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Article Excerpt
MIDLOTHIAN, Ill. -- AJS Bancorp, Inc. (OTCBB:AJSB.OB), the holding company for A.J. Smith Federal Savings Bank, Midlothian, Illinois today reported consolidated net income of $371,000 for the quarter ended March 31, 2005 as compared to $359,000 for the same quarter in 2004. Basic and diluted earnings were $0.17 per share for the quarter ended March 31, 2005 compared to basic and diluted earnings per share of $0.16 and $0.15 respectively for the quarter ended March 31, 2004. The increase in net income resulted from an increase in non-interest income offset by a decrease in net interest income and an increase in non-interest expense during the comparative periods.
Total assets as of March 31, 2005 were $264.1 million, a decrease of $6.8 million or 2.5% from $270.9 million at December 31, 2004. The decrease was due to decreases in cash and cash equivalents and Federal Home Loan Bank (FHLB) stock. There was a decrease of $1.6 million or 9.3% in cash and cash equivalents to $15.4 million at March 31, 2005 from $17.0 million at December 31, 2004. Loans receivable decreased $5.1 million to $158.2 million at March 31, 2005 from $163.3 million at March 31, 2004. Federal Home Loan Bank stock decreased $4.3 million or 34.7% to $8.1 million at March 31, 2005 from $12.4 million. The Company decreased its investment in FHLB stock due to uncertainty regarding the payment and level of the FHLB dividend. There was no gain or loss on the sale of the FHLB stock. On the liability side, total deposits decreased $5.3 million or 2.6% to $192.8 million at March...
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