United Financial Bancorp 8-K Regulation FD Disclosure

Holding Company for

NASDAQ: UBNK

Forward Looking Statements

Certain

comments

made

in

the

course

of

this

presentation

by

UBNK

are

forward-looking

in

nature.

These

include

all

statements

about

UBNK’s

operating

results

or

financial

position

for

periods

ending

or

on

dates

occurring

after

September

30,

2011

and

usually

use

words

such

as

“expect”,

“anticipate”,

“believe”,

and

similar

expressions.

These

comments

represent

management’s

current

beliefs,

based

upon

information

available

to

it

at

the

time

the

statements

are

made

with

regard

to

the

matters addressed. 

All forward looking statements are subject to risks and uncertainties that could cause UBNK’s actual results or financial condition to differ materially from those expressed

in or implied by such statements.  Factors of particular importance to UBNK include, but are not limited to: (1) changes in general economic conditions, including interest

rates; (2) competition among providers of financial services; (3) changes in the interest rate environment that reduce our margins or reduce the fair value of financial

instruments;

(4)

adverse

changes

in

the

securities

markets;

and

(5)

our

ability

to

enter

new

markets

successfully

and

capitalize

on

growth

opportunities.

UBNK

does

not

undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Presentation Materials for Sandler O’Neill & Partners East Coast

Financial Services Conference: November 9-11, 2011

Exhibit 99.1

2

2

Why hold shares of UBNK?

Experienced management team

focused on creating shareholder value

Superior

return

on

your

investment:

CAGR

5.86%

vs.

S&P

CAGR

(1.2%)

Aug

2005

–

Q3’11

Good track record of increasing dividends (quarterly dividends increased 80% since Feb 2006)

Increased quarterly cash dividend by 13% to $0.09 per share in July 2011

Well capitalized

(13.63% Tangible Equity/ Tangible Assets)

Effective capital management strategies

Successful

stock

repurchase

program

(acquired

2.9

million

shares

at

an

average

price

of

$13.63 since June 2008)

Competitive dividend yield (2.30% as of 10/31/11)

Leveraging capital through a growing franchise

Acquisition of CNB in November 2009

Extend geographic reach (new loan office opened in Beverly, MA)

De Novo branching (new branch to open in Q2 2012)

Balanced loan & deposit mix and growth

Strong

market

position

in

both

loans

&

deposits

More

bank-like

mix

in

loans

64% in core deposits

Asset quality

2

Largest

NPLs

comprise

33%

of

09/30/11

total

(workout

strategies

in

place)

89%

of Investment portfolio is agency backed

3

3

Experienced and Invested Management Team

Name

Title

Years in

Industry

Prior Experience

Stock

Ownership

Richard B. Collins

Chairman of the Board,

President and Chief

Executive Officer

40+

Joined United Bank in 2001.                                   

CEO of First Massachusetts Bank, N.A.

136,322

Keith E. Harvey 

Executive Vice President

and Chief Operating

Officer, Operations and

Retail Sales

35+

Joined United Bank in 1984.                                    

Experience concentrated in Retail Bank

Management, Operations and Information

Technology

66,016

Mark A. Roberts 

Executive Vice President

and Chief Financial Officer

25+

Joined United Bank in 2006.                                    

VP and Controller at The Connecticut Bank and

Trust Company in Hartford, CT

50,342

VP Finance at Woronoco Savings Bank

J. Jeffrey Sullivan 

Executive Vice President

and Chief Lending Officer

20+

Joined United Bank in 2003.                                   

SVP Business Development and Commercial

Lending at Bank of Western Massachusetts          

53,561

Charles R. Valade 

Executive Vice President,

Commercial Lending

35+

Joined United Bank in 2009.                                    

Founder, President and Chief Executive Officer of

Commonwealth National Bank

40,547

John J. Patterson 

Senior Vice President,                              

Risk Management

40+

Experience concentrated in Risk Management and

Credit  Administration

33,216

Joined United Bank in 1993.

4

4

Deploying our Strong Capital Position

CAPITAL

Franchise Expansion:

De Novo branching (six new

branches in the past five years)

New loan offices

Organic growth

Strategic acquisitions

Commercial Lending Focus:

New loan production office opened in

Beverly, MA (March 2011)

Plan to add 3 more experienced 

Commercial Lenders

Maintain focus on experience/

conservative underwriting and credit

administration

Expand/diversify sources of non-interest income:

$146mm AUM at United Wealth Management Group

(as of 09/30/11)

Consistent growth in consumer/commercial checking

accounts

Effective Capital Management Strategy:

Maintain competitive dividend yield

Successful common stock repurchase program:

Completed:

four buy back programs since June of 2008

with total repurchases of 2,916,427 at average price of

$13.63 (16% of outstanding shares) as of 09/30/11

In progress:

5% program commenced on 10/26/10

to repurchase 807,803 shares. As of 09/30/11, the bank

repurchased 374,197 shares or 46%.

5

5

Dividend History & Share Buybacks*

* As of 09/30/11

Shares Repurchased

2008

2009

2010

YTD 2011

Total

Amount

261,798

1,537,787

798,242

318,600

2,916,427

$ Value

$ 3,496,920

$ 20,593,752

$ 10,849,879

4,814,348

$ 39,754,899

Dividend $ Payout

$ 4,436,000

$   4,238,000

$   4,589,000

$   3,745,000

$ 17,008,000

$0.29

$0.50

$0.70

$0.16

$0.18

$0.20

$0.24

$0.08

$0.09

$0.26

$0.57

$0.20

$0.27

$0.28

$0.30

$0.08

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

2006Y

2007Y

2008Y

2009Y

2010Y

Q1 2011

Q2 2011

Q3 2011

Core EPS

Dividends per share

6

6

Total Return Stock Performance vs. Major Indexes

Total Return CAGR

UBNK:

First

Step

Aug

2005

–

Sept

2011

7.69%

UBNK:

Second

Step

Dec

2007

–

Sept

2011

11.02%

S&P

500

:

Aug

2005

–

Sept

2011

(excl.

dividends)

(1.20)%

Total Return CAGR  includes:

•Cumulative dividends for both first and second step

stock offerings.

•Conversion factor impact on first step of 1.04079

bringing cost basis to $9.5921 from $10.

•First and second step original offering price was $10.

7

7

Future Growth and Expansion Opportunities

Capital from conversion still not fully deployed

Well positioned to explore future strategic options

Capital levels well above the minimum to be considered “well capitalized”

Shares are trading in line with New England community bank peer group

based on tangible book value

Growing the franchise organically

New branch to open in Q2 2012 (east of Worcester)

New loan production office opened this year in Beverly, MA

Organic deposit growth to continue in de novo branches

Criteria for the future expansion

Small adjacent footprint acquisition possible if an attractive opportunity presents itself

Grow in areas with favorable demographic trends

Brand Recognition

Only one of four banks in Massachusetts and twenty five out of 486 in the nation to be

named to the Small Bank All Stars list

One of three banks from 2010 Sandler O’Neill Small Bank All Stars list to be

recognized again this year

8

8

Construction

3%

Commercial

16%

Consumer & HE

14%

Multifamily & Commercial RE

38%

1-4 Family RE

29%

Loan Mix as of September 30, 2011

(in millions)

Commercial

9%

Construction

5%

1-4 Family RE

44%

Consumer &

HE

18%

Multifamily &

Commercial

RE

24%

Shift toward Bank-Like Mix for Loans

Mortgage

Market

Share

–

#2

in

Hampden

County

in

the

nine

months

of

2011.

Total

loans

CAGR

(2005

–

Q3

2011)

10.3%

Continued conservative Underwriting Standards.

Well diversified CRE portfolio –

no significant concentrations.      

$319.2

$

176.2

$440.5

Total Loans $1,118.7

QTD Yield 5.22%

$285.2

$112.0

$59.6

$150.1

$29.8

Loan Mix as of December 31, 2005

(in millions)

Total Loans $635.8

Yield 5.92%

$28.9

$153.9

$28.9

9

9

< 70% LTV

57%

> 76%  LTV

21%

70% - 75% LTV

22%

> $1 million

46%

< $1 million

54%

Commercial Loan Portfolio

$256.1

$233.1

•3 out of market loans above 70% LTV

•LTV ratios estimated based on most recent appraised

values (i.e. time of loan or subsequent if applicable)

$29.8

Commercial Loans (in millions)

September 30, 2011

Total Commercial, CRE &

Construction Loans -

$643.8 million

$29.8

$347.3

$296.5

$47.7

$133.2

$52.1

CREs over $1 million (in millions)

September 30, 2011

Total CRE loans > $1 million -

$233.0 million

•> $1 million = 132 loans = $296.5 million

$233 million CRE

$52 million C&I

$12 million Construction

Loan grade:  $188.7 million -

Strong or Good

$81.9 million -

Acceptable

$25.9 million -

Special Mention or Classified

< $1 million = 2,000+ loans = $347.3 million

•Average size $185k; Median size $100k

10

10

Retail

22%

Retail

Petroleum

4%

Office

16%

Industrial

22%

Hospitality

7%

Health Care

2%

Apartments

11%

Other

16%

Investor

65%

Owner

Occupied

35%

CRE Loans Over $1 million

$256.1

$29.8

CRE Mix as of September 30, 2011

(in millions)

Total CRE Loans over $1mm: $233.0 million

$233.1

•Average Loan size $423,000 for entire CRE portfolio;

•Median Loan size is $208,000

•Two largest CRE loans are $13.0 million office

building and $9.0 million supermarket

•Retail includes:

$18.5 million neighborhood retail

$16.7 million credit rated pharmacies

$12.1 million anchored supermarkets

$256.1

$29.8

Owner Occupied % as of  September 30, 2011

(in millions)

•80% of non-owner occupied loans originated in

primary market area

•65% of non-owner occupied portfolio originated

by Springfield;

35% originated by Worcester

•5 largest developer relationships are between

$10-$24 million

$82.3

$150.7

$50.5

$37.3

$25.8

$53.5

$36.4

$8.4

$4.4

Total CRE Loans over $1mm: $233.0 million

$16.7

11

11

1-4 Family

38%

Condo

20%

Land

Development

20%

Commercial

22%

Construction

Trades

15%

Manufacturing

22%

Retail Other

12%

Transportation

5%

Healthcare

5%

Wholesale

17%

Other Service

24%

Reduced Construction and Diversified C&I Mix

$256.1

$29.8

$233.1

•Portfolio is approximately 30% of balance during peak in

2006 ($94 million at 12/31/06)

•Condo loans centered in 4 projects with strong local

sponsors

•1-4 family loans are highly diversified across 30+ projects

with average loan size under $350,000

$256.1

$29.8

C&I Mix as of September 30, 2011

(in millions)

•Diversified

•Average Loan size under $100k

•Largest C&I Loan is $6.5 million (cash secured)

•Regional

Mix:

$111

million

Springfield

and

$65

million

Worcester

Commercial Construction Mix as of September 30, 2011

(in millions)

Total Commercial Construction Loans: $27.1 million

2.4% of Overall Loan Portfolio

Total C&I Loans: $176.2 million

$6.0

$10.3

$27.3

$38.3

$30.2

$20.3

$8.2

$9.2

$42.7

$5.5

$5.3

12

12

Asset Quality

•

Largest two NPL’s comprise 33% of 09/30/11 total and are

being actively resolved: one through upgrade and one

through liquidation.

•

Reserves to Total Loans ratio of 1.14% at 09/30/11,

excluding purchased loans totaling $175 million (CNB $156

million, all other $19 million). The ratio for all loans was

0.96%.

•

Conservative

investment

portfolio

–

89%

of

portfolio

is

agency backed.

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

Non-performing Assets/Total Assets

National Average

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

Non-performing Loans/Total Loans

National average

0.00%

1.00%

2.00%

3.00%

4.00%

2005Y

2006Y

2007Y

2008Y

2009Y

2010Y

2011Q1

2011Q2

2011Q3

Net Charge-offs to Avg Loans

National average

13

13

Deposits increased $546 million, or 84% since 12/31/05.

Including CNB acquisition ($195 million):

Deposit Market Share -

#2 in Hampden County (June 2011)

Total deposits CAGR (2005 –

Q3 2011) 11.1%

Core deposits 64% of total

Total core deposits CAGR (2005 –

Q3 2011) 13.3%

Money Market

24%

Savings

13%

CDs

43%

Transaction

20%

Transaction

20%

Savings

20%

Money Market

24%

CDs

36%

Deposit Mix as of December 31, 2005

(in millions)

Deposit Mix and Growth

Total Deposits $653.6 million

QTD Cost of Total Deposits 2.21%

Total Deposits $1,199.6 million

QTD Cost of Total Deposits 1.02%

$236.4

$289.5

$430.5

$243.1

Deposit Mix as of September 30, 2011

(in millions)

$87.3

$154.2

$133.2

$279.0

14

14

De Novo Branches: Success Story

Established track record of growing de novo branches

Proven ability to acquire deposits quickly: $114.2 million in 6 branches

since June 2006

Organic  deposit growth  is a key to expanding market  share

Expand

our

presence

in

new

markets

(i.e.

northern

Connecticut

,

east

of

Worcester)

Short time to break-even

Gain at least $5 million in deposits per year

Any income in first 3 years from loans accelerates time to break-even

5 years is expected full payback time

Continue

to

upgrade

our

products

and

services

(i.e.

Visa

credit

card)

Strong and effective marketing programs

Efficient and profitable branches enhance future success

Franchise Expansion in

Attractive Markets

Compelling  Profit

Economics

Increase Our Brand

Recognition

15

15

Financial Performance

2006

2007

2008

(1)

2009

(2)

2010

(3)

Q1 2011

Q2 2011

Q3 2011

Earnings Data (in mm except EPS):

Core Net Income

4.9

$     

4.4

$      

8.1

$      

8.6

$      

10.9

$     

2.4

$     

2.7

$     

3.1

$     

Core Earnings Per Share

$0.29

$0.26

$0.51

$0.57

$0.70

$0.16

$0.18

$0.20

Net Interest Income

27.6

$   

29.2

$    

39.8

$    

41.0

$    

52.9

$     

12.8

$   

13.4

$   

13.4

$   

Provision for Loan Losses

1.0

1.4

1.8

3.0

2.3

0.8

0.7

0.8

Normalized Non-interest Income

5.4

5.7

6.6

8.7

8.7

2.1

2.2

2.4

Normalized Non-interest Expenses

24.0

26.0

30.7

33.5

42.7

10.9

11.4

11.0

Profitability Data and Ratios:

Average Earning Assets (mm)

$926

$1,001

$1,147

$1,208

$1,448

$1,494

$1,509

$1,504

Net Interest Margin

2.97%

2.91%

3.47%

3.39%

3.65%

3.42%

3.55%

3.56%

Efficiency Ratio

72.95%

74.02%

66.16%

68.49%

69.55%

73.34%

73.09%

69.61%

Asset Quality:

Non-performing Assets/Total Assets

0.18%

0.25%

0.46%

1.16%

0.69%

0.62%

0.77%

0.85%

Allowance for Loan Losses/ Total Loans   

(excluding purchased loans)

0.95%

0.94%

0.95%

1.07%

1.18%

1.17%

1.16%

1.14%

Net Charge-offs/Total Average Loans

0.02%

0.12%

0.15%

0.23%

0.13%

0.12%

0.18%

0.23%

Capital:

Tangible Equity/Tangible Assets

13.64%

20.95%

18.03%

14.20%

13.60%

13.51%

13.66%

13.63%

Tangible Book Value Per Share

8.01

$   

12.73

$ 

13.01

$  

12.93

$  

13.32

$   

13.35

$ 

13.58

$ 

13.79

$ 

Dividends Per Share

0.20

$   

0.24

$    

0.27

$    

0.28

$    

0.30

$     

0.08

$   

0.08

$   

0.09

$   

Period End Stock Price

13.80

$ 

11.10

$ 

15.14

$  

13.11

$  

15.27

$   

16.51

$ 

15.43

$ 

13.69

$ 

(1)

Reported net income was $7.3 million, or $0.44 per diluted share. Core net income and core EPS exclude $1.4 million OTTI charge and related tax effect of $550,000. Reported non-

interest income of $5.2 million excludes $1.4 million OTTI  charge.

(2)

Reported net income was $5.8 million, or $0.38 per diluted share. Core net income and core EPS exclude $2.5 million (after-tax) in acquisition related expenses and $318,000 (after tax)

special FDIC insurance assessment.  Reported non-interest expense was $36.9 million. Normalized non-interest expenses exclude $2.9 million in acquisition related expenses and 

$537,000 in expenses related to special FDIC insurance assessment.

(3)

Reported net income was $10.0 million or $0.65 per diluted share.  Core net income and core EPS exclude $819,000 (after-tax) in acquisition related expenses.  Reported non-interest

expense was 43.8 million. Normalized non-interest expenses exclude $1.1 million in acquisition related expenses .

16

16

Why buy and hold shares of UBNK?

Good return on investment in last 5 years

Increasing quarterly dividends and attractive yield

Strong capital position (13.63% Tangible Equity / Tangible Assets)

Good credit quality

Consistent and growing earnings (exceeded $10M in 2010)

Continued share buybacks

Good growth opportunities in the future

Holding Company for

APPENDIX

18

18

Loan Trend

Total Loans

$1,119 mm

$285

$319

$339

$356

$321

$343

$296

$317

$314

$319

$150

$176

$215

$248

$289

$410

$428

$430

$437

$441

$112

$143

$147

$148

$148

$161

$154

$155

$154

$60

$70

$82

$85

$95

$159

$165

$166

$168

$176

$29

$55

$42

$32

$32

$49

$28

$31

$29

$29

$158

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

2005Y

2006Y

2007Y

2008Y

2009Y

2009Y

2010Y

Q1 2011

Q2 2011

Q3 2011

1-4 Family RE

Multifamily & Commercial RE

Consumer & HE

Commercial

Construction

19

19

Deposit Trend

Total Deposits

$1,200mm

$154

$164

$168

$161

$174

$190

$261

$274

$273

$290

$87

$65

$66

$99

$142

$174

$203

$227

$238

$243

$133

$135

$137

$147

$159

$197

$217

$223

$238

$236

$279

$321

$348

$376

$379

$478

$463

$450

$440

$431

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

2005Y

2006Y

2007Y

2008Y

2009Y

2009Y

2010Y

Q1 2011

Q2 2011

Q3 2011

Money Market

Savings

Transaction

CD's

20

20

Annual Core Net Income  &Earnings Per Share

(1)

Reported

net

income

was

$7.3

million,

or

$0.44

per

diluted

share.

Core

net

income

and

core

EPS

exclude

$1.4

million

OTTI

charge

and

related

tax

effect

of

$550,000. 

(2)

Reported

net

income

was

$5.8

million,

or

$0.38

per

diluted

share.

Core

net

income

and

core

EPS

exclude

$2.5

million

(after-tax)

in

acquisition

related

expenses

and

$318,000

(after

tax)

special FDIC insurance assessment.  

(3)

Reported net income was $10.0 million or $0.65 per diluted share.  Core net income and core EPS exclude $819,000 (after-tax) in acquisition related expenses. 

21

21

Quarterly Core Net Income

(1)

& Earnings Per Share

(2)

$0.13

$0.14

$0.15

$0.16

$0.19

$0.18

$0.18

$0.16

$0.20

$0.18

$0.14

$1,200

$1,400

$1,600

$1,800

$2,000

$2,200

$2,400

$2,600

$2,800

$3,000

$3,200

Q1'09

Q2'09

Q3'09

Q4'09

Q1'10

Q2'10

Q3'10

Q4'10

Q1'11

Q2'11

Q3'11

$0.00

$0.05

$0.10

$0.15

$0.20

$0.25

$0.30

Core Net Income

Core EPS

(1)      On

GAAP

basis

(including

all

items)

reported

net

income

was

respectively:

$2.1

million

in

Q1

2009,

$0.6

million

in

Q2

2009,

$1.9

million

in

Q3

2009,

$1.2                                                        

million in Q4 2009, $1.8 million in Q1 2010, $2.9 million in Q2 2010, $2.7 million in Q3 2010, $2.7 million  in Q4 2010.

(2)

On GAAP basis (including all items)  diluted earnings per share

would  have  been  respectively: $0.14 in Q1 2009, $0.04 in Q2 2009, $0.13 in Q3 2009, $0.08 in

Q4

2009,

$0.11

in

Q1

2010,

$0.19

in

Q2

2010,

$0.18

in

Q3

2010,

$0.18

in

Q4

2010.

22

22

Average Interest-Earning Assets (000’s)

$827,363

$1,509,438

$1,503,940

$1,493,947

$1,447,712

$1,207,705

$1,146,992

$1,001,436

$926,274

$500,000

$700,000

$900,000

$1,100,000

$1,300,000

$1,500,000

$1,700,000

2005Y

2006Y

2007Y

2008Y

2009Y

2010Y

Q1'11

Q2'11

Q3'11

23

23

Net Interest Margin

3.65%

3.42%

3.55%

3.56%

2.97%

2.91%

3.47%

3.39%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

2006Y

2007Y

2008Y

2009Y

2010Y

Q1'11

Q2'11

Q3'11

24

24

Non-interest Income/Average Assets

0.57%

0.55%

0.60%

0.56%

0.55%

0.56%

0.68%

0.54%

0.20%

0.30%

0.40%

0.50%

0.60%

0.70%

0.80%

2006Y

2007Y

2008Y

2009Y

2010Y

Q1'11

Q2'11

Q3'11

25

25

Non-interest Expense/Average Assets

2.78%

2.77%

2.85%

2.74%

2.64%

2.59%

2.52%

2.51%

2.00%

2.25%

2.50%

2.75%

3.00%

2006Y

2007Y

2008Y

2009Y

2010Y

Q1'11

Q2'11

Q3'11

26

26

Efficiency Ratio

69.55%

73.34%

69.61%

73.09%

68.49%

66.16%

74.02%

72.95%

50.00%

55.00%

60.00%

65.00%

70.00%

75.00%

80.00%

2006Y

2007Y

2008Y

2009Y

2010Y

Q1'11

Q2'11

Q3'11

27

27

Total Assets (000’s)

$906,513

$1,606,558

$1,609,653

$1,584,877

$1,599,725

$1,541,040

$1,009,433

$1,079,281

$1,263,134

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

$1,800,000

2005Y

2006Y

2007Y

2008Y

2009Y

2010Y

Q1'11

Q2'11

Q3'11

28

28

Asset Quality

0.17%

0.88%

0.76%

0.86%

1.00%

0.55%

0.22%

1.45%

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

1.40%

1.60%

2006Y

2007Y

2008Y

2009Y

2010Y

Q1'11

Q2'11

Q3'11

0.02%

0.07%

0.12%

0.17%

0.22%

0.27%

0.32%

0.37%

Non-performing Loans/Total Loans

Net Charge-Offs to Avg Loans

29

29

Tangible Equity/Tangible Assets

13.66%

13.63%

13.60%

13.51%

14.20%

18.03%

20.95%

13.64%

10.00%

11.00%

12.00%

13.00%

14.00%

15.00%

16.00%

17.00%

18.00%

19.00%

20.00%

21.00%

22.00%

2006Y

2007Y

2008Y

2009Y

2010Y

Q1'11

Q2'11

Q3'11

30

30

Tangible BV/Share vs. Stock Price

$8.01

$12.73

$13.01

$12.93

$13.32

$13.35

$13.58

$13.79

$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

$16.00

$18.00

2006Y

2007Y

2008Y

2009Y

2010Y

Q1'11

Q2'11

Q3'11

Tangible BV/Share

Stock Price

Holding Company for

FOR QUESTIONS, PLEASE CONTACT:

Dena M. Hall, SVP, Marketing and Investor Relations 

(413) 787-

1292

dhall@bankatunited.com

Mark A. Roberts, Executive Vice President and Chief Financial Officer

(413) 787-1201

mroberts@bankatunited.com