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AJS BANCORP, INC. FILES (8-K/A) Disclosing Results of Operations and Financial Condition, Financial Statements and Exhibits

August 19, 2014



Item 2.02 Results of Operations and Financial Condition

On August 18, 2014, the Company completed the sale of two impaired multifamily loans with an aggregate carrying value of $1.6 million. The loans consisted of a $1.1 million accruing substandard loan and a $523,000 non-accrual loan. The loan sales resulted in total pre-tax charges of $410,000 and a tax benefit of $190,000.

As a result of the loan sales, the Company's charge-offs increased by $410,000 which led to an increase in the Company's provision for loan losses of $480,000 for both the three and six month periods ended June 30, 2014. Net income was accordingly reduced by $290,000 to $1.5 million, or $0.66 per diluted share, and $1.7 million, or $0.76 per diluted share, for the three and six months ended June 30, 2014, respectively.

The loan sale also reduced total assets and total stockholders' equity by $290,000 at June 30, 2014. Total assets were revised to $222.1 million and total stockholders' equity was revised to $35.4 million at June 30, 2014. Book value at June 30, 2014 was $14.94 per share. The subsequent loan sales also resulted in the transfer of $1.2 million from net loans to loans held for sale.

A copy of the Company's unaudited selected financial information is included as Exhibit 99.1 to this report and is being furnished to the SEC and shall not be deemed filed for any purpose.

Item 9.01 Financial Statements and Exhibits

(a) Financial Statements of Business Acquired: None (b) Pro Forma Financial Information: None (c) Shell company transactions: None (d) Exhibits: 99.1 Unaudited Selected Financial Information of the Company



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Source: Edgar Glimpses


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