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Business Briefs

Apollo Bancorp posts fourth quarter profits

Chuck Biedka
| Thursday, Jan. 18, 2018, 11:57 a.m.

Apollo Bancorp Inc., parent company of Apollo Trust Company, reported net income of $830,000, or $1.57 per share, for the quarter ended Dec. 31, compared with $414,000, or 79 cents, for the same quarter a year ago.

Net interest income increased $42,000, primarily due to a $174,000 increase in interest earned on loans offset by a $100,000 drop in interest on investment securities.

The company said Thursday it also recorded an $819,000 increase in non-interest income, the result of strategic sales of investment securities to benefit from recent changes to financial accounting standards and income tax law. Non-interest expenses increased $71,000.

Net income for the year ended Dec. 31 totaled $1,903,000, compared to $1,423,000 the prior year. Earnings per share totaled $3.63 for 2017, compared with $2.82 for 2016.

Total assets of the bank holding company were $159 million as of Dec. 31, compared with $164 million for 2016.

Loan balances increased 17 percent to $97 million. Retail deposits were $118 million as of Dec. 31.

Apollo Bancorp common stock is traded over-the-counter on OTC Pink under the symbol APLO. Apollo Trust Company operates five banking locations in the Alle-Kiski Valley: Apollo, Allegheny Township, North Apollo, North Washington and Spring Church and an Allegheny County loan office, which is located in O'Hara. It also provides fiduciary services and wealth management.

Chuck Biedka is a Tribune-Review staff writer. Reach him at 724-226-4711, cbiedka@tribweb.com or via Twitter @ChuckBiedka.

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