Apollo Bancorp, Inc. 2024 Fourth Quarter and Year-end Earnings

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

Apollo, PA—January 15, 2025:  Apollo Bancorp, Inc. (OTC Pink: APLO), the parent company of Apollo Trust Company, reported net income for the quarter ended December 31, 2024 of $757,000, or $1.46 per share, compared with fourth quarter 2023 earnings of $426,000, or $0.82 per share.  The $330,000 increase in earnings was primarily the result of a $474,000 increase in earnings on bank owned life insurance and a $93,000 increase in net interest income offset by increases of $220,000 and $93,000 for noninterest expense and provision for credit losses, respectively.

Net income for the year ended December 31, 2024 totaled $2,001,000 resulting in a return on average assets (ROA) of 1.00% and return on average equity (ROE) of 8.52%.  Net income for 2023 totaled $1,705,000, or 0.89% ROA and 7.50% ROE.  Earnings per share totaled $3.85 for 2024 compared with $3.28 for 2023.  The $297,000 increase in earnings for 2024 compared with 2023 was primarily the result of a $493,000 increase in earnings on bank owned life insurance and $206,000 increase in other income offset by a $224,000 increase in noninterest expense and $105,000 increase in provision for credit losses. Total assets of the bank holding company were $201 million as of December 31, 2024 compared with $198 million at year-end 2023.  Loan balances increased 2% during 2024 to $175 million.  Deposits were $140 million as of December 31, 2024 compared with $145 million at year-end 2023.

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