For Immediate Release
January 18, 2007


AJS BANCORP, INC. ANNOUNCES YEAR END EARNINGS AND A CASH
DIVIDEND OF $0.11 PER SHARE

 
AJS Bancorp, Inc. (OTCBB; AJSB.OB), the holding company for A.J. Smith Federal Savings Bank, Midlothian, Illinois today reported consolidated net income of $169,000 for the quarter ended December 31, 2006 as compared to $144,000 for the same quarter in 2005. Basic and diluted earnings were $0.08 per share for the quarter ended December 31, 2006 compared to basic and diluted earnings of $0.07 per share for the quarter ended December 31, 2005. The increase in net income primarily resulted from a decrease in non-interest expense and a decrease in income tax expense.

Also, the Company’s Board of Directors announced today that it has declared a quarterly dividend of $0.11 cents per share. The dividend is payable on February 23, 2007, to stockholders of record on February 9, 2007. AJS Bancorp, MHC (the “MHC”) intends to waive 100% of the quarterly dividend due on its 1,227,554 shares. At December 31, 2006, the Company held cash totaling $43.8 million. At December 31, 2006 the Bank’s tier 1 capital as well as its tangible capital ratio was 10.6%, and its risk-based capital ratio was 23.7%.

Net income for the year ended December 31, 2006 was $911,000 compared to net income of $1.1 million for the year ended December 31, 2005. Basic and diluted earnings were $0.43 per share for the year ended December 31, 2006 compared to basic earnings of $0.51 per share and diluted earnings of $0.50 per share for the year ended December 31, 2005. As discussed in more detail below, the decrease in net income for the comparative twelve-month period primarily reflects a decrease in net interest income after provision for loan losses, offset by a decrease in non-interest expense. Non-interest income remained fairly stable during the year. All information except for the year ended December 31, 2005 is unaudited.

Total assets as of December 31, 2006 were $266.5 million, an increase of $8.6 million or 3.3% from $257.9 million at December 31, 2005. The increase was primarily due to an increase in cash and cash equivalents offset by decreases in certificate of deposits, securities, loans receivable, and Federal Home Loan Bank (FHLB) stock. Certificate of deposits decreased $3.1 million or 36.0% to $5.5 million at December 31, 2006 from $8.6 million at December 31, 2005. The decrease was primarily due to the certificates maturing and not being replaced. Securities decreased $2.5 million or 3.6% to $69.0 million at December 31, 2006 from $71.5 million at December 31, 2005. Loans receivable decreased $13.4 million or 8.8% to $138.4 million at December 31, 2006 from $151.8 million at December 31, 2005. FHLB stock decreased $966,000 or 28.3% to $2.4 million at December 31, 2006 from $3.4 million at December 31, 2005. The Company continued to decrease its investment in FHLB. There was no gain or loss on the sale of


The following information was filed by Ajs Bancorp Inc on Thursday, January 18, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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