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