Apollo Bancorp, Inc. Reports 2018 First Quarter Earnings
Contact: Nelson L. Person
President & CEO
Tel. (724) 478-6101
FOR IMMEDIATE RELEASE
Apollo, PA—April 20, 2018: Apollo Bancorp, Inc. (OTC Pink: APLO) the parent company of Apollo Trust Company reported net income for the quarter ended March 31, 2018 of $273,000, or $0.52 per share. Net interest income totaled $1,475,000 and increased $14,000 compared with first quarter 2017, which was primarily the result of a $149,000 increase in interest earned on loans offset by a $93,000 decrease in interest from investment securities and a $34,000 increase in interest expense.
Noninterest expenses increased $125,000 compared with first quarter 2017 primarily due to a new accounting standard that requires changes in fair value of equity securities to be reported in the income statement. The $78,000 decrease, net of income tax benefits, in fair value of the Company’s equity securities is the result of recent market volatility. Net income from core banking operations, excluding changes in equity securities fair value, totaled $354,000 for the first quarter, or $0.68 per share. Net income for the quarter ended March 31, 2017 totaled $326,000, or $0.63 per share.
Annualized return on average assets (ROA) of 0.68% and annualized return on average equity (ROE) of 5.47% were reported for first quarter 2018. Adjusted to exclude the new accounting standard would result in an annualized ROA of 0.88% and annualized ROE of 7.09%. During the quarter ended March 31, 2018, loan balances increased from $97 million to $103 million and retail deposits increased from $118 million to $120 million. Total assets of the bank holding company were $164 million at March 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 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 the Fox Chapel area. It also provides fiduciary services and wealth management.
More information is available at the company’s website: www.apollotrust.com