Apollo Bancorp, Inc. Reports 2016 Third Quarter Earnings
Contact: Nelson L. Person
President & CEO
Tel. (724) 478-6101
FOR IMMEDIATE RELEASE
Apollo, PA—October 19, 2016: Apollo Bancorp, Inc. (OTC Pink: APLO) the parent company of Apollo Trust Company, reported net income for the quarter ended September 30, 2016 of $381,388, or $0.73 per share compared with third quarter 2015 earnings of $412,438, or $0.83 per share. Net interest income increased $66,000 compared to the second quarter 2015 and was primarily offset by a $30,000 decrease in noninterest income, a $29,000 increase in noninterest expenses, a $6,000 decrease in investment security gains and a $14,000 increase in the provision for loan losses.
The increase in net interest income was primarily the result of a $215,000 increase in interest earned on loans offset by a $145,000 decrease in interest from investment securities. The Company grew its loan portfolio by 7.9% during the quarter and 26.1% year to date as it continues to reallocate investment securities into higher yielding loans.
Net income for the nine months ended September 30, 2016 totaled $1,009,000 resulting in an annualized return on average assets (ROA) of 0.85% and annualized return on average equity (ROE) of 6.82%. Retail deposits increased to $118 million as of September 30, 2016 from $116 million reported at year-end 2015. Total assets of the bank holding company were $162 million at September 30, 2016.
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 along with an Allegheny County loan office located in O’Hara Township. It also provides fiduciary services and wealth management.
Investor and other information is available at the company’s website: www.apollotrust.com