**For      Immediate Release**

**January      18, 2007**

**AJS      BANCORP, INC. ANNOUNCES YEAR END EARNINGS AND A CASH **

**DIVIDEND      OF $0.11 PER SHARE**

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| Contact: | Lyn                G. Rupich |
|----------|------------------------------|

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| **AJS                  BANCORP, INC.**                            |   |                      |        |                |   |
|-------------------------------------------------------------------|--------|---------------------------|-------------|---------------------|--------|
| **CONSOLIDATED                  CONDENSED BALANCE SHEETS**        |   |                      |        |                |   |
| **Dollars                  in thousands (except per share data)** |   |                      |        |                |   |
| **(Unaudited)**                                                   |   |                      |        |                |   |
|                                                              |   | **31-Dec-06**             |        | **31-Dec-05**       |   |
| ASSETS                                                            |   |                      |        |                |   |   |   |
|                                                              |   |                      |        |                |   |   |   |
| Cash                  and due from financial institutions         |   | $                         | 36,617      |                | $      | 14,776 |   |
| Federal                  funds sold                               |   |                      | 7,231       |                |   | 454 |   |
| **TOTAL                  CASH AND CASH EQUIVALENTS**              |   |                      | **43,848**  |                |   | **15,230** |   |
|                                                              |   |                      |        |                |   |   |   |
| Certificates                  of Deposit                          |   |                      | 5,490       |                |   | 8,584 |   |
| Securities                                                        |   |                      | 68,978      |                |   | 71,534 |   |
| Loans                  receivable net of allowance for loan loss  |   |                      |        |                |   |   |   |
| of                  $1,619 at December 31, 2006, and $1,701       |   |                      |        |                |   |   |   |
| at                  December 31, 2005.                            |   |                      | 138,377     |                |   | 151,768 |   |
| Federal                  Home Loan Bank Stock                     |   |                      | 2,450       |                |   | 3,416 |   |
| Premises                  and equipment                           |   |                      | 4,342       |                |   | 4,541 |   |
| Accrued                  interest receivable & other assets   |   |                      | 3,012       |                |   | 2,832 |   |
| **TOTAL                  ASSETS**                                 |   | **$**                     | **266,497** |                | **$**  | **257,905** |   |
|                                                              |   |                      |        |                |   |   |   |
| **LIABILITIES                  AND SHAREHOLDERS' EQUITY**         |   |                      |        |                |   |   |   |
| Deposits                                                          |   |                      | 202,176     |                | $      | 190,407 |   |
| Federal                  Home Loan Bank advances                  |   |                      | 28,750      |                |   | 32,750 |   |
| Advance                  payments by borrowers for taxes          |   |                      |        |                |   |   |   |
| and                  insurance                                    |   |                      | 1,655       |                |   | 1,746 |   |
| Accrued                  expenses and other liabilities           |   |                      | 5,183       |                |   | 4,750 |   |
|                                                              |   |                      |        |                |   |   |   |
| **TOTAL                  LIABILITIES**                            |   |                      | **237,764** |                |   | **229,653** |   |
| **TOTAL                  EQUITY**                                 |   |                      | **28,733**  |                |   | **28,252** |   |
| **TOTAL                  LIABILITIES AND SHAREHOLDER'S**          |   |                      |        |                |   |   |   |
| **EQUITY**                                                        |   | **$**                     | **266,497** |                | **$**  | **257,905** |   |
|                                                              |   |                      |        |                |   |   |   |
|                                                              |   |  **31-Dec-06**  |        |  **31-Dec-05** |   |
| **INTEREST                  INCOME & DIVIDEND INCOME**        |   |                      |        |                |   |   |   |
| Loans,                  including fees                            |   | $                         | 9,250       |                | $      | 9,127 |   |
| Securities                                                        |   |                      | 2,874       |                |   | 2,682 |   |
| Interest                  earning deposits & other            |   |                      | 1,227       |                |   | 1,075 |   |
| Federal                  funds sold                               |   |                      | 238         |                |   | 64 |   |
| **TOTAL                  INTEREST INCOME**                        |   |                      | **13,589**  |                |   | **12,948** |   |
|                                                              |   |                      |        |                |   |   |   |
| **INTEREST                  EXPENSE ON DEPOSITS**                 |   |                      |        |                |   |   |   |
| Deposits                                                          |   |                      | 5,736       |                |   | 4,606 |   |
| Federal                  Home Loan Bank & Other               |   |                      | 1,281       |                |   | 1,417 |   |
| **Total                  Interest Expense**                       |   |                      | **7,017**   |                |   | **6,023** |   |
| **NET                  INTEREST INCOME**                          |   |                      | **6,572**   |                |   | **6,925** |   |
| Provision                  for loan losses                        |   |                      | (28         | )                   |   | (130 | ) |
| **NET                  INTEREST INCOME AFTER PROVISION**          |   |                      |        |                |   |   |   |
| **FOR                  LOAN LOSSES**                              |   |                      | **6,600**   |                |   | **7,055** |   |
|                                                              |   |                      |        |                |   |   |   |
| **NON-INTEREST                  INCOME**                          |   |                      |        |                |   |   |   |
| Insurance                  commissions                            |   |                      | 188         |                |   | 195 |   |
| Service                  charges on accounts                      |   |                      | 509         |                |   | 514 |   |
| Other                                                             |   |                      | 242         |                |   | 227 |   |
| **TOTAL                  NON-INTEREST INCOME**                    |   |                      | **939**     |                |   | **936** |   |
|                                                              |   |                      |        |                |   |   |   |
| **NON-INTEREST                  EXPENSE**                         |   |                      |        |                |   |   |   |
| Salaries                  and employee benefits                   |   |                      | 3,460       |                |   | 3,481 |   |
| Occupancy                                                         |   |                      | 850         |                |   | 897 |   |
| Advertising                  & promotion                      |   |                      | 322         |                |   | 404 |   |
| Data                  processing                                  |   |                      | 368         |                |   | 392 |   |
| Other                                                             |   |                      | 1,088       |                |   | 1,026 |   |
| **TOTAL                  NON-INTEREST EXPENSE**                   |   |                      | **6,088**   |                |   | **6,200** |   |
|                                                              |   |                      |        |                |   |   |   |
| **INCOME                  BEFORE INCOME TAXES**                   |   |                      | **1,451**   |                |   | **1,791** |   |
| Income                  tax expense                               |   |                      | 540         |                |   | 694 |   |
| **NET                  INCOME**                                   |   | **$**                     | **911**     |                | **$**  | **1,097** |   |
|                                                              |   |                      |        |                |   |   |   |
| **Earnings                  per share, basic**                    |   | **$**                     | **0.43**    |                | **$**  | **0.51** |   |
| **Earnings                  per share, diluted**                  |   | **$**                     | **0.43**    |                | **$**  | **0.50** |   |

----

| **AJS                  BANCORP, INC.**                       |   |                               |      |                               |   |
|--------------------------------------------------------------|--------|------------------------------------|-----------|------------------------------------|--------|
| **CONSOLIDATED                  CONDENSED BALANCE SHEETS**   |   |                               |      |                               |   |
| **Dollars                  in thousands**                    |   |                               |      |                               |   |
| **For                  the Three months ended 12/31/06**     |   |                               |      |                               |   |
|  (unaudited)                                            |   |                               |      |                               |   |
|                                                         |   | **For                  the Three** |      | **For                  the Three** |   |
|                                                         |   | **Months                  ended**  |      | **Months                  ended**  |   |
|                                                         |   | **12/31/2006**                     |      | **12/31/2005**                     |   |
| **INTEREST                  INCOME & DIVIDEND INCOME**   |   |                               |      |                               |   |   |   |
| Loans,                  including fees                       |   | $                                  | 2,283     |                               | $      | 2,236 |   |
| Securities                                                   |   |                               | 781       |                               |   | 709 |   |
| Interest                  earning deposits & other       |   |                               | 407       |                               |   | 244 |   |
| Federal                  Funds Sold                          |   |                               | 94        |                               |   | 27 |   |
| **TOTAL                  INTEREST INCOME**                   |   |                               | **3,565** |                               |   | **3,216** |   |
|                                                         |   |                               |      |                               |   |   |   |
| **INTEREST                  EXPENSE ON DEPOSITS**            |   |                               |      |                               |   |   |   |
| Deposits                                                     |   |                               | 1,645     |                               |   | 1,227 |   |
| Federal                  Home Loan Bank & Other          |   |                               | 314       |                               |   | 342 |   |
| **Total                  Interest Expense**                  |   |                               | **1,959** |                               |   | **1,569** |   |
| **NET                  INTEREST INCOME**                     |   |                               | **1,606** |                               |   | **1,647** |   |
| Provision                  (recovery) for loan losses        |   |                               | 0         |                               |   | (1 | ) |
| **NET                  INTEREST INCOME AFTER PROVISION FOR** |   |                               |      |                               |   |   |   |
| **LOAN                  LOSSES**                             |   |                               | **1,606** |                               |   | **1,648** |   |
|                                                         |   |                               |      |                               |   |   |   |
| **NON-INTEREST                  INCOME**                     |   |                               |      |                               |   |   |   |
| Insurance                  commissions                       |   |                               | 38        |                               |   | 51 |   |
| Service                  charges on accounts                 |   |                               | 125       |                               |   | 130 |   |
| Other                                                        |   |                               | 60        |                               |   | 49 |   |
| **TOTAL                  NON-INTEREST INCOME**               |   |                               | **223**   |                               |   | **230** |   |
|                                                         |   |                               |      |                               |   |   |   |
| **NON-INTEREST                  EXPENSE**                    |   |                               |      |                               |   |   |   |
| Salaries                  and employee benefits              |   |                               | 876       |                               |   | 876 |   |
| Occupancy                                                    |   |                               | 208       |                               |   | 270 |   |
| Advertising                  & promotion                 |   |                               | 116       |                               |   | 87 |   |
| Data                  processing                             |   |                               | 92        |                               |   | 98 |   |
| Other                                                        |   |                               | 276       |                               |   | 278 |   |
| **TOTAL                  NON-INTEREST EXPENSE**              |   |                               | **1,568** |                               |   | **1,609** |   |
|                                                         |   |                               |      |                               |   |   |   |
| **INCOME                  BEFORE INCOME TAXES**              |   |                               | **261**   |                               |   | **269** |   |
| Income                  Tax Expense                          |   |                               | 92        |                               |   | 125 |   |
| **NET                  INCOME**                              |   | **$**                              | **169**   |                               | **$**  | **144** |   |

----

| **AJS                  Bancorp, Inc.**              |   |                                   |      |                                   |   |
|-----------------------------------------------------|--------|----------------------------------------|-----------|----------------------------------------|--------|
| **Financial                  Highlights**           |   |                                   |      |                                   |   |
| **(unaudited)**                                     |   | **December                  31, 2006** |      | **December                  31, 2005** |   |
|                                                |   | (In                  thousands)        |      |
| **Selected                  Financial Highlights:** |   |                                   |      |                                   |   |   |   |
| Total                  assets                       |   | $                                      | 266,497   |                                   | $      | 257,905 |   |
| Loans                  receivable, net              |   |                                   | 138,377   |                                   |   | 151,768 |   |
| Securities                                          |   |                                   | 68,978    |                                   |   | 71,534 |   |
| Deposits                                            |   |                                   | 202,176   |                                   |   | 190,407 |   |
| Federal                  Home Loan Bank advances    |   |                                   | 28,750    |                                   |   | 32,750 |   |
| Stockholders'                  equity               |   |                                   | 28,733    |                                   |   | 28,252 |   |
|                                                |   |                                   |      |                                   |   |   |   |
| Book                  value per share (1)           |   |                                   | 13.56     |                                   |   | 13.15 |   |
|                                                |   |                                   |      |                                   |   |   |   |
| Number                  of shares outstanding (2)   |   |                                   | 2,119,719 |                                   |   | 2,147,807 |   |

|                                                   |                                                               | **Three                  months ended** |   | **Three                  months ended** |   |
|--------------------------------------------------------|--------------------------------------------------------------------|-----------------------------------------|--------|-----------------------------------------|--------|
|                                                   |                                                               | **December                  31, 2006**  |   | **December                  31, 2005**  |   |
|                                                   |  (In                  thousands except per share information) |
|                                                   |                                                               |                                    |   |                                    |   |
| **Selected                  Operations Data:**         |                                                               |                                    |   |                                    |   |   |   |
| Total                  interest income                 |                                                               | $                                       | 3,565  |                                    | $      | 3,216 |   |
| Total                  interest expense                |                                                               |                                    | 1,959  |                                    |   | 1,569 |   |
| Net                  interest income                   |                                                               |                                    | 1,606  |                                    |   | 1,647 |   |
| Provision                  for loan losses             |                                                               |                                    | 0      |                                    |   | (1 | ) |
| Net                  interest income after provision   |                                                               |                                    |   |                                    |   |   |   |
| for                  loan losses                       |                                                               |                                    | 1,606  |                                    |   | 1,648 |   |
| Noninterest                  income                    |                                                               |                                    | 223    |                                    |   | 230 |   |
| Noninterest                  expense                   |                                                               |                                    | 1,568  |                                    |   | 1,609 |   |
| Income                  before taxes                   |                                                               |                                    | 261    |                                    |   | 269 |   |
| Income                  tax provision                  |                                                               |                                    | 92     |                                    |   | 125 |   |
| Net                  income                            |                                                               |                                    | 169    |                                    |   | 144 |   |
|                                                   |                                                               |                                    |   |                                    |   |   |   |
| Earnings                  per share, basic and diluted |                                                               | $                                       | 0.08   |                                    | $      | 0.07 |   |

|                                                                  |   | **Three                  months ended** |   | **Three                  months ended** |   |
|-----------------------------------------------------------------------|--------|-----------------------------------------|--------|-----------------------------------------|--------|
|                                                                  |   | **December                  31, 2006**  |   | **December                  31, 2005**  |   |
|                                                                  |   |                                    |   |                                    |   |
| **Selected                  Operating Ratios:**                       |   |                                    |   |                                    |   |   |   |
| Return                  on average assets                             |   |                                    | 0.26   | %                                       |   | 0.22 | % |
| Return                  on average equity                             |   |                                    | 2.35   | %                                       |   | 2.03 | % |
| Interest                  rate spread during the period               |   |                                    | 2.32   | %                                       |   | 2.30 | % |
| Net                  interest margin                                  |   |                                    | 2.65   | %                                       |   | 2.62 | % |
| Average                  interest-earning assets to average interest- |   |                                    |   |                                    |   |   |   |
| bearing                  liabilities                                  |   |                                    | 111.12 | %                                       |   | 112.81 | % |
| Efficiency                  ratio (3)                                 |   |                                    | 85.73  | %                                       |   | 85.72 | % |

|                                                 |   | **For                  the year ended**                      |   | **For                  the year ended** |   |
|------------------------------------------------------|--------|--------------------------------------------------------------|--------|-----------------------------------------|--------|
|                                                 |   | **December                  31, 2006**                       |   | **December                  31, 2005**  |   |
|                                                 |   | (In                  thousands except per share information) |   |
|                                                 |   |                                                         |   |                                    |   |
| **Selected                  Operations Data:**       |   |                                                         |   |                                    |   |   |   |
| Total                  interest income               |   | $                                                            | 13,589 |                                    | $      | 12,948 |   |
| Total                  interest expense              |   |                                                         | 7,017  |                                    |   | 6,023 |   |
| Net                  interest income                 |   |                                                         | 6,572  |                                    |   | 6,925 |   |
| Provision                  for loan losses           |   |                                                         | (28    | )                                       |   | (130 | ) |
| Net                  interest income after provision |   |                                                         |   |                                    |   |   |   |
| for                  loan losses                     |   |                                                         | 6,600  |                                    |   | 7,055 |   |
| Noninterest                  income                  |   |                                                         | 939    |                                    |   | 936 |   |
| Noninterest                  expense                 |   |                                                         | 6,088  |                                    |   | 6,200 |   |
| Income                  before taxes                 |   |                                                         | 1,451  |                                    |   | 1,791 |   |
| Income                  tax provision                |   |                                                         | 540    |                                    |   | 694 |   |
| Net                  income                          |   |                                                         | 911    |                                    |   | 1,097 |   |
|                                                 |   |                                                         |   |                                    |   |   |   |
| Earnings                  per share, basic           |   | $                                                            | 0.43   |                                    | $      | 0.51 |   |
| Earnings                  per share, diluted         |   | $                                                            | 0.43   |                                    | $      | 0.50 |   |

----

|                                                                  |   | **Twelve                  months ended** |   | **Twelve                  months ended** |   |
|-----------------------------------------------------------------------|--------|------------------------------------------|--------|------------------------------------------|--------|
|                                                                  |   | **December                  31, 2006**   |   | **December                  31, 2005**   |   |
|                                                                  |   |                                     |   |                                     |   |
| **Selected                  Operating Ratios:**                       |   |                                     |   |                                     |   |   |   |
| Return                  on average assets                             |   |                                     | 0.35   | %                                        |   | 0.42 | % |
| Return                  on average equity                             |   |                                     | 3.22   | %                                        |   | 3.75 | % |
| Interest                  rate spread during the period               |   |                                     | 2.32   | %                                        |   | 2.41 | % |
| Net                  interest margin                                  |   |                                     | 2.65   | %                                        |   | 2.71 | % |
| Average                  interest-earning assets to average interest- |   |                                     |   |                                     |   |   |   |
| bearing                  liabilities                                  |   |                                     | 111.97 | %                                        |   | 112.45 | % |
| Efficiency                  ratio (3)                                 |   |                                     | 81.05  | %                                        |   | 78.87 | % |

|                                                                  |   | **As                  of**             |   | **As                  of**             |   |
|-----------------------------------------------------------------------|--------|----------------------------------------|--------|----------------------------------------|--------|
|                                                                  |   | **December                  31, 2006** |   | **December                  31, 2005** |   |
| **Asset                  Quality Ratios:**                            |   |                                   |   |                                   |   |   |   |
| Non-performing                  assets to total assets                |   |                                   | 0.20   | %                                      |   | 0.15 | % |
| Allowance                  for loan losses to non-performing loans    |   |                                   | 299.81 | %                                      |   | 431.73 | % |
| Allowance                  for loan losses to loans receivable, gross |   |                                   | 1.16   | %                                      |   | 1.11 | % |

|  (1)                  Shareholders'                  equity divided by number of shares outstanding.                                                             |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  (2)                  Total                  shares issued, less unearned ESOP shares, and treasury shares.                                                      |
|  (3)                  Non-interest expense divided by the sum of net interest income                  and                  non-interest                  income. |