Apollo Bancorp, Inc. Reports 2018 Third Quarter Earnings
Contact: Nelson L. Person
President & CEO
Tel. (724) 478-6101
FOR IMMEDIATE RELEASE
Apollo, PA—October 17, 2018: Apollo Bancorp, Inc. (OTC Pink: APLO), the parent company of Apollo Trust Company, reported net income for the quarter ended September 30, 2018 of $522,000, or $1.01 per share, compared with third quarter 2017 earnings of $368,000, or $0.71 per share. Noninterest income increased $136,000 compared with third quarter 2017 which was primarily a result of increased market value of equity securities. Net interest income also increased $44,000 compared with third quarter 2017, which resulted from a $206,000 increase in interest earned on loans offset by a $96,000 decrease in interest from investment securities and a $102,000 increase in interest expense.
During the third quarter, annualized return on average assets (ROA) of 1.26% and annualized return on average equity (ROE) of 10.62% were reported. Loan balances increased from $108 million to $111 million, and total assets were $164 million at quarter end.
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 six banking locations in the Alle-Kiski Valley and a loan office in the Fox Chapel area of Pittsburgh. It also provides fiduciary services and investment management.
More information is available at the company’s website: www.apollotrust.com