Apollo Bancorp, Inc. 2021 Fourth Quarter and Year-end Earnings

Contact: Nelson L. Person
President & CEO
Tel. (724) 478-6101

FOR IMMEDIATE RELEASE

Apollo, PA—January 19, 2022:  Apollo Bancorp, Inc. (OTC Pink: APLO) the parent company of Apollo Trust Company reported net income for the quarter ended December 31, 2021 of $458,000, or $0.88 per share, compared with fourth quarter 2020 earnings of $483,000, or $0.92 per share.  The Company recorded an increase in noninterest expense of $103,000 compared with fourth quarter 2020 offset by an increase in noninterest income of $61,000.  Net interest income increased $8,000 compared with the fourth quarter 2020.

Net income for the year ended December 31, 2021 totaled $1,901,000 resulting in a return on average assets (ROA) of 1.08% and return on average equity (ROE) of 8.45%.  Net income for 2020 totaled $1,740,000, or 1.06% ROA and 8.06% ROE.   Earnings per share totaled $3.66 for 2021 compared with $3.35 for 2020.  The change in earnings for 2021 compared with 2020 was the result of a $327,000 increase in noninterest income offset by a $121,000 increase in noninterest expense. Total assets of the bank holding company were $181 million as of December 31, 2021 compared with $167 million for 2020.  Loan balances increased 7% during 2021 to $141 million.  Retail deposits were $157 million as of December 31, 2021.

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