Apollo Bancorp, Inc. 2020 Third Quarter Earnings
Contact: Nelson L. Person
President & CEO
Tel. (724) 478-6101
FOR IMMEDIATE RELEASE
Apollo, PA—October 21, 2020: Apollo Bancorp, Inc. (OTC Pink: APLO), the parent company of Apollo Trust Company, reported net income for the quarter ended September 30, 2020 of $502,000, or $0.97 per share, compared with third quarter 2019 earnings of $452,000, or $0.87 per share. The Company reported an increase in net interest income of $136,000 compared with third quarter 2019 primarily due to a decrease of $109,000 in interest expense. During the quarter, net noninterest income decreased $50,000 due to the economic slowdown caused by the COVID-19 pandemic.
Notable balance sheet growth occurred during the third quarter of 2020. Retail deposits increased $8 million to $142 million, and loans outstanding increased $4 million to $128 million. Total assets were $167 million at quarter end.
Annualized return on average assets (ROA) of 1.02% and annualized return on average equity (ROE) of 7.82% were reported for the nine months ended September 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