Exhibit 99.1

Press Release
For Immediate Release
Contact: Claire S. Bean, Executive Vice President and Chief Financial Officer
1-508-528-7000 x363

Benjamin Franklin Bancorp Reports Earnings for First Quarter of 2005

FRANKLIN, MASSACHUSETTS (April 20, 2005): Benjamin Franklin Bancorp, Inc. (the “Company” or “Benjamin Franklin”) (Nasdaq: BFBC), the bank holding company for Benjamin Franklin Bank, today reported net income of $331,000 for the quarter ended March 31, 2005. The quarter concluded prior to the completion of the Company’s stock offering and acquisition of Chart Bank, and does not reflect the effects of those transactions.

In the quarter ended March 31, 2005, total assets grew to $582.8 million, an increase of $111.3 million or 23.6% when compared to March 31, 2004. That growth was led by growth in the loan portfolio, which has increased by $91.8 million over the past year. Increases were achieved in nearly all loan categories including residential mortgage loans (up $61.6 million) and commercial real estate loans (up $23.7 million). The net balance of investment securities and short-term investments grew by $15.3 million year over year, consistent with the overall growth in the Company’s balance sheet. Funding the growth in loans and investments were increases in deposits, which rose by 5.9% year over year, and increases in borrowed funds and other liabilities, which have risen by 180.0% since March 31, 2004.

The decline in earnings to $331,000 from $454,000 in the year-earlier quarter was primarily the result of lower levels of fee income and higher operating expenses, offset in part by an increase in net interest income. Fee income declined by $201,000 to $493,000 for the quarter, the result of lower gains and fees earned on sales of fixed rate residential mortgage loans, and reduced service fee income earned on deposit accounts. Operating expenses rose by $337,000 to $3.5 million for the quarter. Nearly half of the increase was the result of increases in staffing levels over the past year, as the Company moved to convert to a stock institution, accomplish the acquisition of Chart Bank and make the staffing investments necessary to continue the growth of its loan portfolio.

Net interest income rose by $375,000 to $3.6 million for the first quarter of 2005 when compared to the year-earlier quarter. The increase in net interest income that resulted from the growth in interest earning assets and interest-bearing liabilities was offset in part by a narrowing of the Company’s net interest margin, which declined to 2.97% in the first quarter of 2005 from 3.06% in the year-earlier quarter. The compression in the margin was primarily the result of the rise in short and intermediate term market interest rates over the past year, coupled with the liability-sensitivity of the Company’s balance sheet for most of that period.

Benjamin Franklin completed its mutual-to-stock conversion and related stock offering with the issuance of 5,977,419 shares (including 400,000 shares issued to the Benjamin Franklin Bank Charitable Foundation) on April 4, 2005. An additional 2,511,479 shares were issued in connection with the acquisition of Chart Bank, which was consummated immediately following the stock conversion. The cash portion of the consideration paid to Chart Bank shareholders totaled $21,392,960 (net of amounts received by Chart Bank upon the exercise of stock options prior to the merger). The Company’s stock began trading on April 5, 2005, on the Nasdaq National Market, under the symbol “BFBC”. Total shares outstanding at present are 8,488,898.

Thomas R. Venables, President and Chief Executive Officer, commented that “We have built a dedicated and energetic team here at Benjamin Franklin, one poised to tackle the new opportunities and challenges that will come with being public and acquiring the operations of Chart Bank. We appreciate the support expressed by our depositors in the Company’s public offering, and we will work very hard to enhance shareholder value for them as we move forward.”

Certain statements herein constitute “forward-looking statements” and actual results may differ from those contemplated by these statements. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Certain factors that could cause actual results to differ materially from expected results include changes in the interest rate environment, changes in general economic conditions, legislative and regulatory changes that adversely affect the businesses in which Benjamin Franklin Bancorp is engaged and changes in the securities market. The Company disclaims any intent or obligation to update any forward-looking statements, whether in response to new information, future events or otherwise.

BENJAMIN FRANKLIN BANCORP, MHC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)

ASSETS

	March 31,			December 31,			March 31,
	2005			2004			2004
	(Unaudited)						(Unaudited)
Cash and due from banks	$	9,394		$	8,691		$	7,884
Short-term investments		59,618			5,513			24,590
Total cash and cash equivalents		69,012			14,204			32,474
Securities available for sale, at fair value		84,679			86,070			104,980
Securities held to maturity, at amortized cost		187			217			353
Restricted equity securities, at cost		6,975			6,975			6,222
Total securities		91,841			93,262			111,555
Loans:
Residential real estate mortgage loans		240,511			241,090			178,896
Commercial real estate		98,649			85,911			74,912
Construction		27,109			28,651			25,402
Commercial business		4,649			4,375			5,277
Consumer		25,632			25,370			20,643
Net deferred loan costs		1,169			1,148			813
Total Loans		397,719			386,545			305,943
Allowance for loan losses		(3,351	)		(3,172	)		(2,704	)
Loans, net		394,368			383,373			303,239
Premises and equipment, net		11,194			11,147			11,303
Accrued interest receivable		1,592			1,490			1,334
Goodwill		4,248			4,248			4,248
Bank-owned life insurance		7,244			7,182			5,591
Other assets		3,292			2,487			1,793
	$	582,791		$	517,393		$	471,537
LIABILITIES AND RETAINED EARNINGS
Deposits:
Regular savings	$	96,438		$	95,875		$	98,215
Money market accounts		56,835			53,167			47,288
Now accounts		23,240			22,460			27,777
Demand deposit accounts		90,577			87,776			84,414
Time deposit accounts		147,643			137,221			134,088
Total Deposits		414,733			396,499			391,782
Short-term borrowings		—			4,250			—
Long-term debt		81,000			81,000			45,000
Other liabilities		56,258			4,316			4,018
Total liabilities		551,991			486,065			440,800
Retained earnings		33,327			32,997			31,762
Accumulated other comprehensive loss		(2,527	)		(1,669	)		(1,025	)
Total retained earnings		30,800			31,328			30,737
	$	582,791		$	517,393		$	471,537

BENJAMIN FRANKLIN BANCORP, MHC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in Thousands)

	Quarter Ended March 31,
	2005		2004
	(Unaudited)
Interest and dividend income	$	5,714	$	4,861
Interest expense		2,085		1,607
Net interest income		3,629		3,254
Provision for loan losses		168		170
Net interest income, after provision for loan losses		3,461		3,084
Other income (charges):
Deposit service fees		207		254
Loan servicing fees		72		145
Gain on sale of loans, net		15		66
Gain (loss) on sales of securities, net		0		9
Income from bank-owned life insurance		59		48
Miscellaneous		140		172
Total other income		493		694
Operating expenses:
Salaries and employee benefits		2,014		1,851
Occupancy and equipment		440		379
Data processing		337		336
Professional fees		129		65
Other general and administrative		544		496
Total operating expenses		3,464		3,127
Income before income taxes		490		650
Provision for income taxes		159		196
Net income	$	331	$	454

BENJAMIN FRANKLIN BANCORP, MHC. AND SUBSIDIARIES
Financial Ratios

	For the Quarters
	Ended March 31,
	2005			2004
Selected Financial Ratios and Other Data:
Performance Ratios:
Return on assets (ratio of net income to average total assets)		0.25	%		0.39	%
Return on equity (ratio of net income to average equity)		4.25	%		6.08	%
Average interest rate spread (1)		2.55	%		2.70	%
Net interest margin (2)		2.97	%		3.06	%
Efficiency ratio (3)		83.24	%		79.76	%
Non-interest expense to average total assets		2.64	%		2.72	%
Average interest-earning assets to average interest-bearing liabilities		124.68	%		124.01	%
Asset Quality Ratios:
Non-performing assets to total assets		0.06	%		0.09	%
Non-performing loans to total loans		0.09	%		0.14	%
Allowance for loan losses to non-performing loans		972.08	%		627.47	%
Allowance for loan losses to total loans		0.85	%		0.89	%
Capital Ratios:
Equity to total assets at end of period		5.28	%		6.52	%
Average equity to average assets		5.95	%		6.49	%
Risk-based capital ratio (bank only)		11.51	%		13.15	%
Other Data:
Number of full service offices		6			6

(1)	The average interest rate spread represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities for the period.
(2)	The net interest margin represents net interest income as a percent on average interest-earning assets for the period.
(3)	The efficiency ratio represents non-interest expense minus expenses related to the amortization of intangible assets divided by the sum of net interest income (before the loan loss provision) plus non-interest income (excluding net gains (losses) on sale of bank assets).

BENJAMIN FRANKLIN BANCORP, MHC AND SUBSIDIARIES
Analysis of Net Interest Income

	Three Months Ended March 31, 2005
	Average
	Outstanding
	Balance		Interest		Yield/Rate(1)
	(Dollars in thousands)
Interest-earning assets:
Loans	$	388,346	$	4,892		5.11	%
Investment securities		91,636		729		3.23	%
Short-term investments		16,115		94		2.36	%
Total interest-earning assets		496,097		5,714		4.67	%
Non-interest-earning assets		35,717
Total assets	$	531,814
Interest-bearing liabilities:
Savings deposits	$	95,036		116		0.50	%
Money market	$	57,267		210		1.49	%
NOW accounts		22,081		9		0.16	%
Certificates of deposits		142,409		897		2.55	%
Total deposits		316,793		1,232		1.58	%
Short-term borrowings		112		1		2.59	%
Long-term debt		81,000		853		4.27	%
Total interest-bearing liabilities		397,905		2,085		2.13	%
Non-interest bearing liabilities		102,270
Total liabilities		500,175
Equity		31,639
Total liabilities and equity	$	531,814
Net interest income			$	3,629
Net interest rate spread (2)						2.55	%
Net interest-earning assets (3)	$	98,192
Net interest margin (4)						2.97	%
Average interest-earning assets to interest-bearing liabilities						124.68	%

BENJAMIN FRANKLIN BANCORP, MHC AND SUBSIDIARIES
Analysis of Net Interest Income

	Three Months Ended March 31, 2004
	Average
	Outstanding
	Balance		Interest		Yield/Rate(1)
	(Dollars in thousands)
Interest-earning assets:
Loans	$	293,997	$	3,916		5.36	%
Investment securities		110,710		895		3.25	%
Short-term investments		22,486		50		0.89	%
Total interest-earning assets		427,192		4,861		4.58	%
Non-interest-earning assets		35,259
Total assets	$	462,451
Interest-bearing liabilities:
Savings deposits	$	96,698		119		0.50	%
Money market	$	51,227		103		0.81	%
NOW accounts		23,327		9		0.15	%
Certificates of deposits		128,230		811		2.54	%
Total deposits		299,481		1,042		1.40	%
Short-term borrowings		0		0		0.00	%
Long-term debt		45,000		565		5.05	%
Total interest-bearing liabilities		344,481		1,607		1.88	%
Non-interest bearing liabilities		87,956
Total liabilities		432,438
Equity		30,014
Total liabilities and equity	$	462,451
Net interest income			$	3,254
Net interest rate spread (2)						2.70	%
Net interest-earning assets (3)	$	82,711
Net interest margin (4)						3.06	%
Average interest-earning assets to interest-bearing liabilities						124.01	%

(1)	Yields and rates for the three months ended March 31, 2005 and 2004 are annualized.
(2)	Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(3)	Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.
(4)	Net interest margin represents net interest income divided by average total interest-earning assets.