For Immediate Release
October 29, 2009

AJS BANCORP, INC. ANNOUNCES THIRD
 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 $117,000 for the quarter ended September 30, 2009 as compared to $173,000 for the same quarter in 2008.  Basic and diluted earnings per share were $0.06 for the quarter ended September 30, 2009 and $0.09 for the quarter ended September 30, 2008.  The decrease in net income resulted primarily from an increase in the provision for loan losses and an increase in non-interest expense, partially offset by increases in net interest income and non-interest income.  Net income for the nine months ended September 30, 2009 was $680,000 compared to net income of $453,000 for the nine months ended September 30, 2008.  Basic and diluted earnings were $0.34 per share for the nine months ended September 30, 2009 compared to basic and diluted earnings of $0.22 per share for the nine months ended September 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 November 27, 2009 to stockholders of record on November 13, 2009.  AJS Bancorp, MHC (the “MHC”) intends to waive 100% of the quarterly dividend due on its 1,227,554 shares.  At September 30, 2009, the Company held cash totaling $7.9 million.  At September 30, 2009 the Bank’s tier 1 capital ratio as well as its tangible capital ratio was 10.8%, and its risk-based capital ratio was 23.2%.

FINANCIAL CONDITION – AT SEPTEMBER 30, 2009 AND AT DECEMBER 31, 2008

Total assets at September 30, 2009 were $237.3 million, a decrease of $6.6 million or 2.7% from $244.0 million at December 31, 2008.  The decrease in total assets reflects decreases in certificates of deposit at other financial institutions, securities and other assets, partially offset by an increase in loans and other real estate owned.  Certificates of deposit decreased $4.0 million or 58.8% to $2.8 million at September 30, 2009 compared to $6.8 million at December 31, 2008, due to certificates maturing.  Securities decreased $9.5 million or 10.6% to $80.3 million at September 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 $4.5 million or 3.5% to $130.9 million at September 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 $3.2 million at September 30, 2009, as the Company took possession of several commercial real estate properties.  The Company had no real estate owned at December 31, 2008.  Other assets decreased $1.4

 
 

The following information was filed by Ajs Bancorp Inc on Thursday, October 29, 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.

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