8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________ 

FORM 8-K

__________________________ 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) October 20, 2015

__________________________ 

United Financial Bancorp, Inc.

__________________________ 

Connecticut	001-35028	27-3577029
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

45 Glastonbury Boulevard, Suite 200, Glastonbury, CT	06033
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (860) 291-3600

Not Applicable

(Former name or former address, if changed since last report)

__________________________ 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On October 20, 2015, United Financial Bancorp, Inc. issued a press release describing its results of operation for the quarter ended September 30, 2015. The press release announcing financial results is included as Exhibit 99.1 to this report and incorporated herein by reference.

Item 7.01. Reg D Disclosure

On October 20, 2015, United Financial Bancorp, Inc. made available its presentation slides to accompany the earnings press release. The presentation includes among other things, a review of the financial results and trends through the period ending September 30, 2015. Copies of these materials are attached as Exhibit 99.2 to this filing.

Item 9.01. Financial Statements and Exhibits

(a) Not applicable.

(b) Not applicable.

(c) Not applicable.

(d) Exhibits.

Number	Description
Exhibit 99.1	Press Release Dated October 20, 2015.
Exhibit 99.2	Investor Presentation Dated Third Quarter 2015.

SIGNATURES

Pursuant to 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 hereunto duly authorized.

Dated: October 20, 2015	UNITED FINANCIAL BANCORP, INC. Registrant
	By:	/s/ Eric R. Newell
		Eric R. Newell Executive Vice President/ Chief Financial Officer

Exhibit Index

Number	Description
Exhibit 99.1	Press Release Dated October 20, 2015.
Exhibit 99.2	Investor Presentation Dated Third Quarter 2015.

EX-99.1

Exhibit 99.1

For Immediate Release:	10/20/2015
Investor Relations Contact: Marliese L. Shaw Executive Vice President, Investor Relations Officer United Bank 860-291-3622 mshaw@bankatunited.com	Media Relations Contact: Adam J. Jeamel Regional President, Corporate Communications United Bank 860-291-3765 ajeamel@bankatunited.com

UNITED FINANCIAL BANCORP, INC.

ANNOUNCES THIRD QUARTER EARNINGS,

AND QUARTERLY DIVIDEND

GLASTONBURY, Conn., October 20, 2015 – United Financial Bancorp, Inc. (“United Financial” or the “Company”) (NASDAQ Global Select Stock Market: “UBNK”), the holding company for United Bank (the “Bank”), today announced results for the quarter ended September 30, 2015. The Company had net income of $13.4 million, or $0.27 per diluted share, for the quarter ended September 30, 2015, compared to net income for the linked quarter of $13.3 million, or $0.27 per diluted share. The Company reported net income of $10.0 million, or $0.19 per diluted share, for the quarter ended September 30, 2014.

“I am pleased to report that for the year-to-date 2015, United Financial Bancorp, Inc. has averaged a 0.95% return on average assets ("ROA"), an 8.67% return on average equity ("ROE"), and an 11.11% return on average tangible common equity ("ROTCE") along with consistent earnings per diluted share ("EPS"). We have demonstrated two consecutive quarters of strong commercial loan growth and three consecutive quarters of consistent mortgage banking activity income since completing our merger and data conversion in the second and fourth quarters of 2014, respectively,” stated William H. W. Crawford, IV, Chief Executive Officer of United Financial Bancorp, Inc. and United Bank. "Further, since June 30, 2011, the Company has reported a 30% EPS compound annual growth rate. At United Financial, we are winning new clients every day, growing relationships with current clients, and growing both tangible book value per share and franchise value. As we continue to respond to the difficult operating and competitive environment, we will remain focused on serving our clients and increasing shareholder value."

Financial Highlights

•Third Quarter net income of $13.4 million, or $0.27 per diluted share

•Tangible book value per share increased to $10.06 from $9.87 in the linked quarter

• ROA of 0.93% for the third quarter

• ROE of 8.68% for the third quarter

• ROTCE of 11.08% for the third quarter

• Non-Interest Expense/Average Assets (NIE/AA) of 2.22%

• Efficiency ratio of 61%

UBNK - United Financial Bancorp, Inc. Page 1 www.unitedfinancialinc.com

Loan Production Highlights

•13% annualized total loan growth

• 16% annualized third quarter commercial loan growth

• Three consecutive quarters of strong mortgage banking activity income

Earnings Results

The Company reported quarterly net income of $13.4 million, or $0.27 per diluted share, and ROA of 0.93% in the third quarter of 2015. Interest income totaled $49.6 million in the third quarter of 2015 and increased by $914,000, or 2%, in comparison to the linked quarter driven by strong earning asset growth during the quarter. Earning assets grew organically by $163.4 million, or 3%, during the quarter, while average interest-earning assets increased by $220.1 million, or 4%, from the linked quarter due primarily to two consecutive quarters of strong commercial loan growth. Compared to the linked quarter, interest expense increased by $174,000, or 2%, to $8.0 million for the third quarter of 2015. This interest expense increase was driven by the $109 million increase in average Federal Home Loan Bank advances and other borrowings, partially offset by the 2 basis points decline in the cost of interest-bearing deposits. Interest expense on deposits decreased despite the $89 million increase in average interest-bearing deposits.

The GAAP tax equivalent net interest margin for the third quarter of 2015 decreased by 10 basis points to 3.20% compared to 3.30% for the linked quarter. When excluding the impact of $783,000 lower loan prepayment penalty income in the third quarter of 2015 than the second quarter, the net interest margin declined by 4 basis points from the linked quarter. The yields on interest-earning assets decreased by 12 basis points in the third quarter of 2015 to 3.79% as compared to the linked quarter, largely reflective of the prepayment penalty income impact and additionally due to the continued strong execution of interest rate swaps. The result of these loan level hedges is that the Company originates more variable rate loans with lower loan yields, however greater fee income is recognized up front. The improvement in the interest-bearing cost of funds of 2 basis points, to 0.71%, was attributable to a decrease of 5 basis points in the cost of interest bearing deposits, which was partially offset by an increase of 14 basis points in the cost of Federal Home Loan Bank advances driven by the duration extension of this wholesale funding source.

The provision for loan losses decreased by 27%, or $1.2 million, to $3.3 million for the quarter ended September 30, 2015 compared to $4.5 million for the linked quarter due to reduced expansion of the covered portfolio for the current period as compared to the linked quarter. The lower level of covered portfolio expansion results from lower linked quarter organic loan growth of $136 million during the third quarter of 2015, as compared to $165 million of growth in the second quarter, as well as slower migration of purchased loans. Net charge-offs for the third quarter of 2015 increased by $372,000 to $1.3 million, or 0.12% annualized as a percentage of average loans outstanding, from $904,000, or 0.09% annualized as a percentage of average loans outstanding, in the linked quarter. Factors considered in the provision for loan losses include, but are not limited to, historical charge-offs, the composition of the portfolio, the current level of non-performing loans and charge-offs, local economic and credit conditions, the direction of real estate values and delinquency trends.

Total non-interest income decreased by $1.6 million, or 17%, to $7.8 million for the quarter ended September 30, 2015 from $9.4 million recognized in the linked quarter. The most significant factors attributing to the decline in the third quarter's non-interest income were the $733,000 decline in mortgage banking activities income and the $706,000 decline in other income, both of which were related to the decline in long-term interest rates during the third quarter which negatively impacted the mortgage servicing rights

UBNK - United Financial Bancorp, Inc. Page 2 www.unitedfinancialinc.com

and loan level hedge valuations. The mortgage servicing rights valuation declined by $1.3 million as compared to the linked quarter.

Non-interest income in the third quarter of 2015 includes the recognition of a $1.0 million loss related to limited partnership investments, and is consistent with the linked quarter. The most recent limited partnership investments are primarily related to alternative energy tax credits which provide an attractive risk adjusted return on capital ("RAROC"); noting that RAROC is an on-going focus for all activities the Company pursues. The loss correlates with the utilization of tax benefits and is more than offset in the tax provision for both the third quarter of 2015 and the linked quarter.

Non-Interest Expense

Non-interest expense for the quarter ended September 30, 2015 totaled $31.9 million and increased by $1.5 million, or 5%, from the linked quarter. The Company's cost structure continues to be favorable with non-interest expense as a percentage of average assets reported at 2.22% and the efficiency ratio at 61% in the third quarter of 2015. While many non-interest categories declined from the linked quarter, the Company experienced elevated expenses pertaining to information technology consulting services which will remain in the run-rate through the end of the year. Investments in our technology is fundamental to the success of our Company. The Company also experienced elevated one-time expenses pertaining to the deployment of EMV-compliant debit cards. Finally, as seen across the industry, the Company experienced a significant increase in debit card related fraud. While consumer losses cannot be predicted, investments in EMV cards and new fraud technology and expertise will likely mitigate this expense in the future. Excluding each of these noted expense categories totaling $1.4 million, net interest expense was flat in comparison to the linked quarter. 

Business Line Discussions

Commercial Banking

Total commercial loans increased by $104 million, or 16% annualized, during the third quarter of 2015 while average commercial loans increased during the quarter by $174 million. The increase in average commercial loans reflects that in addition to the current quarter production, a majority of the 19% annualized second quarter production was introduced late in that quarter whencommercial loan originations benefited from the production ramp up of new teams introduced in late 2014 and early 2015. For the quarter ended September 30, 2015, commercial loan activity was comprised of a $114 million, or 6%, increase in the commercial real estate portfolio and a $5 million, or 3%, increase in the commercial construction portfolio, partially offset by a $15 million, or 2%, decrease in the commercial business portfolio. Commercial banking profitability was augmented further by the third consecutive quarter of strong loan level hedging fee income which was $2.4 million and $2.3 million for the quarters ended September 30, 2015 and June 30, 2015, respectively. The Company has been able to successfully meet the customer preference for fixed rate loans in this low interest rate environment, while prudently managing interest rate risk and increasing fee income.

Consumer Lending

In the third quarter of 2015, the Company produced residential mortgage originations of $188 million. Having recognized three consecutive quarters of strong mortgage banking activity income, for the year to date, residential mortgage originations totaled $559 million, an increase of $303 million, or 118%, from $256 million in the same period of the prior year. Purchase mortgage activity represented 70% of the production during the third quarter of 2015, and 46% of the quarter's production was comprised of adjustable rate

UBNK - United Financial Bancorp, Inc. Page 3 www.unitedfinancialinc.com

mortgages. The Company sold residential mortgage loans totaling $123 million during the third quarter of 2015, and $285 million during the year to date.

Funding & Deposits

Deposits totaled $4.26 billion at September 30, 2015 and increased by $81 million, or 2%, from $4.18 billion at June 30, 2015, reflecting a $12 million, or 2%, increase in non-interest bearing deposits and a $68 million, or 2% increase in interest bearing deposits. The cost of total interest bearing deposits decreased by 5 basis points to 0.58% in the quarter ending September 30, 2015 from 0.63% in the linked quarter, comprised of decreases in the costs of both money market and time deposit accounts. Money market account specials expiring and seasonal increases in lower cost municipal money market deposits both drove down the cost of money market accounts during the third quarter of 2015, while the maturities of higher cost time deposits decreased the average cost of those accounts during the period.

Asset Quality

Non-performing assets increased by $1.5 million to $37.1 million at September 30, 2015 from $35.6 million at June 30, 2015. The ratio of non-performing assets to total assets remained unchanged at 0.63% at September 30, 2015 and June 30, 2015. The allowance for loan losses as a percentage of total covered loans outstanding decreased to 1.04% at September 30, 2015 from 1.06% at June 30, 2015. The Company maintains a disciplined approach to asset quality and will not match extremely favorable pricing or underwriting and structure pressures from competitor banks if those considerations do not meet the Company's asset quality and return standards.

Dividend

The Board of Directors declared a cash dividend on the Company’s common stock of $0.12 per share to shareholders of record at the close of business on October 30, 2015 and payable on November 12, 2015. This dividend equates to a 3.65% annualized yield based on the $13.15 average closing price of the Company’s common stock in the third quarter of 2015. In April 2015, the Board increased the dividend by $0.02, or 20%, from the $0.10 quarterly amount which was in effect throughout 2014. The Company has paid dividends for 38 consecutive quarters.

Tangible Book Value

Tangible book value per share increased to $10.06 at September 30, 2015 from $9.87 at June 30, 2015; primarily due to the impact of the Company’s net income of $13.4 million, offset in part by the cash dividend payment to shareholders of $0.12 per share.

Capital Management

The Company reported Tangible Common Equity ("TCE") of $498 million, or 8.66% of average assets, at September 30, 2015. The Company obtained approval for and initiated a third buyback plan on October 15, 2014. Under this plan, the Company is authorized to repurchase up to 2,566,283 shares, or 5% of the outstanding shares at the time the plan was approved. The Company did not repurchase any shares during the quarter ended September 30, 2015, and has remaining authorization to purchase an additional 254,394 shares. The Company anticipates leveraging its capital through organic loan growth.

UBNK - United Financial Bancorp, Inc. Page 4 www.unitedfinancialinc.com

Investor Conference Call

United Financial Bancorp, Inc. will host a conference call on Wednesday, October 21, 2015 at 10:00 a.m. Eastern Time (ET) to discuss the Company’s third quarter results. Those wishing to participate in the call may dial toll-free 1-888-339-0797. A telephone replay of the call will be available through November 4, 2015 by calling 1-877-344-7529 and entering conference number 10073650. A podcast will be available on the Company’s website for an extended period of time, as well as on the Company’s investor relations app.

Investor Presentation

United Financial Bancorp, Inc. has prepared and furnished a visual slide presentation to accompany the earnings press release and investor conference call. The presentation has been furnished as an exhibit to the SEC Form 8-K, but is not included in this press release. Copies of the presentation may be accessed on the Company’s investor relations website (www.unitedfinancialinc.com) by selecting “News & Market Data,” then “Presentations;” or via the IRapp and selecting “Presentations;” or directly from SEC EDGAR.

About United Financial Bancorp, Inc.

United Financial Bancorp, Inc. is the holding company for United Bank, a full service financial services firm offering a complete line of commercial, business, and consumer banking products and services to customers throughout Connecticut and Massachusetts. On April 30, 2014, United Bank and Rockville Bank completed a transformational merger of equals bringing together two financially strong, well-respected institutions and creating a leading New England bank with more than 50 branches in two states and over $5.8 billion in assets. Through the merger, Rockville Financial, Inc. completed the acquisition of United Financial Bancorp, Inc. The combined Company, known as United Financial Bancorp, Inc. trades on the NASDAQ Global Select Stock Exchange under the ticker symbol “UBNK”.

For more information about United Bank’s services and products call (866) 959-BANK or visit www.bankatunited.com. For more information about United Financial Bancorp, Inc., visit www.unitedfinancialinc.comor download the Company’s free Investor Relations app on your Apple or Android device.

To download United Financial Bancorp, Inc.'s investor relations app on your iPhone or on your iPad, which offers access to SEC documents, press releases, videos, audiocasts and more, please visit:

https://itunes.apple.com/WebObjects/MZStore.woa/wa/viewSoftware?id=725271098&mt=8

or https://play.google.com/store/apps/details?id=com.theirapp.ubnk for your Android mobile device.

Forward Looking Statements

This press release may contain certain forward-looking statements about the Company. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the securities markets, and legislative and regulatory changes that could adversely affect the business in which the Company and its subsidiaries are engaged.

UBNK - United Financial Bancorp, Inc. Page 5 www.unitedfinancialinc.com

United Financial Bancorp, Inc. and Subsidiaries

Consolidated Statements of Net Income

(In Thousands, Except Share Data)

(Unaudited)

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2015			2014			2015			2014
Interest and dividend income:
Loans	$	41,878		$	40,119		$	123,658		$	92,329
Securities-taxable interest	4,907			5,180			14,947			11,064
Securities-non-taxable interest	2,080			1,495			6,353			3,319
Securities-dividends	708			381			1,554			893
Interest-bearing deposits	52			26			119			65
Total interest and dividend income	49,625			47,201			146,631			107,670
Interest expense:
Deposits	5,319			3,990			15,643			9,294
Borrowed funds	2,663			1,018			7,099			2,396
Total interest expense	7,982			5,008			22,742			11,690
Net interest income	41,643			42,193			123,889			95,980
Provision for loan losses	3,252			2,633			9,225			5,163
Net interest income after provision for loan losses	38,391			39,560			114,664			90,817
Non-interest income:
Service charges and fees	5,960			3,657			15,434			9,179
Net gain (loss) from sales of securities	(59		)	430			639			1,287
Income from mortgage banking activities	2,257			978			7,618			2,769
Bank-owned life insurance	893			873			2,557			2,145
Net loss on limited partnership investments	(991		)	(2,176		)	(2,337		)	(2,176		)
Other income (loss)	(242		)	314			113			400
Total non-interest income	7,818			4,076			24,024			13,604
Non-interest expense:
Salaries and employee benefits	16,994			17,791			50,161			42,574
Service bureau fees	1,828			3,016			5,114			5,875
Occupancy and equipment	3,343			3,278			11,600			7,586
Professional fees	1,581			1,081			3,280			2,365
Marketing and promotions	587			367			1,843			876
FDIC insurance assessments	750			785			2,651			1,735
Other real estate owned	25			136			202			569
Core deposit intangible amortization	433			481			1,363			802
Merger related expense	—			4,008			—			26,782
Other	6,335			3,979			16,676			10,192
Total non-interest expense	31,876			34,922			92,890			99,356
Income before income taxes	14,333			8,714			45,798			5,065
Provision (benefit) for income taxes	952			(1,271		)	6,060			(296		)
Net income	$	13,381		$	9,985		$	39,738		$	5,361
Net income per share:
Basic	$	0.27		$	0.19		$	0.81		$	0.13
Diluted	$	0.27		$	0.19		$	0.81		$	0.13
Weighted-average shares outstanding:
Basic	48,931,203			52,162,635			48,829,193			40,301,620
Diluted	49,429,809			52,750,658			49,339,271			40,636,247

F - 1

United Financial Bancorp, Inc. and Subsidiaries

Consolidated Statements of Net Income

(In Thousands)

(Unaudited)

	For the Three Months Ended
	September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014
Interest and dividend income:
Loans	$	41,878		$	41,253		$	40,527		$	40,682		$	40,119
Securities-taxable interest	4,907			4,771			5,269			5,303			5,180
Securities-non-taxable interest	2,080			2,181			2,092			1,794			1,495
Securities-dividends	708			472			374			409			381
Interest-bearing deposits	52			34			33			21			26
Total interest and dividend income	49,625			48,711			48,295			48,209			47,201
Interest expense:
Deposits	5,319			5,584			4,740			4,265			3,990
Borrowed funds	2,663			2,224			2,212			2,052			1,018
Total interest expense	7,982			7,808			6,952			6,317			5,008
Net interest income	41,643			40,903			41,343			41,892			42,193
Provision for loan losses	3,252			4,462			1,511			4,333			2,633
Net interest income after provision for loan losses	38,391			36,441			39,832			37,559			39,560
Non-interest income:
Service charges and fees	5,960			5,643			3,831			4,330			3,657
Net gain (loss) from sales of securities	(59		)	360			338			(59		)	430
Income from mortgage banking activities	2,257			2,990			2,371			434			978
Bank-owned life insurance	893			830			834			897			873
Net loss on limited partnership investments	(991		)	(916		)	(430		)	(2,048		)	(2,176		)
Other income (loss)	(242		)	464			(109		)	(553		)	314
Total non-interest income	7,818			9,371			6,835			3,001			4,076
Non-interest expense:
Salaries and employee benefits	16,994			16,595			16,572			16,758			17,791
Service bureau fees	1,828			1,466			1,820			2,304			3,016
Occupancy and equipment	3,343			3,799			4,458			5,653			3,278
Professional fees	1,581			782			917			1,297			1,081
Marketing and promotions	587			620			636			1,420			367
FDIC insurance assessments	750			823			1,078			818			785
Other real estate owned	25			62			115			223			136
Core deposit intangible amortization	433			449			481			481			481
Merger related expense	—			—			—			10,136			4,008
Other	6,335			5,761			4,580			5,986			3,979
Total non-interest expense	31,876			30,357			30,657			45,076			34,922
Income (loss) before income taxes	14,333			15,455			16,010			(4,516		)	8,714
Provision (benefit) for income taxes	952			2,123			2,985			(5,937		)	(1,271		)
Net income	$	13,381		$	13,332		$	13,025		$	1,421		$	9,985

F - 2

United Financial Bancorp, Inc. and Subsidiaries

Consolidated Statements of Condition

(In Thousands)

(Unaudited)

	September 30, 2015		June 30, 2015		March 31, 2015		December 31, 2014		September 30, 2014
ASSETS
Cash and cash equivalents:
Cash and due from banks	$	38,534	$	44,482	$	43,348	$	43,416	$	58,109
Short-term investments	59,776		40,043		46,013		43,536		26,876
Total cash and cash equivalents	98,310		84,525		89,361		86,952		84,985
Available for sale securities – At fair value	1,080,393		1,061,927		1,094,229		1,053,011		1,012,780
Held to maturity securities – At amortized cost	14,715		14,992		15,204		15,368		15,556
Loans held for sale	13,511		28,017		13,002		8,220		6,332
Loans receivable, net of allowance for loan losses	4,185,032		4,048,770		3,884,067		3,877,063		3,772,522
Federal Home Loan Bank of Boston stock, at cost	40,814		37,061		34,006		31,950		30,090
Accrued interest receivable	15,477		14,777		14,958		14,212		14,712
Deferred tax asset, net	31,554		31,822		29,956		33,833		25,974
Premises and equipment, net	55,919		57,131		57,718		57,665		57,595
Goodwill	115,281		115,265		115,232		115,240		114,160
Core deposit intangible asset	7,939		8,372		8,821		9,302		9,783
Cash surrender value of bank-owned life insurance	125,186		124,287		123,456		122,622		121,724
Other real estate owned	258		227		1,711		2,239		2,647
Other assets	58,633		53,517		49,429		49,132		44,946
Total assets	$	5,843,022	$	5,680,690	$	5,531,150	$	5,476,809	$	5,313,806
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest-bearing	$	622,535	$	610,279	$	598,157	$	602,359	$	659,859
Interest-bearing	3,640,436		3,571,972		3,558,958		3,432,952		3,369,143
Total deposits	4,262,971		4,182,251		4,157,115		4,035,311		4,029,002
Mortgagors’ and investor escrow accounts	8,108		15,168		8,815		13,004		6,649
Federal Home Loan Bank advances and other borrowings	893,865		825,963		707,318		777,314		594,873
Accrued expenses and other liabilities	56,626		45,313		47,779		48,772		31,916
Total liabilities	5,221,570		5,068,695		4,921,027		4,874,401		4,662,440
Total stockholders’ equity	621,452		611,995		610,123		602,408		651,366
Total liabilities and stockholders’ equity	$	5,843,022	$	5,680,690	$	5,531,150	$	5,476,809	$	5,313,806

F - 3

United Financial Bancorp, Inc. and Subsidiaries

Selected Financial Highlights

(Dollars In Thousands, Except Share Data)

(Unaudited)

	At or For the Three Months Ended
	September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014
Share Data:
Basic net income per share	$	0.27		$	0.27		$	0.27		$	0.03		$	0.19
Diluted net income per share	0.27			0.27			0.26			0.03			0.19
Dividends declared per share	0.12			0.12			0.10			0.10			0.10
Key Statistics:
Total revenue	$	49,461		$	50,274		$	48,178		$	44,893		$	46,269
Total expense	31,876			30,357			30,657			45,076			34,922
Average earning assets	5,332,706			5,112,581			5,084,717			4,969,225			4,817,907
Key Ratios:
Return on average assets (annualized)	0.93		%	0.96		%	0.95		%	0.11		%	0.76		%
Return on average equity (annualized)	8.68		%	8.69		%	8.63		%	0.90		%	6.12		%
Tax-equivalent net interest margin (annualized)	3.20		%	3.30		%	3.37		%	3.44		%	3.56		%
Residential Mortgage Production:
Dollar volume (total)	$	187,926		$	203,433		$	168,023		$	121,886		$	115,787
Mortgages originated for purchases	131,609			115,286			64,108			74,171			80,709
Loans sold	123,316			93,972			67,377			39,489			55,806
Income from mortgage banking activities	2,257			2,990			2,371			434			978
Non-performing Assets:
Residential real estate	$	14,577		$	12,377		$	12,527		$	12,387		$	11,468
Commercial real estate	11,581			10,989			12,056			10,663			5,914
Construction	1,604			1,334			1,686			611			638
Commercial business	4,475			5,315			4,349			4,872			5,703
Installment and collateral	3			13			13			25			386
Non-accrual loans	32,240			30,028			30,631			28,558			24,109
Troubled debt restructured – non-accruing	4,605			5,346			5,034			3,800			5,180
Total non-performing loans	36,845			35,374			35,665			32,358			29,289
Other real estate owned	258			227			1,711			2,239			2,647
Total non-performing assets	$	37,103		$	35,601		$	37,376		$	34,597		$	31,936
Non-performing loans to total loans	0.88		%	0.87		%	0.91		%	0.83		%	0.77		%
Non-performing assets to total assets	0.63		%	0.63		%	0.68		%	0.63		%	0.60		%
Allowance for loan losses to non-performing loans	83.68		%	81.57		%	70.93		%	76.67		%	76.15		%
Allowance for loan losses to total loans	0.73		%	0.71		%	0.65		%	0.64		%	0.59		%
Non-GAAP Ratios: (1)
Non-interest expense to average assets	2.22		%	2.19		%	2.23		%	3.35		%	2.66		%
Efficiency ratio (2)	60.82		%	57.36		%	60.82		%	66.48		%	61.98		%
Cost of funds (annualized) (3)	0.63		%	0.64		%	0.57		%	0.54		%	0.44		%
Total revenue growth rate	(1.62		)%	4.35		%	7.32		%	(2.97		)%	7.11		%
Total revenue growth rate (annualized)	(6.47		)%	17.40		%	29.27		%	(11.90		)%	28.44		%
Average earning asset growth rate	4.31		%	0.55		%	2.32		%	3.14		%	23.78		%
Average earning asset growth rate (annualized)	17.22		%	2.19		%	9.30		%	12.56		%	95.11		%
Return on average tangible common equity (annualized)	11.08		%	11.12		%	11.13		%	1.37		%	7.80		%
Pre-Provision net revenue to average assets (4)	1.38		%	1.56		%	1.36		%	1.16		%	1.37		%
Pre-Provision net revenue to average equity (5)	12.83		%	14.13		%	12.43		%	9.89		%	11.01		%

(1) Non-GAAP Ratios are not financial measurements required by generally accepted accounting principles; however, management believes such information is useful to investors in evaluating Company performance.

(2) The efficiency ratio represents the ratio of non-interest expense before other real estate owned expense, amortization of intangibles, and goodwill impairment as a percent of net interest income (fully taxable equivalent) and non-interest income, excluding gains from securities transactions and nonrecurring items.

(3) The cost of funds ratio represents interest incurred on liabilities as a percentage of average non-interest bearing deposits and interest-bearing liabilities.

(4) The Pre-Provision net revenue to average assets ratio represents the ratio of net interest income, on a fully tax-equivalent basis, fees and other non-interest income, as a percent of average assets.

(5) The Pre-Provision net revenue to average equity ratio represents the ratio of net interest income, on a fully tax-equivalent basis, fees and other non-interest income, as a percent of average equity.

F - 4

United Financial Bancorp, Inc. and Subsidiaries

Average Balance Sheets, Interest and Yields/Costs

(Dollars In Thousands)

(Unaudited)

	For the Three Months Ended
	September 30, 2015							September 30, 2014
	Average Balance			Interest and Dividends		Yield/Cost		Average Balance			Interest and Dividends		Yield/Cost
Interest-earning assets:
Residential real estate	$	1,539,362		$	12,931	3.36	%	$	1,364,982		$	11,776	3.45	%
Commercial real estate	1,816,122			18,833		4.11		1,632,233			18,549		4.51
Construction	173,355			1,952		4.47		123,848			2,851		9.13
Commercial business	612,857			8,112		5.25		610,574			6,787		4.41
Installment and collateral	4,265			50		4.67		17,146			156		3.64
Investment securities	1,123,005			8,843		3.15		1,017,559			7,924		3.11
Other earning assets	63,740			52		0.33		51,565			26		0.20
Total interest-earning assets	5,332,706			50,773		3.79		4,817,907			48,069		3.97
Allowance for loan losses	(29,901		)					(22,152		)
Non-interest-earning assets	449,363							446,626
Total assets	$	5,752,168						$	5,242,381
Interest-bearing liabilities:
NOW and money market	$	1,500,449		1,874		0.50		$	1,366,795		945		0.28
Savings	527,430			82		0.06		438,607			167		0.15
Certificates of deposit	1,591,618			3,363		0.84		1,532,862			2,878		0.75
Total interest-bearing deposits	3,619,497			5,319		0.58		3,338,264			3,990		0.48
Federal Home Loan Bank advances	695,208			1,276		0.73		400,220			584		0.58
Other borrowings	146,936			1,387		3.75		165,557			434		1.05
Total interest-bearing liabilities	4,461,641			7,982		0.71		3,904,041			5,008		0.51
Non-interest-bearing deposits	610,253							632,425
Other liabilities	63,620							53,011
Total liabilities	5,135,514							4,589,477
Stockholders’ equity	616,654							652,904
Total liabilities and stockholders’ equity	$	5,752,168						$	5,242,381
Net interest-earning assets	$	871,065						$	913,866
Tax-equivalent net interest income				42,791							43,061
Tax-equivalent net interest rate spread						3.08	%						3.46	%
Tax-equivalent net interest margin						3.20	%						3.56	%
Average interest-earning assets to average interest-bearing liabilities						119.52	%						123.41	%
Less tax-equivalent adjustment				1,148							868
Net interest income				$	41,643						$	42,193

F - 5

United Financial Bancorp, Inc. and Subsidiaries

Average Balance Sheets, Interest and Yields/Costs

(Dollars In Thousands)

(Unaudited)

	For the Three Months Ended
	September 30, 2015							June 30, 2015
	Average Balance			Interest and Dividends		Yield/Cost		Average Balance			Interest and Dividends		Yield/ Cost
Interest-earning assets:
Residential real estate	$	1,539,362		$	12,931	3.36	%	$	1,501,850		$	12,702	3.38	%
Commercial real estate	1,816,122			18,833		4.11		1,658,734			19,614		4.74
Construction	173,355			1,952		4.47		156,114			1,841		4.73
Commercial business	612,857			8,112		5.25		613,220			7,050		4.61
Installment and collateral	4,265			50		4.67		4,843			44		3.63
Investment securities	1,123,005			8,843		3.15		1,130,543			8,632		3.05
Other earning assets	63,740			52		0.33		47,277			34		0.29
Total interest-earning assets	5,332,706			50,773		3.79		5,112,581			49,917		3.91
Allowance for loan losses	(29,901		)					(26,552		)
Non-interest-earning assets	449,363							458,462
Total assets	$	5,752,168						$	5,544,491
Interest-bearing liabilities:
NOW and money market	$	1,500,449		1,874		0.50		$	1,434,648		1,952		0.55
Savings	527,430			82		0.06		540,162			84		0.06
Certificates of deposit	1,591,618			3,363		0.84		1,555,593			3,548		0.91
Total interest-bearing deposits	3,619,497			5,319		0.58		3,530,403			5,584		0.63
Federal Home Loan Bank advances	695,208			1,276		0.73		572,948			845		0.59
Other borrowings	146,936			1,387		3.75		160,015			1,379		3.46
Total interest-bearing liabilities	4,461,641			7,982		0.71		4,263,366			7,808		0.73
Non-interest-bearing deposits	610,253							593,117
Other liabilities	63,620							74,305
Total liabilities	5,135,514							4,930,788
Stockholders’ equity	616,654							613,703
Total liabilities and stockholders’ equity	$	5,752,168						$	5,544,491
Net interest-earning assets	$	871,065						$	849,215
Tax-equivalent net interest income				42,791							42,109
Tax-equivalent net interest rate spread						3.08	%						3.26	%
Tax-equivalent net interest margin						3.20	%						3.30	%
Average interest-earning assets to average interest-bearing liabilities						119.52	%						119.92	%
Less tax-equivalent adjustment				1,148							1,206
Net interest income				$	41,643						$	40,903

F - 6

United Financial Bancorp, Inc. and Subsidiaries

Average Balance Sheets, Interest and Yields/Costs

(Dollars In Thousands)

(Unaudited)

	For the Nine Months Ended
	September 30, 2015							September 30, 2014
	Average Balance			Interest and Dividends		Yield/Cost		Average Balance			Interest and Dividends		Yield/ Cost
Interest-earning assets:
Residential real estate	$	1,492,336		$	37,952	3.39	%	$	1,044,523		$	27,241	3.48	%
Commercial real estate	1,713,690			57,437		4.48		1,263,903			45,506		4.81
Construction	169,754			6,150		4.84		87,240			5,063		7.76
Commercial business	616,395			21,986		4.77		449,440			14,169		4.21
Installment and collateral	5,233			133		3.38		10,708			350		4.35
Investment securities	1,126,343			26,363		3.12		750,918			17,109		3.04
Other earning assets	54,234			119		0.29		36,782			65		0.24
Total interest-earning assets	5,177,985			150,140		3.87		3,643,514			109,503		4.01
Allowance for loan losses	(27,308		)					(20,463		)
Non-interest-earning assets	452,094							301,341
Total assets	$	5,602,771						$	3,924,392
Interest-bearing liabilities:
NOW and money market	$	1,449,105		5,357		0.49		$	1,042,204		2,269		0.29
Savings	533,851			248		0.06		373,905			336		0.12
Certificates of deposit	1,563,821			10,038		0.86		1,108,695			6,689		0.81
Total interest-bearing deposits	3,546,777			15,643		0.59		2,524,804			9,294		0.49
Federal Home Loan Bank advances	619,906			2,944		0.63		302,101			1,738		0.77
Other borrowings	161,894			4,155		3.43		101,205			658		0.87
Total interest-bearing liabilities	4,328,577			22,742		0.70		2,928,110			11,690		0.53
Non-interest-bearing deposits	594,204							465,243
Other liabilities	68,551							35,019
Total liabilities	4,991,332							3,428,372
Stockholders’ equity	611,439							496,020
Total liabilities and stockholders’ equity	$	5,602,771						$	3,924,392
Net interest-earning assets	$	849,408						$	715,404
Tax-equivalent net interest income				127,398							97,813
Tax-equivalent net interest rate spread						3.17	%						3.48	%
Tax-equivalent net interest margin						3.28	%						3.58	%
Average interest-earning assets to average interest-bearing liabilities						119.62	%						124.43	%
Less tax-equivalent adjustment				3,509							1,833
Net interest income				$	123,889						$	95,980

F - 7

United Financial Bancorp, Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures

(Dollars In Thousands)

(Unaudited)

	Three Months Ended
	September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014
Net income	$	13,381		$	13,332		$	13,025		$	1,421		$	9,985
Adjustments:
Net interest income	(4,092		)	(3,512		)	(3,432		)	(3,421		)	(3,828		)
Non-interest income	59			(360		)	(338		)	729			(430		)
Non-interest expense	439			454			486			12,513			4,497
Income tax expense (benefit)	1,258			1,196			1,152			(2,926		)	226
Net adjustment	(2,336		)	(2,222		)	(2,132		)	6,895			465
Total operating net income	$	11,045		$	11,110		$	10,893		$	8,316		$	10,450
Total net interest income	$	41,643		$	40,903		$	41,343		$	41,892		$	42,193
Adjustments:
Impact from purchase accounting fair value marks:
(Accretion) / Amortization of loan mark	(2,787		)	(2,194		)	(1,871		)	(1,543		)	(1,734		)
Accretion / (Amortization) of deposit mark	841			845			1,079			1,276			1,482
Accretion / (Amortization) of borrowings mark	464			473			482			602			612
Net adjustment	(4,092		)	(3,512		)	(3,432		)	(3,421		)	(3,828		)
Total operating net interest income	$	37,551		$	37,391		$	37,911		$	38,471		$	38,365
Total non-interest income	$	7,818		$	9,371		$	6,835		$	3,001		$	4,076
Adjustments:
Net loss (gain) on sales of securities	59			(360		)	(338		)	59			(430		)
Loss on fixed assets - branch optimization	—			—			—			670			—
Net adjustment	59			(360		)	(338		)	729			(430		)
Total operating non-interest income	7,877			9,011			6,497			3,730			3,646
Total operating net interest income	37,551			37,391			37,911			38,471			38,365
Total operating revenue	$	45,428		$	46,402		$	44,408		$	42,201		$	42,011
Total non-interest expense	$	31,876		$	30,357		$	30,657		$	45,076		$	34,922
Adjustments:
Merger related expense	—			—			—			(10,136		)	(4,008		)
Core deposit intangible amortization expense	(433		)	(449		)	(481		)	(481		)	(481		)
Effect of branch lease termination agreement	—			—			—			(1,888		)	—
Amortization of fixed asset fair value mark	(6		)	(5		)	(5		)	(8		)	(8		)
Net adjustment	(439		)	(454		)	(486		)	(12,513		)	(4,497		)
Total operating expense	$	31,437		$	29,903		$	30,171		$	32,563		$	30,425
Total loans	$	4,209,618		$	4,072,067		$	3,904,733		$	3,897,866		$	3,791,491
Non-covered loans (1)	(1,255,618		)	(1,356,259		)	(1,510,264		)	(1,658,594		)	(1,693,669		)
Total covered loans	$	2,954,000		$	2,715,808		$	2,394,469		$	2,239,272		$	2,097,822
Allowance for loan losses	$	30,832		$	28,856		$	25,297		$	24,809		$	22,304
Allowance for loan losses to total loans	0.73		%	0.71		%	0.65		%	0.64		%	0.59		%
Allowance for loan losses to total covered loans	1.04		%	1.06		%	1.06		%	1.11		%	1.06		%

(1) As required by GAAP, the Company recorded at fair value the loans acquired in the legacy United transaction. These loans carry no allowance for loan losses for the periods reflected above.

F - 8

United Financial Bancorp, Inc. and Subsidiaries

Selected Interest Income/Expense and Yields/Costs

Reconciliation of Non-GAAP Financial Measures

(Dollars In Thousands)

(Unaudited)

	Three Months Ended September 30, 2015
	GAAP				Mark to Market					Operating
	Interest and Dividends		Yield/Cost		Interest and Dividends			Yield/Cost		Interest and Dividends		Yield/Cost
Residential real estate	$	12,931	3.36	%	$	(729	)	(0.22	) %	$	13,660	3.58	%
Commercial real estate	18,833		4.11		543			0.14		18,290		3.97
Construction	1,952		4.47		371			0.92		1,581		3.55
Commercial business	8,112		5.25		2,606			1.73		5,506		3.52
Installment and collateral	50		4.67		(4		)	(0.35	)	54		5.02
Certificates of deposit	3,363		0.84		(841		)	(0.21	)	4,204		1.05
Federal Home Loan Bank advances	1,276		0.73		(475		)	(0.28	)	1,751		1.01
Other borrowings	1,387		3.75		11			0.09		1,376		3.66
Tax-equivalent net interest margin	42,791		3.20		4,092					38,699		2.89
	Three Months Ended June 30, 2015
	GAAP				Mark to Market					Operating
	Interest and Dividends		Yield/Cost		Interest and Dividends			Yield/Cost		Interest and Dividends		Yield/Cost
Residential real estate	$	12,702	3.38	%	$	(848	)	(0.26	) %	$	13,550	3.64	%
Commercial real estate	19,614		4.74		1,137			0.30		18,477		4.44
Construction	1,841		4.73		360			1.02		1,481		3.71
Commercial business	7,050		4.61		1,554			1.08		5,496		3.53
Installment and collateral	44		3.63		(8		)	(0.68	)	52		4.31
Certificates of deposit	3,548		0.91		(845		)	(0.23	)	4,393		1.14
Federal Home Loan Bank advances	845		0.59		(482		)	(0.33	)	1,327		0.92
Other borrowings	1,379		3.46		9			0.26		1,370		3.20
Tax-equivalent net interest margin	42,109		3.30		3,512					38,597		3.02

F - 9

EX-99.2

Third Quarter 2015 EarningsNASDAQ Global Select Market: UBNK Create Your Balance

2NASDAQ: UBNK This Presentation contains forward-looking statements that are within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of our management and are subject to significant risks and uncertainties. These risks and uncertainties could cause our results to differ materially from those set forth in such forward-looking statements. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as “believes,” “anticipates,” “expects,” “intends,” “plans,” “estimates,” “targeted” and similar expressions, and future or conditional verbs, such as “will,” “would,” “should,” “could” or “may” are intended to identify forward-looking statements but are not the only means to identify these statements. Forward-looking statements involve risks and uncertainties. Actual conditions, events or results may differ materially from those contemplated by a forward-looking statement. Factors that could cause this difference — many of which are beyond our control — include without limitation the following: Any forward-looking statements made by or on behalf of us in this Presentation speak only as of the date of this Presentation. We do not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made. The reader should; however, consult any further disclosures of a forward-looking nature we may make in future filings. With regard to presentations compared to peer institutions, the peer companies include: BHLB, BNCL, BPFH, BRKL, CBU, CUBI, DCOM, EGBN, FCF, FFIC, INDB, KRNY, NBTB, NPBC, NWBI, PFS, SASR, STBA, TMP, TRST, WSFS Data for peers is sourced from SNL Financial LLC. NON-GAAP FINANCIAL MEASURES This presentation references non-GAAP financial measures incorporating tangible equity and related measures, and operating earnings excluding non-recurring costs. These measures are commonly used by investors in evaluating financial condition. GAAP earnings are lower than core earnings primarily due to non- recurring conversion, balance sheet restructuring and cost cutting initiative related expenses. The efficiency ratio represents the ratio of non-interest expenses to the sum of net interest income before provision for loan losses and non-interest income, exclusive of net gain (loss) on limited partnership investments. The pre-provision net revenue to average assets ratio represents the ratio of net interest income, on a fully tax-equivalent basis, fees and other noninterest income, net of non-credit-related expenses as a percent of total average assets. The pre-provision net revenue to average equity ratio represents the ratio of net interest income, on a fully tax-equivalent basis, fees and other noninterest income, net of non-credit-related expenses as a percent of total average equity. Reconciliations are in earnings releases at www.unitedfinancialinc.com. Forward Looking Statements

3NASDAQ: UBNK Corporate Contacts William H. W. Crawford, IV Chief Executive Officer Eric R. Newell, CFA Executive Vice President, Chief Financial Officer Investor Information: Marliese L. Shaw Executive Vice President, Corporate Secretary/Investor Relations Officer 860-291-3622 or mshaw@bankatunited.com

4NASDAQ: UBNK Table of Contents Page Quarter Highlights 5 Peer Group 6 Mortgage Banking 8 Pipelines 9 Balance Sheet 10 Asset Quality 11 Net Interest Income Simulation 13 Appendix 14

5NASDAQ: UBNK Quarter Highlights • Third Quarter net income of $13.4 million, or $0.27 per diluted share • Tangible book value per share increased to $10.06 from $9.87 in the linked quarter • ROA of 0.93% for the third quarter • ROE of 8.68% for the third quarter • ROTCE of 11.08% for the third quarter • Non-Interest Expense/Average Assets (NIE/AA) of 2.22% • Efficiency ratio of 61% Loan Production Highlights • 13% annualized total loan growth • 16% annualized commercial loan growth compared to the linked quarter • Three consecutive quarters of strong mortgage banking activity income

6NASDAQ: UBNK Peer Group Return Peer Group Average UBNK ROAA (%) 1.00 0.50 0.00 201 4Q3 201 4Q4 201 5Q1 201 5Q2 201 5Q3 0.94 0.88 0.90 0.92 0.76 0.11 0.95 0.96 0.93 Peer Group Average UBNK ROAE (%) 8.00 6.00 4.00 2.00 0.00 201 4Q3 201 4Q4 201 5Q1 201 5Q2 201 5Q3 8.66 8.15 8.16 8.37 6.12 0.90 8.63 8.69 8.68 Peer Group Average UBNK ROATCE (%) 13.00 11.00 9.00 7.00 5.00 3.00 1.00 201 4Q3 201 4Q4 201 5Q1 201 5Q2 201 5Q3 11.16 10.59 10.66 10.877.80 1.37 11.13 11.12 11.08 Peer Group Average UBNK TCE Ratio (%) 11.00 10.50 10.00 9.50 9.00 8.50 8.00 201 4Q3 201 4Q4 201 5Q1 201 5Q2 201 5Q3 8.90 8.75 9.31 10.0410.16 8.93 8.99 8.79 8.71

7NASDAQ: UBNK Peer Group Earnings Peer Group Average UBNK NIM (%) 3.90 3.70 3.50 3.30 3.10 2.90 2014Q 3 2014Q 4 2015Q 1 2015Q 2 2015Q 3 3.34 3.34 3.29 3.03 3.56 3.44 3.37 3.30 3.20 Peer Group Average UBNK Cost of Funds (%) 0.70 0.60 0.50 0.40 0.30 2014Q 3 2014Q 4 2015Q 1 2015Q 2 2015Q 3 0.56 0.54 0.53 0.51 0.44 0.54 0.57 0.64 0.63 Peer Group Median Peer Group Top Quartile UBNK NIE/Average Assets (%) 3.50 3.00 2.50 2.00 1.50 2014Q3 2014Q4 2015Q1 2015Q2 2015Q3 2.52 2.45 2.51 2.52 2.00 1.97 2.04 1.91 2.66 3.35 2.23 2.19 2.22 Peer Group Median Peer Group Top Quartile UBNK PPNR/Average Assets (%) 1.90 1.70 1.50 1.30 1.10 2014Q3 2014Q4 2015Q1 2015Q2 2015Q3 1.58 1.55 1.49 1.55 1.82 1.75 1.70 1.71 1.37 1.16 1.36 1.56 1.38

8NASDAQ: UBNK Mortgage Banking • Three consecutive quarters of strong mortgage banking production activity and net income • 70% of residential mortgage volume is for home purchases • 46% of residential mortgage volume was ARMs in 2015Q3

9NASDAQ: UBNK Indexed Pipeline Metrics

10NASDAQ: UBNK Balance Sheet Trends QoQ YoY 3Q15 vs 2Q15 3Q15 vs 3Q14 Balance Sheet ($ in thousands) 3Q2015 2Q2015 1Q2015 4Q2014 3Q2014 $ Change % Change $ Change % ChangeASSETS Cash and cash equivalents $ 98,310 $ 84,525 $ 89,361 $ 86,952 $ 84,985 $ 13,785 16.3% $ 13,325 15.7 % Securities 1,095,108 1,076,919 1,109,433 1,068,379 1,028,336 18,189 1.7 66,772 6.5 Loans Held for Sale 13,511 28,017 13,002 8,220 6,332 (14,506) (51.8) 7,179 113.4 Loans - net 4,185,032 4,048,770 3,884,067 3,877,063 3,772,522 136,262 3.4 412,510 10.9 Residential 1,525,966 1,501,813 1,454,561 1,413,739 1,365,076 24,153 1.6 160,890 11.8 Investor owned CRE & construction 1,696,975 1,570,793 1,495,313 1,464,844 1,402,967 126,182 8.0 294,008 21.0 Owner occupied CRE & C&I 981,441 994,255 949,704 1,013,531 1,007,002 (12,814) (1.3) (25,561) (2.5) Deferred tax asset, net 31,554 31,822 29,956 33,833 25,974 (268) (0.8) 5,580 21.5 Premises and equipment, net 55,919 57,131 57,718 57,665 57,595 (1,212) (2.1) (1,676) (2.9) Intangible Assets 123,220 123,637 124,053 124,542 123,943 (417) (0.3) (723) (0.6) Cash surrender value of BOLI 125,186 124,287 123,456 122,622 121,724 899 0.7 3,462 2.8 OREO 258 227 1,711 2,239 2,647 31 13.7 (2,389) (90.3) Other Assets* 114,924 105,355 98,393 95,294 89,748 9,569 9.1 25,176 28.1 Total Assets 5,843,022 5,680,690 5,531,150 5,476,809 5,313,806 162,332 2.9 529,216 10.0 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: QoQ YoY Deposits: 3Q15 vs 2Q15 3Q15 vs 3Q14 Non-interest-bearing $ 622,535 $ 610,279 $ 598,157 $ 602,359 $ 659,859 $ 12,256 2.0% $ (37,324) (5.7)% Interest-bearing 3,640,436 3,571,972 3,558,958 3,432,952 3,369,143 68,464 1.9 271,293 8.1 Total Deposits 4,262,971 4,182,251 4,157,115 4,035,311 4,029,002 80,720 1.9 233,969 5.8 Mortgagors' and investor escrow accounts 8,108 15,168 8,815 13,004 6,649 (7,060) (46.5) 1,459 21.9 Federal Home Loan Bank advances and other borrowings 893,865 825,963 707,318 777,314 594,873 67,902 8.2 298,992 50.3 Accrued expenses and other liabilities 56,626 45,313 47,779 48,772 31,916 11,313 25.0 24,710 77.4 Total liabilities 5,221,570 5,068,695 4,921,027 4,874,401 4,662,440 152,875 3.0 559,130 12.0 Total stockholders' equity 621,452 611,995 610,123 602,408 651,366 9,457 1.5 (29,914) (4.6) 5,843,022 5,680,690 5,531,150 5,476,809 5,313,806 162,332 2.9 529,216 10.0 *Other assets include FHLBB stock (at cost), accrued interest receivable, in addition to other assets

11NASDAQ: UBNK Asset Quality ($ in thousands, except percentage data) 2015Q3 2015Q2 2015Q1 2014Q4 2014Q3 Non-accrual loans $ 32,240 $ 30,028 $ 30,631 $ 28,558 $ 24,109 TDR - non-accruing 4,605 5,346 5,034 3,800 5,180 Total non-performing loans 36,845 35,374 35,665 32,358 29,289 OREO 258 227 1,711 2,239 2,647 Total non-performing assets $ 37,103 $ 35,601 $ 37,376 $ 34,597 $ 31,936 NPLs to total loans 0.88% 0.87% 0.91% 0.83% 0.77% NPAs to total assets 0.63% 0.63% 0.68% 0.63% 0.60% Net charge offs 1,276 904 1,022 1,828 1,672 Annualized NCOs to average loans 0.12% 0.09% 0.10% 0.19% 0.18% Allowance for loan losses to non-performing loans 83.68% 81.57% 70.93% 76.67% 76.15% Allowance for loan losses to total loans 0.73% 0.71% 0.65% 0.64% 0.59% Provision for loan losses (annualized)/Average Loans 0.31% 0.45% 0.15% 0.45% 0.28%

12NASDAQ: UBNK Peer Asset Quality Peer Group Average UBNK NPLS/Loans (%) 1.30 1.10 0.90 0.70 0.50 201 4Q3 201 4Q4 201 5Q1 201 5Q2 201 5Q3 1.15 1.05 1.01 0.97 0.77 0.83 0.91 0.87 0.88 Peer Group Average UBNK NPAs/Assets (%) 1.00 0.80 0.60 0.40 201 4Q3 201 4Q4 201 5Q1 201 5Q2 201 5Q3 0.9 0.83 0.80 0.76 0.60 0.63 0.68 0.63 0.63 Peer Group Average UBNK ALL/Gross Loans(%) 1.20 1.10 1.00 0.90 0.80 0.70 0.60 0.50 201 4Q3 201 4Q4 201 5Q1 201 5Q2 201 5Q3 1.14 1.09 1.06 1.03 0.59 0.64 0.65 0.71 0.73 Peer Group Average UBNK NCOs / Average Loans (%) 0.20 0.15 0.10 0.05 0.00 201 4Q3 201 4Q4 201 5Q1 201 5Q2 201 5Q3 0.10 0.18 0.10 0.14 0.18 0.19 0.10 0.09 0.12

13NASDAQ: UBNK Net Interest Income Simulation • Beta variables represented above pertain only to MMKT account betas; all other deposit betas and modeling assumptions are held constant across simulation exercises. • By applying a slight modification to the MMKT beta assumption, the Company moves from a slightly liability sensitive position to an asset sensitive position. • For SEC reporting purposes, the results of the 80% MMKT beta simulation are published. • Deposit rates are modeled to be floored in the DN 50bps simulation and are not impacted by beta sensitivity.

14NASDAQ: UBNK APPENDIX

15NASDAQ: UBNK Loan Portfolio Residential Investor Owned CRE & Construction Owner Occupied CRE & C&I Consumer 100 80 60 40 20 0 2014Q3 2014Q4 2015Q1 2015Q2 2015Q3 36.1% 36.3% 37.3% 36.9% 36.2% 37.0% 37.6% 39.3% 38.6% 40.4% 26.5% 26.0% 23.3% 24.4% 23.3% 0.4% 0.1% 0.1% 0.1% 0.1%

16NASDAQ: UBNK Investment Portfolio Portfolio Stats ($ in millions) 3Q2015 2Q2015 Market Value 1,095 1,077 Yield 2.92% 2.90% Average Rating AA AA MBS Portfolio 602 599 Total Portfolio Duration (years) 3.3 3.5 Summary of Quarterly Securities Purchases 3Q2015 2Q2015 Average Yield 3.39% 2.90% Average Rating AA AA Total Securities/Assets (%) 25.0 20.0 15.0 10.0 5.0 201 3Q 1 201 3Q 2 201 3Q 3 201 3Q 4 201 4Q 1 201 4Q 2 201 4Q 3 201 4Q 4 201 5Q 1 201 5Q 2 201 5Q 3 15.4 16.3 17.3 18.2 19.3 18.8 19.4 19.5 20.1 19.0 18.7 Investment Portfolio Summary (Total) Sept 30, 2015 Gov't Agency: 1% CLO: 14% Corp Debt: 6% Agency CMO: 27% Agency CCMO: 12% Agency CMBS: 5% FFELP: 1% Muni: 20% Agency MBS: 10% Preferred: 4%

17NASDAQ: UBNK Peer Group - Total Assets $4-$10 Billion Source: SNL Financial. *Dividend Yield, Price / Tangible Book, Price / LTM EPS and Price / Median EPS Estimates calculated using 9/30/2015 closing prices **Peer Financial data as of 6/30/2015. UBNK Financial data as of 9/30/2015 . Institution Name Ticker Exchange State City Total Assets ($ millions) Market Cap ($ millions) Dividend Yield (%) * Price/ Tangible Book (%)* Price / LTM EPS (x)* Price / Median EPS Estimates (x) * TCE/TA (%) **United Financial Bancorp, Inc. UBNK NASDAQ CT Glastonbury 5,843,022 646.2 3.66 129.7 17.4 12.3 8.71 Peer Group: National Penn Bancshares, Inc. NPBC NASDAQ PA Allentown 9,604,314 1,581.3 3.81 199.1 16.1 15.1 8.90 Provident Financial Services, Inc. PFS NYSE NJ Iselin 8,751,414 1,239.8 3.26 173.2 14.9 14.0 8.84 NBT Bancorp, Inc. NBTB NASDAQ NY Norwich 8,072,485 1,143.2 3.25 198.0 17.8 15.7 7.63 Community Bank System, Inc. CBU NYSE NY De Witt 7,908,771 1,543.9 3.18 247.1 16.7 16.0 8.17 Northwest Bancshares, Inc. NWBI NASDAQ PA Warren 7,864,510 1,214.6 4.21 138.4 17.8 17.6 11.58 Customers Bancorp, Inc. CUBI NYSE PA Wyomissing 7,617,643 722.6 — 148.7 14.5 13.5 6.10 Berkshire Hills Bancorp, Inc. BHLB NYSE MA Pittsfield 7,518,747 840.8 2.60 160.5 16.8 13.2 7.04 Independent Bank Corp. INDB NASDAQ MA Rockland 7,195,921 1,226.6 2.13 228.0 19.5 16.5 7.58 Boston Private Financial Holdings,Inc. BPFH NASDAQ MA Boston 7,045,939 840.8 3.39 199.8 15.4 8.0 7.13 First Commonwealth Financial Corporation FCF NYSE PA Indiana 6,316,728 853.1 2.92 147.4 17.5 14.2 8.91 S&T Bancorp, Inc. STBA NASDAQ PA Indiana 6,133,728 1,030.1 2.40 240.3 17.1 15.5 8.10 Brookline Bancorp, Inc. BRKL NASDAQ MA Boston 5,782,934 798.2 3.06 142.4 15.1 14.9 8.94 Eagle Bancorp, Inc. EGBN NASDAQ MD Bethesda 5,753,803 1468.0 — 260.4 20.4 18.3 10.34 Tompkins Financial Corporation TMP NYSE NY Ithaca 5,436,136 802.7 3.09 199.8 14.2 15.3 7.48 Flushing Financial Corporation FFIC NASDAQ NY Uniondale 5,359,964 607.7 2.95 129.8 12.8 13.7 8.35 WSFS Financial Corporation WSFS NASDAQ DE Wilmington 5,077,483 763.3 0.69 181.1 16.7 14.9 8.84 TrustCo Bank Corp NY TRST NASDAQ NY Glenville 4,741,337 668.2 3.73 138.1 12.9 13.6 8.48 Beneficial Bancorp, Inc. BNCL NASDAQ PA Philadelphia 4,736,499 1034.4 — 112.7 44.7 44.2 21.14 Dime Community Bancshares, Inc. DCO NASDAQ NY Brooklyn 4,644,535 630.0 3.31 148.8 12.9 13.5 9.20 Sandy Spring Bancorp, Inc. SASR NASDAQ MD Olney 4,507,367 687.3 3.00 148.0 15.7 14.5 9.82 Kearny Financial Corp. KRNY NASDAQ NJ Fairfield 4,237,187 1,043.8 — 101.4 191.2 57.4 25.63 Average 6,395,593 987.6 2.43 173.5 25.7 18.1 9.91 Median 5,782,934 853.1 3.04 158.2 16.7 14.9 8.84

18NASDAQ: UBNK Non-GAAP Reconciliation Three Months Ended September 30, 2015 June 30, 2015 March 31, 2015 December 31, 2014 September 30, 2014 Net income $ 13,381 $ 13,332 $ 13,025 $ 1,421 $ 9,985 Adjustments: Net interest income (4,092) (3,512) (3,432) (3,421) (3,828) Non-interest income 59 (360) (338) 729 (430) Non-interest expense 439 454 486 12,513 4,497 Income tax expense (benefit) 1,258 1,196 1,152 (2,926) 226 Net adjustment (2,336) (2,222) (2,132) 6,895 465 Total operating net income 11,045 11,110 $ 10,893 $ 8,316 $ 10,450 Total net interest income $ 41,643 $ 40,903 $ 41,343 $ 41,892 $ 42,193 Adjustments: Impact from purchase accounting fair value (Accretion) / Amortization of loan mark (2,787) (2,194) (1,871) (1,543) (1,734) Accretion / (Amortization) of deposit mark 841 845 1,079 1,276 1,482 Accretion / (Amortization) of borrowings mark 464 473 482 602 612 Net adjustment (4,092) (3,512) (3,432) (3,421) (3,828) Total operating net interest income $ 37,551 $ 37,391 $ 37,911 $ 38,471 $ 38,365 Total non-interest income $ 7,818 $ 9,371 $ 6,835 $ 3,001 $ 4,076 Adjustments: Net gain on sales of securities 59 (360) (338) 59 (430) Loss on fixed assets - branch optimization — — — 670 — Net adjustment 59 (360) (338) 729 (430) Total operating non-interest income 7,877 9,011 6,497 3,730 3,646 Total operating net interest income 37,551 37,391 37,911 38,471 38,365 Total operating revenue $ 45,428 $ 46,402 $ 44,408 $ 42,201 $ 42,011

19NASDAQ: UBNK Non-GAAP Reconciliation (cont.) Three Months Ended September 30, 2015 June 30, 2015 March 31, 2015 December 31, 2014 September 30, 2014 Total non-interest expense 31,876 30,357 $ 30,657 $ 45,076 $ 34,922 Adjustments: Merger and acquisition expense — — — (10,136) (4,008) Core deposit intangible amortization expense (433) (449) (481) (481) (481) Effect of position eliminations — — — — — Effect of branch lease termination agreement — — — (1,888) — Amortization of fixed asset fair value mark (6) (5) (5) (8) (8) Net adjustment (439) (454) (486) (12,513) (4,497) Total operating expense $ 31,437 $ 29,903 $ 30,171 $ 32,563 $ 30,425 Total loans 4,209,618 4,072,067 $ 3,904,733 $ 3,897,866 $ 3,791,491 Non-covered loans (1,255,618) (1,356,259) (1,510,264) (1,658,594) (1,693,669) Total covered loans $ 2,954,000 $ 2,715,808 $ 2,394,469 $ 2,239,272 $ 2,097,822 Allowance for loan losses $ 30,832 $ 28,856 $ 25,297 $ 24,809 $ 22,304 Allowance for loan losses to total loans 0.73% 0.71% 0.65% 0.64% 0.59% Allowance for loan losses to total covered loans 1.04% 1.06% 1.06% 1.11% 1.06% As required by GAAP, the Company recorded at fair value the loans acquired in the legacy United transactions. These loans carry no allowance for loan losses for the periods reflected above.