Apollo Bancorp, Inc. 2018 Fourth Quarter Earnings and Year-End Earnings
Contact: Nelson L. Person
President & CEO
Tel. (724) 478-6101
FOR IMMEDIATE RELEASE
Apollo, PA—January 16, 2019: Apollo Bancorp, Inc. (OTC Pink: APLO) the parent company of Apollo Trust Company reported net income for the quarter ended December 31, 2018 of $252,000, or $0.49 per share, compared with fourth quarter 2017 earnings of $830,000, or $1.59 per share. Net interest income increased $70,000 compared with fourth quarter 2017 primarily due to a $200,000 increase in interest earned on loans offset by a $78,000 decrease in interest on investment securities. The Company recorded a decrease in noninterest income of $1.3 million compared with fourth quarter 2017 due to unrealized valuation loss on equity securities and an absence of security gains compared with fourth quarter 2017. Noninterest expense decreased $75,000 compared with fourth quarter 2017.
Net income for the year ended December 31, 2018 totaled $1,437,000 resulting in a return on average assets (ROA) of 0.88% and return on average equity (ROE) of 7.25%. Net income for 2017 totaled $1,903,000 for a 1.18% ROA and 9.32% ROE. Earnings per share totaled $2.77 for 2018 compared with $3.63 for 2017.
The change in 2018 year-end earnings compared with 2017 was primarily the result of $1.1 million reduction in security gains as well a $205,000 unrealized valuation loss on equity securities, which is reported on the income statement beginning 2018. Total assets of the bank holding company were $164 million as of December 31, 2018 compared with $159 million for 2017. Loan balances increased 16% to $113 million. Retail deposits were $120 million as of December 31, 2018.
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. It also provides fiduciary services and investment management.
More information is available at the Company’s website: www.apollotrust.com