Apollo Bancorp, Inc. Reports 2018 Second Quarter Earnings
Contact: Nelson L. Person
President & CEO
Tel. (724) 478-6101
FOR IMMEDIATE RELEASE
Apollo, PA—July 18, 2018: Apollo Bancorp, Inc. (OTC Pink: APLO) the parent company of Apollo Trust Company reported net income for the quarter ended June 30, 2018 of $390,000, or $0.76 per share, compared with second quarter 2017 earnings of $379,000, or $0.73 per share. Net interest income increased $46,000 compared with second quarter 2017, which was primarily the result of a $174,000 increase in interest earned on loans offset by a $60,000 decrease in interest from investment securities and a $65,000 increase in interest expense. Net non-interest income decreased $101,000 compared with second quarter 2017. The decrease was primarily the result of investment security loss, offset by an increase in the market value of equity securities, and higher non-interest expense.
Annualized return on average assets (ROA) of 0.94% and annualized return on average equity (ROE) of 8.02% were reported for second quarter 2018. During the quarter ended June 30, 2018, loan balances increased from $103 million to $108 million. Total assets of the bank holding company were $168 million at June 30, 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