Apollo Bancorp, Inc. 2017 Fourth Quarter Earnings and Year-End Earnings
Contact: Nelson L. Person
President & CEO
Tel. (724) 478-6101
FOR IMMEDIATE RELEASE
Apollo, PA—January 18, 2018: Apollo Bancorp, Inc. (OTC Pink: APLO) the parent company of Apollo Trust Company reported net income for the quarter ended December 31, 2017 of $830,000, or $1.57 per share, compared with fourth quarter 2016 earnings of $414,000, or $0.79 per share. Net interest income increased $42,000 compared with fourth quarter 2016 primarily due to a $174,000 increase in interest earned on loans offset by a $100,000 decrease in interest on investment securities. The Company recorded an increase in noninterest income of $819,000 compared with fourth quarter 2016. The increase in noninterest income was the result of strategic sales of investment securities to benefit from recent changes to financial accounting standards and income tax law. Noninterest expense increased $71,000 compared with fourth quarter 2016.
Net income for the year ended December 31, 2017 totaled $1,903,000 resulting in an annualized return on average assets (ROA) of 1.18% and annualized return on average equity (ROE) of 9.33%. Net income for 2016 totaled $1,423,000 for a 0.89% ROA and 7.21% ROE. Earnings per share totaled $3.63 for 2017 compared with $2.82 for 2016.
The increase in 2017 year-end earnings compared with 2016 was primarily the result of a $322,000 increase in net interest income offset by an increase of $221,000 in noninterest expense and from investment security gains of $1.1 million. Total assets of the bank holding company were $159 million as of December 31, 2017 compared with $164 million for 2016. Loan balances increased 17% to $97 million. Retail deposits were $118 million as of December 31, 2017 and stockholders’ equity increased to 13.0% from 12.1%.
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