**Exhibit
      99.1**


**For
      Immediate Release**


**April
      23, 2007**





AJS
      BANCORP, INC. ANNOUNCES FIRST QUARTER EARNINGS


AND
      DECLARATION OF QUARTERLY DIVIDEND





AJS
      Bancorp, Inc. (Electronic Bulletin Board; AJSB.OB), the holding company for
      A.J.
      Smith Federal Savings Bank, Midlothian, Illinois today reported consolidated
      net
      income of $251,000 for the quarter ended March 31, 2007 as compared to $254,000
      for the same quarter in 2006.  Basic and diluted earnings were $0.12
      per share for both quarters ended March 31, 2007 and March 31,
      2006.  The decrease in net income resulted from a decrease in net
      interest income and non-interest income, partially offset by an increase in
      the
      negative provision for loan losses and a decrease in non-interest expense during
      the comparative periods.





Also,
      the
      Company’s Board of Directors announced today that it has declared a quarterly
      dividend of $0.11 cents per share. The dividend is payable on May 25, 2007,
      to
      stockholders of record on May 11, 2007.  AJS Bancorp, MHC (the “MHC”)
      intends to waive 100% of the quarterly dividend due on its 1,227,554
      shares.  At March 31, 2007, the Company held cash totaling $42.3
      million.  At March 31, 2007 the Bank’s tier 1 capital as well as its
      tangible capital ratio was 10.6%, and its risk-based capital ratio was
      24.8%.





Financial
      Condition – At March 31, 2007 and at December 31, 2006





Total
      assets as of March 31, 2007 were $268.5 million, an increase of $2.0 million
      or
      0.7% from $266.5 million at December 31, 2006.  The increase in total
      assets reflects an increase in securities partially offset by decreases in
      cash
      and cash equivalents, certificates of deposit, and loans
      receivable.  There was an increase of $12.4 million or 17.9% in
      securities to $81.3 million at March 31, 2007 from $69.0 million at December
      31,
      2006.  Securities increased due to the purchase of $11.2 million in
      mortgage-backed securities and $4.5 million in Federal Home Loan Bank
      bonds.  The securities were purchased to lock in the yield currently
      available on these assets.  Cash and cash equivalents decreased $1.5
      million or 3.5% to $42.3 million at March 31, 2007 compared to $43.8 million
      at
      December 31, 2006.  Certificates of deposit decreased $797,000 or
      14.5% to $4.7 million at March 31, 2007 compared to $5.5 million at December
      31,
      2006.  Loans receivable decreased $7.9 million or 5.7% to $130.5
      million at March 31, 2007 from $138.4 million at December 31, 2006 primarily
      due
      to maturities.  Total liabilities comprised almost entirely of
      deposits and borrowings increased $1.5 million or 0.6% to $239.2 million at
      March 31, 2007 from $237.8 million at December 31, 2006.  Total
      deposits decreased $1.4 million or 0.7% to $200.8 million at March 31, 2007
      from
      $202.2 million at December 31, 2006.  Borrowings decreased $1.4
      million to $27.4 million at March 31, 2007 from $28.8 million at December 31,
      2006.  Advance payments by borrowers for taxes and insurance decreased
      $478,000 or 28.9% to $1.2 million from $1.7 million at December 31, 2006,
      primarily as a result from the timing of payments.  Accrued expenses
      and other liabilities increased $4.7 million or 91.4% to $9.9 million at March
      31, 2007 from $5.2 million at December 31, 2006.  The increase was
      primarily





due
      to a
      $5.0 million payable recorded for a security purchased in March 2007 that did
      not settle until April 2007.





The
      Company had non-performing assets of $500,000 at March 31, 2007 and $540,000
      at
      December 31, 2006.  The allowance for loan losses was $1.6 million at
      March 31, 2007 and December 31, 2006.  This represents a ratio of
      allowance for loan losses to gross loans receivable of 1.19% and 1.16%,
      respectively at March 31, 2007 and at December 31, 2006.  The
      allowance for loan losses to non-performing loans was 647.93% as of March 31,
      2007 compared to 299.81% as of December 31, 2006.





Total
      stockholders’ equity increased $483,000 to $29.2 million at March 31, 2007 from
      $28.7 million at December 31, 2006.  The increase in stockholders’
equity was primarily due to net income of $251,000 for the quarter ended March
      31, 2007 and increases in other comprehensive income due to the higher fair
      market value of securities held for sale.  These increases were offset
      by common stock repurchases that took place during the quarter ended March
      31,
      2007.





INCOME
      INFORMATION –THREE MONTH PERIODS ENDED MARCH 31, 2007 AND 2006:





Net
      interest income decreased by $14,000 or 0.9% to $1.6 million for the quarter
      ended March 31, 2007 from $1.7 million for the comparable quarter in
      2006.  Average interest earning assets were $257.8 million and $249.8
      million during the comparative 2007 and 2006 quarters while the average yield
      was 5.55% and 5.18%, respectively.  The higher average yield in 2007
      reflects the change in the composition of our assets to include a higher
      proportion of securities which had interest rates set based on shorter term
      interest rates, which during this period of an inverted yield curve resulted
      in
      higher short-term interest rates during the three- month period in 2007 as
      compared to the same period in 2006.  Average interest-bearing
      liabilities increased to $226.7 million for the quarter ended March 31, 2007
      compared to $222.2 million for the comparable 2006 quarter, while the average
      cost of interest-bearing liabilities increased to 3.42% from 2.86% for the
      comparable periods.  The increase in our average cost of interest
      bearing liabilities reflects the higher market rates for deposits and borrowings
      during a period of higher short-term interest rates that has existed during
      2007.  Our net interest rate spread decreased 21 basis points to 2.12%
      from 2.33% while our net interest margin decreased 10 basis points to 2.54%
      from
      2.64%.  The ratio of average interest-earning assets to average
      interest-bearing liabilities increased to 113.71% for the three months ended
      March 31, 2007 from 112.45% for the same period in 2006.





The
      Company recorded a $70,000 negative provision for the three months ended March
      31, 2007, and a $12,000 negative provision for the three months ended March
      31,
      2006.  The negative provision reflects a combination of loan loss
      recoveries, decline in loan balances and our review of losses inherent in our
      loan portfolio.  At this time, management felt no additional
      provisions were necessary.  Should any unforeseen risks present
      themselves however, management may need to increase this provision in the
      future.





Non-interest
      income decreased $58,000 to $192,000 for the quarter ended March 31, 2007 from
      $250,000 for the comparable quarter in 2006.  The decrease in
      non-interest





income
      is
      primarily the result of decreases in insurance commissions and other
      non-interest income items, offset by a decrease in service charges on
      accounts.  Insurance commissions decreased primarily due to a
      reduction in the staff of the Bank’s insurance and investment
      division.  The decrease in other non-interest items was primarily due
      to a decrease in the gain on the sale of loans designated for sale, offset
      in
      part by an increase in rental income.





Non-interest
      expense decreased $11,000 or 0.7% to $1.5 million for the quarter ended March
      31, 2007 and March 31, 2006.   The decrease in non-interest
      expense for the comparable quarters was primarily due to a decrease in data
      processing costs offset by an increase in advertising and promotion
      costs.  The decrease in data processing costs was primarily due to the
      implementation of less costly technology for our storage and retention of
      information, as well as reduction of services outsourced.  Advertising
      and promotion costs increased due to an increase in the placement of newspaper
      ads.





Effective
      with the Company’s filing with the Securities and Exchange Commission of it’s
      Quarterly Report for the quarter ended March 31, 2007, the Company will be
      filing its Securities Exchange Act reports pursuant to the disclosure
      requirements applicable to small business issuers.





Our
      federal and state taxes remained at  $150,000 for the quarters ended
      March 31, 2007 and March 31, 2006.





Other
      financial information is included in the tables that follow.





This
      press release contains certain “forward-looking statements” which may be
      identified by the use of such words as “believe”, “expect”, “intend”,
“anticipate”,  “should”, “planned”, “estimated” and
“potential”.  Examples of forward-looking statements include, but are
      not limited to, estimates with respect to our financial condition, results
      of
      operations and business that are subject to various factors which could cause
      actual results to differ materially from these estimates and most other
      statements that are not historical in nature.  These factors include,
      but are not limited to, general and local economic condition, changes in
      interest rates, deposit flows, demand for mortgage and other loans, real estate
      values, and competition; changes in accounting principles, policies or
      guidelines; changes in legislation or regulation; and other economic,
      competitive, governmental, regulatory, and technological factors affecting
      our
      operations, pricing, products and services.





Contact:
            Lyn
                G. Rupich
              President
              708-687-7400












**AJS
                                    BANCORP, INC.****CONSOLIDATED
                                    CONDENSED BALANCE SHEETS****Dollars
                                    in thousands (except per share data)****(Unaudited)****31-Mar-07**
                                
                                
                                **31-Dec-06**ASSETSCash
                                    and due from financial Institutions
                                
                                $
                                38,384
                                
                                
                                $
                                36,617Federal
                                    funds sold
                                
                                
                                3,937
                                
                                
                                
                                7,231**TOTAL
                                    CASH AND CASH EQUIVALENTS**
                                
                                ****
                                **42,321**
                                
                                
                                ****
                                **43,848**Certificates
                                    of Deposit
                                
                                
                                4,693
                                
                                
                                
                                5,490Securities
                                
                                
                                81,332
                                
                                
                                
                                68,978Loans
                                    receivable net of allowance for loan lossof
                                    $1,568 at March 31, 2007, and $1,619 atDecember
                                    31, 2006.
                                
                                
                                130,524
                                
                                
                                
                                138,377Federal
                                    Home Loan Bank Stock
                                
                                
                                2,450
                                
                                
                                
                                2,450Premises
                                    and equipment
                                
                                
                                4,311
                                
                                
                                
                                4,342Accrued
                                    interest receivable & other assets
                                
                                
                                2,842
                                
                                
                                
                                3,028**TOTAL
                                    ASSETS**
                                
                                **$**
                                **268,473**
                                
                                
                                **$**
                                **266,513****LIABILITIES
                                    AND SHAREHOLDERS' EQUITY**Deposits
                                
                                
                                200,794
                                
                                
                                
                                202,176Federal
                                    Home Loan Bank advances
                                
                                
                                27,350
                                
                                
                                
                                28,750Advance
                                    payments by borrowers for taxesand
                                    insurance
                                
                                
                                1,177
                                
                                
                                
                                1,655Accrued
                                    expenses and other liabilities
                                
                                
                                9,920
                                
                                
                                
                                5,183**TOTAL
                                    LIABILITIES**
                                
                                ****
                                **239,241**
                                
                                
                                ****
                                **237,764****TOTAL
                                    EQUITY**
                                
                                ****
                                **29,232**
                                
                                
                                ****
                                **28,749****TOTAL
                                    LIABILITIES AND SHAREHOLDERS****EQUITY**
                                
                                **$**
                                **268,473**
                                
                                
                                **$**
                                **266,513****31-Mar-07**
                                
                                
                                **31-Mar-06****INTEREST
                                    INCOME & DIVIDEND INCOME**Loans,
                                    including fees
                                
                                $
                                2,147
                                
                                
                                $
                                2,279Securities
                                
                                
                                781
                                
                                
                                
                                696Interest
                                    earning deposits & other
                                
                                
                                565
                                
                                
                                
                                242Federal
                                    funds sold
                                
                                
                                85
                                
                                
                                
                                22**TOTAL
                                    INTEREST INCOME**
                                
                                ****
                                **3,578**
                                
                                
                                ****
                                **3,239****INTEREST
                                    EXPENSE ON DEPOSITS**Deposits
                                
                                
                                1,640
                                
                                
                                
                                1,259Federal
                                    Home Loan Bank & Other
                                
                                
                                300
                                
                                
                                
                                328**Total
                                    Interest Expense**
                                
                                ****
                                **1,940**
                                
                                
                                ****
                                **1,587****NET
                                    INTEREST INCOME**
                                
                                ****
                                **1,638**
                                
                                
                                ****
                                **1,652**Provision
                                    for loan losses
                                
                                
                                (70
                                )
                                
                                
                                (12
                                )**NET
                                    INTEREST INCOME AFTER PROVISION****FOR
                                    LOAN LOSSES**
                                
                                ****
                                **1,708**
                                
                                
                                ****
                                **1,664****NON-INTEREST
                                    INCOME**Insurance
                                    commissions
                                
                                
                                21
                                
                                
                                
                                71Service
                                    charges on accounts
                                
                                
                                125
                                
                                
                                
                                118Other
                                
                                
                                46
                                
                                
                                
                                61**TOTAL
                                    NON-INTEREST INCOME**
                                
                                ****
                                **192**
                                
                                
                                ****
                                **250****NON-INTEREST
                                    EXPENSE**Salaries
                                    and employee benefits
                                
                                
                                856
                                
                                
                                
                                865Occupancy
                                
                                
                                201
                                
                                
                                
                                210Advertising
                                    & promotion
                                
                                
                                74
                                
                                
                                
                                55Data
                                    processing
                                
                                
                                83
                                
                                
                                
                                104Other
                                
                                
                                285
                                
                                
                                
                                276**TOTAL
                                    NON-INTEREST EXPENSE**
                                
                                ****
                                **1,499**
                                
                                
                                ****
                                **1,510****INCOME
                                    BEFORE INCOME TAXES**
                                
                                ****
                                **401**
                                
                                
                                ****
                                **404**Income
                                    tax expense
                                
                                
                                150
                                
                                
                                
                                150**NET
                                    INCOME**
                                
                                **$**
                                **251**
                                
                                
                                **$**
                                **254****Earnings
                                    per share, basic**
                                
                                **$**
                                **0.12**
                                
                                
                                **$**
                                **0.12****Earnings
                                    per share, diluted**
                                
                                **$**
                                **0.12**
                                
                                
                                **$**
                                **0.12**





**AJS
                            Bancorp, Inc.****Financial
                            Highlights****(unaudited)**
                        
                        **March
                            31, 2007**
                        
                        
                        **December
                            31, 2006**(In
                            thousands)**Selected
                            Financial Highlights:**Total
                            assets
                        
                        $
                        268,473
                        
                        
                        $
                        266,513Loans
                            receivable, net
                        
                        
                        130,524
                        
                        
                        
                        138,377Securities
                        
                        
                        81,332
                        
                        
                        
                        68,978Deposits
                        
                        
                        200,794
                        
                        
                        
                        202,176Federal
                            Home Loan Bank advances
                        
                        
                        27,350
                        
                        
                        
                        28,750Stockholders'
                            equity
                        
                        
                        29,232
                        
                        
                        
                        28,749Book
                            value per share (1)
                        
                        
                        13.79
                        
                        
                        
                        13.56Number
                            of shares outstanding (2)
                        
                        
                        2,119,708
                        
                        
                        
                        2,119,719**Three
                            months ended**
                        
                        
                        **Three
                            months ended****March
                            31, 2007**
                        
                        
                        **March
                            31, 2006**(In
                            thousands except per share information)**Selected
                            Operations Data:**Total
                            interest income
                        
                        $
                        3,578
                        
                        
                        $
                        3,239Total
                            interest expense
                        
                        
                        1,940
                        
                        
                        
                        1,587Net
                            interest income
                        
                        
                        1,638
                        
                        
                        
                        1,652Provision
                            for loan losses
                        
                        
                        (70
                        )
                        
                        
                        (12
                        )Net
                            interest income after provisionfor
                            loan losses
                        
                        
                        1,708
                        
                        
                        
                        1,664Noninterest
                            income
                        
                        
                        192
                        
                        
                        
                        250Noninterest
                            expense
                        
                        
                        1,499
                        
                        
                        
                        1,510Income
                            before taxes
                        
                        
                        401
                        
                        
                        
                        404Income
                            tax provision
                        
                        
                        150
                        
                        
                        
                        150Net
                            income
                        
                        
                        251
                        
                        
                        
                        254Earnings
                            per share, basic
                        
                        $
                        0.12
                        
                        
                        $
                        0.12Earnings
                            per share, diluted
                        
                        $
                        0.12
                        
                        
                        $
                        0.12**Three
                            months ended**
                        
                        
                        **Three
                            months ended****March
                            31, 2007**
                        
                        
                        **March
                            31, 2006****Selected
                            Operating Ratios:**Return
                            on average assets
                        
                        
                        0.38
                        %
                        
                        
                        0.40
                        %Return
                            on average equity
                        
                        
                        3.48
                        %
                        
                        
                        3.61
                        %Interest
                            rate spread during the period
                        
                        
                        2.12
                        %
                        
                        
                        2.33
                        %Net
                            interest margin
                        
                        
                        2.54
                        %
                        
                        
                        2.64
                        %Average
                            interest-earning assets to average interest-bearing
                            liabilities
                        
                        
                        113.71
                        %
                        
                        
                        112.45
                        %Efficiency
                            ratio (3)
                        
                        
                        81.91
                        %
                        
                        
                        79.39
                        %**As
                            of**
                        
                        
                        **As
                            of****March
                            31, 2007**
                        
                        
                        **December
                            31, 2006****Asset
                            Quality Ratios:**Non-performing
                            assets to total assets
                        
                        
                        0.19
                        %
                        
                        
                        0.20
                        %Allowance
                            for loan losses to non-performing loans
                        
                        
                        647.93
                        %
                        
                        
                        299.81
                        %Allowance
                            for loan losses to loans receivable, gross
                        
                        
                        1.19
                        %
                        
                        
                        1.16
                        %




(1)Shareholders' equity divided by number of shares outstanding,
                  inclusive of shares held by AJS Bancorp, MHC.(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.