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