Apollo Bancorp, Inc. 2022 Third Quarter Earnings
Contact: Nelson L. Person
President & CEO
Tel. (724) 478-6101
FOR IMMEDIATE RELEASE
Apollo, PA—October 19, 2022: Apollo Bancorp, Inc. (OTC Pink: APLO), the parent company of Apollo Trust Company, reported net income for the quarter ended September 30, 2022 of $539,000, or $1.05 per share, compared with third quarter 2021 earnings of $490,000, or $0.94 per share. The Company reported an increase in net interest income of $117,000 primarily due to an increase in interest on loans offset by a $72,000 increase in noninterest expense.
An increase in noninterest income of $22,000 compared with third quarter 2021 was primarily due to higher service charges on deposit accounts and other income.
Balance sheet growth continued during the third quarter of 2022 as loans increased $6.4 million to $151 million. Total assets were $189 million at quarter end.
Net income of $1.44 million for the year-to-date period ended September 30, 2022 was even with $1.44 million reported for the same period in 2021. Annualized return on average assets (ROA) of 1.03% and annualized return on average equity (ROE) of 8.57% were reported for the nine months ended September 30, 2022.
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