Apollo Bancorp, Inc. Reports Earnings Results for the Quarter Ended September 30, 2017
Apollo Bancorp, Inc. reported earnings results for the quarter ended September 30, 2017. For the period, net income was $368,000, or $0.70 per share, compared with third quarter 2016 earnings of $381,000, or $0.73 per share. Net interest income increased $75,000 compared with third quarter 2016 which was primarily the result of an $184,000 increase in interest earned on loans offset by an $86,000 decrease in interest from investment securities and a $23,000 increase in interest expense. The increase in net interest income is attributed to annualized loan growth of 19% through September 30, 2017. Annualized return on average assets (ROA) of 0.88% and annualized return on average equity (ROE) of 7.01% were reported for the third quarter 2017.