AJS Bancorp, Inc.

CIK:0001576336|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Interest and dividend income:
Loans	$ 1,057	$ 1,121	$ 2,143	$ 2,240
Securities	161	169	332	344
Interest-earning deposits	42	16	81	35
Total interest income	1,260	1,306	2,556	2,619
Interest expense:
Deposits	137	148	275	294
Federal Home Loan Bank advances	5	32	26	81
Total interest expense	142	180	301	375
Net interest income	1,118	1,126	2,255	2,244
Provision (credit) for loan losses	(50)	115	(110)	130
Net interest income after provision (credit) for loan losses	1,168	1,011	2,365	2,114
Non-interest income:
Service fees	70	74	134	141
Rental income	17	19	35	38
Earnings on bank-owned life insurance	47	48	93	96
Security gains	37		72	74
Other real estate owned gains (losses)	(4)		(4)	(19)
Other	34	33	47	63
Total non-interest income	201	174	377	393
Non-interest expense:
Compensation and employee benefits	581	595	1,146	1,198
Occupancy expense	210	181	401	365
Data processing expense	87	87	176	177
Advertising and promotion	8	11	23	22
Professional and regulatory	84	89	154	182
Postage and supplies	18	22	45	47
Bank security	33	32	60	60
Federal deposit insurance	30	49	67	96
Other real estate owned (income) expense/impairment	(14)	208	(9)	237
Other	107	113	220	228
Total non-interest expense	1,144	1,387	2,283	2,612
Income (loss) before income taxes	225	(202)	459	(105)
Income tax expense (benefit)	75	(94)	137	(72)
Net income (loss)	$ 150	$ (108)	$ 322	$ (33)
Earnings (loss) per share:
Basic (in dollars per share)	$ 0.07	$ (0.05)	$ 0.15	$ (0.02)
Diluted (in dollars per share)	$ 0.07	$ (0.05)	$ 0.15	$ (0.02)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income (loss)	$ 322	$ (33)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation	121	102
Provision (credit) for loan losses	(110)	130
Net amortization of securities	97	124
Stock award and option expense	79	80
Earnings on bank-owned life insurance	(93)	(96)
(Gain) loss on sale of securities available-for-sale	(72)	(74)
(Gain) loss on the sale of other real estate owned	4	19
Other real estate owned impairment		205
Changes in:
Accrued interest receivable and other assets	(1,948)	(112)
Accrued interest payable and other liabilities	(2)	(428)
Net cash used in operating activities	(1,602)	(83)
Securities available-for-sale
Purchases	(9,000)	(14,958)
Sales	5,347	3,306
Calls, maturities and principal payments	8,448	13,778
Loan originations, purchases and repayments, net	4,574	(2,906)
Proceeds from sale of other real estate	263	455
Redemption of FHLB stock	693	477
Improvements to other real estate owned		(12)
Purchase of equipment, net	(6)	(19)
Net cash provided by investing activities	10,319	121
Cash flows from financing activities:
Net change in deposits	(1,209)	(926)
Maturities of FHLB advances	(5,000)	(7,000)
Repurchase of common stock	(607)	(279)
Dividends paid on common stock	(202)	(205)
Net change in advance payments by borrowers for taxes and insurance	(136)	(10)
Net cash used in financing activities	(7,154)	(8,420)
Net change in cash and cash equivalents	1,563	(8,382)
Cash and cash equivalents at beginning of year	29,922	32,898
Cash and cash equivalents at end of period	31,485	24,516
Cash paid during the period for:
Interest	312	569
Income taxes	5
Supplemental noncash disclosures:
Transfers from loans to real estate owned		$ 319
Receivable due from broker	$ 2,106

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 31,485	$ 29,922
Securities available-for-sale	45,847	49,942
Securities held-to-maturity (fair value: 2016 - $276; 2015 - $332)	274	326
Loans, net (allowance: 2016 - $864; 2015 - $988)	109,959	114,423
Federal Home Loan Bank stock	598	1,291
Premises and equipment	3,349	3,464
Bank-owned life insurance	5,989	5,896
Other real estate owned	40	307
Accrued interest receivable	412	434
Receivable due from broker	2,106
Other assets	2,531	2,930
Total assets	202,590	208,935
Liabilities
Deposits	164,440	165,649
Federal Home Loan Bank advances		5,000
Advance payments by borrowers for taxes and insurance	1,999	2,135
Other liabilities and accrued interest payable	2,657	2,659
Total liabilities	169,096	175,443
Employee Stock Ownership Plan (ESOP) repurchase obligation	1,051	994
Stockholders' equity
Preferred stock, $.01 par value, 50,000,000 shares authorized; none issued
Common stock, $.01 par value, 100,000,000 shares authorized; 2,154,718 shares outstanding at June 30, 2016 and 2,193,440 shares outstanding at December 31, 2015	22	22
Additional paid-in capital	12,745	13,352
Retained earnings	20,922	20,802
Accumulated other comprehensive income (loss)	189	(221)
Unearned stock awards	(422)	(444)
Unearned ESOP shares	(1,013)	(1,013)
Total stockholders' equity	32,443	32,498
Total liabilities and stockholders' equity	$ 202,590	$ 208,935