Apollo Bancorp, Inc. 2021 First Quarter Earnings
Contact: Nelson L. Person
President & CEO
Tel. (724) 478-6101
FOR IMMEDIATE RELEASE
Apollo, PA—April 14, 2021: Apollo Bancorp, Inc. (OTC Pink: APLO) the parent company of Apollo Trust Company reported net income for the quarter ended March 31, 2021 of $455,000, or $0.88 per share, compared with first quarter 2020 earnings of $305,000, or $0.59 per share. The Company reported an increase in net interest income of $16,000 compared with first quarter of 2020 primarily due to a $30,000 increase in interest and fees on loans, a $57,000 decrease in interest expense, offset by a $70,000 decrease in interest and dividends on investment securities.
Noninterest income increased $160,000 compared with first quarter 2020 during which time the fair value of equity securities was affected by early-pandemic market volatility.
During the first quarter of 2021, annualized return on average assets (ROA) of 1.07% and annualized return on average equity (ROE) of 8.18% were reported. Total assets were $175 million at quarter end.
Separately, Apollo Trust Company elected Stephanie A. Embry Vice President, Retail and Chief Banking Officer, and Joyce M. Corbin was elected Assistant Secretary/Assistant Treasurer.
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