Exhibit
99.1


For
Immediate Release


April
25, 2008





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 $88,000 for the quarter ended March 31, 2008 as compared to $251,000
for the same quarter in 2007.  Basic and diluted earnings were $0.04
per share for the quarter ended March 31, 2008 and $0.12 for the quarter ended
March 31, 2007.  The decrease in net income resulted from decreases in
net interest income and non-interest income, and an increase in non-interest
expense during the comparative periods.  More specifically, the
Company recorded a $74,000 or $0.04 per share, net of taxes, first quarter 2008
unrealized loss on available for trading equity investments in accordance
with FASB issued Statement No. 159, The Fair Value Option for Financial
Assets and Financial Liabilities.  Excluding the impact of the
SFAS 159 fair value charge the Company earned $0.08 per share during the three
months ended March 31, 2008.





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 23, 2008, to
stockholders of record on May 9, 2008.  AJS Bancorp, MHC (the “MHC”)
intends to waive 100% of the quarterly dividend due on its 1,227,554
shares.  At March 31, 2008, the Company held cash totaling $23.7
million.  At March 31, 2008 the Bank’s tier 1 capital as well as its
tangible capital ratio was 10.4%, and its risk-based capital ratio was
22.5%.





Financial
Condition – At March 31, 2008 and at December 31, 2007





Total
assets as of March 31, 2008 were $258.8 million, an increase of $10.5 million or
4.2% from $248.3 million at December 31, 2007.  The increase in total
assets reflects an increase in cash and cash equivalents, certificates of
deposit, and loans receivable, partially offset by a decrease in
securities.  Cash and cash equivalents increased $5.3 million or 28.9%
to $23.7 million at March 31, 2008 compared to $18.4 million at December 31,
2007.  Certificates of deposit increased $4.0 million or 133.5% to
$7.0 million at March 31, 2008 compared to $3.0 million at December 31,
2007.  Multiple $100,000 certificates of deposit were purchased
maturing primarily in one to two years with average yields from 3.25% to
3.40%.  Loans receivable increased $3.7 million or 2.8% to $136.7
million at March 31, 2008 from $133.0 million at December 31,
2007.  The increase in loans was primarily in commercial
loans.  Securities decreased $2.0 million or 2.5% to $79.4 million at
March 31, 2008 from $81.4 million at December 31, 2007 due to maturities, calls
and principal repayments within the portfolio.  Total liabilities
comprised almost entirely of deposits and borrowings increased $9.3 million or
4.2% to $229.7 million at March 31, 2008 from $220.4 million at December 31,
2007.  Total deposits decreased $1.9 million or 1.0% to $188.6 million
at March 31, 2008 from $190.5 million at December 31,
2007.  Borrowings increased $12.2 million to $35.6 million at March
31, 2008 from $23.4 million at December 31, 2007.  The borrowings,
consisting entirely of Federal Home Loan Bank advances, have maturities from two
to





five
years.  Advance payments by borrowers for taxes and insurance
decreased $417,000 or 26.9% to $1.1 million from $1.6 million at December 31,
2007, primarily as a result from the timing of payments.  Accrued
expenses and other liabilities decreased $587,000 or 11.8% to $4.4 million at
March 31, 2008 from $5.0 million at December 31, 2007.





The
Company had non-performing assets of $576,000 at March 31, 2008 and $934,000 at
December 31, 2007.  The allowance for loan losses was $1.5 million at
March 31, 2008 and December 31, 2007.  This represents a ratio of
allowance for loan losses to gross loans receivable of 1.09% and 1.15%,
respectively at March 31, 2008 and at December 31, 2007.  The
allowance for loan losses to non-performing loans was 261.98% as of March 31,
2008 compared to 164.78% as of December 31, 2007.





Total
stockholders’ equity increased $1.2 million to $29.1 million at March 31, 2008
from $27.9 million at December 31, 2007.  The increase in
stockholders’ equity was primarily due to increases in other comprehensive
income due to the higher fair market value of securities available for
sale.  The Company’s fair market value of securities increased $1.1
million at March 31, 2008 from December 31, 2007.  The Company
recorded net income of $88,000 for the quarter ended March 31,
2008.





INCOME
INFORMATION –THREE MONTH PERIODS ENDED MARCH 31, 2008 AND 2007:





Net
interest income decreased by $137,000 or 8.4% to $1.5 million for the quarter
ended March 31, 2008 from $1.6 million for the comparable quarter in
2007.  Average interest earning assets were $237.5 million and $257.8
million during the comparative 2008 and 2007 quarters while the average yield
was 5.37% and 5.55%, respectively.  The lower average yield in 2008
reflects lower short-term interest rates as the Federal Reserve reduced the
federal funds target rate 300bp since September 2007.  Average
interest-bearing liabilities decreased to $215.6 million for the quarter ended
March 31, 2008 compared to $226.7 million for the comparable 2007 quarter, while
the average cost of interest-bearing liabilities decreased to 3.13% from 3.42%
for the comparable periods.  The decrease in our average cost of
interest bearing liabilities reflects the lower market rates for deposits and
borrowings since the Federal Reserve started lowering short-term interest rates
in the third quarter of 2007.  Our net interest rate spread increased
12 basis points to 2.24% from 2.12% while our net interest margin decreased 1
basis point to 2.53% from 2.54%.  The ratio of average
interest-earning assets to average interest-bearing liabilities decreased to
110.15% for the three months ended March 31, 2008 from 113.71% for the same
period in 2007.





The
Company did not record a provision for the three months ended March 31, 2008,
however a $70,000 negative provision was recorded for the three months ended
March 31, 2007.  The negative provision recorded in 2007 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 $10,000 to $182,000 for the quarter ended March 31, 2008 from
$192,000 for the comparable quarter in 2007.  The decrease in
non-interest











income is
primarily the result of decreases in service charges on accounts and insurance
commissions, offset by an increase in other non-interest
items.  Service charge income decreased $18,000 or 14.4% to $107,000
for the quarter ended March 31, 2008 compared to $125,000 for the same period in
2007.  The decrease was primarily due to a decrease in prepayment
penalties collected for the comparable quarters.  Insurance
commissions decreased $4,000 or 19.1% to $17,000 for the quarter ended March 31,
2008 compared to $21,000 for the same period in 2007.  The decrease in
insurance commissions reflects lower sales of variable and fixed rate
annuities.  Income on other non-interest items increased $12,000 or
26.1% to $58,000 for the quarter ended March 31, 2008 compared to $46,000 for
the same period in 2007.  The increase was due to the cash surrender
value earnings of the $3.0 million bank owned life insurance ("BOLI") that was
purchased in August 2007.





Non-interest
expense increased $71,000 or 4.7% to $1.6 million for the quarter ended March
31, 2008 compared to $1.5 million for the quarter ended March 31,
2007.  The increase in non-interest expense is due to increases in
data processing costs and other non-interest expense items, offset by a decrease
in advertising and promotion costs.  Data processing costs increased
$16,000 or 19.3% to $99,000 for the quarter ended March 31, 2008 compared to
$83,000 for the same period last year.  The increase was primarily due
to credits received during the quarter ended March 31, 2007 given in conjunction
with negotiations on additional data services purchased .   Other
non-interest expense items increased $121,000 or 42.5%to $406,000 for the
quarter ended March 31, 2008 compared to $285,000 for the same period last
year.  The increase in non-interest expense for the comparable
quarters was primarily due to a $123,000 unrealized loss on available
for trading equity investments (or $74,000 net after taxes) in accordance
with FASB Statement No. 159 during the quarter ended March 31,
2008.  In February 2007, the FASB issued Statement No. 159, The Fair Value Option for Financial
Assets and Financial Liabilities.  The standard provides
companies with an option to report selected financial assets and liabilities at
fair value and establishes presentation and disclosure requirements designed to
facilitate comparisons between companies that choose different measurement
attributes for similar types of assets and liabilities.  The Company
elected the fair value option for its marketable equity investments as of
January 1, 2008, the effective date of the standard.  The Company’s
equity assets include an investment in a mortgage mutual fund and common stock
valued at $11.5 million and $28,000, respectively, as of March 31,
2008.  Subsequent to quarter end the Company sold 100% of its mutual
fund investment and recorded a total realized loss of $191,600, of which
$119,600 was recorded in the first quarter, and $72,000 will be recorded in the
second quarter.  Therefore, the only asset currently remaining that
will be valued using FASB Statement 159 is the Company’s common stock
investments. Advertising and promotion costs decreased $28,000 or 37.8% to
$46,000 for the quarter ended March 31, 2008 compared to $74,000 for the same
period last year.  The decrease was primarily due to a decrease in the
placement of newspaper advertisements.





Our
federal and state taxes decreased $125,000 or 83.3% to $25,000 for the quarter
ended March 31, 2008 from $150,000 during the same period of
2007.  Federal and state income tax expense as a percentage of income
was 22.1% for the three months ended March 31, 2008 compared to 37.4% for the
same period in 2007.  The decrease in federal and state taxes for the
three months ended March 31, 2008 compared to the same period





in the
prior year is primarily the result of lower pre-tax income and the purchase of
BOLI in August 2007.





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. RupichPresident708-687-7400











AJS
      Bancorp, Inc.Financial
      Highlights(unaudited)
            
            March
      31, 2008
            
            
            December
      31, 2007(In
      thousands)Selected Financial
      Highlights:Total
      assets
            
            $
            258,745
            
            
            $
            248,349Loans
      receivable, net
            
            
            136,658
            
            
            
            132,966Securities
            
            
            79,378
            
            
            
            81,447Deposits
            
            
            188,567
            
            
            
            190,534Federal
      Home Loan Bank advances
            
            
            35,575
            
            
            
            23,350Stockholders'
      equity
            
            
            29,070
            
            
            
            27,928Book
      value per share (1)
            
            
            14.28
            
            
            
            13.71Number
      of shares outstanding (2)
            
            
            2,035,564
            
            
            
            2,036,872




Three
      months ended
            
            
            Three
      months endedMarch
      31, 2008
            
            
            March
      31, 2007(In
      thousands except per share information)Selected Operations
      Data:Total
      interest income
            
            $
            3,189
            
            
            $
            3,578Total
      interest expense
            
            
            1,688
            
            
            
            1,940Net
      interest income
            
            
            1,501
            
            
            
            1,638Provision
      for loan losses
            
            
            0
            
            
            
            (70
            )Net
      interest income after provisionfor
      loan losses
            
            
            1,501
            
            
            
            1,708Noninterest
      income
            
            
            182
            
            
            
            192Noninterest
      expense
            
            
            1,570
            
            
            
            1,499Income
      before taxes
            
            
            113
            
            
            
            401Income
      tax provision
            
            
            25
            
            
            
            150Net
      income
            
            
            88
            
            
            
            251Earnings
      per share, basic
            
            $
            0.04
            
            
            $
            0.12Earnings
      per share, diluted
            
            $
            0.04
            
            
            $
            0.12




Three
      months ended
            
            
            Three
      months endedMarch
      31, 2008
            
            
            March
      31, 2007Selected Operating
      Ratios:Return
      on average assets
            
            
            0.14
            %
            
            
            0.38
            %Return
      on average equity
            
            
            1.23
            %
            
            
            3.48
            %Interest
      rate spread during the period
            
            
            2.24
            %
            
            
            2.12
            %Net
      interest margin
            
            
            2.53
            %
            
            
            2.54
            %Average
      interest-earning assets to average interest-bearing
      liabilities
            
            
            110.15
            %
            
            
            113.71
            %Efficiency
      ratio (3)
            
            
            93.29
            %
            
            
            81.91
            %




As
      of
            
            
            As
      ofMarch 31,
      2008
            
            
            December 31,
      2007Asset Quality
      Ratios:Non-performing
      assets to total assets
            
            
            0.22
            %
            
            
            0.38
            %Allowance
      for loan losses to non-performing loans
            
            
            261.98
            %
            
            
            164.78
            %Allowance
      for loan losses to loans receivable, gross
            
            
            1.09
            %
            
            
            1.15
            %


(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.











AJS
      BANCORP, INC.CONSOLIDATED
      CONDENSED BALANCE SHEETSDollars
      in thousands (except per share data)(Unaudited)31-Mar-08
              
              
              31-Dec-07ASSETSCash
      and due from financial Institutions
              
              $
              23,612
              
              
              $
              18,296Federal
      funds sold
              
              
              77
              
              
              
              77TOTAL
      CASH AND CASH EQUIVALENTS
              
              
              23,689
              
              
              
              18,373Certificates
      of Deposit
              
              
              6,997
              
              
              
              2,997Securities
              
              
              79,378
              
              
              
              81,447Loans
      receivable net of allowance for loan lossof
      $1,509 at March 31, 2008, and $1,539 atDecember
      31, 2007.
              
              
              136,658
              
              
              
              132,966Federal
      Home Loan Bank Stock
              
              
              2,450
              
              
              
              2,450Premises
      and equipment
              
              
              4,282
              
              
              
              4,282Accrued
      interest receivable & other assets
              
              
              5,291
              
              
              
              5,834TOTAL
      ASSETS
              
              $
              258,745
              
              
              $
              248,349LIABILITIES
      AND SHAREHOLDERS' EQUITYDeposits
              
              
              188,567
              
              
              
              190,534Federal
      Home Loan Bank advances
              
              
              35,575
              
              
              
              23,350Advance
      payments by borrowers for taxesand
      insurance
              
              
              1,134
              
              
              
              1,551Accrued
      expenses and other liabilities
              
              
              4,399
              
              
              
              4,986TOTAL
      LIABILITIES
              
              
              229,675
              
              
              
              220,421TOTAL
      EQUITY
              
              
              29,070
              
              
              
              27,928TOTAL
      LIABILITIES AND SHAREHOLDERSEQUITY
              
              $
              258,745
              
              
              $
              248,349
  31-Mar-08
              
              
              31-Mar-07INTEREST
      INCOME & DIVIDEND INCOMELoans,
      including fees
              
              $
              2,098
              
              
              $
              2,147Securities
              
              
              909
              
              
              
              781Interest
      earning deposits & other
              
              
              131
              
              
              
              565Federal
      funds sold
              
              
              51
              
              
              
              85TOTAL
      INTEREST INCOME
              
              
              3,189
              
              
              
              3,578INTEREST
      EXPENSE ON DEPOSITSDeposits
              
              
              1,384
              
              
              
              1,640Federal
      Home Loan Bank & Other
              
              
              304
              
              
              
              300Total
      Interest Expense
              
              
              1,688
              
              
              
              1,940NET
      INTEREST INCOME
              
              
              1,501
              
              
              
              1,638Provision
      for loan losses
              
              
              0
              
              
              
              (70
              )NET
      INTEREST INCOME AFTER PROVISIONFOR
      LOAN LOSSES
              
              
              1,501
              
              
              
              1,708NON-INTEREST
      INCOMEInsurance
      commissions
              
              
              17
              
              
              
              21Service
      charges on accounts
              
              
              107
              
              
              
              125Other
              
              
              58
              
              
              
              46TOTAL
      NON-INTEREST INCOME
              
              
              182
              
              
              
              192NON-INTEREST
      EXPENSESalaries
      and employee benefits
              
              
              800
              
              
              
              856Occupancy
              
              
              219
              
              
              
              201Advertising
      & promotion
              
              
              46
              
              
              
              74Data
      processing
              
              
              99
              
              
              
              83Other
              
              
              406
              
              
              
              285TOTAL
      NON-INTEREST EXPENSE
              
              
              1,570
              
              
              
              1,499INCOME
      BEFORE INCOME TAXES
              
              
              113
              
              
              
              401Income
      tax expense
              
              
              25
              
              
              
              150NET
      INCOME
              
              $
              88
              
              
              $
              251Earnings
      per share, basic
              
              $
              0.04
              
              
              $
              0.12Earnings
      per share, diluted
              
              $
              0.04
              
              
              $
              0.12