Paula M. Corsetti
Vice President, Marketing
(617) 629-4376
(781) 306-1604 (fax)

ANNOUNCEMENT OF PROMOTIONS AT CENTRAL BANK

SOMERVILLE, MASSACHUSETTS, November 7, 2006 - John D. Doherty, President and Chief Executive Officer of Central Bank announced that Michelle Stainrod and Andrew A. Jackson have been promoted to the position of Assistant Vice President at Central Bank. Ms. Stainrod is the Human Resources Manager responsible for the daily management of benefits and payroll in the Human Resources Department. Andrew Jackson is a Credit Officer performing credit underwriting for commercial real estate and business loan proposals.

Ms. Stainrod joined Central Bank in 1995, in the Operations Department, with nine years of retail banking experience at Bank of New England. In 2000, Ms. Stainrod joined the Human Resources Department. In addition to performing her payroll and benefit administration duties, she is the retirement representative for Central Bank.

Ms. Stainrod has attended numerous seminars and classes from the New England College of Finance in benefit and payroll management and administration. Ms. Stainrod is a resident of Malden.

Mr. Jackson's experience includes positions at Fidelity Investments, Sun Life Financial, Wells Fargo Bank and Federal Deposit Insurance Corporation. He joined Central Bank in 2004, as a Credit Analyst. His duties include analyzing financial statements and tax returns in order to determine creditworthiness and participating in the Bank's loan appraisal and grading functions. He is responsible for reporting status of the commercial portfolio to senior management.

He is a graduate of Northeastern University. He resides in Bridgewater, MA.

Established in 1915, Central Bank, the bank subsidiary of Central Bancorp, Inc. (NASDAQ: CEBK), is a Massachusetts chartered co-operative bank operating nine full service branches and limited access educational branch in Somerville, Arlington, Burlington, Chestnut Hill, Malden, Medford, Melrose and Woburn.

Central Bank is a member of FDIC, Member of SIF and is an Equal Housing Lender.

Paul S. Feeley
Senior Vice President, Treasurer &
Chief Financial Officer
(617) 628-4000

CENTRAL BANCORP REPORTS QUARTERLY EARNINGS

SOMERVILLE, MASSACHUSETTS, October 31, 2006 - Central Bancorp, Inc. (NASDAQ Global Market^SM:CEBK) today reported that its net income for the quarter ended September 30, 2006 was $351,000, or $0.24 per diluted share, compared to net income of $624,000, or $0.43 per diluted share, for the corresponding 2005 quarter. The Company's earnings for the six-month periods ended September 30, 2006 and September 30, 2005 were $464,000, or $0.32 per diluted share, and $1.3 million, or $0.93 per diluted share, respectively.

The decrease in net income in the 2006 quarter compared to the 2005 quarter primarily resulted from decreases of $338,000 in net interest and dividend income and $159,000 in non-interest income, partially offset by lower non-interest expenses and the absence of a loan loss provision for the quarter ended September 30, 2006. Net interest and dividend income continued to be adversely affected by the continuing flat to inverted yield curve as well as strong local competition for the products and services we offer. Decreases occurred in the net interest spread and the net interest margin from 2.82% and 3.22%, respectively, for the 2005 quarter to 2.42% and 2.91%, respectively, for the 2006 quarter. These decreases in the spread and margin were primarily due to increases in both the volume of and the rates paid on interest-bearing liabilities. While the yield on interest-earning assets rose by 42 basis points, the cost of funds increased by 82 basis points. Interest-bearing liabilities continued to re-price upward faster than interest-earning assets, primarily due to the combined effect of an increase in short-term interest rates over the comparable period last year and continued strong competition for both deposits and loans in our market. The decrease in net interest and dividend income was partially offset during the current quarter by the receipt of $199,000 from the Federal Home Loan Bank, which represented a normalized dividend for the past two quarters.

Management did not record a provision for loan losses in the 2006 quarter compared to a $50,000 provision in the 2005 quarter because it believes the allowance was sufficient at September 30, 2006. Non-interest expenses declined $18,000, mainly reflecting the absence of non-recurring restructuring costs of $283,000 for voluntary termination packages offered during the 2005 quarter that were partially offset by salary and benefit increases, additional staff at our new Medford branch office, and rent, utilities and equipment at the new branch and operations center. Income tax expense for the September 2006 quarter decreased $156,000 from the 2005 quarter due to lower pre-tax income.

The decrease in net income for the six months ended September 30, 2006 compared to the corresponding year-earlier period primarily resulted from decreases of $919,000 in net interest and dividend income and $163,000 in non-interest income, and a $314,000 increase in non-interest expenses. The decrease in net interest and dividend income reflected the combined effect of a lower net interest spread and net interest margin. Decreases occurred in the net interest spread and the net interest margin from 2.85% and 3.22%, respectively, for the 2005 six-month period to 2.38% and 2.82%, respectively, for the 2006 comparable period. While the cost of funds increased by 68 basis points, the yield on interest-earning assets increased by 21 basis points.

The increase in non-interest expenses for the six months ended September 30, 2006 was primarily attributable to the higher expenses discussed above, partially offset by the absence of the non-recurring restructuring costs in 2005 also discussed above. The provisions for loan losses were $50,000 and $100,000, respectively, for the six months ended September 30, 2006 and September 30, 2005. Lower pre-tax income caused income tax expense for the six months ended September 30, 2006 to decrease $480,000 from the corresponding 2005 period.

Total assets were $556.1 million at September 30, 2006 and $547.3 million at March 31, 2006. During the six months ended September 30, 2006, investment securities available for sale decreased by $5.6 million as the result of maturities and pay-downs of investments and the mandatory redemption of a portion of our investment in FHLB stock. During this same period, loans increased by $19.3 million, from $415.4 million to $434.7 million due to our continued focus on originating commercial real estate and construction loans as well as the purchase and origination of residential real estate loans.

As deposits declined by $4.7 million, borrowings increased by $12.8 million as we temporarily discontinued advertising premium rates on certificates of deposit during the 2006 period, instead electing to utilize more cost-effective FHLB advances to fund loan growth.

Central Bancorp, Inc. is the holding company for Central Bank, whose legal name is Central Co-operative Bank, a Massachusetts-chartered co-operative bank operating nine full service banking offices, a limited service high school branch in suburban Boston and a stand alone 24-hour automated teller machine in Somerville.

This press release may contain certain forward-looking statements, which are based on management's current expectations regarding economic, legislative and regulatory issues that may impact the Company's earnings in future periods. Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, real estate values and competition; changes in accounting principles, policies or guidelines; changes in legislation or regulation; and other economic, competitive, governmental, regulatory and technological factors affecting the Company's operations, pricing, products and services.

Central Bancorp, Inc. Consolidated Operating Data (In Thousands, Except Per-Share Data)   Quarter Ended September 30, Six Months Ended September 30,   2006 2005 2006 2005   (Unaudited) (Unaudited) Net interest and dividend income $ 3,876 $ 4,214 $ 7,454 $ 8,373 Provision for loan losses -- 50 50 100 Net gain on sales and write-downs of investment securities 116 96 228 213 Gain on sale of loans 25 85 59 140 Other non-interest income 306 425 650 747 Non-interest expenses 3,787 3,805 7,633 7,319     Income before taxes 536 965 708 2,054 Provision for income taxes 185 341 244 724     Net income $ 351 $ 624 $ 464 $1,330 Earnings per share:             Basic $0.24 $0.44 $0.32 $0.93     Diluted $0.24 $0.43 $0.32 $0.93 Weighted average number of shares outstanding:             Basic 1,444 1,427 1,442 1,425     Diluted 1,457 1,436 1,455 1,433 Outstanding shares, end of period 1,591 1,590 1,591 1,590

Central Bancorp, Inc. Consolidated Balance Sheet Data (In Thousands, Except Per Share Data)   September 30, 2006 March 31, 2006   (Unaudited) (Unaudited) Total assets $556,082 $547,275 Investment securities available for sale 101,476 107,071 Total loans(1) 434,700 415,363 Allowance for loan losses 3,850 3,788 Deposits 388,747 393,413 Borrowings 118,837 106,032 Subordinated debenture 5,258 5,258 Stockholders' equity 40,101 39,189 Equity to Assets 7.21 7.16 Non-performing assets to total assets 0.29 0.22 Book value per share $ 25.21 $ 24.64 (1) Includes loans held for sale of $0 and $45 at September 30, 2006 and March 31, 2006, respectively.

Selected Financial Ratios (In Thousands, Except Per Share Data)   Quarter Ended September 30, Six Months September 30,   2006 2005 2006 2005   (Unaudited) (Unaudited) Return on average assets 0.26% 0.46% 0.17% 0.50% Return on average equity 3.55   6.38   2.35   6.85   Interest rate spread 2.42   2.82   2.38   2.85   Net interest margin 2.91   3.22   2.82   3.22

Paul S. Feeley
Senior Vice President, Treasurer &
Chief Financial Officer
(617) 628-4000

CENTRAL BANCORP, INC. DECLARES ITS REGULAR QUARTERLY CASH DIVIDEND

SOMERVILLE, MASSACHUSETTS, October 19, 2006 - Central Bancorp, Inc. (NASDAQ Global Market^SM: CEBK) announced today that its Board of Directors declared its regular quarterly cash dividend of eighteen ($0.18) cents per share, payable on November 17, 2006, to stockholders of record as of November 3, 2006.

The dividend represents the Company's 41st consecutive distribution since implementing its cash dividend policy in October 1996.

Central Bancorp, Inc. is the holding company for Central Bank, whose legal name is Central Co-operative Bank, a Massachusetts-chartered co-operative bank operating nine full-service banking offices, a limited service high school branch in suburban Boston and a stand alone 24-hour automated teller machine in Somerville.

Paula M. Corsetti
Vice President, Marketing
(617) 629-4376
(781) 306-1604 (fax)

ELIZABETH L. SMITH PROMOTED TO ASSISTANT VICE PRESIDENT AT CENTRAL BANK

Somerville, MA, October 3, 2006 - John D. Doherty, President and Chief Executive Officer of Central Bank announced that Elizabeth L. Smith has been promoted to the position of Assistant Vice President at Central Bank. Ms. Smith is Branch Manager responsible for the daily management and development of new business for the Bank's Davis Square Office located at 399 Highland Avenue, Somerville, MA.

Ms. Smith joined Central Bank in 2005, as Branch Manager, with seven years of retail banking experience along a career path beginning as a teller, holding positions of increasing responsibility including Customer Service Representative, Head Teller and Branch Supervisor at Sovereign Bank (formerly Abington Savings Bank). Her management experience includes both, Branch Operations Management and Branch Sales Management.

Ms. Smith attended Massasoit Community College. She is a former resident of Kingston, MA and currently resides in Somerville, MA.

Established in 1915, Central Bank, the bank subsidiary of Central Bancorp, Inc. (NASDAQ: CEBK), is a Massachusetts chartered co-operative bank operating nine full service branches and limited access educational branch in Somerville, Arlington, Burlington, Chestnut Hill, Malden, Medford, Melrose and Woburn.

Central Bank is a member of FDIC, Member of SIF and is an Equal Housing Lender.

Paula M. Corsetti
Vice President, Marketing
(617) 629-4376
(781) 306-1604 (fax)

CENTRAL BANK RE-OPENS BRANCH AT NEW WOBURN HIGH SCHOOL

WOBURN, MA, September 20, 2006 - Central Bank (NASDAQ: CEBK) of Somerville, MA today announced it has re-located and opened its educational branch in the new Woburn High School in Woburn, MA.

Central Bank has collaborated with Woburn High School to develop a student-banking program to help students learn about financial services and develop personal finance and job skills. The student-banking program includes classroom course work taught by the high school faculty and students staffing teller windows in the banking facility.

Six students in the high school's banking course were hired as tellers to operate the branch under the direction of Central Bank's High School Branch Supervisor, Carol McCarthy. The branch is a full service facility that is open on school days to meet the banking needs of students, faculty and staff.

Established in 1915, Central Bank is a Massachusetts chartered co-operative bank operating nine full service branches and limited access educational branch in Somerville, Arlington, Burlington, Chestnut Hill, Malden, Medford, Melrose and Woburn.

Central Bank is a member of FDIC, member of SIF and an Equal Housing Lender.

Paul S. Feeley
Senior Vice President, Treasurer &
Chief Financial Officer
(617) 628-4000

CENTRAL BANCORP, INC. CONDUCTS 2006 ANNUAL STOCKHOLDERS MEETING

SOMERVILLE, MASSACHUSETTS, July 31, 2006 - Central Bancorp, Inc. (NASDAQ Global Market^SM: CEBK) announced that at its 2006 Annual Stockholders Meeting, which was held today, Joseph R. Doherty, Richard E. Stevens, and Edward F. Sweeney, Jr. were elected as directors, each to serve for a three-year term, and the Central Bancorp, Inc. 2006 Long-Term Incentive Plan was approved in all respects.

Central Bancorp, Inc. is the holding company for Central Bank, whose legal name is Central Co-operative Bank, a Massachusetts-chartered co-operative bank operating nine full-service banking offices, a limited service high school branch in suburban Boston and a stand alone 24-hour automated teller machine in Somerville.

Paul S. Feeley
Senior Vice President, Treasurer &
Chief Financial Officer
(617) 628-4000

CENTRAL BANCORP REPORTS QUARTERLY EARNINGS

SOMERVILLE, MASSACHUSETTS, July 26, 2006 - Central Bancorp, Inc. (NASDAQ Global Market^SM: CEBK) today reported that its net income for the quarter ended June 30, 2006 was $113,000, or $0.08 per diluted share. For the corresponding quarter in the prior fiscal year, the Company reported net income of $706,000, or $0.49 per diluted share.

The decrease in net income for the quarter ended June 30, 2006 compared to the quarter ended June 30, 2005 was primarily the result of a decrease in net interest and dividend income from $4.2 million for the 2005 quarter to $3.6 million for the 2006 period, a $4 thousand decrease in non-interest income and an increase in non-interest expense from $3.5 million to $3.8 million, partially offset by a $323,000 decrease in the provision for income taxes. The decrease in net interest and dividend income is primarily the result of the combined effect of a decrease in net interest spread and net interest margin and, to a lesser extent, the postponement of the dividend on our investment in stock in the Federal Home Loan Bank. Decreases occurred in the net interest spread and the net interest margin from 2.88% and 3.23%, respectively, for the quarter ended June 30, 2005 to 2.29% and 2.72%, respectively, for the quarter ended June 30, 2006. The decreases in the spread and margin were primarily due to increases in both the volume and the rates paid on interest-bearing liabilities. While the cost of funds increased by 57 basis points, the yield on interest-earning assets declined by 2 basis points. Interest-bearing liabilities repriced upward faster than interest-earning assets primarily due to the increase in short-term interest rates and the flat yield curve, as well as our continued offering of promotional rates on certificates of deposit due to increased competition for deposit accounts in our market. The decrease in interest income is primarily the result of the Federal Home Loan Bank's postponement of its quarterly dividend because of restrictions in its new capital guidelines. During the quarter ended June 30, 2005, the FHLB's dividend totaled $88 thousand; we expected the dividend to exceed $100,000 in the quarter ended June 30, 2006. We have been advised that the FHLB expects to declare a six-month equivalent dividend during the quarter ending September 30, 2006. Increases in non-interest expense reflected normal salary and benefit increases as well as added staff for our new branch and rent, utilities and equipment for the new branch and operations center. Marketing expense also increased from the comparable period last year.

Total interest and dividend income increased from $7.4 million for the three-months ended June 30, 2005 to $7.5 million for the current year period, primarily as a result of a $16.9 million, or 4.3%, increase in the average balance of loans from June 30, 2005 to June 30, 2006. Loans increased primarily as a result of an increase in the origination of commercial real estate loans, which increased mainly due to our continued focus on originating these loans. Loans decreased $3.1 million from March 31, 2006 to June 30, 2006 primarily as a result of a net decline in commercial real estate and construction loans of $1.5 million and residential loans of $2.9 million, partially offset by an increase in loans held for sale of $0.3 million and other loans of $1.0 million.

Total assets were $545.5 million at June 30, 2006 and $547.3 million at March 31, 2006. During the three months ended June 30, 2006, investment securities available for sale decreased by $12.0 million as the result of maturities and pay-downs of investments and the mandatory redemption of a portion of our investment in FHLB stock. This decline was offset by an increase in short-term investments of $10.6 million. Liabilities decreased from $508.1 million at March 31, 2006 to $506.5 million at June 30, 2006, primarily due to a decrease in borrowings of $16.7 million offset by an increase in deposits of $15.5 million. Borrowings decreased as we used deposit growth to pay down maturing and called borrowings at lower replacement rates. Deposits increased to $408.9 million at June 30, 2006 from $393.4 million at March 31, 2006. The increase in deposits occurred primarily in certificates of deposit and as a result of our offering of promotional rates on these accounts and, to a lesser extent, due to the opening of our new Medford office.

The provision for loan losses was $50,000 for the quarters ended June 30, 2006 and June 30, 2005. Management considered the allowance for loan losses to be adequate during both periods.

Non-interest income decreased $4,000 for the quarter ended June 30, 2006 compared to the 2005 period, primarily as a result of the $22,000 decrease in gain on sales of loans due to a slower residential real estate environment, offset by an increase in deposit account related fees of $24,000. Non-interest expense was $3.8 million in the June 2006 quarter compared to $3.5 million for the prior year quarter primarily due to staffing and occupancy costs associated with the opening of our new branch office and operations center as well as infrastructure improvements. Income tax expense for the June 2006 quarter decreased $323,000 from the 2005 quarter due to the decrease in pre-tax income.

In June we opened our new Medford branch. We are pleased with the results to date and with the reception we have received in the community.

Central Bancorp, Inc. is the holding company for Central Bank, whose legal name is Central Co-operative Bank, a Massachusetts-chartered co-operative bank operating nine full service banking offices, a limited service high school branch in suburban Boston and a stand alone 24-hour automated teller machine in Somerville.

This press release may contain certain forward-looking statements, which are based on management's current expectations regarding economic, legislative and regulatory issues that may impact the Company's earnings in future periods. Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, real estate values and competition; changes in accounting principles, policies or guidelines; changes in legislation or regulation; and other economic, competitive, governmental, regulatory and technological factors affecting the Company's operations, pricing, products and services.

Central Bancorp, Inc. Consolidated Operating Data (In Thousands, Except Per-Share Data)   Quarter Ended June 30,   2006 2005   (Unaudited) Net interest and dividend income $ 3,578 $ 4,159 Provision for loan losses 50 50 Net gain (loss) on sales and write-downs of investment securities 112 117 Gain on sale of loans 33 55 Other non-interest income 345 322 Non-interest expenses 3,846 3,515     Income before taxes 172 1,088 Provision for income taxes 59 382     Net income $ 113 $ 706 Earnings per share:         Basic $ 0.08 $ 0.50     Diluted $ 0.08 $ 0.49 Weighted average number of shares outstanding:         Basic 1,440 1,423     Diluted 1,453 1,429

Central Bancorp, Inc. Consolidated Balance Sheet Data (In Thousands, Except Per Share Data)   June 30, 2006 March 31, 2006       Total assets $545,479 $547,275 Investment securities available for sale 95,092 107,071 Total loans(1) 412,268 415,363 Allowance for loan losses 3,843 3,788 Deposits 408,898 393,413 Borrowings 89,326 106,032 Subordinated debenture 5,258 5,258 Stockholders' equity 38,959 39,189 (1) Includes loans held for sale of $383 and $45 at June 30, 2006 and March 31, 2006, respectively.

Central Bancorp, Inc. Selected Financial Ratios   Quarter Ended June 30,   2006 2005   (Unaudited)       Return on average assets 0.08 % 0.53 % Return on average equity 0.99 7.20 Interest rate spread 2.29 2.88 Net interest margin 2.72 3.23 Equity to assets 8.38 7.42 Non-performing assets to total assets 0.40 0.02 Book value per share $24.49 $24.65

Paul S. Feeley
Senior Vice President, Treasurer &
Chief Financial Officer
(617) 628-4000

CENTRAL BANCORP, INC. DECLARES ITS REGULAR QUARTERLY CASH DIVIDEND

SOMERVILLE, MASSACHUSETTS, July 20, 2006 - Central Bancorp, Inc. (NASDAQ Global Market^SM : CEBK) announced today that its Board of Directors declared its regular quarterly cash dividend of eighteen ($0.18) cents per share, payable on August 18, 2006, to stockholders of record as of August 4, 2006.

The dividend represents the Company's 40th consecutive distribution since implementing its cash dividend policy in October 1996.

Central Bancorp, Inc. is the holding company for Central Bank, whose legal name is Central Co-operative Bank, a Massachusetts-chartered co-operative bank operating nine full-service banking offices, a limited service high school branch in suburban Boston and a stand alone 24-hour automated teller machine in Somerville.

Paula M. Corsetti
Vice President, Marketing
pcorsetti@centralbk.com
(617) 629-4376

CENTRAL BANK OPENS A NEW BRANCH IN MEDFORD

MEDFORD, MA, June 13, 2006 - Central Bank of Somerville, MA today announced it has opened a new branch in Medford, MA at 270 Mystic Avenue.

The new branch is a full-service banking facility offering the Medford community a walk-up ATM, night depository and convenient parking. The hours of the Medford branch are 8 a.m. to 4 p.m. on Mondays through Wednesdays, 8 a.m. to 5 p.m. Thursdays and Fridays; and 9 a.m. to noon on Saturday. The branch's phone number is 617-629-4200.

In addition, Central has announced that Marylynn Cabral has been appointed Branch Manager in Medford. Cabral is responsible for overseeing the branch staff and directing branch activities. Cabral was branch manager in Central's Woburn Main Street office. She joins Assistant Branch Manager, Michelle Ferrante and Jennifer Sanders, Corporate Development Officer.

Central Bank is a Massachusetts chartered co-operative bank operating nine full-service banking offices, a limited service high school branch in suburban Boston and a stand-alone 24-hour automated teller machine in Somerville.

From L-R: Cheryl White, Executive Director, Medford Chamber of Commerce; John D. Doherty, Chairman, President & CEO, Central Bank; Marylynn Cabral, Branch Manager, Central Bank, Medford Office; Michael J. McGlynn, Mayor of Medford; Edward F. Sweeney Jr., Board of Directors, Central Bank; Marat E. Santini, Board of Directors, Central Bank; Anthony Frate, Clerk, Medford Chamber of Commerce

Paul S. Feeley
Senior Vice President, Treasurer &
Chief Financial Officer
(617) 628-4000

CENTRAL BANCORP REPORTS IMPROVED FISCAL YEAR EARNINGS

SOMERVILLE, MASSACHUSETTS, May 10, 2006 - Central Bancorp, Inc. (the "Company") (NASDAQ:CEBK) today reported that its net income for the year ended March 31, 2006 increased to $2.6 million, or $1.84 per diluted share, as compared to earnings of $2.5 million, or $1.65 per diluted share, for the fiscal year ended March 31, 2005, an increase of more than 7%. For the quarter ended March 31, 2006, net income was $518,000, or $.36 per diluted share, as compared to $817,000, or $.57 per diluted share, for the corresponding quarter in the prior fiscal year.

The earnings improvement for the year ended March 31, 2006 included increases of $586,000 in net interest and dividend income and $342,000 in total non-interest income. While the net interest spread and margins declined from 2.85% and 3.20% to 2.72% and 3.11%, respectively, year to year, the growth in interest-earning assets outpaced the increase in interest-bearing liabilities, resulting in the net increase. The increase in total non-interest income continued to be driven by increases in deposit-related fees, offset partially by lower levels of gains on sales of loans and investments. Non-interest expenses increased $665,000 which included the previously reported charge of $283,000 taken in the September 2005 quarter associated with a restructuring that involved voluntary employment termination packages offered to selected employees.

Central Bancorp's Chairman, President & Chief Executive Officer, John D. Doherty, commented, "We are pleased the Company's earnings for the most recent fiscal year showed improvement, especially in light of the flat yield curve throughout most of the fiscal year. In the months ahead, we anticipate our earnings and margins will continue to be under pressure because of the yield curve and the competitive environment that has contributed to higher rates on customers' deposit accounts without proportional increases in lending rates. We have been able to compete successfully for deposits through the use of targeted CD specials, which contributed to record deposits of $393 million at March 31, 2006, up more than $33 million during the quarter alone and $60 million from the March 31, 2005 level."

The decrease in net income for the quarter ended March 31, 2006 compared to the same quarter a year earlier was primarily the result of a decrease in net interest and dividend income and an increase in non-interest expense, partially offset by an increase in non-interest income and decreases in the provision for income taxes and the provision for loan losses. Net interest and dividend income for the quarter ended March 31, 2006 totaled $3.9 million compared to $4.1 million in the prior year period. Decreases occurred in the net interest spread and the net interest margin from 2.95% and 3.28%, respectively, for the quarter ended March 31, 2005 to 2.48% and 2.88%, respectively, for the quarter ended March 31, 2006. The decrease in the spread and margin was due primarily to increases in the rate of interest-bearing liabilities. The increase in the cost of funds was greater than the increase in the yield on interest-earning assets primarily due to interest-bearing liabilities repricing upward faster than interest-earning assets, resulting mainly from the increase in short-term interest rates and the flat yield curve, as well as the Company's ongoing promotional certificate of deposit programs at attractive rates.

Non-interest income increased $119,000 for the quarter ended March 31, 2006 compared to the 2005 period, primarily as a result of a $93,000 increase in net gains on the sales of securities and a $50,000 increase in other non-interest income due to increased fees on transaction accounts, partially offset by a $24,000 decrease in the gain on sale of loans.

Non-interest expense was $3.6 million in the March 2006 quarter compared to $3.3 million for the prior year quarter, primarily due to increased staffing and normal salary increases. Income tax expense for the March 2006 quarter decreased $68,000 from the 2005 quarter due to the decrease in pre-tax income.

The provision for loan losses was zero for the quarter ended March 31, 2006 compared to $50,000 for the prior year period. Management considered the allowance for loan losses to be adequate during both periods.

Total assets were $547.3 million at March 31, 2006, compared to $521.1 million at March 31, 2005.

During the year ended March 31, 2006, deposits increased to $393.4 million primarily as a result of an increase in certificates of deposit due to the promotional interest rates offered for these accounts. Total loans increased $26.8 million primarily due to an increase in the origination of commercial real estate loans, which increased mainly due to the Company's continuing focus on originating these loans. Total liabilities increased by $25.3 million, primarily reflecting an increase in deposits of $60.2 million and a decrease in borrowings of $35.2 million. Borrowings decreased as the Company was able to fund loan growth through lower cost deposits.

Central Bancorp, Inc. is the holding company for Central Bank, whose legal name is Central Co-operative Bank, a Massachusetts-chartered co-operative bank operating eight full service banking offices, a limited service high school branch in suburban Boston and a stand alone 24-hour automated teller machine in Somerville.

This press release may contain certain forward-looking statements, which are based on management's current beliefs and expectations, as well as the assumptions made using information currently available to management. Since these statements reflect the views of management concerning future events, these statements involve risks, uncertainties and assumptions. These risks and uncertainties include among others: general economic conditions, changes in interest rates, deposit flows, real estate values and competition, changes in accounting principles, policies or guidelines, changes in legislation or regulation, and other economic, competitive, governmental, regulatory and technological factors affecting the Company's operations, pricing, products and services. Additionally, other risks and uncertainties may be described in the Company's quarterly reports on Form 10-Q and its annual reports on Form 10-K, each filed with the Securities and Exchange Commission, which are available at the Securities and Exchange Commission's internet website (www.sec.gov) and to which reference is hereby made. Therefore, actual future results may differ significantly from results discussed in these forward-looking statements and undue reliance should not be placed on such statements. The Company assumes no obligation to update any forward-looking statements.

Central Bancorp, Inc. Consolidated Operating Data (In Thousands, Except Per-Share Data)   Quarter Ended March 31, Year Ended March 31,   2006 2005 2006 2005   (Unaudited)   Interest and dividend income $ 7,700 $ 7,104 $ 30,341 $ 27,616 Interest expense 3,834 3,000 14,024 11,885     Net interest and dividend income 3,866 4,104 16,317 15,731 Provision for loan losses 0 50 100 100 Net gain on sales and write-downs of investment securities 113 20 419 453 Gain on sale of loans 25 49 208 252 Other non-interest income 312 262 1,370 950 Non-interest expenses 3,562 3,264 14,183 13,518     Income before taxes 754 1,121 4,031 3,768 Provision for income taxes 236 304 1,388 1,305     Net income $ 518 $ 817 $ 2,643 $ 2,463 Earnings per share:             Basic $0.36 $0.58 $1.85 $1.66     Diluted $0.36 $0.57 $1.84 $1.65 Weighted average number of shares outstanding:             Basic 1,435 1,417 1,429 1,482     Diluted 1,444 1,421 1,438 1,493

Consolidated Balance Sheet Data (In Thousands)   March 31, 2006 March 31, 2005       Total assets $547,275 $521,071 Cash and cash equivalents $15,263 $6,383 Investment securities available for sale 97,195 108,616 Total loans(1) 415,364 388,603 Allowance for loan losses 3,788 3,681 Deposits 393,413 333,215 Borrowings 106,032 141,197 Subordinated Debenture 5,258 5,258 Stockholders' equity 39,189 38,239 (1) Includes loans held for sale of $45 and $2,221 at March 31, 2006 and March 31, 2005, respectively.

Selected Financial Ratios (In Thousands, Except Per Share Data)   Quarter Ended March 31, Year Ended March 31,   2006 2005 2006 2005   (Unaudited)   Return on average assets 0.38% 0.64% 0.49% 0.49% Return on average equity 5.29   8.50   6.78   6.12   Interest rate spread 2.48   2.95   2.72   2.85   Net interest margin 2.88   3.28   3.11   3.20   Equity to assets --   --   7.16   7.34   Non-performing assets to total assets --   --   0.22   0.04   Book value per share --   --   $24.64   $24.07

Paul S. Feeley
Senior Vice President, Treasurer &
Chief Financial Officer
(617) 628-4000

CENTRAL BANCORP, INC. DECLARES ITS REGULAR QUARTERLY CASH DIVIDEND

SOMERVILLE, MASSACHUSETTS, April 20, 2006 - Central Bancorp, Inc. (NASDAQ:CEBK) announced today that its Board of Directors declared its regular quarterly cash dividend of eighteen ($0.18) cents per share, payable on May 19, 2006, to stockholders of record as of May 5, 2006.

The dividend represents the Company's 39th consecutive distribution since implementing its cash dividend policy in October 1996.

Central Bancorp, Inc. is the holding company for Central Bank, whose legal name is Central Co-operative Bank, a Massachusetts-chartered co-operative bank operating eight full service banking offices, a limited service high school branch in suburban Boston and a stand alone 24-hour automated teller machine in Somerville.

Paul S. Feeley
Senior Vice President, Treasurer &
Chief Financial Officer
(617) 628-4000

CENTRAL BANCORP REPORTS IMPROVED QUARTERLY EARNINGS

SOMERVILLE, MASSACHUSETTS, January 31, 2006 - Central Bancorp, Inc. (NASDAQ:CEBK) today reported that its net income. improved more than 16% to $796,000, or $.55 per diluted share, for the quarter ended December 31, 2005, from $686,000, or $.48 per diluted share, for the corresponding quarter in the prior fiscal year. The Company's earnings for the nine months ended December 31, 2005 of $2,125,000, or $1.48 per diluted share, rose over 29% from the earnings of $1,646,000, or $1.09 per diluted share, for the nine months ended December 31, 2004.

The earnings improvement for the quarterly periods included a $105,000 increase in net interest and dividend income and a $70,000 increase in total non-interest income primarily attributable to a continuing higher level of deposit-related fees earned during the period, offset partially by a decline in gains on sales of loans as the volume of this business has slowed in recent months.

Central Bancorp's Chairman, President & Chief Executive Officer, John D. Doherty, commented, "The December 2005 quarterly results represented the fifth consecutive time in which our quarterly earnings have surpassed the corresponding quarter of the previous year. At December 31, 2005, our deposits of nearly $360 million were at the highest level in the Company's history -- growing by more than $9 million during the quarter as we continued to offer special Certificate of Deposit programs at attractive rates. We had only one non-performing loan totaling $120,000 at December 31, 2005."

The earnings improvement for the nine months ended December 31, 2005 was primarily attributable to increases of $824,000 in net interest and dividend income and $223,000 in total non-interest income. While the net interest spread and margins remained virtually unchanged, interest earning assets increased significantly, resulting in the increased earnings. The increases in total non-interest income continued to be driven by increases in deposit-related fees and commissions from non-deposit investment products, offset partially by lower levels of gains on sales of loans and investments as a result of a decline in activity as well as the previously reported charge of $283,000 in the September 2005 quarter associated with a restructuring that involved voluntary employment termination packages offered to selected employees.

Central Bancorp, Inc. is the holding company for Central Bank, whose legal name is Central Co-operative Bank, a Massachusetts-chartered co-operative bank operating eight full service banking offices, a limited service high school branch in suburban Boston and a stand alone 24-hour automated teller machine in Somerville.

This press release may contain certain forward-looking statements, which are based on management's current beliefs and expectations, as well as the assumptions made using information currently available to management. Since these statements reflect the views of management concerning future events, these statements involve risks, uncertainties and assumptions. These risks and uncertainties include among others: general economic conditions, changes in interest rates, deposit flows, real estate values and competition, changes in accounting principles, policies or guidelines, changes in legislation or regulation, and other economic, competitive, governmental, regulatory and technological factors affecting the Company's operations, pricing, products and services. Additionally, other risks and uncertainties may be described in the Company's quarterly reports on Form 10-Q and its annual reports on Form 10-K, each filed with the Securities and Exchange Commission, which are available at the Securities and Exchange Commission's internet website (www.sec.gov) and to which reference is hereby made. Therefore, actual future results may differ significantly from results discussed in these forward-looking statements and undue reliance should not be placed on such statements. The Company assumes no obligation to update any forward-looking statements.

Central Bancorp, Inc. Consolidated Operating Data (In Thousands, Except Per-Share Data)   Quarter Ended December 31, Nine Months Ended December 31,   2005 2004 2005 2004   (Unaudited) (Unaudited) Net interest and dividend income $ 4,079 $ 3,974 $ 12,451 $ 11,627 Provision for loan losses -- -- 100 50 Net gain (loss) on sales and write-downs of investment securities 93 84 306 432 Gain on sale of loans 44 85 183 204 Other non-interest income 310 208 1,058 688 Non-interest expenses 3,302 3,249 10,621 10,254     Income before taxes 1,224 1,102 3,277 2,647 Provision for income taxes 428 416 1,152 1,001     Net income $ 796 $ 686 $ 2,125 $ 1,646 Earnings per share:             Basic $0.56 $0.49 $1.49 $1.10     Diluted $0.55 $0.48 $1.48 $1.09 Weighted average number of shares outstanding:             Basic 1,431 1,413 1,427 1,503     Diluted 1,440 1,424 1,435 1,515 Outstanding shares, end of period 1,590 1,589 1,590 1,589

Selected Consolidated Balance Sheet Data (In Thousands, Except Per Share Data)   December 31, 2005 March 31, 2005 Total assets $536,867 $521,071 Investment securities available for sale 97,037 108,616 Total loans(1) 413,787 388,603 Allowance for loan losses 3,783 3,681 Deposits 359,540 333,215 Borrowings 129,129 141,197 Subordinated Debenture 5,258 5,258 Stockholders' equity 39,155 38,239 Book value per share $ 24.63 $ 24.07 (1) Includes loans held for sale of $1,056 and $2,221 at December 31, 2005 and March 31, 2005, respectively.

Paul S. Feeley
Senior Vice President, Treasurer &
Chief Financial Officer
(617) 628-4000

CENTRAL BANCORP, INC. DECLARES ITS REGULAR QUARTERLY CASH DIVIDEND

SOMERVILLE, MASSACHUSETTS, January 19, 2006 - Central Bancorp, Inc. (NASDAQ:CEBK) announced today that its Board of Directors declared its regular quarterly cash dividend of eighteen ($0.18) cents per share, payable on February 17, 2006, to stockholders of record as of February 3, 2006.

The dividend represents the Company's 38th consecutive distribution since implementing its cash dividend policy in October 1996.

Central Bancorp, Inc. is the holding company for Central Bank, whose legal name is Central Co-operative Bank, a Massachusetts-chartered co-operative bank operating eight full service banking offices, a limited service high school branch in suburban Boston and a stand alone 24-hour automated teller machine in Somerville.