Apollo Bancorp, Inc. Announces Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016
Apollo Bancorp, Inc. announced earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported net income of $414,000 or $0.79 per share compared with earnings of $319,000, or $0.65 per share a year ago. Net interest income increased $108,000 compared with fourth quarter 2015 primarily due to a $255,000 increase in interest earned on loans offset by a $139,000 decrease in interest on investment securities.
Net income for the year ended December 31, 2016 totaled $1,423,000 resulting in an annualized return on average assets (ROA) of 0.89% and annualized return on average equity (ROE) of 7.21%. Net income for 2015 totaled $1,403,000 for a 0.89% ROA and 7.43% ROE. Earnings per share totaled $2.82 for 2016 compared with $2.81 for 2015. The increase in 2016 yearend earnings compared with 2015 was primarily the result of a $278,000 increase in net interest income offset by an increase of $158,000 in noninterest expense.