01/22/2020 | Press release | Distributed by Public on 01/22/2020 08:52
Contact: Nelson L. Person
President & CEO
Tel. (724) 478-6101
FOR IMMEDIATE RELEASE
Apollo, PA-January 22, 2020: Apollo Bancorp, Inc. (OTC Pink: APLO) the parent company of Apollo Trust Company reported net income for the quarter ended December 31, 2019 of $566,000, or $1.09 per share, compared with fourth quarter 2018 earnings of $252,000, or $0.49 per share. The Company recorded an increase in noninterest income of $516,000 compared with fourth quarter 2018 primarily due to unrealized valuation gains on equity securities. Net interest income increased $20,000 compared with fourth quarter 2018 primarily due to a $43,000 decrease in interest expense. Noninterest expense increased $112,000 compared with fourth quarter 2018.
Net income for the year ended December 31, 2019 totaled $2,083,000 resulting in a return on average assets (ROA) of 1.28% and return on average equity (ROE) of 10.11%. Net income for 2018 totaled $1,437,000, or 0.88% ROA and 7.26% ROE. Earnings per share totaled $4.02 for 2019 compared with $2.77 for 2018. The change in earnings for 2019 compared with 2018 was the result of an increase in noninterest income of $634,000 primarily due to unrealized valuation gains on equity securities as well as a $142,000 increase in net interest income.
Total assets of the bank holding company were $161 million as of December 31, 2019 compared with $164 million for 2018. Loan balances increased 5% during 2019 to $118 million. Retail deposits were $121 million as of December 31, 2019.
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