FOR IMMEDIATE RELEASE

Contact:
Thomas R. Butkus
Chairman, President, and Chief Executive Officer
(708) 687-7400


AJS Bancorp, Inc. Announces Fourth Quarter and Year Ended 2014 Earnings

MIDLOTHIAN, IL – February 23, 2015 – AJS Bancorp, Inc. (the “Company”) (OTCBB: AJSB), the holding company for A.J. Smith Federal Savings Bank (the “Bank”), announced fourth quarter 2014 net income of $66,000, or $0.03 per share, compared to net income of $223,000, or $0.10 per share for fourth quarter 2013. Net income for the year ended December 31, 2014 was $2.1 million, or $0.96 per share, compared to $903,000, or $0.39 per share for the year ended December 31, 2013.

For the three months ended December 31, 2014:

Net income for the three months ended December 31, 2014 decreased $157,000, or 70.4%, to $66,000, compared to net income of $223,000 for the three months ended December 31, 2013. The decline reflected a decrease in net interest income of $136,000, a decrease in non-interest income of $129,000, and an increase in the provision for loan losses of $10,000, partially offset by a decrease in non-interest expense of $109,000.

Net interest income decreased $136,000 to $1.1 million for the three months ended December 31, 2014, from the comparable quarter in 2013. The prolonged period of low interest rates and highly competitive loan environment continued to put downward pressure on the net interest margin. The net interest margin declined 24 basis points to 2.18% for the fourth quarter 2014 compared to 2.42% for the fourth quarter 2013. The decline was primarily a result of the decrease in the average yield on loans and a change in the mix of interest-earning assets, which have shifted from loans and securities available-for-sale to a greater amount of low-yielding cash and cash equivalents. The average rate earned on interest-earning assets declined 28 basis points to 2.66%, while the average yield paid on interest-bearing liabilities decreased three basis points to 0.62% for the fourth quarter of 2014 compared to the third quarter of 2013.

For the three months ended December 31, 2014, the Company recorded a provision for loan losses of $10,000, as compared to no provision for loan losses for the same period in 2013. At December 31, 2014 non-performing loans as a percent of total loans decreased to 2.59% from 2.72% at December 31, 2013. The decline was a result of the decrease in non-performing loans of $293,000 from December 31, 2013 to December 31, 2014.

Non-interest income decreased $129,000 to $171,000 for the three months ended December 31, 2014, from $300,000 for the three months ended December 31, 2013. The decrease was primarily due to a decline in gains on securities sales as there were no securities sales during the three months ended December 31, 2014 as compared to gains on securities sales of $136,000 during the three months ended December 31, 2013.

Non-interest expense decreased $109,000 to $1.2 million for the fourth quarter 2014. The decline was primarily a result of a decrease in compensation and employee benefits expense of $44,000, a decrease in federal deposit insurance expense of $18,000, and a decrease in other real estate owned loss expense of $25,000, partially offset by an increase in occupancy expense of $10,000 and an increase in professional and regulatory expense of $9,000.

For the year ended December 31, 2014:

Net income for the year ended December 31, 2014 increased $1.2 million, or 132.8%, to $2.1 million compared to net income of $903,000 for the year ended December 31, 2013. The increase reflected an income tax benefit recognized of $1.7 million during the second quarter of 2014 due to the reversal of the deferred tax asset valuation allowance and an increase in non-interest income of $659,000, partially offset by a decrease in net interest income of $312,000, an increase in the provision for loan losses of $697,000, and an increase in non-interest expense of $159,000.

 
 

The following information was filed by Ajs Bancorp, Inc. (AJSB) on Monday, February 23, 2015 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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