Apollo Bancorp posts fourth quarter profits
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.