exv99w1

Exhibit 99.1

Press Release

For Immediate Release
Contact: Claire S. Bean, Executive Vice President and Chief Financial Officer
1-508-520-8002

Benjamin Franklin Bancorp Reports Results for Second Quarter of 2008; Declares
Quarterly Dividend

FRANKLIN, MASSACHUSETTS (July 23, 2008): Benjamin Franklin Bancorp, Inc.
(the “Company” or “Benjamin Franklin”) (Nasdaq: BFBC), the bank holding company for Benjamin Franklin Bank (the “Bank”), today reported net income of $1.2 million, or $.16 per share (basic and diluted), for the quarter ended June 30, 2008. In the comparable 2007 quarter, the Company earned $829,000 or $.11 per share (basic and diluted). For the six months ended June 30, 2008, the Company reported net income of $2.3 million, or $.31 per share (basic and diluted). For the comparable six-month period in 2007, net income was $1.4 million, or $.19 and $.18 per share (basic and diluted, respectively).

The Company also today announced that its Board of Directors declared a quarterly cash dividend of $.08 per common share, payable on August 22, 2008 to stockholders of record as of August 8, 2008.

Thomas R. Venables, President and CEO, noted: “In the face of an economic slowdown, continued market uncertainty, and volatility in market interest rates, Benjamin Franklin has maintained a strong balance sheet and increased quarterly EPS (year over year) by 45%. In this environment, we are pleased to have produced loan growth of nearly 10% year-to-date, significantly increased core deposits, and maintained non-performing assets at less than 1% of total assets. Sensible growth and preservation of asset quality remain our primary focus in these challenging times.”

Total assets increased by $63.8 million or 7.1% in the first six months of 2008, driven primarily by growth in loans outstanding, which increased by $57.2 million or 9.4% during the period. Commercial business loans have grown by $20.7 million, or 13.0% year to date and commercial real estate credits have increased by $6.5 million or 3.8% in that period. Residential loans also increased by $36.0 million or 19.1% in the first half of 2008. Offsetting these increases was a reduction of $5.5 million (9.8%) in construction loans outstanding. While loan demand has been generally strong in the first half of 2008, this trend may not be sustainable for the remainder of the year, given current economic conditions, and in particular continued pressure on both pricing and the volume of transactions within the residential real estate market.

The Company’s core deposit accounts (savings, money market, demand and NOW accounts) have also grown significantly year to date, increasing by a total of $37.2 million or 10.5% since year end 2007. These results are primarily attributable to the

opening of two new branch locations in the past two years and increases in commercial deposits in conjunction with growth in commercial business loans.

Federal Home Loan Bank of Boston (“FHLBB”) borrowings increased by $27.1 million (16.4%) in the six months ended June 30, 2008. These additional borrowed funds (which were principally a blend of two to seven year FHLBB term advances) were used primarily to fund the growth in fixed rate residential mortgage loans during the period.

During the second quarter of 2008, the Company repurchased 4,400 shares of its common stock at an average price of $13.55 per share. These repurchases bring the total repurchased under the Company’s second repurchase plan to 219,400 shares (out of a total of 394,200 permitted under the plan, which was authorized by the Company’s Board of Directors on November 29, 2007).

The ratio of non-performing assets to total assets was 0.89% at June 30, 2008, compared to 0.40% at the end of the 2007 second quarter and 0.18% at year end 2007. The allowance for loan losses as a percent of loans was 0.96% at June 30, 2008, an increase from 0.94% at December 31, 2007. The increase in non-performing assets is primarily the result of weakness exhibited in one $6.4 million commercial real estate loan relationship, for which the primary source of repayment has ceased due to the loss of a tenant. Based on a review of all relevant factors, including the collateral securing this credit, no specific reserve has been allocated for this loan relationship as of June 30, 2008. The provision for loan losses was $368,000 in the second quarter of 2008, compared to a $230,000 provision recorded in the comparable 2007 quarter. The Company’s loan loss provision in the second quarter of 2008 reflects both the growth in loans during the quarter as well as specific reserves provided for several non-performing residential and commercial business loans. The Bank has not originated and does not own any sub-prime residential mortgage loans. The Bank’s portfolio of residential mortgage-backed securities is also not collateralized by any sub-prime loans.

Net interest income increased by $444,000 or 7.3% in the second quarter of 2008 compared to the comparable 2007 period. This increase is due to an increase in average interest-earning assets of $83.8 million when comparing the two periods, offset by a narrowing of the net interest margin (the “NIM”), which declined to 3.00% in the quarter from 3.08% one year earlier. As market interest rates have declined in the past nine months, the Company was able to offset much of the corresponding reduction in asset yields with decreases in its deposit costs. However, growth in higher-costing FHLB debt, planned reductions in capital pursuant to repurchased common shares, and a small decline in other non-interest bearing liabilities served to reduce the margin by eight basis points, year-over-year.

Non-interest income decreased by $289,000, to $1.5 million in the 2008 second quarter from $1.8 million in the second quarter of 2007. The most significant reason for the decline is a $301,000 decrease in ATM servicing fees, caused by both a reduction in the average cash outstanding under the program and contractual reductions in the yield earned on those balances. The yield on ATM cash balances is tied to the prime rate,

which has declined by 325 basis points since the second quarter of 2007. Other noteworthy changes in non-interest income, comparing the second quarter of 2008 against 2007 were: a) a $106,000 increase in deposit account service fees, caused primarily by an increase in fees earned for cash management services provided to business customers and in overdraft fees, and b) a $111,000 decrease in gains earned on sales of residential mortgage loans, the result of the Bank’s decision in late 2007 to hold most new residential loan production in portfolio.

The Company’s operating expenses decreased by $515,000 or 8.0% in the second quarter of 2008, compared to the second quarter of 2007. The reduction in operating expenses contributed to a marked improvement in the Company’s efficiency ratio, to 72.6% from 80.3% in the second quarter of 2007. The largest contributor to this $515,000 decline was a $424,000 decrease in salaries and benefits, supplemented by smaller reductions in data processing, professional fees and marketing expenses. These year-over-year savings are due primarily to cost containment measures instituted by the Company in the second half of 2007. Within salaries and benefits, most of the reduction was in benefits costs (specifically in employee retirement costs, medical benefits and stock incentive expenses). Other general and administrative expenses increased by $127,000 year-over-year, reflecting an increase in the reserve for losses on unfunded loan commitments, offset in part by decreases in expenses associated with the Bank’s ATM cash management program.

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, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)


	June 30,			December 31,
	2008			2007
	(Unaudited)			(Audited)
ASSETS
Cash and due from banks	$	12,235		$	12,226
Cash supplied to ATM customers		25,970			42,002
Short-term investments		9,474			10,363

Total cash and cash equivalents		47,679			64,591

Securities available for sale, at fair value		178,920			156,761
Restricted equity securities, at cost		12,908			11,591

Total securities		191,828			168,352

Loans
Residential real estate		224,665			188,654
Commercial real estate		175,135			168,649
Construction		50,307			55,763
Commercial business		179,982			159,233
Consumer		40,453			40,436

Total loans, gross		670,542			612,735
Allowance for loan losses		(6,431	)		(5,789	)

Loans, net		664,111			606,946
Premises and equipment, net		5,156			5,410
Accrued interest receivable		3,641			3,648
Bank-owned life insurance		10,903			10,700
Goodwill		33,763			33,763
Other intangible assets		2,209			2,474
Other assets		7,739			7,394

	$	967,029		$	903,278


LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Regular savings accounts	$	82,219		$	79,167
Money market accounts		126,119			110,544
NOW accounts		65,415			52,000
Demand deposit accounts		118,182			113,023
Time deposit accounts		262,980			262,634

Total deposits		654,915			617,368

Short-term borrowings		1,200			2,500
Long-term debt		191,169			162,784
Deferred gain on sale of premises		3,405			3,531
Other liabilities		10,276			9,651

Total liabilities		860,965			795,834


Common stock, no par value; 75,000,000 shares authorized; 7,840,415 shares issued and 7,666,172 shares outstanding at June 30, 2008; 8,030,415 shares issued and 7,856,172 shares outstanding at December 31, 2007		—			—
Additional paid-in capital		74,985			77,370
Retained earnings		39,663			38,515
Unearned compensation		(6,699	)		(7,094	)
Accumulated other comprehensive loss		(1,885	)		(1,347	)

Total stockholders’ equity		106,064			107,444

	$	967,029		$	903,278

BENJAMIN FRANKLIN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except share and per share data)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2008		2007		2008		2007
	(Unaudited)				(Unaudited)
Interest and dividend income:
Loans, including fees	$	9,962	$	9,712	$	19,853	$	19,418
Debt securities		1,917		1,953		3,924		3,639
Dividends		124		165		284		331
Short-term investments		96		222		338		503

Total interest and dividend income		12,099		12,052		24,399		23,891

Interest expense:
Interest on deposits		3,410		4,308		7,269		8,464
Interest on short-term borrowings		10		18		39		147
Interest on long-term debt		2,183		1,674		4,289		3,402

Total interest expense		5,603		6,000		11,597		12,013

Net interest income		6,496		6,052		12,802		11,878
Provision for loan losses		368		230		682		412

Net interest income, after provision for loan losses		6,128		5,822		12,120		11,466


Other income:
ATM servicing fees		321		622		664		1,319
Deposit servicing fees		475		369		838		709
Other loan-related fees		170		141		423		472
Gain on sale of loans, net		82		193		186		296
Gain on sale of bank-owned premises, net		63		63		126		313
Gain on sale of CSSI customer list		92		100		92		100
Income from bank-owned life insurance		94		99		195		195
Miscellaneous		207		206		458		361

Total other income		1,504		1,793		2,982		3,765

Operating expenses:
Salaries and employee benefits		3,405		3,829		6,636		7,442
Occupancy and equipment		842		836		1,786		1,744
Data processing		569		598		1,169		1,202
Professional fees		182		235		357		472
Marketing and advertising		103		201		181		329
Amortization of intangible assets		161		205		332		422
Other general and administrative		648		521		1,229		1,601

Total operating expenses		5,910		6,425		11,690		13,212

Income before income taxes		1,722		1,190		3,412		2,019
Provision for income taxes		551		361		1,129		599

Net income	$	1,171	$	829	$	2,283	$	1,420


Weighted-average shares outstanding:
Basic		7,271,431		7,663,634		7,306,789		7,739,036
Diluted		7,352,265		7,699,363		7,381,938		7,768,666
Earnings per share:
Basic	$	0.16	$	0.11	$	0.31	$	0.19
Diluted	$	0.16	$	0.11	$	0.31	$	0.18

BENJAMIN FRANKLIN BANCORP, INC. AND SUBSIDIARY
SELECTED CONSOLIDATED FINANCIAL HIGHLIGHTS AND OTHER DATA
(Dollars in thousands, except share and per share data)


	At or For the Three Months						At or For the Six Months
	Ended June 30,						Ended June 30,
	2008			2007			2008			2007
	(Unaudited)						(Unaudited)
Financial Highlights:
Net interest income	$	6,496		$	6,052		$	12,802		$	11,878
Net income	$	1,171		$	829		$	2,283		$	1,420
Weighted average shares outstanding :
Basic		7,271,431			7,663,634			7,306,789			7,739,036
Diluted		7,352,265			7,699,363			7,381,938			7,768,666
Earnings per share:
Basic	$	0.16		$	0.11		$	0.31		$	0.19
Diluted	$	0.16		$	0.11		$	0.31		$	0.18
Stockholders’ equity — end of period	$	106,064		$	107,368
Book value per share — end of period	$	13.84		$	13.28
Tangible book value per share — end of period	$	9.14		$	8.75

Ratios and Other Information:
Return on average assets		0.49	%		0.37	%		0.48	%		0.32	%
Return on average equity		4.38	%		3.05	%		4.27	%		2.61	%
Net interest rate spread ⁽¹⁾		2.47	%		2.43	%		2.46	%		2.36	%
Net interest margin ⁽²⁾		3.00	%		3.08	%		3.02	%		3.02	%
Efficiency ratio ⁽³⁾		72.59	%		80.31	%		72.33	%		83.28	%
Non-interest expense to average total assets		2.46	%		2.87	%		2.47	%		2.95	%
Average interest-earning assets to average interest-bearing liabilities		119.08	%		120.19	%		118.94	%		120.08	%

At period end:
Non-performing assets to total assets		0.89	%		0.40	%
Non-performing loans to total loans		1.29	%		0.60	%
Allowance for loan losses to total loans		0.96	%		0.95	%

Equity to total assets		10.97	%		11.98	%
Tier 1 leverage capital ratio		7.73	%		9.63	%
Total risk-based capital ratio		11.67	%		14.07	%

Number of full service offices		11			10


⁽¹⁾		The net 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 of 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 non-recurring net gains (losses) on sale of bank assets).

BENJAMIN FRANKLIN BANCORP, INC. AND SUBSIDIARY
ANALYSIS OF NET INTEREST INCOME
(Dollars in thousands) (Unaudited)


	Three Months Ended June 30,
	2008							2007
	Average							Average
	Outstanding							Outstanding
	Balance		Interest		Yield/Rate⁽¹⁾			Balance		Interest		Yield/Rate⁽¹⁾
Interest-earning assets:
Loans	$	659,601	$	9,962		6.00	%	$	604,459	$	9,712		6.38	%
Securities		188,621		2,041		4.33	%		169,543		2,118		5.00	%
Short-term investments		22,504		96		1.69	%		12,891		222		6.81	%

Total interest-earning assets		870,726		12,099		5.53	%		786,893		12,052		6.09	%

Non-interest-earning assets		96,330							109,495

Total assets	$	967,056						$	896,388


Interest-bearing liabilities:
Savings accounts	$	81,338		81		0.40	%	$	83,086		103		0.50	%
Money market accounts		132,152		557		1.70	%		108,825		748		2.76	%
NOW accounts		60,599		265		1.76	%		38,269		217		2.27	%
Certificates of deposit		265,260		2,507		3.80	%		284,314		3,240		4.57	%

Total deposits		539,349		3,410		2.54	%		514,494		4,308		3.36	%
Borrowings		191,849		2,193		4.52	%		140,225		1,692		4.77	%

Total interest-bearing liabilities		731,198		5,603		3.06	%		654,719		6,000		3.66	%

Non-interest bearing liabilities		128,334							132,490

Total liabilities		859,532							787,209
Equity		107,524							109,179

Total liabilities and equity	$	967,056						$	896,388


Net interest income			$	6,496						$	6,052

Net interest rate spread ⁽²⁾						2.47	%						2.43	%
Net interest-earning assets ⁽³⁾	$	139,528						$	132,174

Net interest margin ⁽⁴⁾						3.00	%						3.08	%
Average interest-earning assets to interest-bearing liabilities						119.08	%						120.19	%


⁽¹⁾		Yields and rates for the three months ended June 30, 2008 and 2007 are annualized.

⁽²⁾		Net interest rate spread represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of 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.

BENJAMIN FRANKLIN BANCORP, INC. AND SUBSIDIARY
ANALYSIS OF NET INTEREST INCOME
(Dollars in thousands) (Unaudited)


	Six Months Ended June 30,
	2008							2007
	Average							Average
	Outstanding							Outstanding
	Balance		Interest		Yield/Rate⁽¹⁾			Balance		Interest		Yield/Rate⁽¹⁾
Interest-earning assets:
Loans	$	641,495	$	19,853		6.15	%	$	615,099	$	19,418		6.30	%
Securities		182,189		4,208		4.62	%		160,220		3,970		4.96	%
Short-term investments		28,030		338		2.39	%		17,600		503		5.69	%

Total interest-earning assets		851,714		24,399		5.70	%		792,919		23,891		6.01	%
Non-interest-earning assets		98,935							109,016

Total assets	$	950,649						$	901,935


Interest-bearing liabilities:
Savings accounts	$	80,084		159		0.40	%	$	83,315		205		0.50	%
Money market accounts		124,550		1,178		1.90	%		103,693		1,368		2.66	%
NOW accounts		57,922		560		1.94	%		33,390		307		1.86	%
Certificates of deposit		265,985		5,372		4.06	%		290,765		6,585		4.57	%

Total deposits		528,541		7,269		2.77	%		511,163		8,465		3.34	%
Borrowings		187,551		4,328		4.56	%		149,136		3,548		4.73	%

Total interest-bearing liabilities		716,092		11,597		3.24	%		660,299		12,013		3.65	%
Non-interest bearing liabilities		126,969							132,130

Total liabilities		843,061							792,429
Equity		107,588							109,506

Total liabilities and equity	$	950,649						$	901,935

Net interest income			$	12,802						$	11,878

Net interest rate spread ⁽²⁾						2.46	%						2.36	%
Net interest-earning assets ⁽³⁾	$	135,622						$	132,620

Net interest margin ⁽⁴⁾						3.02	%						3.02	%
Average interest-earning assets to interest-bearing liabilities						118.94	%						120.08	%


⁽¹⁾		Yields and rates for the six months ended June 30, 2008 and 2007 are annualized.

⁽²⁾		Net interest rate spread represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of 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.

Reconciliation of Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s management uses these non-GAAP measures in its analysis of the Company’s performance. These measures typically adjust GAAP performance measures to exclude significant gains or losses that are expected to be non-recurring and to exclude the effects of amortization of intangible assets (in the case of the efficiency ratio). Because these items and their impact on the Company’s performance are difficult to predict, management believes that presentations of financial measures excluding the impact of these items provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s core businesses. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.


	June 30,						June 30,
	2008			2007			2008			2007

Efficiency ratio based on GAAP numbers		73.88	%		81.90	%		74.06	%		84.46	%

Effect of amortization of intangible assets		-2.03			-2.65			-2.11			-2.75

Effect of net gain/(loss/write-down) on non-recurring sales of bank assets		0.75			1.06			0.38			1.57

Efficiency ratio — Reported		72.59	%		80.31	%		72.33	%		83.28	%