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) January 24, 2017

__________________________ 

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 January 24, 2017, United Financial Bancorp, Inc. issued a press release describing its results of operation for the quarter ended December 31, 2016. The press release announcing financial results is included as Exhibit 99.1 to this report and incorporated herein by reference.

Item 7.01. Regulation FD Disclosure

On January 24, 2017, 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 December 31, 2016. 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 January 24, 2017.
Exhibit 99.2	Investor Presentation Dated Fourth Quarter 2016.

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: January 24, 2017	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 January 24, 2017.
Exhibit 99.2	Investor Presentation Dated Fourth Quarter 2016.

EX-99.1

Exhibit 99.1

For Immediate Release:	January 24, 2017
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 RECORD EARNINGS FOR FOURTH QUARTER,

QUARTERLY DIVIDEND AND ANNUAL MEETING DATE

GLASTONBURY, Conn., January 24, 2017 – United Financial Bancorp, Inc. (“United Financial” or the "Company”) (NASDAQ Global Select Stock Market: “UBNK”), the holding company for United Bank (the "Bank”), announced results for the quarter ended December 31, 2016.

The Company reported net income of $14.6 million, or $0.29 per diluted share, for the quarter ended December 31, 2016, compared to net income for the linked quarter of $14.2 million, or $0.28 per diluted share. The Company reported net income of $9.9 million, or $0.20 per diluted share, for the quarter ended December 31, 2015.

"In the fourth quarter of 2016 the United Financial Bancorp, Inc. team delivered record revenue, record earnings per share, and strong loan growth all supported by an attractive cost structure and excellent asset quality," stated William H. W. Crawford, IV, Chief Executive Officer of the Company and the Bank. "I want to thank our employees for their relentless focus on serving the financial needs of our customers."

GAAP net income for the year ended December 31, 2016 was $49.7 million, or $0.99 per diluted share, compared to GAAP net income for the year ended December 31, 2015 of $49.6 million, or $1.00 per diluted share. Non-GAAP net income for the year ended December 31, 2016 was $49.6 million compared to $44.2 million for the year ended December 31, 2015. Non-GAAP net income for the year ended December 31, 2016 was adjusted for purchase accounting impacts, the net gain from sales of securities, bank-owned life insurance ("BOLI") claim benefit and the effect of position eliminations as part of the Company's 2016 reorganization plan. For the year ended December 31, 2015, non-GAAP net income was adjusted for purchase accounting impacts, the net gain from sales of securities, BOLI claim benefit, merger related expenses and fees associated with loan portfolio acquisitions.

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

Balance Sheet

Total assets at December 31, 2016 increased by $54.7 million to $6.60 billion from $6.54 billion at September 30, 2016. At December 31, 2016, total loans were $4.90 billion, representing an increase of $181.0 million, or 3.8%, from the linked quarter. Changes to loan balances during the fourth quarter of 2016 were highlighted by a $63.9 million, or 9.7%, increase in commercial business loans and a $24.6 million, or 6.3%, increase in owner-occupied commercial real estate loans. Total residential mortgages increased during the fourth quarter of 2016 by $27.1 million and total held for sale loans decreased $20.8 million. Total cash and cash equivalents decreased $123.3 million, or 57.6%, during the linked quarter partially due to the Company funding loan originations.

Deposits totaled $4.71 billion at December 31, 2016 and increased by $15.7 million, or 0.3%, from $4.70 billion at September 30, 2016. Reflective of growth in newly acquired deposit relationships, increases in the fourth quarter of 2016 included a $20.2 million, or 2.9%, increase in non-interest bearing deposits and a $65.6 million, or 15.2%, increase in NOW checking deposits. These increases were offset by a $115.4 million, or 6.2%, decrease in certificates of deposit, some of which migrated to money market deposit accounts that reflected growth of $40.5 million, or 3.4%, during the quarter ended December 31, 2016.

Total Federal Home Loan Bank advances and other borrowings increased by $66.7 million, or 6.1%, at December 31, 2016 from the linked quarter.

Net Interest Income

Net interest income increased by $143,000, or 0.3%, to $43.2 million during the fourth quarter of 2016 from $43.0 million during the linked quarter. Interest income totaled $53.6 million in the fourth quarter of 2016 and increased by $285,000, or 0.5%, in comparison to $53.3 million in the linked quarter. As communicated in the second quarter of 2016, the Company planned to grow assets at a slower pace and as a result, average interest-earning assets increased slightly by $69.4 million, or 1.2%, from the linked quarter. Average loan balances increased by $41.6 million, or 0.9%, from the linked quarter, highlighted by a $26.6 million, or 1.3%, increase in commercial real estate loans and a $1.2 million, or 0.2%, increase in commercial business loans. Average residential mortgage balances decreased by $6.7 million, or 0.6%, during the fourth quarter of 2016. On a non-GAAP basis, net interest income increased by $119,000 to $42.8 million during the fourth quarter of 2016 as compared to the linked quarter.

Interest expense increased by $142,000 to $10.4 million during the fourth quarter of 2016 from $10.3 million in the linked quarter. Average balance increases in the fourth quarter of 2016 included a $135.5 million, or 9.1%, increase in NOW and money market deposits and a $48.2 million, or 2.6%, increase in certificates of deposit. The growth observed in the money market and NOW checking deposits was largely driven by newly acquired deposit relationships.

The GAAP tax equivalent net interest margin for the fourth quarter of 2016 decreased by two basis points to 2.96% compared to 2.98% for the linked quarter. The yield on interest-earning assets decreased by two basis points in the fourth quarter of 2016 to 3.65% as compared to the linked quarter, and the total funding cost increased one basis point to 0.73% in the quarter ending December 31, 2016. The non-GAAP net interest margin, which excludes the impact of purchase accounting adjustments, decreased by two basis points to 2.94% in the fourth quarter of 2016 from 2.96% in the linked quarter.

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

Provision for Loan Losses

The provision for loan losses decreased by $407,000, or 10.8% to $3.4 million for the quarter ended December 31, 2016 compared to $3.8 million for the linked quarter. The decrease in the provision for the quarter is the result of slowed growth in the covered portfolio. Net charge-offs for the year ending December 31, 2016 totaled $4.5 million, or 0.10% as a percentage of average loans outstanding, as compared to $3.9 million, or 0.10% as a percentage of average loans outstanding, as of the year ending December 31, 2015. 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.

Non-Interest Income

Total non-interest income increased by $1.0 million, or 13.3%, to $8.9 million for the quarter ended December 31, 2016 from $7.9 million in the linked quarter. The increase in the fourth quarter's non-interest income was driven primarily by a $640,000 increase in mortgage banking activities as compared to the linked quarter. Total non-interest income increased by $473,000 from the comparable quarter in 2015.

Non-Interest Expense

GAAP non-interest expense for the quarter ended December 31, 2016 totaled $33.3 million and increased by $1.1 million, or 3.3%, from the linked quarter, while non-GAAP non-interest expense increased by $1.0 million, or 3.2%. The increase in GAAP non-interest expense during the quarter was mostly due to the $978,000, or 5.3%, increase in salaries and employee benefits expense as compared to the linked quarter. The increase in salaries and employee benefits expense was due to the Company continuing to make investments in hiring experienced information technology personnel, as well as increases in commissions and health insurance expense as compared to the linked quarter. The Company's cost structure continues to be favorable with non-interest expense to average assets reported at 2.05% for the quarter ended December 31, 2016, on an annualized basis. Total non-GAAP non-interest expense increased by $1.1 million from the comparable quarter in 2015.

Asset Quality

Asset quality remained strong and stable. Non-performing assets decreased by $167,000 to $36.0 million at December 31, 2016 from $36.1 million at September 30, 2016. The ratio of non-performing assets to total assets as compared to the linked quarter decreased to 0.54% at December 31, 2016 from 0.55% at September 30, 2016.

Capital

The Company reported Tangible Common Equity ("TCE") of $534.7 million, or 8.24% of average assets, at December 31, 2016. Tangible book value per share decreased to $10.53 at December 31, 2016 from $10.60 at September 30, 2016. The decrease was primarily due to a net contraction in accumulated other comprehensive income as a result of the increase in interest rates during the fourth quarter of 2016 as well as the cash dividend payment to shareholders of $0.12 per share, which reduced shareholders' equity by $6.0 million. These decreases were partially offset by the impact of the Company’s net income of $14.6 million, and the change in the value of the Company's derivative strategy. Book value per share at December 31, 2016 was $12.91.

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

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 February 3, 2017 and payable on February 15, 2017. This dividend equates to a 3.00% annualized yield based on the $16.01 average closing price of the Company’s common stock in the fourth quarter of 2016. The Company has paid dividends for 43 consecutive quarters.

Investor Conference Call

United Financial Bancorp, Inc. will host a conference call on Wednesday, January 25, 2017 at 10:00 a.m. Eastern Time (ET) to discuss the Company’s fourth 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 February 8, 2017 by calling 1-877-344-7529 and entering conference number 10098766. 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.

Annual Meeting

The Board of Directors approved May 24, 2017 as the date of the Company's 2017 Annual Meeting of Shareholders (the "Annual Meeting") and set the record date on which the Company's shareholders who will be eligible to vote at the Annual Meeting as the close of business on March 15, 2017.

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. United Bank is a financially strong, leading New England bank with more than 50 branches in two states and several commercial and residential loan production offices. United Financial Bancorp, Inc. trades on the NASDAQ Global Select Stock Exchange under the ticker symbol “UBNK.” At December 31, 2016, the Company had $6.6 billion in assets.

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.

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

Non-GAAP Financial Measures

This document contains certain non-GAAP financial measures in addition to results presented in accordance with Generally Accepted Accounting Principles (“GAAP”). These non-GAAP measures provide supplemental perspectives on operating results, performance trends, and financial condition. They are not a substitute for GAAP measures; they should be read and used in conjunction with the Company’s GAAP financial information. A reconciliation of non-GAAP financial measures to GAAP measures is included on pages F-9 and F-14 in the accompanying financial tables. These non-GAAP financial measures provide information for investors to effectively analyze financial trends of our business activities, and to enhance comparability with peers across the financial services sector.

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

(Unaudited)

	For the Three Months Ended December 31,						For the Year Ended December 31,
	2016			2015			2016			2015
Interest and dividend income:	(In thousands, except share data)
Loans	$	45,460		$	41,751		$	179,819		$	165,409
Securities-taxable interest	4,848			5,092			19,678			20,039
Securities-non-taxable interest	2,191			2,001			8,392			8,354
Securities-dividends	986			809			3,920			2,363
Interest-bearing deposits	136			61			343			180
Total interest and dividend income	53,621			49,714			212,152			196,345
Interest expense:
Deposits	6,649			5,799			25,576			21,442
Borrowed funds	3,800			3,222			15,477			10,321
Total interest expense	10,449			9,021			41,053			31,763
Net interest income	43,172			40,693			171,099			164,582
Provision for loan losses	3,359			3,780			13,437			13,005
Net interest income after provision for loan losses	39,813			36,913			157,662			151,577
Non-interest income:
Service charges and fees	5,580			5,606			20,259			21,040
Net gain from sales of securities	94			300			1,961			939
Income from mortgage banking activities	2,838			1,934			8,227			9,552
Bank-owned life insurance income	863			1,059			3,394			3,616
Net loss on limited partnership investments	(705		)	(799		)	(3,995		)	(3,136		)
Other income (loss)	266			363			238			476
Total non-interest income	8,936			8,463			30,084			32,487
Non-interest expense:
Salaries and employee benefits	19,279			17,308			75,384			67,469
Service bureau fees	1,767			1,614			7,986			6,728
Occupancy and equipment	3,656			3,842			14,986			15,442
Professional fees	1,024			3,037			3,917			6,317
Marketing and promotions	778			478			3,049			2,321
FDIC insurance assessments	773			1,041			3,573			3,692
Core deposit intangible amortization	385			433			1,604			1,796
Merger related expense	—			1,575			—			1,575
FHLBB prepayment penalties	—			—			1,454			—
Other	5,631			5,977			22,020			22,855
Total non-interest expense	33,293			35,305			133,973			128,195
Income before income taxes	15,456			10,071			53,773			55,869
Provision for income taxes	906			169			4,112			6,229
Net income	$	14,550		$	9,902		$	49,661		$	49,640
Net income per share:
Basic	$	0.29		$	0.20		$	1.00		$	1.01
Diluted	$	0.29		$	0.20		$	0.99		$	1.00
Weighted-average shares outstanding:
Basic	50,070,710			49,160,925			49,731,149			48,912,807
Diluted	50,602,494			49,621,935			50,089,030			49,385,566

F - 1

United Financial Bancorp, Inc. and Subsidiaries

Consolidated Statements of Net Income

(Unaudited)

	For the Three Months Ended
	December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015
Interest and dividend income:	(In thousands)
Loans	$	45,460		$	45,331		$	43,556		$	45,472		$	41,751
Securities-taxable interest	4,848			4,808			4,926			5,096			5,092
Securities-non-taxable interest	2,191			2,140			2,051			2,010			2,001
Securities-dividends	986			990			1,021			923			809
Interest-bearing deposits	136			67			67			73			61
Total interest and dividend income	53,621			53,336			51,621			53,574			49,714
Interest expense:
Deposits	6,649			6,279			6,382			6,266			5,799
Borrowed funds	3,800			4,028			3,743			3,906			3,222
Total interest expense	10,449			10,307			10,125			10,172			9,021
Net interest income	43,172			43,029			41,496			43,402			40,693
Provision for loan losses	3,359			3,766			3,624			2,688			3,780
Net interest income after provision for loan losses	39,813			39,263			37,872			40,714			36,913
Non-interest income:
Service charges and fees	5,580			5,726			4,359			4,594			5,606
Net gain from sales of securities	94			48			367			1,452			300
Income from mortgage banking activities	2,838			2,198			2,331			860			1,934
Bank-owned life insurance income	863			899			814			818			1,059
Net loss on limited partnership investments	(705		)	(850		)	(1,504		)	(936		)	(799		)
Other income (loss)	266			(132		)	165			(61		)	363
Total non-interest income	8,936			7,889			6,532			6,727			8,463
Non-interest expense:
Salaries and employee benefits	19,279			18,301			20,013			17,791			17,308
Service bureau fees	1,767			1,960			2,230			2,029			1,614
Occupancy and equipment	3,656			3,580			3,850			3,900			3,842
Professional fees	1,024			1,125			887			881			3,037
Marketing and promotions	778			656			1,023			592			478
FDIC insurance assessments	773			819			1,042			939			1,041
Core deposit intangible amortization	385			385			401			433			433
Merger related expense	—			—			—			—			1,575
FHLBB prepayment penalties	—			—			—			1,454			—
Other	5,631			5,410			5,235			5,744			5,977
Total non-interest expense	33,293			32,236			34,681			33,763			35,305
Income before income taxes	15,456			14,916			9,723			13,678			10,071
Provision for income taxes	906			757			665			1,784			169
Net income	$	14,550		$	14,159		$	9,058		$	11,894		$	9,902
Net income per share:
Basic	$	0.29		$	0.28		$	0.18		$	0.24		$	0.20
Diluted	$	0.29		$	0.28		$	0.18		$	0.24		$	0.20
Weighted-average shares outstanding:
Basic	50,070,710			49,800,105			49,623,472			49,423,218			49,160,925
Diluted	50,602,494			50,091,202			49,946,639			49,652,632			49,621,935

F - 2

United Financial Bancorp, Inc. and Subsidiaries

Consolidated Statements of Condition

(Unaudited)

	December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015
ASSETS	(In thousands)
Cash and cash equivalents:
Cash and due from banks	$	47,248		$	51,951		$	54,792		$	46,618		$	47,602
Short-term investments	43,696			162,295			42,649			40,616			47,574
Total cash and cash equivalents	90,944			214,246			97,441			87,234			95,176
Available for sale securities – At fair value	1,043,411			1,052,439			1,073,459			1,090,498			1,059,169
Held to maturity securities – At amortized cost	14,038			14,162			14,289			14,434			14,565
Loans held for sale	62,517			83,321			30,558			7,560			10,136
Loans:
Commercial real estate loans:
Owner-occupied	416,718			392,168			384,324			376,511			322,084
Investor non-owner occupied	1,705,319			1,702,701			1,675,821			1,648,321			1,673,248
Construction	98,794			90,380			107,302			128,007			129,922
Total commercial real estate loans	2,220,831			2,185,249			2,167,447			2,152,839			2,125,254
Commercial business loans	724,557			660,676			671,687			614,235			603,332
Consumer loans:
Residential real estate	1,156,227			1,129,079			1,171,300			1,176,357			1,179,915
Home equity	536,772			479,390			460,058			446,515			431,282
Residential construction	53,934			52,476			49,338			42,205			41,084
Other consumer	209,393			213,830			211,065			217,725			233,064
Total consumer loans	1,956,326			1,874,775			1,891,761			1,882,802			1,885,345
Total loans	4,901,714			4,720,700			4,730,895			4,649,876			4,613,931
Net deferred loan costs and premiums	11,636			10,214			9,403			7,612			7,018
Allowance for loan losses	(42,798		)	(41,080		)	(37,961		)	(35,500		)	(33,887		)
Loans receivable - net	4,870,552			4,689,834			4,702,337			4,621,988			4,587,062
Federal Home Loan Bank of Boston stock, at cost	53,476			52,847			55,989			55,989			51,196
Accrued interest receivable	18,771			17,888			16,635			16,922			15,740
Deferred tax asset, net	39,962			32,529			31,395			32,222			33,094
Premises and equipment, net	51,757			52,520			53,021			53,685			54,779
Goodwill	115,281			115,281			115,281			115,281			115,281
Core deposit intangible asset	5,902			6,287			6,672			7,073			7,506
Cash surrender value of bank-owned life insurance	167,823			126,948			126,734			125,920			125,101
Other assets	65,086			86,553			91,273			90,438			59,736
Total assets	$	6,599,520		$	6,544,855		$	6,415,084		$	6,319,244		$	6,228,541

F - 3

	December 31, 2016		September 30, 2016		June 30, 2016		March 31, 2016		December 31, 2015
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest-bearing	$	708,050	$	687,865	$	673,624	$	657,144	$	657,718
Interest-bearing	4,003,122		4,007,606		3,781,717		3,876,901		3,779,353
Total deposits	4,711,172		4,695,471		4,455,341		4,534,045		4,437,071
Mortgagors’ and investor escrow accounts	13,354		9,045		14,040		9,696		13,526
Federal Home Loan Bank advances and other borrowings	1,169,619		1,102,882		1,222,160		1,073,034		1,099,020
Accrued expenses and other liabilities	49,509		81,217		79,350		69,191		53,403
Total liabilities	5,943,654		5,888,615		5,770,891		5,685,966		5,603,020
Total stockholders’ equity	655,866		656,240		644,193		633,278		625,521
Total liabilities and stockholders’ equity	$	6,599,520	$	6,544,855	$	6,415,084	$	6,319,244	$	6,228,541

F - 4

United Financial Bancorp, Inc. and Subsidiaries

Selected Financial Highlights

(Dollars In Thousands, Except Share Data)

(Unaudited)

	At or For the Three Months Ended
	December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015
Share Data:
Basic net income per share	$	0.29		$	0.28		$	0.18		$	0.24		$	0.20
Diluted net income per share	0.29			0.28			0.18			0.24			0.20
Dividends declared per share	0.12			0.12			0.12			0.12			0.12
Key Statistics:
Total revenue	$	52,108		$	50,918		$	48,028		$	50,129		$	49,156
Total non-interest expense	33,293			32,236			34,681			33,763			35,305
Average earning assets	6,054,346			5,984,951			5,887,738			5,849,517			5,575,297
Key Ratios:
Return on average assets (annualized)	0.90		%	0.88		%	0.57		%	0.76		%	0.66		%
Return on average equity (annualized)	8.95		%	8.80		%	5.71		%	7.59		%	6.35		%
Tax-equivalent net interest margin (annualized)	2.96		%	2.98		%	2.94		%	3.09		%	3.02		%
Residential Mortgage Production:
Dollar volume (total)	$	160,512		$	173,473		$	173,507		$	124,058		$	146,271
Mortgages originated for purchases	77,549			113,019			100,871			66,696			95,927
Loans sold	87,626			99,051			93,681			89,758			119,289
Income from mortgage banking activities	2,838			2,198			2,331			860			1,934
Non-performing Assets:
Residential real estate	$	11,357		$	11,526		$	11,729		$	11,725		$	11,193
Home equity	4,043			3,650			3,176			3,036			2,786
Investor-owned commercial real estate	4,016			3,746			5,618			5,297			8,565
Owner-occupied commercial real estate	2,642			2,838			3,815			3,115			2,939
Construction	1,701			1,879			2,103			2,114			2,808
Commercial business	2,000			2,016			4,364			3,979			3,898
Other consumer	1,000			328			1,505			19			2
Non-accrual loans	26,759			25,983			32,310			29,285			32,191
Troubled debt restructured – non-accruing	7,304			7,345			6,713			7,143			5,611
Total non-performing loans	34,063			33,328			39,023			36,428			37,802
Other real estate owned	1,890			2,792			702			659			755
Total non-performing assets	$	35,953		$	36,120		$	39,725		$	37,087		$	38,557
Non-performing loans to total loans	0.69		%	0.71		%	0.82		%	0.78		%	0.82		%
Non-performing assets to total assets	0.54		%	0.55		%	0.62		%	0.59		%	0.62		%
Allowance for loan losses to non-performing loans	125.64		%	123.26		%	97.28		%	97.45		%	89.64		%
Allowance for loan losses to total loans	0.87		%	0.87		%	0.80		%	0.76		%	0.73		%
Non-GAAP Ratios: (1)
Non-interest expense to average assets (annualized)	2.05		%	2.00		%	2.19		%	2.15		%	2.37		%
Efficiency ratio (2)	60.00		%	59.50		%	64.54		%	61.98		%	62.20		%
Cost of funds (annualized) (3)	0.73		%	0.72		%	0.72		%	0.73		%	0.68		%
Total revenue growth rate	2.34		%	6.02		%	(4.19		)%	1.98		%	(0.62		)%
Total revenue growth rate (annualized)	9.35		%	24.07		%	(16.77		)%	7.92		%	(2.47		)%
Average earning asset growth rate	1.16		%	1.65		%	0.65		%	4.92		%	4.55		%
Average earning asset growth rate (annualized)	4.64		%	6.60		%	2.61		%	19.67		%	18.19		%
Return on average tangible common equity (annualized) (2)	11.19		%	11.05		%	7.28		%	9.65		%	8.14		%
Pre-provision net revenue to average assets (2)	1.31		%	1.32		%	1.11		%	1.21		%	1.17		%

(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) Calculations of these non-GAAP metrics are provided after the reconciliations of non-GAAP financial measures and appear on page F-10 through page F-13.

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

F - 5

United Financial Bancorp, Inc. and Subsidiaries

Average Balance Sheets, Interest and Yields/Costs

(Dollars In Thousands)

(Unaudited)

	For the Three Months Ended
	December 31, 2016							December 31, 2015
	Average Balance			Interest and Dividends		Yield/Cost		Average Balance			Interest and Dividends		Yield/Cost
Interest-earning assets:
Residential real estate	$	1,222,680		$	9,907	3.24	%	$	1,200,471		$	9,812	3.27	%
Commercial real estate	2,104,146			20,950		3.96		1,950,133			20,501		4.17
Construction	146,688			1,612		4.37		179,684			1,851		4.09
Commercial business	670,795			6,171		3.66		604,976			6,025		3.95
Home equity	496,379			4,846		3.91		355,479			2,990		3.36
Other consumer	210,473			2,551		4.85		74,131			977		5.27
Investment securities	1,100,280			9,234		3.36		1,129,522			9,007		3.19
Other earning assets	102,905			136		0.53		80,901			61		0.30
Total interest-earning assets	6,054,346			55,407		3.65		5,575,297			51,224		3.66
Allowance for loan losses	(42,176		)					(31,968		)
Non-interest-earning assets	478,997							422,145
Total assets	$	6,491,167						$	5,965,474
Interest-bearing liabilities:
NOW and money market	$	1,620,899		$	1,597	0.39	%	$	1,533,823		$	1,826	0.47	%
Savings	526,426			80		0.06		517,219			71		0.05
Certificates of deposit	1,869,223			4,972		1.06		1,619,038			3,902		0.96
Total interest-bearing deposits	4,016,548			6,649		0.66		3,670,080			5,799		0.63
Federal Home Loan Bank advances	926,827			2,425		1.04		797,484			1,805		0.90
Other borrowings	122,752			1,375		4.46		163,974			1,417		3.43
Total interest-bearing liabilities	5,066,127			10,449		0.82		4,631,538			9,021		0.77
Non-interest-bearing deposits	691,932							637,481
Other liabilities	82,518							72,902
Total liabilities	5,840,577							5,341,921
Stockholders’ equity	650,590							623,553
Total liabilities and stockholders’ equity	$	6,491,167						$	5,965,474
Net interest-earning assets	$	988,219						$	943,759
Tax-equivalent net interest income				44,958							42,203
Tax-equivalent net interest rate spread						2.83	%						2.89	%
Tax-equivalent net interest margin						2.96	%						3.02	%
Average interest-earning assets to average interest-bearing liabilities						119.51	%						120.38	%
Less tax-equivalent adjustment				1,786							1,510
Net interest income				$	43,172						$	40,693

F - 6

United Financial Bancorp, Inc. and Subsidiaries

Average Balance Sheets, Interest and Yields/Costs

(Dollars In Thousands)

(Unaudited)

	For the Three Months Ended
	December 31, 2016							September 30, 2016
	Average Balance			Interest and Dividends		Yield/Cost		Average Balance			Interest and Dividends		Yield/Cost
Interest-earning assets:
Residential real estate	$	1,222,680		$	9,907	3.24	%	$	1,229,384		$	10,026	3.26	%
Commercial real estate	2,104,146			20,950		3.96		2,077,585			21,255		4.07
Construction	146,688			1,612		4.37		156,217			1,563		3.98
Commercial business	670,795			6,171		3.66		669,595			6,054		3.60
Home equity	496,379			4,846		3.91		467,552			4,407		3.77
Other consumer	210,473			2,551		4.85		209,255			2,562		4.90
Investment securities	1,100,280			9,234		3.36		1,129,133			9,123		3.23
Other earning assets	102,905			136		0.53		46,230			67		0.58
Total interest-earning assets	6,054,346			55,407		3.65		5,984,951			55,057		3.67
Allowance for loan losses	(42,176		)					(38,916		)
Non-interest-earning assets	478,997							491,061
Total assets	$	6,491,167						$	6,437,096
Interest-bearing liabilities:
NOW and money market	$	1,620,899		$	1,597	0.39	%	$	1,485,372		$	1,501	0.40	%
Savings	526,426			80		0.06		527,225			77		0.06
Certificates of deposit	1,869,223			4,972		1.06		1,821,061			4,701		1.03
Total interest-bearing deposits	4,016,548			6,649		0.66		3,833,658			6,279		0.65
Federal Home Loan Bank advances	926,827			2,425		1.04		1,085,932			2,657		0.97
Other borrowings	122,752			1,375		4.46		119,902			1,371		4.55
Total interest-bearing liabilities	5,066,127			10,449		0.82		5,039,492			10,307		0.81
Non-interest-bearing deposits	691,932							662,243
Other liabilities	82,518							92,095
Total liabilities	5,840,577							5,793,830
Stockholders’ equity	650,590							643,266
Total liabilities and stockholders’ equity	$	6,491,167						$	6,437,096
Net interest-earning assets	$	988,219						$	945,459
Tax-equivalent net interest income				44,958							44,750
Tax-equivalent net interest rate spread						2.83	%						2.86	%
Tax-equivalent net interest margin						2.96	%						2.98	%
Average interest-earning assets to average interest-bearing liabilities						119.51	%						118.76	%
Less tax-equivalent adjustment				1,786							1,721
Net interest income				$	43,172						$	43,029

F - 7

United Financial Bancorp, Inc. and Subsidiaries

Average Balance Sheets, Interest and Yields/Costs

(Dollars In Thousands)

(Unaudited)

	For the Year Ended December 31,
	2016							2015
	Average Balance			Interest and Dividends		Yield/Cost		Average Balance			Interest and Dividends		Yield/Cost
Interest-earning assets:
Residential real estate	$	1,214,681		$	39,658	3.26	%	$	1,169,083		$	39,384	3.37	%
Commercial real estate	2,055,441			84,290		4.10		1,776,407			78,709		4.43
Construction	159,677			6,854		4.29		172,257			8,264		4.80
Commercial business	646,308			23,814		3.68		610,424			28,275		4.63
Home equity	460,439			16,584		3.60		339,287			10,961		3.23
Other consumer	216,708			10,779		4.97		22,599			1,118		4.95
Investment securities	1,128,937			36,626		3.24		1,127,144			35,370		3.14
Other earning assets	62,367			343		0.55		60,956			181		0.3
Total interest-earning assets	5,944,558			218,948		3.68		5,278,157			202,262		3.83
Allowance for loan losses	(38,529		)					(28,483		)
Non-interest-earning assets	479,768							444,518
Total assets	$	6,385,797						$	5,694,192
Interest-bearing liabilities:
NOW and money market	$	1,555,194		$	6,547	0.42	%	$	1,470,459		$	7,183	0.49	%
Savings	527,544			309		0.06		529,659			319		0.06
Certificates of deposit	1,805,624			18,720		1.04		1,577,739			13,940		0.88
Total interest-bearing deposits	3,888,362			25,576		0.66		3,577,857			21,442		0.60
Federal Home Loan Bank advances	988,847			9,932		1.00		664,665			4,749		0.71
Other borrowings	128,617			5,545		4.31		162,419			5,572		3.43
Total interest-bearing liabilities	5,005,826			41,053		0.82		4,404,941			31,763		0.72
Non-interest-bearing deposits	657,829							605,112
Other liabilities	83,275							69,646
Total liabilities	5,746,930							5,079,699
Stockholders’ equity	638,867							614,493
Total liabilities and stockholders’ equity	$	6,385,797						$	5,694,192
Net interest-earning assets	$	938,732						$	873,216
Tax-equivalent net interest income				177,895							170,499
Tax-equivalent net interest rate spread						2.86	%						3.11	%
Tax-equivalent net interest margin						2.99	%						3.23	%
Average interest-earning assets to average interest-bearing liabilities						118.75	%						119.82	%
Less tax-equivalent adjustment				6,796							5,917
Net interest income				$	171,099						$	164,582

F - 8

United Financial Bancorp, Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures

(Dollars In Thousands)

(Unaudited)

In addition to evaluating the Company’s results of operations in accordance with GAAP, management periodically supplements this evaluation with an analysis of certain non-GAAP financial measures. These non-GAAP measures are intended to provide the reader with additional perspectives on operating results, financial condition, and performance trends, while facilitating comparisons with the performance of other financial institutions. Non-GAAP financial measures are not a substitute for GAAP measures, rather, they should be read and used in conjunction with the Company’s GAAP financial information.

The efficiency ratio is used as a common measure by banks as a comparable metric to understand the Company’s expense structure relative to its total revenue; in other words, for every dollar of total revenue we recognize, how much of that dollar is expended. In order to improve the comparability of the ratio to our peers, we remove non-core items. To improve transparency, and acknowledging that banks are not consistent in their definition of the efficiency ratio, we include our calculation of this non-GAAP measure.

Pre-provision net revenue is a measure that the Company uses to understand fundamental operating performance before credit related expenses and tax expense. It is often expressed as a ratio relative to average assets which demonstrates the “core” performance and can be viewed as an alternative measure of how efficiently the Company services its asset base.

Return on average tangible common equity is used by management and readers of our financial statements to understand how efficiently the Company is deploying its common equity. Companies that are able to demonstrate more efficient use of common equity are more likely to be viewed favorably by the current and prospective investors.

The Company believes that disclosing these non-GAAP metrics is both useful internally and is expected by our investors and analysts in order to understand the overall performance of the Company. Other companies may calculate and define their supplemental data differently. A reconciliation of GAAP financial measures to non-GAAP measures and other performance ratios, as adjusted, are included below and on pages F-9 through F-14 in the following press release tables.

	Three Months Ended															Years Ended
	December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015			December 31, 2016			December 31, 2015
	(Dollars in thousands)
Net Income (GAAP)	$	14,550		$	14,159		$	9,058		$	11,894		$	9,902		$	49,661		$	49,640
Non-GAAP adjustments:
Net interest income	(407		)	(383		)	35			(1,900		)	(1,617		)	(2,655		)	(12,653		)
Non-interest income	(94		)	(118		)	(367		)	(1,452		)	(519		)	(2,031		)	(1,158		)
Non-interest expense	501			447			1,814			1,893			3,586			4,655			4,770
Related income tax (benefit) expense	—			19			(518		)	511			(65		)	12			3,609
Net adjustment	—			(35		)	964			(948		)	1,385			(19		)	(5,432		)
Total net income (non-GAAP)	$	14,550		$	14,124		$	10,022		$	10,946		$	11,287		$	49,642		$	44,208
Net interest income (GAAP)	$	43,172		$	43,029		$	41,496		$	43,402		$	40,693		$	171,099		$	164,582
Non-GAAP Adjustments:
Impact from purchase accounting fair value marks:
Accretion of loan mark	228			403			835			(1,094		)	(718		)	372			(7,570		)
Accretion of deposit mark	(259		)	(359		)	(359		)	(359		)	(444		)	(1,336		)	(3,209		)
Accretion of borrowings mark	(376		)	(427		)	(441		)	(447		)	(455		)	(1,691		)	(1,874		)
Net adjustment	(407		)	(383		)	35			(1,900		)	(1,617		)	(2,655		)	(12,653		)
Total net interest income (non-GAAP)	$	42,765		$	42,646		$	41,531		$	41,502		$	39,076		$	168,444		$	151,929

F - 9

	Three Months Ended															Years Ended
	December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015			December 31, 2016			December 31, 2015
	(Dollars in thousands)
Non-interest income (GAAP)	$	8,936		$	7,889		$	6,532		$	6,727		$	8,463		$	30,084		$	32,487
Non-GAAP adjustments:
Net gain on sales of securities	(94		)	(48		)	(367		)	(1,452		)	(300		)	(1,961		)	(939		)
BOLI claim benefit	—			(70		)	—			—			(219		)	(70		)	(219		)
Net adjustment	(94		)	(118		)	(367		)	(1,452		)	(519		)	(2,031		)	(1,158		)
Total non-interest income (non-GAAP)	8,842			7,771			6,165			5,275			7,944			28,053			31,329
Total net interest income (non-GAAP)	42,765			42,646			41,531			41,502			39,076			168,444			151,929
Total revenue (non-GAAP)	$	51,607		$	50,417		$	47,696		$	46,777		$	47,020		$	196,497		$	183,258
Non-interest expense (GAAP)	$	33,293		$	32,236		$	34,681		$	33,763		$	35,305		$	133,973		$	128,195
Non-GAAP adjustments:
Merger related expense	—			—			—			—			(1,575		)	—			(1,575		)
Core deposit intangible amortization expense	(385		)	(385		)	(401		)	(433		)	(433		)	(1,604		)	(1,796		)
Loan portfolio acquisition fees	—			—			—			—			(1,572		)	—			(1,572		)
Effect of position eliminations	(107		)	(55		)	(1,403		)	—			—			(1,565		)	—
Effect of branch lease termination agreement	—			—			—			—			—			—			195
Amortization of fixed asset fair value mark	(9		)	(7		)	(10		)	(6		)	(6		)	(32		)	(22		)
FHLBB prepayment penalties	—			—			—			(1,454		)	—			(1,454		)	—
Net adjustment	(501		)	(447		)	(1,814		)	(1,893		)	(3,586		)	(4,655		)	(4,770		)
Total non-interest expense (non-GAAP)	$	32,792		$	31,789		$	32,867		$	31,870		$	31,719		$	129,318		$	123,425
Total loans	$	4,901,714		$	4,720,700		$	4,730,895		$	4,649,876		$	4,613,931		$	4,901,714		$	4,613,931
Non-covered loans (1)	(744,763		)	(721,763		)	(1,259,285		)	(1,334,303		)	(1,448,435		)	(744,763		)	(1,448,435		)
Total covered loans	$	4,156,951		$	3,998,937		$	3,471,610		$	3,315,573		$	3,165,496		$	4,156,951		$	3,165,496
Allowance for loan losses	$	42,798		$	41,080		$	37,961		$	35,500		$	33,887		$	42,798		$	33,887
Allowance for loan losses to total loans	0.87		%	0.87		%	0.80		%	0.76		%	0.73		%	0.87		%	0.73		%
Allowance for loan losses to total covered loans	1.03		%	1.03		%	1.09		%	1.07		%	1.07		%	1.03		%	1.07		%

Efficiency Ratio:
Non-Interest Expense (GAAP)	$	33,293		$	32,236		$	34,681		$	33,763		$	35,305		$	133,973		$	128,195
Non-GAAP adjustments:
Other real estate owned expense	(100		)	(40		)	(63		)	(35		)	(35		)	(238		)	(237		)
Intangible assets amortization	(385		)	(385		)	(401		)	(433		)	(433		)	(1,604		)	(1,796		)

F - 10

	Three Months Ended															Years Ended
	December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015			December 31, 2016			December 31, 2015
	(Dollars in thousands)
Merger related expense	—			—			—			—			(1,575		)	—			(1,575		)
Loan portfolio acquisition fees	—			—			—			—			(1,572		)	—			(1,572		)
Effect of position eliminations	(107		)	(55		)	(1,403		)	—			—			(1,565		)	—
Effect of branch lease termination agreement	—			—			—			—			—			—			195
FHLBB prepayment penalties	—			—			—			(1,454		)	—			(1,454		)	—
Non-Interest Expense for Efficiency Ratio (non-GAAP)	$	32,701		$	31,756		$	32,814		$	31,841		$	31,690		$	129,112		$	123,210
Net Interest Income (GAAP)	$	43,172		$	43,029		$	41,496		$	43,402		$	40,693		$	171,099		$	164,582
Non-GAAP adjustments:
Tax equivalent adjustment for tax-exempt loans and investment securities	1,786			1,721			1,675			1,616			1,510			6,796			5,917
Non-Interest Income (GAAP)	8,936			7,889			6,532			6,727			8,463			30,084			32,487
Non-GAAP adjustments:
Net gain on sales of securities	94			48			367			1,452			300			1,961			939
Net loss on limited partnership investments	(705		)	(850		)	(1,504		)	(936		)	(799		)	(3,995		)	(3,136		)
BOLI claim benefit	—			70			—			—			219			70			219
Total Revenue for Efficiency Ratio (non-GAAP)	$	54,505		$	53,371		$	50,840		$	51,229		$	50,946		$	209,943		$	204,964
Efficiency Ratio (Non-Interest Expense for Efficiency Ratio (non-GAAP)/Total Revenue for Efficiency Ratio (non-GAAP))	60.00		%	59.50		%	64.54		%	62.15		%	62.20		%	61.50		%	60.11		%
Pre-Provision Net Revenue ("PPNR") to Average Assets (Annualized):
Net Interest income (GAAP)	$	43,172		$	43,029		$	41,496		$	43,402		$	40,693		$	171,099		$	164,582
Non-GAAP adjustments:
Tax equivalent adjustment for tax-exempt loans and investment securities	1,786			1,721			1,675			1,616			1,510			6,796			5,917
Total net interest income before provision (A)	$	44,958		$	44,750		$	43,171		$	45,018		$	42,203		$	177,895		$	170,499

F - 11

	Three Months Ended															Years Ended
	December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015			December 31, 2016			December 31, 2015
	(Dollars in thousands)
Non Interest Income (GAAP)	8,936			7,889			6,532			6,727			8,463			30,084			32,487
Non-GAAP adjustments:
Net gain on sales of securities	(94		)	(48		)	(367		)	(1,452		)	(300		)	(1,961		)	(939		)
Net loss on limited partnership investments	705			850			1,504			936			799			3,995			3,136
Loss on fixed assets - branch optimization	—			—			—			—			—			—			—
BOLI claim benefit	—			(70		)	—			—			(219		)	(70		)	(219		)
Non-Interest Income for PPNR (non-GAAP) (B)	$	9,547		$	8,621		$	7,669		$	6,211		$	8,743		$	32,048		$	34,465
Non-Interest Expense (GAAP)	$	33,293		$	32,236		$	34,681		$	33,763		$	35,305		$	133,973		$	128,195
Non-GAAP adjustments:
Merger related expense	—			—			—			—			(1,575		)	—			(1,575		)
Loan portfolio acquisition fees	—			—			—			—			(1,572		)	—			(1,572		)
Effect of position eliminations	(107		)	(55		)	(1,403		)	—			—			(1,565		)	—
Effect of branch lease termination agreement	—			—			—			—			—			—			195
FHLBB prepayment penalties	—			—			—			(1,454		)	—			(1,454		)	—
Non-Interest Expense for PPNR (non-GAAP) (C)	$	33,186		$	32,181		$	33,278		$	32,309		$	32,158		$	130,954		$	125,243
Total PPNR (non-GAAP)  (A + B - C) :	$	21,319		$	21,190		$	17,562		$	18,920		$	18,788		$	78,989		$	79,721
Average Assets	6,491,167			6,437,096			6,326,441			6,286,762			5,965,474			6,385,797			5,694,192
PPNR to Average Assets (Annualized)	1.31		%	1.32		%	1.11		%	1.20		%	1.26		%	1.24		%	1.40		%

F - 12

	Three Months Ended															Years Ended
	December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015			December 31, 2016			December 31, 2015
	(Dollars in thousands)
Return on Average Tangible Common Equity (Annualized) :
Net Income (GAAP)	$	14,550		$	14,159		$	9,058		$	11,894		$	9,902		$	49,661		$	49,640
Non-GAAP adjustments:
Intangible Assets amortization, tax effected at 35%	250			250			261			281			281			1,043			1,167
Net Income excluding intangible assets amortization, tax effected at 35%	$	14,800		$	14,409		$	9,319		$	12,175		$	10,183		$	50,704		$	50,807
Average shareholders' equity (non-GAAP)	$	650,590		$	643,266		$	634,375		$	627,060		$	623,553		$	638,867		$	614,493
Average goodwill & other intangible assets (non-GAAP)	121,383			121,767			122,171			122,590			123,022			121,976			123,694
Average tangible common shareholders' equity (non-GAAP)	$	529,207		$	521,499		$	512,204		$	504,470		$	500,531		$	516,891		$	490,799
Return on Average Tangible Common Equity (non-GAAP)	11.19		%	11.05		%	7.28		%	9.65		%	8.14		%	9.81		%	10.35		%

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

F - 13

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 December 31, 2016
	Non-GAAP (Including Tax Equivalent Adjustment)				Mark to Market					Non-GAAP (Excluding Mark to Market and Tax Equivalents Adjustments)
	Interest and Dividends		Yield/Cost		Interest and Dividends			Yield/Cost		Interest and Dividends		Yield/Cost
Residential real estate	$	9,907	3.24	%	$	(232	)	(0.09) %		$	10,139	3.33	%
Commercial real estate	20,950		3.96		335			0.07		20,615		3.89
Construction	1,612		4.37		58			0.17		1,554		4.20
Commercial business	6,171		3.66		363			0.24		5,808		3.42
Home equity	4,846		3.91		(249		)	(0.25	)	5,095		4.16
Other consumer	2,551		4.85		(503		)	(1.05	)	3,054		5.90
Certificates of deposit	4,972		1.06		(259		)	(0.05	)	5,231		1.11
Federal Home Loan Bank advances	2,425		1.04		(395		)	(0.17	)	2,820		1.21
Other borrowings	1,375		4.46		19			0.13		1,356		4.33
Tax-equivalent net interest margin	44,958		2.96		407					44,551		2.94
	Three Months Ended September 30, 2016
	Non-GAAP (Including Tax Equivalent Adjustment)				Mark to Market					Non-GAAP (Excluding Mark to Market and Tax Equivalents Adjustments)
	Interest and Dividends		Yield/Cost		Interest and Dividends			Yield/Cost		Interest and Dividends		Yield/Cost
Residential real estate	$	10,026	3.26	%	$	(483	)	(0.18	) %	$	10,509	3.44	%
Commercial real estate	21,255		4.07		545			0.12		20,710		3.95
Construction	1,563		3.98		39			0.11		1,524		3.87
Commercial business	6,054		3.60		329			0.22		5,725		3.38
Home equity	4,407		3.77		(293		)	(0.30	)	4,700		4.07
Other consumer	2,562		4.90		(540		)	(1.14	)	3,102		6.04
Certificates of deposit	4,701		1.03		(359		)	(0.08	)	5,060		1.11
Federal Home Loan Bank advances	2,657		0.97		(445		)	(0.17	)	3,102		1.14
Other borrowings	1,371		4.55		18			0.12		1,353		4.43
Tax-equivalent net interest margin	44,750		2.98		383					44,367		2.96

F - 14

EX-99.2

Fourth Quarter 2016 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. NON-GAAP FINANCIAL MEASURES This Presentation contains certain non-GAAP financial measures in addition to results presented in accordance with Generally Accepted Accounting Principles (“GAAP”). These non-GAAP measures provide supplemental perspectives on operating results, performance trends, and financial condition. They are not a substitute for GAAP measures; they should be read and used in conjunction with the Company’s GAAP financial information. These non-GAAP financial measures provide information for investors to effectively analyze financial trends of our business activities, and to enhance comparability with peers across the financial services sector. 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 860-291-3722 or ENewell@bankatunited.com 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 Branch Network 5 Market Opportunities 6 Management Team and Ownership 7 Four Key Objectives 8 Consumer Banking 9 Wholesale Banking 10 Commercial Banking Overview 11 Shared Services 12 Financial Highlights 13

5NASDAQ: UBNK Branch Network 3rd largest public bank headquartered in CT with $6.6 billion in assets 53 Branches located in Central CT and Western MA #4 market share in combined Hartford / Springfield MSA $85 million in average deposits per branch (6/30/16 Branch level reporting)

6NASDAQ: UBNK Market Opportunities • United Bank operates in attractive markets with significant wealth and customer base • New Haven and Fairfield County provide growth opportunities • The Bank’s main operational markets have significant wealth Markets Population Population35-54 Average HHI Median Age Hartford MSA 1,209,666 314,305 99,183 41 Springfield MSA 634,548 150,871 74,794 38 Worcester MSA 941,096 252,449 90,066 40 New Haven County 857,654 222,167 88,804 40 Fairfield County 954,291 261,415 140,792 40 Total 4,597,255 1,201,207 100,236 40 *Total Average Household Income (HHI) weighted by households and Age weighted by population Main Operational Markets Opportunity Markets

7NASDAQ: UBNK Management Team and Ownership • William H.W. Crawford, IV owns 537,076 shares of stock and options* • UBNK management owns 1,291,501 shares of stock and options* • UBNK and United Bank Directors own 1,072,005 shares of stock and options* *Note: 401k/ESOP share ownership is as of 12/31/15. Name Title/Function Years in Industry/Years at United Prior Experience William H.W. Crawford, IV Chief Executive Officer 28/6 Wells Fargo Bank, Wachovia Bank,SouthTrust Bank Eric R. Newell Chief Financial Officer 13/6 FDIC, Fitch Ratings, Alliance Berstein Dena M. Hall Chief Marketing Officer 20/12 Woronoco Savings Bank Craig W. Hurty Chief Human Resources Officer 33/3 Aetna, PacifiCare Health Systems Mark A. Kucia Chief Credit Officer 29/11 National Westminster Bank, Liberty Bank,Mechanics Bank, BayBank Brandon C. Lorey Head of Consumer Banking 26/4 H&R Block Bank, Chevy Chase FederalSavings Bank David C. Paulson Head of Wholesale Banking 31/3 Santander, Wells Fargo, Wachovia John J. Smith Chief Information &Administrative Officer 31/1 CIT Group, NYCE Corporation, Summit Bank Elizabeth Wynnick Chief Risk Officer 25/5 NewAlliance Bank, Webster Bank

8NASDAQ: UBNK Four Key Objectives Objective Progress 1. Align earning asset growth with organic capital and low cost core deposit generation to maintain strong capital and liquidity (a) FY 2016 loans and deposits increased similarly at 6.0%; (b) FY 2016 DDA growth 8.0%; (c) FY 2016 capital growth 5% 2. Re-Mix cash flows into higher yielding risk adjusted return on assets with lower funding costs relative to peers. (a) FY2016, improved NIM stability compared to FY 2015; (b) growth focused on OOCRE, C&I, and consumer, less emphasis on Investor CRE & residential real estate 3. Invest in people, systems, and technology to grow revenue and improve customer experience while maintaining attractive cost structure. (a) Non-Interest Expense/ Average Assets (NIE/AA) at 2.05% in 4Q16; while making strategic stair step investment in Information Technology & Project Management 4. Grow operating revenue, maximize operating earnings, grow tangible book value, pay dividend. Achieve more revenue into NII and core fee income. (a) Q4 2016 record revenue, record EPS; (b) TBV/share declined 0.7% due to higher rates; (b) increased core banking fees in 2016 versus 2015

9NASDAQ: UBNK Consumer Banking Consumer Loan Detail as of 12/31/2016 Construction 3% Home equity 27% Other consumer 11% Residential 59% Diverse products designed to meet the needs of our consumer customers. Retail and Small Business Banking team focused on gaining new customer relationships and deposit growth • Mortgage Sales team originated $631.5 million of residential mortgage loans in 2016. Participate in secondary market sales. • Consumer Lending team who utilize the branch network to acquire profitable customer relationships with growth in Home Equity and lines of credit. • United Northeast Financial Advisors serving over 50 banking offices with investment services offerings. Demonstrating strong growth each quarter. • Internationally experienced LH-finance Marine division. ($1.96 Bn, or 40% of loans)

10NASDAQ: UBNK Wholesale Banking Commercial Loan Detail as of 12/31/2016 Construction 3% Owner-Occupied CRE 14% C&I 25% Investor CRE 58% Robust offering of products to support commercial customer needs and provide competitive advantage. • Diverse and experienced Commercial Banking group: Commercial Lending team across various divisions and areas of expertise. • Cash Management and Municipal Banking team focused on deposit gathering and growing strategically important relationships. • Commercial Real Estate team focused on growing Owner-Occupied CRE portfolio, includes Regional CRE program which expands throughout the Northeast and Mid Atlantic. • Business Banking group focused on growing C&I loans and core deposits. ($2.95 Bn, or 60% of loans)

11NASDAQ: UBNK Commercial Banking Overview • Asset quality remains exceptional through diversification, granularity, that is accretive to risk adjusted capital Investor CRE & ADC by Property Type $1,804 Million C&I & Owner Occupied CRE by Industry $1,141 Million

12NASDAQ: UBNK Shared Services In addition to a strong and seasoned leadership team, the Company has recruited, retained and developed deeply talented teams across the organization Significant investment in Information Technology resources to provide leadership for effective strategic and tactical planning in the use of technology. Implementing the use of leading edge development methodologies and feedback loops. Experienced Enterprise Risk and Credit Risk areas that maintain a strong, consistent culture of risk discipline. Support profitable business results using vigilance, agility, and expertise. Strong recruiting, retention and talent development via Human Capital division. Focus on defining, attracting, and developing the right mix of critical talent to support and grow the businesses. Deep Finance group with talent recruited from a large and diversified set of institutions. Provide decision support for strategic and operational goals using key business drivers and parameters that impact future profit and revenue growth. Experienced and talented Tax team driving profitable tax credit investments.

13NASDAQ: UBNK Financial Highlights

14NASDAQ: UBNK Fourth Quarter Walk (Dollars in thousands) GAAP Net Income Non-GAAP Net Income Actual Third Quarter 2016 $ 14,159 $ 14,124 Loan Interest Income 501 326 Fee Income (370) (370) Investment Income 154 154 Interest Expense (142) 9 Net Interest Income 143 119 Provision 407 407 Net Interest Income after Provision 550 526 Service Charges and Fees (146) (146) Security Gains/Losses 46 — Gains/Losses on Limited Partnerships 145 145 Other 1,002 1,072 Non-Interest Income 1,047 1,071 Salaries and Benefits (978) (910) Service Bureau Fees 193 193 Occupancy Expense (76) (74) Professional Fees 101 101 Marketing (122) (122) FDIC 46 46 Other (221) (237) Total Operating Expense (1,057) (1,003) Taxes (149) (168) Total Change 391 426 Actual Fourth Quarter 2016 $ 14,550 $ 14,550

15NASDAQ: UBNK Tangible Book Value per Share Walk

16NASDAQ: UBNK Forecast Actual Q3 2016 Actual Q4 2016 Actual FY 2016 FY 2017 Tax Equivalent Net Interest Margin 2.98% 2.96% 2.99% 3.00% Loan Growth (1.0%)* 15.3% 6.2% high single digit Provision / Average Gross Loans 0.31%* 0.28%* 0.29% 0.30% Non-Interest Income Run Rate $31.6 million* $35.7 million* $30.1 million $32 - 34 million Non-Interest Expense Run Rate $128.9 million* $133.2 million* $134.0 million $138 - 140 million Effective Tax Rate (YTD) 8.4% 7.6% 7.6% 13% *Note: Loan Growth, Provision/Average Gross Loans, Fee Income and NIE calculations are annualized.

17NASDAQ: UBNK NIE/Average Assets/FTE Employees

18NASDAQ: UBNK Balance Sheet Trends QoQ YoY 4Q16 vs 3Q16 4Q16 vs 4Q15 Balance Sheet ($ in thousands) 4Q2016 3Q2016 2Q2016 1Q2016 4Q2015 $ Change % Change $ Change % Change ASSETS Cash and cash equivalents $ 90,944 $ 214,246 $ 97,441 $ 87,234 $ 95,176 $ (123,302) (57.6)% $ (4,232) (4.4)% Securities 1,057,449 1,066,601 1,087,748 1,104,932 1,073,734 (9,152) (0.9) (16,285) (1.5) Loans held for sale 62,517 83,321 30,558 7,560 10,136 (20,804) (25.0) 52,381 516.8 Residential real estate 1,156,227 1,129,079 1,171,300 1,176,357 1,179,915 27,148 2.4 (23,688) (2.0) Home equity 536,772 479,390 460,058 446,515 431,282 57,382 12.0 105,490 24.5 Other consumer 209,393 213,830 211,065 217,725 233,064 (4,437) (2.1) (23,671) (10.2) Residential construction 53,934 52,476 49,338 42,205 41,084 1,458 2.8 12,850 31.3 Investor non-occupied CRE 1,705,319 1,702,701 1,675,821 1,648,321 1,673,248 2,618 0.2 32,071 1.9 Owner occupied CRE 416,718 392,168 384,324 376,511 322,084 24,550 6.3 94,634 29.4 Commercial business 724,557 660,676 671,687 614,235 603,332 63,881 9.7 121,225 20.1 Commercial construction (ADC) 98,794 90,380 107,302 128,007 129,922 8,414 9.3 (31,128) (24.0) Loans - net 4,870,552 4,689,834 4,702,337 4,621,988 4,587,062 180,718 3.9 283,490 6.2 Deferred tax asset, net 39,962 32,529 31,395 32,222 33,094 7,433 22.9 6,868 20.8 Premises and equipment, net 51,757 52,520 53,021 53,685 54,779 (763) (1.5) (3,022) (5.5) Intangible Assets 121,183 121,568 121,953 122,354 122,787 (385) (0.3) (1,604) (1.3) Cash surrender value of BOLI 167,823 126,948 126,734 125,920 125,101 40,875 32.2 42,722 34.2 Other Assets* 137,333 157,288 163,897 163,349 126,672 (19,955) (12.7) 10,661 8.4 Total Assets $ 6,599,520 $6,544,855 $6,415,084 $6,319,244 $6,228,541 $ 54,665 0.8 % $ 370,979 6.0 % LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: QoQ YoY Deposits: 4Q16 vs 3Q16 4Q16 vs 4Q15 Non-interest-bearing $ 708,050 $ 687,865 $ 673,624 $ 657,144 $ 657,718 $ 20,185 2.9 % $ 50,332 7.7 % Interest-bearing 4,003,122 4,007,606 3,781,717 3,876,901 3,779,353 (4,484) (0.1) 223,769 5.9 Total Deposits 4,711,172 4,695,471 4,455,341 4,534,045 4,437,071 15,701 0.3 274,101 6.2 Mortgagors' and investor escrow accounts 13,354 9,045 14,040 9,696 13,526 4,309 47.6 (172) (1.3) FHLB advances and other borrowings 1,169,619 1,102,882 1,222,160 1,073,034 1,099,020 66,737 6.1 70,599 6.4 Accrued expenses and other liabilities 49,509 81,217 79,350 69,191 53,403 (31,708) (39.0) (3,894) (7.3) Total liabilities 5,943,654 5,888,615 5,770,891 5,685,966 5,603,020 55,039 0.9 340,634 6.1 Total stockholders' equity 655,866 656,240 644,193 633,278 625,521 (374) (0.1) 30,345 4.9 Total liabilities and stockholders' equity $ 6,599,520 $6,544,855 $6,415,084 $6,319,244 $6,228,541 $ 54,665 0.8 % $ 370,979 6.0 % *Other assets include FHLBB stock (at cost), accrued interest receivable, in addition to other assets

19NASDAQ: UBNK Investment Portfolio Portfolio Stats ($ in millions) 2016Q4 2016Q3 Market Value $ 1,057 $ 1,067 Yield 3.18% 2.99% Average Rating AA AA MBS Portfolio $ 554 $ 572 Total Portfolio Duration (years) 3.6 3.0 Summary of Quarterly Securities Purchases 2016Q4 2016Q3 Average Yield 3.3% 3.68% Average Rating AA- AA Total Securities/Assets (%) 25.0 20.0 15.0 10.0 5.0 201 3Q 4 201 4Q 1 201 4Q 2 201 4Q 3 201 4Q 4 201 5Q 1 201 5Q 2 201 5Q 3 201 5Q 4 201 6Q 1 201 6Q 2 201 6Q 3 201 6Q 4 18.2 19.3 18.8 19.4 19.5 20.1 19.0 18.7 17.2 17.5 17.0 16.3 16.0 Investment Portfolio Summary (Total) December 31, 2016 Corp Debt: 7% Agency CMO: 17% Agency CCMO: 16% Agency CMBS: 3% CLO: 14% Muni: 22% FFELP: 1% Agency MBS: 17% Preferred: 3%

20NASDAQ: UBNK Asset Quality ($ in thousands, except percentage data) 2016Q4 2016Q3 2016Q2 2016Q1 2015Q4 Non-accrual loans $ 26,759 $ 25,983 $ 32,310 $ 29,285 $ 32,191 TDR - non-accruing 7,304 7,345 6,713 7,143 5,611 Total non-performing loans 34,063 33,328 39,023 36,428 37,802 OREO 1,890 2,792 702 659 755 Total non-performing assets $ 35,953 $ 36,120 $ 39,725 $ 37,087 $ 38,557 NPLs to total loans 0.69% 0.71% 0.82% 0.78% 0.82% NPAs to total assets 0.54% 0.55% 0.62% 0.59% 0.62% Net charge offs $ 1,641 $ 647 $ 1,163 $ 1,075 $ 724 Annualized NCOs to average loans 0.14% 0.05% 0.10% 0.09% 0.07% Allowance for loan losses to non-performing loans 125.64% 123.26% 97.28% 97.45% 89.64% Allowance for loan losses to total loans 0.87% 0.87% 0.80% 0.76% 0.73% Provision for loan losses (annualized)/Average Loans 0.28% 0.31% 0.31% 0.23% 0.35%

21NASDAQ: UBNK Commercial Real Estate Institution Name City State Ticker CRE / Risk-Based Capital 3-Year Ratio Delta Construction / Risk-Based Capital 3-Year Ratio Delta United Financial Bancorp, Inc. Glastonbury CT UBNK 294% 37% 26% (3)% People's United Financial, Inc. Bridgeport CT PBCT 264% (10)% 26% 7% Webster Financial Corporation Waterbury CT WBS 158% 31% 20% 7% Berkshire Hills Bancorp, Inc. Pittsfield MA BHLB 263% 78% 46% 19% Independent Bank Corp. Rockland MA INDB 307% (21)% 59% 4% Brookline Bancorp, Inc. Boston MA BRKL 362% 26% 21% (3)% Century Bancorp, Inc. Medford MA CNBKA 34% (11)% 6% —% Washington Trust Bancorp, Inc. Westerly RI WASH 318% 67% 34% 10% Meridian Bancorp, Inc. Peabody MA EBSB 490% (46)% 104% 22% Camden National Corporation Camden ME CAC 204% 50% 30% 16% First Connecticut Bancorp, Inc. Farmington CT FBNK 305% 47% 20% (24)% Enterprise Bancorp, Inc. Lowell MA EBTC 248% 25% 85% 13% Community Bank System, Inc. De Witt NY CBU 78% (2)% 18% 1% NBT Bancorp Inc. Norwich NY NBTB 168% (12)% 34% 10% Sterling Bancorp Montebello NY STL 266% (1)% 16% (10)% High 490% 78% 104% 22% Low 34% (46)% 6% (24)% Mean 247% 16% 37% 5% Median 263% 12% 28% 7% UBNK Ranking out of 15 (ascending): 10 11 8 3 NOTE: All financial data as of September 30, 2016 CRE includes 1.a.1, 1.a.2, 1.b, 1.d, and 1.e.2 from RC-C Part 1 FFIEC 041 Data is Bank-level; BRKL subsidiaries aggregated Ratio deltas represent change in ratio over 3-year period All data sourced from S & P Global Market Intelligence

22NASDAQ: UBNK Deposit Composition Demand & NOW: 26% Regular Savings: 11% Money Market: 26% Time Deposits: 37% Demand & NOW: 23% Regular Savings: 11% Money Market: 27% Time Deposits: 39% Deposit Composition at December 31, 2016Deposit Composition at December 31, 2015 Total Deposits at 12/31/16: $4.71 billionTotal Deposits at 12/31/15: $4.44 billion

23NASDAQ: UBNK Non-GAAP Reconciliation Three Months Ended December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016 December 31, 2015 Net Income (GAAP) $ 14,550 $ 14,159 $ 9,058 $ 11,894 $ 9,902 Non-GAAP adjustments: Net interest income (407) (383) 35 (1,900) (1,617) Non-interest income (94) (118) (367) (1,452) (519) Non-interest expense 501 447 1,814 1,893 3,586 Related income tax (benefit) expense — 19 (518) 511 (65) Net adjustment — (35) 964 (948) 1,385 Total non-GAAP net income $ 14,550 $ 14,124 $ 10,022 $ 10,946 $ 11,287 Net interest income (GAAP) $ 43,172 $ 43,029 $ 41,496 $ 43,402 $ 40,693 Non-GAAP Adjustments: Impact from purchase accounting fair value marks: Accretion of loan mark 228 403 835 (1,094) (718) Accretion of deposit mark (259) (359) (359) (359) (444) Accretion of borrowings mark (376) (427) (441) (447) (455) Net adjustment (407) (383) 35 (1,900) (1,617) Total non-GAAP net interest income $ 42,765 $ 42,646 $ 41,531 $ 41,502 $ 39,076 Non-interest income (GAAP) $ 8,936 $ 7,889 $ 6,532 $ 6,727 $ 8,463 Non-GAAP adjustments: Net gain on sales of securities (94) (48) (367) (1,452) (300) BOLI claim benefit — (70) — — (219) Net adjustment (94) (118) (367) (1,452) (519) Total non-GAAP non-interest income 8,842 7,771 6,165 5,275 7,944 Total non-GAAP net interest income 42,765 42,646 41,531 41,502 39,076 Total non-GAAP revenue $ 51,607 $ 50,417 $ 47,696 $ 46,777 $ 47,020

24NASDAQ: UBNK Non-GAAP Reconciliation (cont.) Three Months Ended December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016 December 31, 2015 Non-interest expense (GAAP) $ 33,293 $ 32,236 $ 34,681 $ 33,763 $ 35,305 Non-GAAP adjustments: Merger related expense — — — — (1,575) Core deposit intangible amortization expense (385) (385) (401) (433) (433) Loan portfolio acquisition fees — — — — (1,572) Effect of position eliminations (107) (55) (1,403) — — Effect of branch lease termination agreement — — — — — Amortization of fixed asset fair value mark (9) (7) (10) (6) (6) FHLBB prepayment penalties — — — (1,454) — Net adjustment (501) (447) (1,814) (1,893) (3,586) Total non-GAAP non-interest expense $ 32,792 $ 31,789 $ 32,867 $ 31,870 $ 31,719 Total loans $ 4,901,714 $ 4,720,700 $ 4,730,895 $ 4,649,876 $ 4,613,931 Non-covered loans (1) (744,763) (721,763) (1,259,285) (1,334,303) (1,448,435) Total covered loans $ 4,156,951 $ 3,998,937 $ 3,471,610 $ 3,315,573 $ 3,165,496 Allowance for loan losses $ 42,798 $ 41,080 $ 37,961 $ 35,500 $ 33,887 Allowance for loan losses to total loans 0.87% 0.87% 0.80% 0.76% 0.73% Allowance for loan losses to total covered loans 1.03% 1.03% 1.09% 1.07% 1.07% (1) As required by GAAP, the Company recorded at fair value acquired loans. These loans carry no allowance for loan losses for the periods reflected above.