Apollo Bancorp, Inc. 2020 First Quarter Earnings
Contact: Nelson L. Person
President & CEO
Tel. (724) 478-6101
FOR IMMEDIATE RELEASE
Apollo, PA—April 15, 2020: Apollo Bancorp, Inc. (OTC Pink: APLO) the parent company of Apollo Trust Company reported net income for the quarter ended March 31, 2020 of $305,000, or $0.59 per share, compared with first quarter 2019 earnings of $532,000, or $1.03 per share. The Company reported a decrease in noninterest income of $363,000 compared with first quarter 2019 primarily due to a $209,000 unrealized loss in fair value of equity securities compared with a $213,000 gain during the same period of 2019. Also, during the first quarter of 2020, gains on the sale of equity securities totaled $57,000 compared with a $14,000 loss during the first quarter of 2019.
Net interest income increased $88,000 compared with first quarter 2019 primarily due to an $110,000 decrease in interest expense which was offset by a $13,000 decrease in interest income.
During the first quarter of 2020, annualized return on average assets (ROA) of 0.76% and annualized return on average equity (ROE) of 5.82% were reported. Total assets were $160 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