**For        Immediate Release**

**October        19, 2007**

**AJS        BANCORP, INC. ANNOUNCES THIRD QUARTER EARNINGS**

**AND        CASH DIVIDEND**

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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)**                                                 |   |          |        |   |          |       |
|                                                            |   | **30-Sep-07** |        |   | **31-Dec-06** |       |
| ASSETS                                                          |   |          |        |   |          |       |
|                                                            |   |          |        |   |          |       |
| Cash                and due from financial Institutions         |   | $             | 19,881      |   |          | $          | 36,617 |   |
| Federal                funds sold                               |   |          | 0           |   |          |       | 7,231 |   |
| **TOTAL                CASH AND CASH EQUIVALENTS**              |   | ** **    | **19,881**  |   |          | ** ** | **43,848** |   |
|                                                            |   |          |        |   |          |       |   |   |
| Certificates                of Deposit                          |   |          | 3,397       |   |          |       | 5,490 |   |
| Securities                                                      |   |          | 85,020      |   |          |       | 68,978 |   |
| Loans                receivable net of allowance for loan loss  |   |          |        |   |          |
| of                $1,566 at September 30, 2007, and $1,619      |   |          |        |   |          |
|     at                December 31, 2006.    |   |          | 135,089     |   |          |       | 138,377 |   |
| Federal                Home Loan Bank Stock                     |   |          | 2,450       |   |          |       | 2,450 |   |
| Premises                and equipment                           |   |          | 4,304       |   |          |       | 4,342 |   |
| Accrued                interest receivable & other assets   |   |          | 5,831       |   |          |       | 3,028 |   |
| **TOTAL                ASSETS**                                 |   | **$**         | **255,972** |   |          | **$**      | **266,513** |   |
|                                                            |   |          |        |   |          |       |   |   |
| **LIABILITIES                AND SHAREHOLDERS' EQUITY**         |   |          |        |   |          |
| Deposits                                                        |   |          | 195,054     |   |          |       | 202,176 |   |
| Federal                Home Loan Bank advances                  |   |          | 24,850      |   |          |       | 28,750 |   |
| Advance                payments by borrowers for taxes          |   |          |        |   |          |
|    and                insurance                  |   |          | 2,151       |   |          |       | 1,655 |   |
| Accrued                expenses and other liabilities           |   |          | 5,025       |   |          |       | 5,183 |   |
|                                                            |   |          |        |   |          |       |   |   |
| **TOTAL                LIABILITIES**                            |   | ** **    | **227,080** |   |          | ** ** | **237,764** |   |
| **TOTAL                EQUITY**                                 |   | ** **    | **28,892**  |   |          | ** ** | **28,749** |   |
| **TOTAL                LIABILITIES AND SHAREHOLDERS'**          |   |          |        |   |          |
| **   EQUITY**                                    |   | **$**         | **255,972** |   |          | **$**      | **266,513** |   |
|                                                            |   |          |        |   |          |       |   |   |

|                                                     |   | **30-Sep-07** |       |   | **30-Sep-06** |       |
|----------------------------------------------------------|--------|---------------|------------|--------|---------------|------------|
| **INTEREST                INCOME & DIVIDEND INCOME** |   |          |       |   |          |
| Loans,                including fees                     |   | $             | 6,344      |   |          | $          | 6,967 |   |
| Securities                                               |   |          | 2,796      |   |          |       | 2,093 |   |
| Interest                earning deposits & other     |   |          | 1,290      |   |          |       | 820 |   |
| Federal                funds sold                        |   |          | 146        |   |          |       | 144 |   |
| **TOTAL                INTEREST INCOME**                 |   | ** **    | **10,576** |   |          | ** ** | **10,024** |   |
|                                                     |   |          |       |   |          |       |   |   |
| **INTEREST                EXPENSE ON DEPOSITS**          |   |          |       |   |          |
| Deposits                                                 |   |          | 4,974      |   |          |       | 4,091 |   |
| Federal                Home Loan Bank & Other        |   |          | 868        |   |          |       | 967 |   |
| **Total                Interest Expense**                |   | ** **    | **5,842**  |   |          | ** ** | **5,058** |   |
| **NET                INTEREST INCOME**                   |   | ** **    | **4,734**  |   |          | ** ** | **4,966** |   |
| Provision                for loan losses                 |   |          | (71        | )      |          |       | (28 | ) |
| **NET                INTEREST INCOME AFTER PROVISION**   |   |          |       |   |          |
| **   FOR                LOAN LOSSES**     |   | ** **    | **4,805**  |   |          | ** ** | **4,994** |   |
|                                                     |   |          |       |   |          |       |   |   |
| **NON-INTEREST                INCOME**                   |   |          |       |   |          |       |   |   |
| Insurance                commissions                     |   |          | 104        |   |          |       | 150 |   |
| Service                charges on accounts               |   |          | 359        |   |          |       | 384 |   |
| Other                                                    |   |          | 149        |   |          |       | 182 |   |
| **TOTAL                NON-INTEREST INCOME**             |   | ** **    | **612**    |   |          | ** ** | **716** |   |
|                                                     |   |          |       |   |          |       |   |   |
| **NON-INTEREST                EXPENSE**                  |   |          |       |   |          |       |   |   |
| Salaries                and employee benefits            |   |          | 2,446      |   |          |       | 2,584 |   |
| Occupancy                                                |   |          | 622        |   |          |       | 642 |   |
| Advertising                & promotion               |   |          | 193        |   |          |       | 206 |   |
| Data                processing                           |   |          | 255        |   |          |       | 276 |   |
| Other                                                    |   |          | 881        |   |          |       | 812 |   |
| **TOTAL                NON-INTEREST EXPENSE**            |   | ** **    | **4,397**  |   |          | ** ** | **4,520** |   |
|                                                     |   |          |       |   |          |       |   |   |
| **INCOME                BEFORE INCOME TAXES**            |   | ** **    | **1,020**  |   |          | ** ** | **1,190** |   |
| Income                tax expense                        |   |          | 365        |   |          |       | 448 |   |
| **NET                INCOME**                            |   | **$**         | **655**    |   |          | **$**      | **742** |   |
|                                                     |   |          |       |   |          |       |   |   |
| **Earnings                per share, basic**             |   | **$**         | **0.31**   |   |          | **$**      | **0.35** |   |
| **Earnings                per share, diluted**           |   | **$**         | **0.31**   |   |          | **$**      | **0.35** |   |

----

| **AJS                  BANCORP, INC.**                       |   |                               |      |   |                               |       |
|--------------------------------------------------------------|--------|------------------------------------|-----------|--------|------------------------------------|------------|
| **CONSOLIDATED                  CONDENSED BALANCE SHEETS**   |   |                               |      |   |
| **Dollars                  in thousands**                    |   |                               |      |   |                               |       |
| **For                  the Three months ended 9/30/07**      |   |                               |      |   |                               |       |
| **(Unaudited)**                                              |   |                               |      |   |                               |       |
|                                                         |   | **For                  the Three** |      |   | **For                  the Three** |       |
|                                                         |   | **Months                  ended**  |      |   | **Months                  ended**  |       |
|                                                         |   | **9/30/2007**                      |      |   | **9/30/2006**                      |       |
| **INTEREST                  INCOME & DIVIDEND INCOME**   |   |                               |      |   |
| Loans,                  including fees                       |   | $                                  | 2,128     |   |                               | $          | 2,379 |   |
| Securities                                                   |   |                               | 1,057     |   |                               |       | 705 |   |
| Interest                  earning deposits & other       |   |                               | 270       |   |                               |       | 291 |   |
| Federal                  Funds Sold                          |   |                               | 17        |   |                               |       | 85 |   |
| **TOTAL                  INTEREST INCOME**                   |   | ** **                         | **3,472** |   |                               | ** ** | **3,460** |   |
|                                                         |   |                               |      |   |                               |       |   |   |
| **INTEREST                  EXPENSE ON DEPOSITS**            |   |                               |      |   |                               |       |   |   |
| Deposits                                                     |   |                               | 1,661     |   |                               |       | 1,467 |   |
| Federal                  Home Loan Bank & Other          |   |                               | 281       |   |                               |       | 318 |   |
| **Total                  Interest Expense**                  |   | ** **                         | **1,942** |   |                               | ** ** | **1,785** |   |
| **NET                  INTEREST INCOME**                     |   | ** **                         | **1,530** |   |                               | ** ** | **1,675** |   |
| Provision                  for loan losses                   |   |                               | 0         |   |                               |       | (16 | ) |
| **NET                  INTEREST INCOME AFTER PROVISION FOR** |   |                               |      |   |                               |
| **   LOAN                  LOSSES**           |   | ** **                         | **1,530** |   |                               | ** ** | **1,691** |   |
|                                                         |   |                               |      |   |                               |       |   |   |
| **NON-INTEREST                  INCOME**                     |   |                               |      |   |                               |       |   |   |
| Insurance                  commissions                       |   |                               | 78        |   |                               |       | 42 |   |
| Service                  charges on deposit accounts         |   |                               | 115       |   |                               |       | 131 |   |
| Other                                                        |   |                               | 59        |   |                               |       | 54 |   |
| **TOTAL                  NON-INTEREST INCOME**               |   | ** **                         | **252**   |   |                               | ** ** | **227** |   |
|                                                         |   |                               |      |   |                               |       |   |   |
| **NON-INTEREST                  EXPENSE**                    |   |                               |      |   |                               |       |   |   |
| Salaries                  and employee benefits              |   |                               | 796       |   |                               |       | 867 |   |
| Occupancy                                                    |   |                               | 217       |   |                               |       | 222 |   |
| Advertising                  & promotion                 |   |                               | 58        |   |                               |       | 76 |   |
| Data                  processing                             |   |                               | 87        |   |                               |       | 86 |   |
| Other                                                        |   |                               | 253       |   |                               |       | 270 |   |
| **TOTAL                  NON-INTEREST EXPENSE**              |   | ** **                         | **1,411** |   |                               | ** ** | **1,521** |   |
|                                                         |   |                               |      |   |                               |       |   |   |
| **INCOME                  BEFORE INCOME TAXES**              |   | ** **                         | **371**   |   |                               | ** ** | **397** |   |
| Income                  Tax Expense                          |   |                               | 126       |   |                               |       | 149 |   |
| **NET                  INCOME**                              |   | **$**                              | **245**   |   |                               | **$**      | **248** |   |
|                                                         |   |                               |      |   |                               |       |   |   |
| Earnings                  per share, basic                   |   | **$**                              | **0.12**  |   |                               | **$**      | **0.12** |   |
| Earnings                  per share, diluted                 |   | **$**                              | **0.12**  |   |                               | **$**      | **0.12** |   |

----

| **AJS                  Bancorp, Inc.**                                |   |                                                         |      |   |                                    |   |
|-----------------------------------------------------------------------|--------|--------------------------------------------------------------|-----------|--------|-----------------------------------------|--------|
| **Financial                  Highlights**                             |   |                                                         |      |   |                                    |   |
| **(unaudited)**                                                       |   | **September                  30, 2007**                      |      |   | **December                  31, 2006**  |   |
|                                                                  |   | (In                  thousands)                              |      |
| **Selected                  Financial Highlights:**                   |   |                                                         |      |   |                                    |   |
| Total                  assets                                         |   | $                                                            | 255,972   |   |                                    | $      | 266,513 |   |
| Loans                  receivable, net                                |   |                                                         | 135,089   |   |                                    |   | 138,377 |   |
| Securities                                                            |   |                                                         | 85,020    |   |                                    |   | 68,978 |   |
| Deposits                                                              |   |                                                         | 195,054   |   |                                    |   | 202,176 |   |
| Federal                  Home Loan Bank advances                      |   |                                                         | 24,850    |   |                                    |   | 28,750 |   |
| Stockholders'                  equity                                 |   |                                                         | 28,892    |   |                                    |   | 28,749 |   |
|                                                                  |   |                                                         |      |   |                                    |   |   |   |
| Book                  value per share (1)                             |   |                                                         | 13.82     |   |                                    |   | 13.47 |   |
|                                                                  |   |                                                         |      |   |                                    |   |   |   |
| Number                  of shares outstanding (2)                     |   |                                                         | 2,090,909 |   |                                    |   | 2,134,304 |   |
|                                                                  |   |                                                         |      |   |                                    |   |   |   |
|                                                                  |   | **Three                  months ended**                      |      |   | **Three                  months ended** |   |
|                                                                  |   | **September                  30, 2007**                      |      |   | **September                  30, 2006** |   |
|                                                                  |   | (In                  thousands except per share information) |      |
|                                                                  |   |                                                         |      |   |                                    |   |   |   |
| **Selected                  Operations Data:**                        |   |                                                         |      |   |                                    |   |   |   |
| Total                  interest income                                |   | $                                                            | 3,472     |   |                                    | $      | 3,460 |   |
| Total                  interest expense                               |   |                                                         | 1,942     |   |                                    |   | 1,785 |   |
| Net                  interest income                                  |   |                                                         | 1,530     |   |                                    |   | 1,675 |   |
| Provision                  for loan losses                            |   |                                                         | 0         |   |                                    |   | (16 | ) |
| Net                  interest income after provision                  |   |                                                         |      |   |                                    |
| for                  loan losses                                      |   |                                                         | 1,530     |   |                                    |   | 1,691 |   |
| Noninterest                  income                                   |   |                                                         | 252       |   |                                    |   | 227 |   |
| Noninterest                  expense                                  |   |                                                         | 1,411     |   |                                    |   | 1,521 |   |
| Income                  before taxes                                  |   |                                                         | 371       |   |                                    |   | 397 |   |
| Income                  tax provision                                 |   |                                                         | 126       |   |                                    |   | 149 |   |
| Net                  income                                           |   |                                                         | 245       |   |                                    |   | 248 |   |
|                                                                  |   |                                                         |      |   |                                    |   |   |   |
| Basic                  earnings per share                             |   | $                                                            | 0.12      |   |                                    | $      | 0.12 |   |
| Diluted                  earnings per share                           |   | $                                                            | 0.12      |   |                                    | $      | 0.12 |   |
|                                                                  |   |                                                         |      |   |                                    |   |   |   |
|                                                                  |   | **Three                  months ended**                      |      |   | **Three                  months ended** |   |
|                                                                  |   | **September                  30, 2007**                      |      |   | **September                  30, 2006** |   |
|                                                                  |   |                                                         |      |   |                                    |   |   |   |
| **Selected                  Operating Ratios:**                       |   |                                                         |      |   |                                    |   |   |   |
| Return                  on average assets                             |   |                                                         | 0.38      | %      |                                    |   | 0.39 | % |
| Return                  on average equity                             |   |                                                         | 3.40      | %      |                                    |   | 3.52 | % |
| Interest                  rate spread during the period               |   |                                                         | 2.10      | %      |                                    |   | 2.34 | % |
| Net                  interest margin                                  |   |                                                         | 2.48      | %      |                                    |   | 2.69 | % |
| Average                  interest-earning assets to average interest- |   |
|    bearing                  liabilities                |   |                                                         | 112.07    | %      |                                    |   | 112.31 | % |
| Efficiency                  ratio (3)                                 |   |                                                         | 79.18     | %      |                                    |   | 79.97 | % |
|                                                                  |   |                                                         |      |   |                                    |   |   |   |
|                                                                  |   | **Nine                  months ended**                       |      |   | **Nine                  months ended**  |   |
|                                                                  |   | **September                  30, 2007**                      |      |   | **September                  30, 2006** |   |
|                                                                  |   | (In                  thousands except per share information) |      |
|                                                                  |   |                                                         |      |   |                                    |   |   |   |
| **Selected                  Operations Data:**                        |   |                                                         |      |   |                                    |   |   |   |
| Total                  interest income                                |   | $                                                            | 10,576    |   |                                    | $      | 10,024 |   |
| Total                  interest expense                               |   |                                                         | 5,842     |   |                                    |   | 5,058 |   |
| Net                  interest income                                  |   |                                                         | 4,734     |   |                                    |   | 4,966 |   |
| Provision                  for loan losses                            |   |                                                         | (71       | )      |                                    |   | (28 | ) |
| Net                  interest income after provision                  |   |                                                         |      |   |                                    |
| for                  loan losses                                      |   |                                                         | 4,805     |   |                                    |   | 4,994 |   |
| Noninterest                  income                                   |   |                                                         | 612       |   |                                    |   | 716 |   |
| Noninterest                  expense                                  |   |                                                         | 4,397     |   |                                    |   | 4,520 |   |
| Income                  before taxes                                  |   |                                                         | 1,020     |   |                                    |   | 1,190 |   |
| Income                  tax provision                                 |   |                                                         | 365       |   |                                    |   | 448 |   |
| Net                  income                                           |   |                                                         | 655       |   |                                    |   | 742 |   |
|                                                                  |   |                                                         |      |   |                                    |   |   |   |
| Earnings                  per share, basic                            |   | $                                                            | 0.31      |   |                                    | $      | 0.35 |   |
| Earnings                  per share, diluted                          |   | $                                                            | 0.31      |   |                                    | $      | 0.35 |   |
|                                                                  |   |                                                         |      |   |                                    |   |   |   |
|                                                                  |   | **Nine                  months ended**                       |      |   | **Nine                  months ended**  |   |
|                                                                  |   | **September                  30, 2007**                      |      |   | **September                  30, 2006** |   |
|                                                                  |   |                                                         |      |   |                                    |   |   |   |
| **Selected                  Operating Ratios:**                       |   |                                                         |      |   |                                    |   |   |   |
| Return                  on average assets                             |   |                                                         | 0.34      | %      |                                    |   | 0.38 | % |
| Return                  on average equity                             |   |                                                         | 3.02      | %      |                                    |   | 3.52 | % |
| Interest                  rate spread during the period               |   |                                                         | 2.09      | %      |                                    |   | 2.32 | % |
| Net                  interest margin                                  |   |                                                         | 2.49      | %      |                                    |   | 2.65 | % |
| Average                  interest-earning assets to average interest- |   |
|    bearing                  liabilities                |   |                                                         | 113.16    | %      |                                    |   | 112.26 | % |
| Efficiency                  ratio (3)                                 |   |                                                         | 82.25     | %      |                                    |   | 79.55 | % |
|                                                                  |   |                                                         |      |   |                                    |   |   |   |
|                                                                  |   |                                                         |      |   |                                    |   |   |   |
|                                                                  |   | **As                  of**                                   |      |   | **As                  of**              |   |
|                                                                  |   | **September                  30, 2007**                      |      |   | **December                  31, 2006**  |   |
| **Asset                  Quality Ratios:**                            |   |                                                         |      |   |                                    |   |   |   |
| Non-performing                  assets to total assets                |   |                                                         | 0.16      | %      |                                    |   | 0.20 | % |
| Allowance                  for loan losses to non-performing loans    |   |                                                         | 380.10    | %      |                                    |   | 299.81 | % |
| Allowance                  for loan losses to loans receivable, gross |   |                                                         | 1.15      | %      |                                    |   | 1.16 | % |

|   (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. |