Brookline Bancorp Announces First Quarter Earnings.

BROOKLINE, Mass.--(BUSINESS WIRE)--April 16, 1998--Brookline Bancorp, Inc. (NASDAQ:BRKL), the holding company for Brookline Savings Bank, announced today that it earned $3.8 million for the quarter ended March 31, 1998 compared to $3.6 million for the quarter ended March 31, 1997, an increase of 4.9%.

On March 24, 1998, Brookline Bancorp, Inc. (the "Company") issued 13,674,650 shares, or 47% of its common stock, to the general public in connection with the conversion of Brookline Savings Bank (the "Bank") from a mutual to a stock savings bank. The remaining 53% of the Company's shares outstanding are owned by its parent mutual holding company, Brookline Bancorp, MHC. Net proceeds from the sale of stock amounted to $134.7 million.

In announcing the results, Mr. Richard P. Chapman, Jr., President and Chief Executive Officer of the Company and the Bank, stated that he was pleased with the Company's performance as it commences operations as a stock company. The first quarter results in 1997 included $908,000 of interest income collected from a borrower whose loans were on non-accrual and which related to interest earned in periods prior to 1997. Excluding this revenue, the increase in net income in the 1998 first quarter compared to the 1997 first quarter would have been $699,000, or 22.8%. Approximately $420,000 of that increase resulted from the investment of proceeds during the stock subscription period and subsequent to the issuance of stock on March 24, 1998 in short-term investments.

At March 31, 1998, the Company had total assets of $817.2 million, total deposits of $469.9 million, total stockholders' equity of $271.5 million and an equity to assets ratio of 33.2%. The Company conducts its business from five offices located in Brookline, Massachusetts. -0-

                        BROOKLINE BANCORP, INC.
                 Consolidated Condensed Financial Data
                        (Dollars in thousands)


                                           Quarter Ended
Operating Results                 March 31, 1998    March 31, 1997

Interest income                      $  14,356       $  13,879 (A)
Interest expense                         6,690           6,336
         Net interest income             7,666           7,543
Provision for loan losses                    -               -
Other income                               342             208
Operating expenses                      (2,125)         (2,158)
         Income before income taxes      5,883           5,593
Income tax expense                       2,113           2,000
         Net income                  $   3,770       $   3,593 (A)

Income per share                           N/A             N/A

Income per share is not presented as the Company completed its
initial stock offering on March 24, 1998 and such data is not
meaningful.

(A) Includes $908,000 ($529,000 after income taxes) collected
from a non-performing borrower relating to income earned in prior
periods.
-0-

Financial Condition           March 31, 1998          Dec. 31, 1997

Assets                           $817,202               $701,119
Loans (1)                         480,995                472,412
Investments                       329,953                222,472
Deposits                          469,853                482,304
Stockholders' equity/
 retained earnings                271,461                132,757
Equity to assets ratio              33.22%                 18.93%


(1) Excludes commercial loan participations that mature within
one to ninety days. Such assets are included in investments.

CONTACT: Brookline Bancorp, Inc.

Paul R. Bechet, 617/730-3500 or 617/278-6405