U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                   FORM 10-QSB

[X]           QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                       FOR THE QUARTER ENDED JUNE 30, 2000

                                       OR

[ ]           TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                        COMMISSION FILE NUMBER 005-55641

                         UNITED FINANCIAL HOLDINGS, INC.
                 (Name of Small Business Issuer in its Charter)

           FLORIDA                                               59-2156002
(State or Other Jurisdiction of                                (IRS Employer
 Incorporation or Organization)                             Identification No.)

                        333 THIRD AVENUE NORTH, SUITE 200
                       ST. PETERSBURG, FLORIDA 33701-3346
                    (Address of Principal Executive Offices)
                                 (727) 898-2265
                (Issuer's Telephone Number, Including Area Code)

Check whether the issuer:  (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or
for such shorter  period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days. Yes X
No ___

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common equity, as of the latest practicable date:

    Common Stock, $0.01 Par value                          4,230,000
--------------------------------------          -------------------------------
              Class                             Outstanding as of August 4, 2000
<PAGE>
                         UNITED FINANCIAL HOLDINGS, INC.

                                      INDEX
                                                                         PAGE
================================================================================
PART I.  FINANCIAL INFORMATION

     ITEM 1.     Financial Statements (unaudited)

         Condensed Consolidated Balance Sheets -
         At June 30, 2000 and December 31, 1999                           1

         Condensed Consolidated Statements of Earnings -
         For the three month and six months ended
         June 30, 2000 and 1999                                           2

         Condensed Consolidated Statements of Comprehensive
         Income For the three month and six months ended
         June 30, 2000 and 1999                                           3

         Condensed Consolidated Statement of Stockholders'
         Equity - For the six months ended June 30, 2000                  4

         Condensed Consolidated Statements of Cash Flows -
         For the six months ended June 30, 2000 and 1999                  5-6

         Notes to Condensed Consolidated Financial Statements             7-9

     ITEM 2.     Management's Discussion and Analysis of Financial
                 Condition and Results of Operations                     10-15


PART II.  OTHER INFORMATION

     ITEM 1.     Legal Proceedings                                         16

     ITEM 2.     Changes in Securities and Use of Proceeds                 16

     ITEM 3.     Defaults Upon Senior Securities                           16

     ITEM 4.     Submission of Matters to a Vote of Shareholders           16

     ITEM 5.     Other Information                                         17

     ITEM 6.     Exhibits and Reports on Form 8-K                          17


SIGNATURES                                                                 18











<PAGE>
PART I.  FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS

                United Financial Holdings, Inc. and Subsidiaries
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                                   (unaudited)
                                 (in thousands)
                                               June 30,       December 31,
 ASSETS                                           2000              1999
                                              ----------       -----------
Cash and due from banks                       $  9,815         $  8,866
Federal funds sold                                   -            2,917
Trading securities                                   -               82
Securities held to maturity, market value
  of $15,862 and $14,072 respectively           16,341           14,541
Securities available for sale, at market        10,216            9,924
Loans, net                                     167,865          153,497
Premises and equipment, net                      9,410            9,619
Federal Home Loan Bank stock                       507              507
Federal Reserve Bank stock                         226              204
Intangible assets                                2,019            1,748
Other real estate owned                            416            1,528
Other assets                                     6,233            6,048
                                             -----------      ------------
       Total assets                          $ 223,048        $ 209,481
                                             ===========      ============
                        LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
  Demand                                     $  35,384        $  32,936
  NOW and money market                          63,152           67,914
  Savings & Time Deposits                       80,954           74,248
                                             -----------      ------------
       Total deposits                          174,490          175,098

Securities sold under agreements to repurchase  15,119            7,307
Convertible subordinated debentures                630              630
Other liabilities                                3,131            2,874
                                             ------------      ------------
       Total liabilities                       198,370          185,909

Company-obligated Mandatory Redeemable Capital
 Securities of Subsidiary Trust Holding Solely
 Subordinated Debentures Of The Company          6,750            6,750

STOCKHOLDERS' EQUITY
  7% convertible preferred stock                   100              100
  Common stock                                      42               42
  Paid-in capital                               10,019            9,672
  Treasury shares                                 (100)               -
  Accumulated other comprehensive income          (272)            (232)
  Retained earnings                              8,139            7,240
                                             ------------     --------------
       Total stockholders' equity               17,928           16,822
                                             ------------     --------------
  Total liabilities and stockholders' equity $ 223,048        $ 209,481
                                             ============     ==============

     See accompanying notes to condensed consolidated financial statements.
                                      -1-
<PAGE>
                United Financial Holdings, Inc. and Subsidiaries
                  CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
                                   (unaudited)
                      (in thousands, except per share data)
                              Three Months Ended         Six Months Ended
                             June 30,     June 30,    June 30,       June 30,
                               2000         1999        2000           1999
                             ---------    ---------   ---------     ---------
Interest income
  Loans and loan fees        $   4,021    $   3,001   $   7,820     $   5,874
  Securities                       405          440         781           861
  Federal funds sold securities
    purchased under reverse
    repurchase agreements          201           85         282           133
                             ---------    ---------   ---------     ---------
       Total interest income     4,627        3,526       8,883         6,868
Interest expense
  Deposits                       1,710        1,187       3,151         2,272
  Long-term debt and
    other borrowings               114           59         204           125
  Subordinated debentures
    issued to subsidiary trust     159          158         317           365
                             ---------    ---------   ---------     ---------
       Total interest expense    1,983        1,404       3,672         2,762
                             ---------    ---------   ---------     ---------
       Net interest income       2,644        2,122       5,211         4,106
Provision for loan losses          200          180         350           405
                             ---------    ---------   ---------     ---------
   Net interest income after
     provision for loan losses   2,444        1,942       4,861         3,701
Other income
  Service charges on
    deposit accounts               230          197         455           373
  Trust and investment
    management income              787          697       1,557         1,360
  Gain on Sale of Loans            138          139         164           251
  All other fees and income        162          174         308           346
                             ---------    ---------   ---------     ---------
       Total other income        1,317        1,207       2,484         2,330
Other expense
   Salaries & employee benefits  1,370        1,198       3,075         2,564
   Occupancy expense               123          130         240           260
   Furniture & equipment expense   149          157         313           298
   Data Processing                 153          107         293           238
   Marketing & business developmnt 180           90         225           131
   Other operating expenses        622          611       1,267         1,049
                             ---------    ---------   ---------     ---------
                                 2,597        2,293       5,413         4,540
                             ---------    ---------   ---------     ---------
  Earnings before income taxes   1,164          856       1,932         1,491
Income tax expense                 404          319         691           549
                             ---------    ---------   ---------     ---------
       NET EARNINGS          $     760    $     537   $   1,241     $     942
                             =========    =========   =========     =========
Earnings Per Share:
   Basic                     $     .18    $     .13   $     .29     $     .23
   Diluted                   $     .17    $     .12   $     .28     $     .22
    See accompanying notes to condensed consolidated financial statements.
                                      -2-
<PAGE>
                United Financial Holdings, Inc. and Subsidiaries
            CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                                   (unaudited)
                                 (in thousands)
                              Three Months Ended         Six Months Ended
                             June 30,     June 30,    June 30,       June 30,
                               2000         1999        2000           1999
                             ---------    ---------   ---------     ---------
Net earnings                 $     760    $     537   $   1,241     $     942
Other comprehensive income
   Unrealized holding
     gains (losses)                 45         (215)        (60)         (332)
   Income tax (expense) benefit
     related to items of other
     comprehensive income          (15)          73          20           113
                             ---------    ---------   ---------     ---------

Comprehensive income         $     790    $     395   $   1,201     $     723
                             =========    =========   =========     =========






































    See accompanying notes to condensed consolidated financial statements.
                                      -3-
<PAGE>
                United Financial Holdings, Inc. and Subsidiaries
            CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
                                   (unaudited)
                                 (in thousands)

                                             Accumu-
                          7%                 lated
                          Convert-           Other
                          ible               Compre-           Re-
                 Common   Preferred Paid-In  hensive  Treasury tained
                 Stock    Stock     Capital  Income   Shares   Earnings Total
                 -------- --------- -------- -------- -------  -------- --------
Balance at
 December 31,
 1999           $      42 $     100 $  9,672 $   (232)$     -  $  7,240 $16,822
Net Earnings            -        -        -        -        -     1,241   1,241
Dividends on Common
   & Preferred Stock    -        -        -        -        -      (342)   (342)
Accumulated other
   comprehensive income -        -        -      (40)       -         -     (40)
Treasury shares
   redeemed             -        -        -        -     (100)        -    (100)
Performance shares
   issure               -        -      347        -        -         -     347
                 -------- --------- -------- -------- -------  -------- --------

Balance at
 June 30, 2000   $     42 $     100 $ 10,019 $   (272)$  (100) $  8,139 $17,928
                 ======== ========= ======== ======== =======  ======== =======


























    See accompanying notes to condensed consolidated financial statements.
                                      -4-
<PAGE>
                United Financial Holdings, Inc. and Subsidiaries
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (unaudited)
                                 (in thousands)

                                                       Six Months Ended
                                                   June 30,        June 30,
                                                    2000             1999
                                                   -----------     -----------
Cash flows from operating activities:
    Net earnings                                   $     1,241     $       942
    Adjustments to reconcile net earnings
     to net cash provided by (used in)
     operating activities
       Provision for loan losses                           350             405
       Provision for depreciation and amortization         408             384
       Unrealized gain on trading securities                 -              (8)
       Accretion of securities discount                     (4)             (7)
       Amortization of unearned loan fees                  (50)            (75)
       Amortization of securities premiums                   7              10
       Gain on sales of loans                             (246)           (434)
       (Increase) in interest receivable                   (46)            (88)
       Increase in interest payable                         35              23
       Decrease (increase) in other assets                 990            (217)
       Increase (decrease) in other liabilities            222            (681)
                                                   -----------     -----------

         Net cash provided by
          operating activities                           2,907             254

Cash flows from investing activities:
    Purchase of Federal Reserve Bank stock
     and FHLB stock                                        (23)           (118)
    Net decrease (increase) in Federal funds sold        2,917             (95)
    Principal repayments of held to
      maturity securities                                  178             870
    Principal repayments of available for
      sale securities                                      345           1,981
    Proceeds from sale of trading securities                75               -
    Proceeds from maturities of available for
      sale securities                                    1,511           3,000
    Proceeds from maturities of held to
      maturity securities                                  631              50
    Purchases of available for sale securities          (2,483)         (4,491)
    Purchases of held to maturity securities            (2,310)         (1,899)
    Proceeds from sales of loans                         3,069           4,457
    Net (increase) in loans                            (17,490)        (16,455)
    Capital expenditures                                  (140)           (922)
                                                   -----------     -----------

          Net cash used in investing activities        (13,720)        (13,622)






   See accompanying notes to condensed consolidated financial statements.
                                      -5-
<PAGE>
                United Financial Holdings, Inc. and Subsidiaries
           CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
                                   (unaudited)
                                 (in thousands)
                                   (continued)

                                                       Six Months Ended
                                                   June 30,        June 30,
                                                    2000             1999
                                                   -----------     ------------

Cash flows from financing activities:
    Net (decrease) increase in demand deposits,
    NOW accounts, money market accounts and
    savings accounts                               $    (2,060)    $     8,597
   Net increase in certificates of deposit               6,453           6,620
   Net increase (decrease) in securities sold            7,812         (3,477)
   under agreements to repurchase
   Repayment of long-term debt                               -             (34)
   Issuance of Company-obligated mandatory redeemable
     capital securities of subsidiary trust holding solely
     subordinated debentures of the Company                  -             750
   Issuance of common stock                                  -             367
   Dividend paid on preferred stock                         (4)             (7)
   Dividend paid on common stock                          (339)           (328)
   Purchase of Treasury Shares                            (100)              -
                                                   -----------      -----------

         Net cash provided by financing activities      11,762          12,488
                                                   -----------      -----------

Net increase (decrease) in cash and due from banks         949            (880)

Cash and due from banks at beginning of period           8,866           7,967
                                                   -----------      -----------

Cash and due from banks at end of period           $     9,815      $    7,087
                                                   ===========      ===========


Cash paid during the period for:
   Interest                                        $     3,638      $    2,739
   Income taxes                                    $     1,068      $      535

Supplemental Disclosure of Non-cash Activity
--------------------------------------------
Performance shares issued                          $       347      $      113










   See accompanying notes to condensed consolidated financial statements.
                                      -6-
<PAGE>
UNITED FINANCIAL HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - HOLDING COMPANY AND SUBSIDIARIES BACKGROUND INFORMATION

United  Financial  Holdings,  Inc. (the  "Company") is a registered bank holding
company  formed  in 1982,  the  principal  subsidiary  of which is  United  Bank
("Bank"),  a Florida-chartered  commercial bank headquartered in St. Petersburg,
Florida. The Bank was founded in 1979 and is a community-oriented,  full service
commercial  bank with five branch offices  serving the southern  Pinellas County
area of the State of Florida.

The Company's other operating  subsidiaries are Eickhoff,  Pieper, & Willoughby,
Inc., an investment  advisory firm registered under the Investment  Advisers Act
of 1940 ("EPW") headquartered in Tampa, Florida, with an office in Jacksonville,
Florida,  and United Trust Company, a  Florida-chartered  trust company ("United
Trust") located in St.  Petersburg,  Florida.  EPW offers investment  management
services  to  corporate,   municipal  and  high  net  worth  individual  clients
throughout  the State of Florida.  United Trust is a wholesale  provider of data
processing,  administrative and accounting support and asset custody services to
professionals holding assets in trust (primarily legal and accounting firms). In
addition,  United Trust also  provides  retail trust and  investment  management
services to individual and corporate clients.

NOTE 2 - BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information. In the opinion of management, all adjustments, consisting
primarily of normal recurring adjustments,  necessary for a fair presentation of
the results for the interim  periods  have been made to fairly state the results
for the interim  periods.  The results of operations of the three and six months
ended June 30, 2000 are not necessarily  indicative of the results  expected for
the full year.

The organization and business of the Company,  accounting  policies  followed by
the Company and other  information  are contained in the Company's  December 31,
1999Form  10-KSB.  This quarterly report should be read in conjunction with such
annual report.

NOTE 3 - EARNINGS PER SHARE

Basic earnings per share are based on the weighted  average number common shares
outstanding during the periods. Diluted earnings per share includes the weighted
average number of common shares  outstanding  during the periods and the further
dilution from stock options using the treasury stock method.  The following is a
reconciliation  of the  numerators  and  denominators  of the basic and  diluted
earnings per share computations for the periods presented (dollars in thousands,
except per share data).









                                      -7-
<PAGE>
                               For the three months ended June 30
                               ----------------------------------
                                 2000                     1999
                      --------------------------   ----------------------------
                                Weighted  Per                  Weighted  Per
                                Average   Share                Average   Share
                      Earnings  Shares    Amount   Earnings    Shares    Amount
                     ---------  --------- ------   ---------   --------- ------
Basic EPS
  Net earnings
    available to
    Common
    Stockholders      $    760  4,230,963 $  .18   $    537    4,061,313 $  .13
                                          ======                         ======

Effect of  dilutive securities
  Incremental  shares
   from  assumed  exercise or
    conversion of:
       Convertible Debt      8    152,789                  8     152,789
       Preferred Stock       -     84,345                  -     174,854
       Stock Options         -        165                  -           -
                     ---------  ---------          ---------   ---------

Diluted EPS
  Net earnings available to Common
    Stockholders and assumed
    conversions      $     768  4,468,262 $  .17   $     545   4,388,956 $  .12
                     =========  ========= ======   =========   ========= ======
                               For the six months ended June 30
                               ----------------------------------
                                 2000                     1999
                      --------------------------   ----------------------------
                                Weighted  Per                  Weighted  Per
                                Average   Share                Average   Share
                      Earnings  Shares    Amount   Earnings    Shares    Amount
                     ---------  --------- ------   ---------   --------- ------
Basic EPS
  Net earnings
   available to Common
    Stockholders     $   1,238  4,229,237 $  .29   $     935   4,056,251 $  .23
                                          ======                         ======

Effect of  dilutive  securities
  Incremental  shares
   from  assumed  exercise or
    conversion of:
       Convertible Debt    16     152,789                  16    152,789
       Preferred Stock      3      84,345                   7    175,355
       Stock Options        -         112                   -          -
                     ---------  ---------           ---------  ---------

Diluted EPS
  Net earnings available to Common
    Stockholders and assumed
    conversions      $   1,257  4,466,483  $  .28   $     958  4,384,395 $  .22
                     =========  =========  ======   =========  ========= ======

                                      -8-
<PAGE>
NOTE 4 - BUSINESS SEGMENT INFORMATION

United  Financial  has three  reportable  segments:  Commercial  Banking,  Trust
Services,  and  Investment  Management  Services.  Corporate and Other  includes
corporate expenses such as corporate overhead,  intercompany  transactions,  and
certain  goodwill  amortization.  The  following  table  presents the  Company's
Business  Segment  Information  for the three and six months ended June 30, 2000
and 1999, respectively:

                         For the three months ended June 30, 2000
                      Commercial  Investment  Trust     Corporate &
                       Banking    Management  Services  Overhead      Total
                      ----------  ----------  --------  -----------  ---------
Net interest income   $ 2,748     $      -    $     56  $   (160)    $ 2,644
Non interest income       556          424         375       (38)      1,317
                      ----------  ----------  --------  -----------  ---------
Total revenue           3,304          424         431      (198)      3,961
Loan loss provision       200            -           -         -         200
Non interest expense    1,940          334         292        31       2,597
                      ----------  ----------  --------  -----------  ---------
Pretax income (loss)    1,164           90         139      (229)      1,164
Income taxes (benefit)    397           32          59       (84)        404
                      ----------  ----------  --------  -----------  ---------
Segment net income    $   767     $     58    $     80  $   (145)    $   760
                      ==========  ==========  ========  ===========  =========



                          For the three months ended June 30, 1999
                      Commercial  Investment  Trust     Corporate &
                       Banking    Management  Services  Overhead      Total
                      ----------  ----------  --------  -----------  ---------
Net interest income   $ 2,230     $      -    $     44  $   (152)    $ 2,122
Non interest income       560          409         300       (62)      1,207
                      ----------  ----------  --------  -----------  ---------
Total revenue           2,790          409         344      (214)      3,329
Loan loss provision       180            -           -         -         180
Non interest expense    1,720          302         261        10       2,293
                      ----------  ----------  --------  -----------  ---------
Pretax income (loss)      890          107          83      (224)        856
Income taxes (benefit)    324           39          35       (79)        319
                      ----------  ----------  --------  -----------  ---------
Segment net income    $   566     $     68    $     48  $   (145)    $   537
                      ==========  ==========  ========  ===========  =========













Continued on 9b
                                     -9a-
<PAGE>
Continued from 9a

                          For the six months ended June 30, 2000
                      Commercial  Investment  Trust     Corporate &
                       Banking    Management  Services  Overhead      Total
                      ----------  ----------  --------  -----------  ---------
Net interest income   $ 5,425     $      -    $    108  $   (322)    $ 5,211
Non interest income       987          843         738       (84)      2,484
                      ----------  ----------  --------  -----------  ---------
Total revenue           6,412          843         846      (406)      7,695
Loan loss provision       350            -           -         -         350
Non interest expense    3,761          943         648        61       5,413
                      ----------  ----------  --------  -----------  ---------
Pretax income (loss)    2,301         (100)        198      (467)      1,932
Income taxes (benefit)    810          (38)         89      (170)        691
                      ----------  ----------  --------  -----------  ---------
Segment net income    $ 1,491     $    (62)   $    109  $   (297)    $ 1,241
                      ==========  ==========  ========  ===========  =========



                          For the six months ended June 30, 1999
                      Commercial  Investment  Trust     Corporate &
                       Banking    Management  Services  Overhead      Total
                      ----------  ----------  --------  -----------  ---------
Net interest income   $ 4,329     $      -    $     86  $   (309)    $ 4,106
Non interest income     1,018          807         578       (73)      2,330
                      ----------  ----------  --------  -----------  ---------
Total revenue           5,347          807         664      (382)      6,436
Loan loss provision       405            -           -         -         405
Non interest expense    3,267          729         534        10       4,540
                      ----------  ----------  --------  -----------  ---------
Pretax income (loss)    1,675           78         130      (392)      1,491
Income taxes (benefit)    603           29          57      (140)        549
                      ----------  ----------  --------  -----------  ---------
Segment net income    $ 1,072     $     49    $     73  $   (252)    $   942
                      ==========  ==========  ========  ===========  =========

ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS

      This  report  contains   statements   that   constitute   "forward-looking
statements"  within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The
words  "believe,"  "estimate,"  "expect,"  "intend,"  "anticipate,"  "plan"  and
similar   expressions   and  variations   thereof   identify   certain  of  such
forward-looking  statements  which speak only as of the dates on which they were
made.  The Company  undertakes no  obligation  to publicly  update or revise any
forward-looking  statements,  whether  as a result  of new  information,  future
events,  or  otherwise.  Readers  are  cautioned  that any such  forward-looking
statements  are not  guarantees  of future  performance  and  involve  risks and
uncertainties,  and  that  actual  results  may  differ  materially  from  those
indicated in the forward-looking statements as a result of various factors. Such
factors  include,   but  are  not  limited  to  competition,   general  economic
conditions,  potential  changes in interest  rates,  and changes in the value of
real estate securing loans made by the Company.


                                     -9b-
<PAGE>
COMPARISON OF BALANCE SHEETS AT JUNE 30, 2000 AND DECEMBER 31, 1999

Overview

      Total assets of the Company were $223.0 million at June 30, 2000, compared
to $209.5  million at December 31, 1999,  an increase of $13.5  million or 6.4%.
This  increase was  primarily  the result of the  Company's  internal  growth of
earning assets (primarily federal funds sold and loans) funded by an increase in
deposits.

Investment Securities

      Investment  securities,  consisting  of U.S.  Treasury and federal  agency
securities,  obligations of state and political subdivisions and mortgage-backed
and corporate debt securities,  were $26.6 million at June 30, 2000, compared to
$24.4  million at  December  31,  1999,  an  increase  of $2.2  million or 9.0%.
Included  in  investment  securities  at June 30,  2000,  were $10.2  million of
securities held as "available for sale" to provide the Bank greater flexibility
to respond to changes in interest rates and liquidity.  These securities have
been recorded at market value.

Loans

      Total  loans were  $171.6  million at June 30,  2000,  compared  to $156.9
million at December 31, 1999, an increase of $14.7 million or 9.4%. For the same
period, real estate mortgage loans increased by $7.7 million or 7.1%, commercial
loans increased by $7.7 million or 18.6%, and all other loans including consumer
loans  decreased by $.7 million or 10.1%.  Loans net of allowance  for loan loss
and  unearned  fees were  $167.9  million at June 30,  2000  compared  to $153.5
million at December 31, 1999.

The following  table sets forth  information  concerning  the loan  portfolio by
collateral types as of the dates indicated (dollars in thousands):

                                        June 30, 2000        December 31, 1999
Real estate mortgage loans:
  Commercial real estate                $      86,741          $      82,622
  One-to-four family residential               10,011                  7,933
  Multifamily residential                      15,504                 13,603
  Construction and land development             4,220                  4,585
                                        -------------          -------------
      Total real estate mortgage loans        116,476                108,743

Commercial loans                               49,063                 41,358
Consumer loans                                  5,130                  5,930
Other loans                                       956                    839
                                        -------------          -------------
  Gross loans                                 171,625                156,870
Allowances for loan losses                     (2,658)                (2,341)
Unearned fees                                  (1,102)                (1,032)
                                        -------------          -------------
      Total loans net of allowance
        and unearned fees               $     167,865          $     153,497
                                        =============          =============




                                    -10-
<PAGE>
Asset Quality and Allowance for Loan Losses

     The allowance for loan losses represents management's estimate of an amount
adequate to provide for potential losses within the existing loan portfolio. The
allowance  is  based  upon  an  ongoing  quarterly  assessment  of the  probable
estimated losses inherent in the loan portfolio,  and to a lesser extent, unused
commitments to provide financing.

     The  methodologies  for  assessing  the  appropriateness  of the  allowance
consist of several key elements,  which include:  1) the formula  allowance;  2)
review of the underlying  collateral on specific  loans;  and 3) historical loan
losses.  The  formula  allowance  is  calculated  by  applying  loss  factors to
outstanding  loans and unused  commitments,  in each case based on the  internal
risk  grade of those  loans.  Changes  in risk  grades  of both  performing  and
non-performing  loans affect the amount of the formula allowance.  On the larger
criticized  or  classified  credits,  a review is  conducted  of the  underlying
collateral  that secures each credit.  A worse case scenario review is conducted
on  those  loans to  calculate  the  amount,  if any,  of  potential  loss.  The
historical  loan loss method is a review of the last six years of actual losses.
The loss percentage is calculated and applied to the current  outstanding  loans
in total.

     Various conditions that would affect the loan portfolio are also evaluated.
General economic and business  conditions that affect the portfolio are reviewed
including:   1)  credit  quality  trends   including  trends  in  past  due  and
non-performing  loans;  2)  collateral  values in general;  3) loan  volumes and
concentration;   4)  recent  loss  experience  in  particular  segments  of  the
portfolio;  5) duration  and  strength of the current  business  cycle;  6) bank
regulatory  examination  results;  and 7) findings of the  external  loan review
process.  Senior  management  and the Directors'  General Loan Committee  review
these conditions quarterly. If any of these conditions presents a problem to the
loan portfolio, an additional allocation may be recommended.

      The following table sets forth information  concerning the activity in the
allowance for loan losses during the periods indicated (dollars in thousands):

                                               For the six months ended
                                          June 30, 2000          June 30, 1999
                                          --------------         --------------
Allowance at beginning of period          $        2,341         $        1,984
Charge-offs:
  Real estate loans                                    -                      -
  Commercial loans                                    27                      -
  Consumer loans                                      17                      2
                                          --------------         --------------
      Total charge-offs                               44                      2
Recoveries:
  Real estate loans                                    5                      -
  Commercial loans                                     5                      -
  Consumer loans                                       1                      -
                                          --------------         --------------
      Total recoveries                                11                      -
Net charge-offs                                       33                      2
Provision for loan losses                            350                    225
                                          --------------         --------------
Allowance at end of period                $        2,658         $        2,207
                                          ==============         ==============

                                    -11-
<PAGE>
Nonperforming Assets

     Nonperforming  assets  include 1) loans  which are 90 days or more past due
and have been placed into non-accrual status; 2) accruing loans that are 90 days
or more delinquent that are deemed by management to be adequately secured and in
the  process of  collection;  and 3) ORE (i.e.,  real  estate  acquired  through
foreclosure or deed in lieu of  foreclosure).  All delinquent loans are reviewed
on a regular basis and are placed on non-accrual  status when, in the opinion of
management,   the  possibility  of  collecting  additional  interest  is  deemed
insufficient to warrant further accrual. As a matter of policy,  interest is not
accrued on loans past due 90 days or more  unless the loan is both well  secured
and in  process  of  collection.  When a loan is placed in  non-accrual  status,
interest accruals cease and uncollected accrued interest is reversed and charged
against current income.  Additional  interest income on such loans is recognized
only when received.

The  following  table  sets  forth  information   regarding  the  components  of
nonperforming assets at the dates indicated (dollars in thousands):

                                        June 30, 2000         December 31, 1999
                                        --------------        -----------------
Real estate loans                       $        1,668           $        1,462
Commercial loans                                   818                      453
Consumer loans                                       -                        -
                                        --------------        -----------------
   Total non-accrual loans(1)                    2,486                    1,915
Other Real Estate                                  416                    1,528
Accruing Loans 90 days past due                      1                      441
                                        --------------        -----------------
   Total nonperforming assets           $        2,903        $           3,884
                                        ==============        =================

Bank Premises and Equipment

         Bank premises and equipment was $9.4 million at June 30, 2000, compared
to $9.6 million at December  31,  1999, a decrease of $.2 million or 2.1%.  This
decrease was  primarily due to the  depreciation  of the buildings and equipment
and amortization of leasehold improvements.

Deposits

     Total  deposits  were $179.5  million at June 30, 2000,  compared to $175.1
million at December  31, 1999,  an increase of $4.4 million or 2.5%.  During the
six months ended June 30, 2000, demand deposits increased $2.4 million,  NOW and
money market  deposits  decreased  $4.8 million,  and savings  deposits and time
deposits increased $6.7 million.

Long-term Debt and Convertible Subordinated Debentures

     There was no long-term debt outstanding (excluding convertible subordinated
debentures)  at either June 30, 2000 or December 31, 1999.  During both periods,
$630 thousand in convertible subordinated debentures were outstanding.






                                     -12-
<PAGE>
Mandatory Redeemable Capital Securities of Subsidiary Trust

     In December 1998, the Company,  through a statutory  business trust created
and owned by the  Company,  issued  approximately  $6.7  million  (including  an
overallotment of approximately $750 thousand that closed on January 14, 1999) of
Trust Preferred  Securities that will mature on December 10, 2028. The principal
assets of the Trust are Debentures  issued to the Company in an aggregate amount
of $6.96 million, with an interest rate of 9.40% and a maturity date of December
10, 2028.

Stockholders' Equity

     Stockholders'  equity was $17.9 million at June 30, 2000, or 8.04% of total
assets,  compared to $16.8  million,  or 8.02% of total  assets at December  31,
1999. At June 30, 2000,  the Bank's Tier I (core)  Capital ratio was 7.50%,  its
Tier I Risk-based  Capital  ratio was 9.15%,  and its Total  Risk-based  Capital
ratio was 10.40%.  The capital  ratios of the Bank at that date all exceeded the
minimum  regulatory  guidelines  for  an  institution  to  be  considered  "well
capitalized".  The increase in stockholders'  equity was due to year to date net
income,  less  dividends  declared and changes in the market value of securities
available for sale, net of deferred taxes.

COMPARISON OF RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED
JUNE 30, 2000 AND 1999

Overview

     Net income for the three  months  ended June 30, 2000 was $760  thousand or
$0.17 per share  diluted,  compared to $537  thousand or $0.12 per share diluted
for the same  period in 1999.  On a pre-tax  basis,  United  Trust  earned  $139
thousand in 2000 versus $83  thousand in 1999,  EPW earned $90  thousand  versus
$107 thousand and the Bank's pre-tax profits increased to $1.2 million from $890
thousand during this same period.

Analysis of Net Interest Income

     Interest  income for the three months ended June 30, 2000 was $4.6 million,
compared to $3.5  million for the same period in 1999,  a $1.1  million or 31.4%
increase.  This  increase in interest  income is primarily due to an increase in
earning  assets,  consisting  mostly of loans as well as a general  increase  in
interest  rates.  Interest  expense was $2.0  million for the three months ended
June 30,  2000,  compared to $1.4  million  for the same period in 1999,  a $0.6
million or 42.8%  increase.  This  increase is  primarily  due to an increase in
interest bearing liabilities as well as a general increase in interest rates.

Provision for Loan Losses

     For the three  months ended June 30, 2000,  the  provision  for loan losses
charged to expense was $200  thousand,  compared to $180  thousand  for the same
period in 1999, an increase of $20 thousand or 11.1%.  The allowance of possible
loan losses was $2.7 million at June 30, 2000.  Management's  judgment as to the
adequacy of the allowance is based upon a number of assumptions about the future
events which it believes to be reasonable, but which may or may not be accurate.
Because of the inherent  uncertainty of  assumptions  made during the evaluation
process,  there can be no assurance  that loan losses in future periods will not
exceed the allowance for loan losses or that  additional  provisions will not be
required.

                                    -13-
<PAGE>
Noninterest Income

     Noninterest  income  for the  three  months  ended  June 30,  2000 was $1.3
million  compared to $1.2  million  for the same period in 1999,  an increase of
$0.1 million or 8.3%. This increase was primarily due to increased revenues from
EPW and United Trust whose combined revenues  increased $90 thousand during this
period as well as an increase in service charges on deposit accounts.

Noninterest Expense

     Total noninterest expense for the three months ended June 30, 2000 was $2.6
million  compared to $2.3  million  for the same period in 1999,  an increase of
$0.3 million or 13.0%. This increase was due to increases in salary and benefits
expense of $172 thousand, data processing expense of $46 thousand, and marketing
and business development expense of $90 thousand, which includes a $100 thousand
contribution to a local non-profit organization.

COMPARISON OF RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED
JUNE 30, 2000 AND 1999

Overview

     Net income for the six months ended June 30, 2000 was $1.2 million or $0.28
per share diluted,  compared to $942 thousand or $0.22 per share diluted for the
same period in 1999.  On a pre-tax  basis,  United Trust earned $198 thousand in
2000 versus $130  thousand in 1999,  EPW's  pre-tax  operating  profits  (before
deducting $280 thousand of costs  associated  with a cash payment in lieu of the
issuance of  performance  shares)  increased to $180 thousand from $168 thousand
during this period and the Bank's pre-tax profits increased to $2.3 million from
$1.7 million during this same period.

Analysis of Net Interest Income

     Interest  income for the six months  ended June 30, 2000 was $8.9  million,
compared to $6.9  million for the same period in 1999,  a $2.0  million or 29.0%
increase.  This  increase in interest  income is primarily due to an increase in
earning  assets,  consisting  mostly of loans as well as a general  increase  in
interest rates.  Interest expense was $3.7 million for the six months ended June
30,  2000,  compared to $2.8 million for the same period in 1999, a $0.9 million
or 32.1%  increase.  This  increase is primarily  due to an increase in interest
bearing liabilities as well as a general increase in interest rates.

Provision for Loan Losses

     For the six months  ended June 30,  2000,  the  provision  for loan  losses
charged to expense was $350  thousand,  compared to $405  thousand  for the same
period in 1999, a decrease of $55 thousand or 13.6%.  The  allowance of possible
loan losses was $2.7 million at June 30, 2000.  Management's  judgment as to the
adequacy of the allowance is based upon a number of assumptions about the future
events which it believes to be reasonable, but which may or may not be accurate.
Because of the inherent  uncertainty of  assumptions  made during the evaluation
process,  there can be no assurance  that loan losses in future periods will not
exceed the allowance for loan losses or that  additional  provisions will not be
required.




                                    -14-
<PAGE>
Noninterest Income

     Noninterest  income for the six months ended June 30, 2000 was $2.5 million
compared  to $2.3  million  for the same  period in 1999,  an  increase  of $0.2
million or 8.7%. This increase was primarily due to increased  revenues from EPW
and United Trust whose combined  revenues  increased  $197 thousand  during this
period.  An increase in service charges on deposit  accounts of $82 thousand was
offset by a decrease of $87  thousand  in the gain on sale of loans  during this
period.

Noninterest Expense

     Total  noninterest  expense for the six months ended June 30, 2000 was $5.4
million  compared to $4.5  million  for the same period in 1999,  an increase of
$0.9 million or 20.0%. This increase was due to increases in salary and benefits
expense of $511  thousand  (which  includes  $190  thousand  related to the cash
payment  in  lieu  of  the  issuance  of  performance  shares  pursuant  to  the
acquisition  of EPW),  data  processing  expense of $55 thousand,  marketing and
business  development  expense of $94 thousand,  which  includes a $100 thousand
contribution to a local non-profit  organization and other operating  expense of
$218  thousand,  which  includes REO expense of $90 thousand and $37 thousand in
consulting expense.

LIQUIDITY

     During the six months ended June 30, 2000, the Company's primary sources of
funds  consisted of deposit inflows and proceeds from the maturity and principal
repayment  of  securities  available  for sale.  The  Company  used its  capital
resources  principally  to fund existing and  continuing  loan  commitments,  to
purchase loan participations and to purchase overnight investments (i.e. federal
funds sold).  At June 30, 2000, the Company had  commitments to originate  loans
totaling $8.0 million. Management believes the Company has adequate resources to
fund all its commitments.  Management also believes that, if so desired,  it can
adjust the rates on time deposits to retain deposits in a changing interest rate
environment.  As a  Florida-chartered  commercial  bank, the Bank is required to
maintain a liquidity reserve of at least 15% of its total  transaction  accounts
and 8% of its total  nontransaction  accounts  less  those  deposits  of certain
public funds. The liquidity  reserve may consist of cash on hand, cash on demand
with other correspondent  banks and other investments and short-term  marketable
securities as defined,  such as federal funds sold and United States  securities
or securities guaranteed by the United States. As of June 30, 2000, the Bank had
liquidity  of  approximately  $16.6  million,  or  approximately  15%  of  total
deposits.

     Management  believes the Bank was in  compliance  with all minimum  capital
requirements that it was subject to at June 30, 2000.












                                    -15-
<PAGE>
PART II.  OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

     The Company and the Bank are parties to various  legal  proceedings  in the
ordinary  course of  business.  Management  does not  believe  that there is any
pending or  threatened  proceeding  against the  Company or the Bank  which,  if
determined adversely,  would have a material effect on the business,  results of
operations, or financial position of the Company or the Bank.

ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS

     The following  shares of United Financial common stock, par value $0.01 per
share ("United Financial Common Stock"), were issued during the six months ended
June 30, 2000:

     On January 31, 2000,  an aggregate of 51,827  shares were issued to certain
officers of United Trust  pursuant to an  incentive  stock plan  established  in
connection with the acquisition of Fiduciary Services Corporation ("FSC"). Under
the plan,  no  additional  cash or  consideration  was  received  by the Company
pursuant  to the  issuance of such  shares.  These  shares of common  stock were
issued in reliance upon the exemption  from  registration  under Section 4(2) of
the Securities Act of 1933 as transactions by an issuer not involving any public
offering.  The recipients of the securities issued  represented their intentions
to acquire the securities for investment  only and not with a view for resale or
distribution  and  appropriate  legends were  affixed to the share  certificates
issued.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

     None.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SHAREHOLDERS

     The Annual Meeting of  Shareholders  (the "Annual  Meeting") of the Company
was held on April 25, 2000. At the Annual Meeting  3,045,061 shares were present
in  person  or by proxy.  The  following  matters  were  submitted  to a vote of
shareholders:

1.  To elect six persons as members of the Board of Directors.

     The following  directors  were elected with a summary of the votes cast for
each nominee:

                            FOR           AGAINST         ABSTAIN        TERM
Ward J. Curtis            3,044,936         125              -          3 years
Edward D. Foreman         3,044,936         125              -          3 years
Ian F. Irwin              3,042,936       2,125              -          3 years
William B. McQueen        3,044,736         325              -          2 years
Ronald R. Petrini         3,044,486         575              -          3 years
Harold J. Winner          3,044,936         125              -          3 years

  In addition to the  foregoing,  the  following  individuals  are  directors of
  United Financial whose terms continued after the Annual Meeting:
       Ronald E. Clampitt                                   Jack A. MaCris, M.D.
       David K. Davis, M.D.                                 John B. Norrie
       William A. Eickhoff                                  Neil W. Savage
       Charles O. Lowe                                      John B. Wier, Jr.
                                    -16-
<PAGE>
2.      To ratify the appointment of Grant Thornton L.L.P. as the Company's
        independent auditors for 2000.
                            FOR           AGAINST          ABSTAIN
                          3,043,061        2,000                -

       Grant Thornton was retained as independent accountants for the Company.

ITEM 5.  OTHER INFORMATION
         None.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a) Exhibits

    27     Financial Data Schedule

(b) Reports on Form 8-K

     There were no reports on Form 8-K filed  during the period  ending June 30,
     2000.

================================================================================




































                                   -17-
<PAGE>
                UNITED FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES

                                   SIGNATURES

    Under  the  requirements  of  the  Securities  Exchange  Act  of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.


                          UNITED FINANCIAL HOLDINGS, INC.
                                  (Registrant)

Date:   August 8, 2000                    By:   /s/ NEIL W. SAVAGE
      -------------------                      ---------------------
                                               Neil W. Savage
                                               President and Chief
                                               Executive Officer


Date:   August 8,2000                     By:   /s/ C. PETER BARDIN
      -------------------                      ---------------------
                                               C. Peter Bardin
                                               Senior Vice President
                                               and Chief Financial
                                               Officer
                                               (Principal Financial
                                               and Accounting Officer)






























                                     -18-