Apollo Bancorp, Inc. 2023 Fourth Quarter and Year-end Earnings

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

FOR IMMEDIATE RELEASE

Apollo, PA—January 17, 2024:  Apollo Bancorp, Inc. (OTC Pink: APLO), the parent company of Apollo Trust Company, reported net income for the quarter ended December 31, 2023 of $426,000, or $0.82 per share, compared with fourth quarter 2022 earnings of $469,000, or $0.90 per share.  The $43,000 decrease in earnings was primarily the result of a $368,000 increase in interest expense offset by an increase in interest and dividend income of $281,000.  Net interest income decreased $87,000 compared with the fourth quarter 2022.

Net income for the year ended December 31, 2023 totaled $1,705,000 resulting in a return on average assets (ROA) of 0.89% and return on average equity (ROE) of 7.51%.  Net income for 2022 totaled $1,909,000, or 1.03% ROA and 8.61% ROE.  Earnings per share totaled $3.28 for 2023 compared with $3.68 for 2022.  The change in earnings for 2023 compared with 2022 was primarily the result of a $455,000 increase in noninterest expense and $59,000 decrease in noninterest income offset by a $203,000 increase in net interest income after provision for credit losses. Total assets of the bank holding company were $198 million as of December 31, 2023 compared with $183 million at year-end 2022.  Loan balances increased 11% during 2023 to $172 million.  Deposits were $145 million as of December 31, 2023 compared with $157 million at year-end 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.

More information is available at the Company’s website:  www.apollotrust.com