Apollo Bancorp, Inc. 2021 Third Quarter Earnings
Contact: Nelson L. Person
President & CEO
Tel. (724) 478-6101
FOR IMMEDIATE RELEASE
Apollo, PA—October 25, 2021: Apollo Bancorp, Inc. (OTC Pink: APLO), the parent company of Apollo Trust Company, reported net income for the quarter ended September 30, 2021 of $490,000, or $0.94 per share, compared with third quarter 2020 earnings of $502,000, or $0.97 per share. The Company reported net interest income decreased $50,000 primarily due to a reduction in interest on investment securities. An increase in noninterest income of $46,000 compared with third quarter 2020 was primarily due to growth in service charge income on deposit accounts.
Balance sheet growth continued during the third quarter of 2021 as loans increased $2 million to $140 million. Total assets were $181 million at quarter end.
Net income of $1.44 million was recorded for the year-to-date period ended September 30, 2021 compared with $1.26 million for the same period in 2020. Annualized return on average assets (ROA) of 1.10% and annualized return on average equity (ROE) of 8.57% were reported for the nine months ended September 30, 2021.
Apollo Trust Company also announces promotions of Julia M. Holmes to Vice President, Risk Management & Secretary and Linda M. Daley to Assistant Vice President, Retail Banking. George B. Davis recently joined Apollo Trust Company as Vice President, Commercial Lending, and Christopher Martin will be joining the bank as Vice President & Chief Banking Officer in early-November.
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. 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
More information is available at the Company’s website: www.apollotrust.com