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AJS Bancorp, Inc. Announces Year End Earnings and a Cash Dividend of $.10 Per Share.

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 $144,000 for the quarter ended December 31, 2005 as compared to $431,000 for the same quarter in 2004. Basic and diluted earnings were $0.07 per share for the quarter ended December 31, 2005 compared to basic earnings of $0.20 per share, and diluted earnings of $0.19 per share for the quarter ended December 31, 2004. The decrease in net income primarily resulted from decreases in net interest income. Additionally, there was a slight decrease in non-interest income and a slight increase in non-interest expense.

Also, the Company's Board of Directors announced today that it has declared a quarterly dividend of $0.10 cents per share. The dividend is payable on February 24, 2006, to stockholders of record on February 10, 2006. AJS Bancorp, MHC (the "MHC") intends to waive 100% of the quarterly dividend due on its 1,227,554 shares. At December 31, 2005, the Company held cash totaling $15.2 million. At December 31, 2005 the Bank's tier 1 capital as well as its tangible capital ratio was 11.1%, and its risk-based capital ratio was 23.2%.

Net income for the year ended December 31, 2005 was $1.1 million compared to net income of $1.6 million for the year ended December 31, 2004. Basic earnings were $0.51 per share; diluted earnings were $0.50 per share for the year ended December 31, 2005 compared to basic earnings of $0.70 per share and diluted earnings of $0.69 per share for the year ended December 31, 2004. 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. Non-interest income and non-interest expense remained fairly stable during the year. All information except for the year ended December 31, 2004 is unaudited.

Total assets as of December 31, 2005 were $257.9 million, a decrease of $13.0 million or 4.8% from $270.9 million at December 31, 2004. The decrease was primarily due to decreases in loans receivable, Federal Home Loan Bank (FHLB) stock, federal funds sold, and certificates of deposit, offset by an increase in securities. Loans receivable decreased $11.5 million or 7.1% to $151.8 million at December 31, 2005 from $163.3 million at December 31, 2004. FHLB stock decreased $9.1 million to $3.4 million at December 31, 2005 from $12.5 million at December 31, 2004. 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. Federal funds sold decreased $2.9 million or 86.3% to $454,000 at December 31, 2005 from $3.3 million at December 31, 2004. The Company invests in federal funds sold in the...

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