Apollo Bancorp, Inc. 2019 Second Quarter Earnings
Contact: Nelson L. Person
President & CEO
Tel. (724) 478-6101
FOR IMMEDIATE RELEASE
Apollo, PA—July 17, 2019: Apollo Bancorp, Inc. (OTC Pink: APLO) the parent company of Apollo Trust Company reported net income for the quarter ended June 30, 2019 of $533,000, or $1.03 per share, compared with second quarter 2018 earnings of $390,000, or $0.76 per share. Net interest income increased $55,000 compared with second quarter 2018 primarily due to a $149,000 increase in interest earned on loans offset by an $107,000 decrease in interest on investment securities and an $8,000 increase in interest expense. The Company also reported an increase in noninterest income of $22,000 compared with the second quarter 2018. Noninterest expense decreased $88,000 compared with second quarter 2018.
During the second quarter, annualized return on average assets (ROA) of 1.31% and annualized return on average equity (ROE) of 10.37% were reported. Loan balances increased from $115 million to $116 million, and total assets were $163 million at quarter end.
Apollo Bancorp, Inc. common stock is traded Over-the-Counter on OTC Pink under the symbol APLO. Recent trades and current bid-ask prices may be viewed at www.otcmarkets.com
Apollo Trust Company operates six banking locations in the Alle-Kiski Valley and a loan office in the Fox Chapel area of Pittsburgh. It also provides fiduciary services and investment management.
More information is available at the Company’s website: www.apollotrust.com