Apollo Bancorp, Inc. 2022 Fourth Quarter and Year-end Earnings
Contact: Nelson L. Person
President & CEO
Tel. (724) 478-6101
FOR IMMEDIATE RELEASE
Apollo, PA—January 18, 2023: Apollo Bancorp, Inc. (OTC Pink: APLO) the parent company of Apollo Trust Company reported net income for the quarter ended December 31, 2022 of $469,000, or $0.90 per share, compared with fourth quarter 2021 earnings of $458,000, or $0.88 per share. The increase in earnings was primarily the result of a $172,000 increase in interest and fees on loans and a $34,000 increase in fiduciary income offset by an increase in noninterest expense of $202,000. Net interest income increased $189,000 compared with the fourth quarter 2021.
Net income for the year ended December 31, 2022 totaled $1,909,000 resulting in a return on average assets (ROA) of 1.04% and return on average equity (ROE) of 8.49%. Net income for 2021 totaled $1,901,000, or 1.08% ROA and 8.42% ROE. Earnings per share totaled $3.68 for 2022 compared with $3.66 for 2021. The change in earnings for 2022 compared with 2021 was primarily the result of a $319,000 increase in interest and fees on loans and a $128,000 increase in noninterest income offset by a $438,000 increase in noninterest expense. Total assets of the bank holding company were $183 million as of December 31, 2022 compared with $182 million for 2021. Loan balances increased 10% during 2022 to $155 million. Deposits were $157 million as of December 31, 2022.
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