Apollo Bancorp, Inc. Reports 2017 Third Quarter Earnings
Contact: Nelson L. Person
President & CEO
Tel. (724) 478-6101
FOR IMMEDIATE RELEASE
Apollo, PA— October 18, 2017: Apollo Bancorp, Inc. (OTC Pink: APLO) the parent company of Apollo Trust Company reported net income for the quarter ended September 30, 2017 of $368,000, or $0.70 per share, compared with third quarter 2016 earnings of $381,000, or $0.73 per share. Net interest income increased $75,000 compared with third quarter 2016 which was primarily the result of an $184,000 increase in interest earned on loans offset by an $86,000 decrease in interest from investment securities and a $23,000 increase in interest expense. The increase in net interest income is attributed to annualized loan growth of 19% through September 30, 2017. Noninterest expense increased $88,000 compared with third quarter 2016.
Annualized return on average assets (ROA) of 0.88% and annualized return on average equity (ROE) of 7.01% were reported for the third quarter 2017. Retail deposits increased to $120 million as of September 30, 2017 from $116 million at year-end 2016. Total assets of the bank holding company were $161 million at September 30, 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