Apollo Bancorp, Inc. 2020 Fourth Quarter and Year-end Earnings

Contact: Nelson L. Person
President & CEO
Tel. (724) 478-6101

FOR IMMEDIATE RELEASE

Apollo, PA—January 20, 2021:  Apollo Bancorp, Inc. (OTC Pink: APLO) the parent company of Apollo Trust Company reported net income for the quarter ended December 31, 2020 of $483,000, or $0.93 per share, compared with fourth quarter 2019 earnings of $566,000, or $1.09 per share.  The Company recorded a decrease in noninterest income of $278,000 compared with fourth quarter 2019 primarily due to the absence of unrealized valuation gains on equity securities and lower levels of nonrecurring income.  Net interest income increased $74,000 as a result of an $82,000 decrease in interest expense. Noninterest expense decreased $67,000 compared with the fourth quarter 2019.

Net income for the year ended December 31, 2020 totaled $1,740,000 resulting in a return on average assets (ROA) of 1.06% and return on average equity (ROE) of 8.06%.  Net income for 2019 totaled $2,083,000, or 1.28% ROA and 10.10% ROE.   Earnings per share totaled $3.35 for 2020 compared with $4.02 for 2019.  The change in earnings for 2020 compared with 2019 was the result of a $362,000 increase in net interest income offset by an $856,000 decrease in noninterest income primarily due to an unrealized valuation loss on equity securities and a decrease in service charge and fiduciary income. Total assets of the bank holding company were $167 million as of December 31, 2020 compared with $161 million for 2019.  Loan balances increased 11% during 2020 to $131 million.  Retail deposits were $138 million as of December 31, 2020.

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