Apollo Bancorp, Inc. 2020 Second Quarter Earnings
Contact: Nelson L. Person
President & CEO
Tel. (724) 478-6101
FOR IMMEDIATE RELEASE
Apollo, PA—July 22, 2020: Apollo Bancorp, Inc. (OTC Pink: APLO), the parent company of Apollo Trust Company, reported net income for the quarter ended June 30, 2020 of $450,000, or $0.87 per share, compared with second quarter 2019 earnings of $533,000, or $1.03 per share. The Company reported a decrease in noninterest income of $144,000 compared with second quarter 2019 primarily due to nonrecurring unrealized gains in the fair value of equity securities and lower service charge income on deposit accounts. However, net interest income increased $65,000 primarily due to a $123,000 decrease in interest expense.
Notable balance sheet growth occurred during the second quarter of 2020. Retail deposits increased $9 million to $134 million, and loans outstanding increased $5 million to $124 million. Total assets were $166 million at quarter end.
Annualized return on average assets (ROA) of 0.93% and annualized return on average equity (ROE) of 7.12% were reported for the six months ended June 30, 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