Apollo Bancorp, Inc. Reports 2017 First Quarter Earnings
Contact: Nelson L. Person
President & CEO
Tel. (724) 478-6101
FOR IMMEDIATE RELEASE
Apollo, PA—April 12, 2017: Apollo Bancorp, Inc. (OTC Pink: APLO) the parent company of Apollo Trust Company reported net income for the quarter ended March 31, 2017 of $326,000, or $0.63 per share, compared with first quarter 2016 earnings of $294,000, or $0.61 per share. Net interest income increased $140,000 compared with first quarter 2016 which was primarily the result of a $264,000 increase in interest earned on loans offset by a $103,000 decrease in interest from investment securities. Noninterest income decreased $14,000 compared with first quarter 2016 and was mainly attributed to a decrease in net gains on the sales of securities. Noninterest expenses increased $51,000 compared with first quarter 2016.
Annualized return on average assets (ROA) of 0.79% and annualized return on average equity (ROE) of 6.50% were reported for first quarter 2017. Retail deposits increased to $117 million as of March 31, 2017 from $116 million reported at year-end 2016. Total assets of the bank holding company were $166 million at March 31, 2017.
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.
More information is available at the company’s website: www.apollotrust.com