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