            |   |   |   |   |   |   |   |   |
| Change                in net interest income      |   | $                                                                               | 1,158  |   | $ | (597 | ) | $ | 561 |   |

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**Comparison      of Operating Results for the Three Months Ended March 31, 2006 and      2005**

***Net      Income.***

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

***Interest      Income.***
** **

***Interest      Expense.***
**.**

***Provision      for Loan Losses.***

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----

***Non-interest      Income.***

***Non-interest      Expense.***

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

**Liquidity,      Market Risk, and Capital Resources**

***Market      Risk***

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|                                           |   |                                        |    |                                                                          |   |                           |    | **NPV                  as a Percentage of****Present                  Value of Assets (3)** |
|------------------------------------------------|--------|---------------------------------------------|---------|-------------------------------------------------------------------------------|--------|--------------------------------|---------|---------------------------------------------------------------------------------------------|
| **Change                    in**Interest Rates |   | **Estimated**                               |    | **Estimated                  Increase (Decrease)****in                  NPV** |   | **NPV                  Ratio** |    | **Increase                  (Decrease)**                                                    |
| **(basis                  points) (1)**        |   | **NPV                  (2)**                |    | **Amount**                                                                    |   | **Percent**                    |    | **(4)**                                                                                     |   | **(basis                  points)** |
|                                           |   | **(Dollars                  in thousands)** |    |                                                                          |   |                           |    |                                                                                        |   |
|                                           |   |                                        |    |                                                                          |   |                           |    |                                                                                        |   |   |   |   |   |   |   |
| +300                                           |   | $                                           | 82,555  |                                                                          |   | $                              | (45,280 | )                                                                                           |   |   | (35 | )% |   |   | 9.82 | %  |   |   | (440 | ) |
| +200                                           |   |                                        | 97,384  |                                                                          |   |                           | (30,451 | )                                                                                           |   |   | (24 | ) |   |   | 11.32 |   |   |   | (289 | ) |
| +100                                           |   |                                        | 112,584 |                                                                          |   |                           | (15,251 | )                                                                                           |   |   | (12 | ) |   |   | 12.80 |   |   |   | (141 | ) |
|                       0    |   |                                        | 127,835 |                                                                          |   |                           | — |                                                                                        |   |   | — |   |   |   | 14.21 |   |   |   | — |   |
| -100                                           |   |                                        | 138,372 |                                                                          |   |                           | 10,537  |                                                                                        |   |   | 8 |   |   |   | 15.12 |   |   |   | 91 |   |
| -200                                           |   |                                        | 139,084 |                                                                          |   |                           | 11,248  |                                                                                        |   |   | 9 |   |   |   | 15.08 |   |   |   | 87 |   |
| _____________                             |   |                                        |    |                                                                          |   |                           |    |                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |

|   | (1) | Assumes                an instantaneous and parallel uniform change in interest rates at                all                maturities. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | NPV                is the discounted present value of expected cash flows from assets,                liabilities and off-balance sheet                contracts. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | Present                value of assets represents the discounted present value of incoming                cash                flows on interest-earning assets. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (4) | NPV                Ratio represents NPV divided by the present value of                assets. |
|--------|-----|------------------------------------------------------------------------------------------------|

***Liquidity***

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***Capital      Resources***

|                                        |   |
|---------------------------------------------|--------|
| **As                of March 31, 2006:**    |   |
|                                        |   |
| Risk-based                capital           | 18.0%  |
|                                        |   |
| 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%  |

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

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

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

|   | 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 | Written                statement of Chief Executive Officer furnished                pursuant to Section 906 of the Sarbanes-Oxley Act of                2002. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.2 | Written                statement of Chief Financial Officer furnished                pursuant to Section 906 of the Sarbanes-Oxley Act of                2002. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**SIGNATURES**

|   |                             |   | **United                Financial Bancorp, Inc.** |
|--------|----------------------------------|--------|---------------------------------------------------|
|   |                             |   |                                              |   |
|   |                             |   |                                              |   |
| Date:  |  May                5, 2006 |   | By:                                               | /s/                Richard B. Collins |
|   |                             |   |                                              | Richard                B. Collins |
|   |                             |   |                                              | President                and Chief Executive Officer |
|   |                             |   |                                              |   |
|   |                             |   |                                              |   |
| Date:  | May                5, 2006       |   | By:                                               | /s/                Donald F. X. Lynch |
|   |                             |   |                                              | Donald                F.X. Lynch |
|   |                             |   |                                              | Executive                Vice President and ChiefFinancial                Officer |

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