Apollo Bancorp, Inc. 2023 Third Quarter Earnings
Contact: Nelson L. Person
President & CEO
Tel. (724) 478-6101
FOR IMMEDIATE RELEASE
Apollo, PA—October 18, 2023: Apollo Bancorp, Inc. (OTC Pink: APLO), the parent company of Apollo Trust Company, reported net income for the quarter ended September 30, 2023 of $475,000, or $0.91 per share, compared with third quarter 2022 earnings of $539,000, or $1.04 per share. The Company reported an increase in net interest income of $62,000 primarily due to an increase in interest on loans offset by a $144,000 increase in noninterest expense. Noninterest income decreased $16,000 compared with third quarter 2022.
Balance sheet growth continued during the third quarter of 2023 as loans increased $2.6 million to $169 million but at a slower rate than earlier in the year. Total assets were $196 million at quarter end.
Net income of $1.28 million for the year-to-date period ended September 30, 2023 was lower than $1.44 million reported for the same period in 2022. Annualized return on average assets (ROA) of 0.90% and annualized return on average equity (ROE) of 7.59% were reported for the nine months ended September 30, 2023.
Apollo Trust Company operates six banking locations in the Alle-Kiski Valley and a loan office in the Fox Chapel area of Pittsburgh. 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