Apollo Bancorp, Inc. 2024 Third Quarter Earnings

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

Apollo, PA—October 16, 2024:  Apollo Bancorp, Inc. (OTC Pink: APLO), the parent company of Apollo Trust Company, reported net income for the quarter ended September 30, 2024 of $428,000, or $0.82 per share, compared with third quarter 2023 earnings of $475,000, or $0.91 per share.  The Company reported a decrease in net interest income of $4,000 with notably higher and offsetting interest income and interest expense.   Provision for credit losses increased $74,000 in consideration of peer group analysis while credit quality remains strong.  Noninterest income increased $85,000 compared with third quarter 2023.

Balance sheet growth has slowed during 2024 due to decreased lending with stable deposit balances.  Total assets were $201 million at quarter-end.

Net income of $1.24 million for the year-to-date period ended September 30, 2024 was lower than $1.28 million reported for the same period in 2023. Annualized return on average assets (ROA) of 0.83% and annualized return on average equity (ROE) of 7.10% were reported for the nine months ended September 30, 2024.

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