Apollo Bancorp, Inc. 2016 Fourth Quarter Earnings and Year End Earnings
Contact: Nelson L. Person
President & CEO
Tel. (724) 478-6101
FOR IMMEDIATE RELEASE
Apollo, PA—January 18, 2017: Apollo Bancorp, Inc. (OTC Pink: APLO) the parent company of Apollo Trust Company reported net income for the quarter ended December 31, 2016 of $414,000, or $0.79 per share, compared with fourth quarter 2015 earnings of $319,000, or $0.65 per share. Net interest income increased $108,000 compared with fourth quarter 2015 primarily due to a $255,000 increase in interest earned on loans offset by a $139,000 decrease in interest on investment securities. Noninterest income increased $100,000 compared with fourth quarter 2015 and was mainly due to investment security gains. Noninterest expense increased $64,000 compared with fourth quarter 2015.
Net income for the year ended December 31, 2016 totaled $1,423,000 resulting in an annualized return on average assets (ROA) of 0.89% and annualized return on average equity (ROE) of 7.21%. Net income for 2015 totaled $1,403,000 for a 0.89% ROA and 7.43% ROE. Earnings per share totaled $2.82 for 2016 compared with $2.81 for 2015.
The increase in 2016 year-end earnings compared with 2015 was primarily the result of a $278,000 increase in net interest income offset by an increase of $158,000 in noninterest expense. Total assets of the bank holding company were $164 million as of December 31, 2016 compared with $159 million for 2015. Loan balances increased 32% to $83 million. Retail deposits were $116 million as of December 31, 2016 and stockholders’ equity increased to 12.1% from 11.6%.
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 five banking locations in the Alle-Kiski Valley: Apollo, Allegheny Township, North Apollo, North Washington and Spring Church and an Allegheny County Loan Office, which is located in O’Hara Township. It also provides fiduciary services and wealth management.
More information is available at the company’s website: www.apollotrust.com