Apollo Bancorp, Inc. 2019 Third Quarter Earnings
Contact: Nelson L. Person
President & CEO
Tel. (724) 478-6101
FOR IMMEDIATE RELEASE
Apollo, PA—October 16, 2019: Apollo Bancorp, Inc. (OTC Pink: APLO) the parent company of Apollo Trust Company reported net income for the quarter ended September 30, 2019 of $452,000, or $0.87 per share, compared with 2018 third quarter earnings of $522,000, or $1.01 per share. During the 2019 third quarter, noninterest income decreased $180,000 compared with the 2018 third quarter primarily due to a $131,000 decrease in the change in fair value of equity securities. Also during the 2019 third quarter, net interest income increased $37,000 and noninterest expense decreased $17,000 compared with 2018 third quarter.
For the nine months ended September 30, 2019, net income totaled $1,517,000 compared with $1,185,000 net income for the same period in 2018. For the nine months ended September 30, 2019, annualized return on average assets (ROA) of 1.24% and annualized return on average equity (ROE) of 9.86% were reported. Loan balances increased from $113 million to $116 million, and retail deposits increased from $120 million to $123 million year-to-date.
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