For Immediate Release
AJS BANCORP, INC. ANNOUNCES SECOND QUARTER EARNINGS AND DECLARATION OF QUARTERLY CASH DIVIDEND
AJS Bancorp, Inc. (OTCBB; AJSB.OB), the holding company for A.J. Smith Federal Savings Bank, Midlothian, Illinois today reported consolidated net income of $181,000 for the quarter ended June 30, 2009 as compared to $192,000 for the same quarter in 2008. Basic and diluted earnings per share were $0.09 for the quarters ended June
30, 2009 and 2008, respectively. The decrease in net income resulted from a decrease in net interest income after provision for loan losses and an increase in non-interest expense, partially offset by increase in non-interest income. Net income for the six months ended June 30, 2009 was $563,000 compared to net income of $280,000 for the six months ended June 30, 2008. Basic and diluted earnings were $0.28 per share for the six months ended June 30, 2009 compared to basic and
diluted earnings of $0.14 per share for the six months ended June 30, 2008.
The Company’s Board of Directors announced today that it has declared a quarterly cash dividend of $0.11 cents per share. The dividend is payable on August 28, 2009 to stockholders of record on August 14, 2009. AJS Bancorp, MHC (the “MHC”) intends to waive 100% of the quarterly dividend due on its 1,227,554
shares. At June 30, 2009, the Company held cash totaling $11.4 million. At June 30, 2009 the Bank’s tier 1 capital ratio as well as its tangible capital ratio was 10.6%, and its risk-based capital ratio was 23.0%.
FINANCIAL CONDITION – AT JUNE 30, 2009 AND AT DECEMBER 31, 2008
Total assets at June 30, 2009 were $240.4 million, a decrease of $3.6 million or 1.5% from $244.0 million at December 31, 2008. The decrease in total assets reflects decreases in certificates of deposit at other financial institutions and securities, partially offset by an increase in cash and cash equivalents, loans and other
real estate owned. Certificates of deposit decreased $2.4 million or 35.3% to $4.4 million at June 30, 2009 compared to $6.8 million at December 31, 2008, due to certificates maturing. Securities decreased $12.0 million or 13.3% to $77.9 million at June 30, 2009 from $89.9 million at December 31, 2008 primarily due to securities sales, calls, principal repayments, and maturities within the portfolio. Net loans receivable increased $3.9 million or 3.1% to $130.3 million at June
30, 2009 from $126.4 million at December 31, 2008. The increase in loans was due to an increase in the origination of single family fixed-rate mortgage loans. Other real estate owned increased to $3.0 million at June 20, 2009, as the Company took possession, to several commercial real estate properties. The Company had no real estate owned at December 31, 2008. Total liabilities comprised almost entirely of deposits and borrowings decreased $3.9 million or 1.8% to $213.0
million at June 30, 2009 from $216.9 million at December 31, 2008. Total deposits decreased $5.5 million or 3.0% to $174.8 million at June 30, 2009 from $180.3 million at December 31,
The following information was filed by Ajs Bancorp Inc on Friday, July 31, 2009 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.