$ 3,657,204

40,407,525 1,771,108 113,068,861

(1,182,302)111,886,559

1,957,313 2,137,890 2,513,288

$ 164,330,887

$ 119,542,433 8,005,278 16,000,000 1,002,956

144,550,667

1,200,000 3,615,097 19,340,263 (923,076)

(3,452,064) 19,780,220

$ 164,330,887

$ 3,659,436 17,208 1,228,562 65,575 4,970,781

156,218 314,021 470,239

4,500,542

105,850

4,394,692

743,555 160,499 45,999

145,931 (40,285) 56,460 1,112,159

2,355,284 627,407 1,159,191 4,141,882 1,364,969 179,735

$ 1,185,234

$ 2.29$ 1.50 518,325 517,725

INTEREST AND DIVIDEND INCOMEInterest and fees on loansInterest on depositsInterest on investment securitiesDividend income Total interest and dividend income

INTEREST EXPENSEDepositsWholesale deposits and borrowings Total interest expense

NET INTEREST INCOME

Provision for loan losses

NET INTEREST INCOME AFTERPROVISION FOR LOAN LOSSES

NONINTEREST INCOMEService charges on deposit accountsFiduciary incomeBank owned life insuranceGains net, change in fair value of equity securities Losses net, investment securities soldOther Total noninterest income

NONINTEREST EXPENSECompensation and employee benefitsPremises and equipmentOther Total noninterest expense

Income before income tax expenseIncome tax expense

NET INCOME

EARNINGS PER SHAREDIVIDENDS PER SHAREAVERAGE SHARES OUTSTANDINGACTUAL SHARES OUTSTANDING

$ 4,080,557 20,679 971,556 80,788 5,153,580

218,234 312,699 530,933

4,622,647

22,500

4,600,147

680,086 135,264 44,362

346,779 (33,244) 56,887 1,230,134

2,280,803 611,843 1,108,120 4,000,766

1,829,515 312,965

$ 1,516,550

$ 2.93$ 1.53 517,946 517,946

Dear Shareholders:

Net income for the quarter ended September 30, 2019 totaled $452,000, or $0.87 per share. This represents a decrease compared with net income of $522,000, or $1.01 per share, reported for the third quarter of 2018. Lower net income was primarily due to a $131,000 decrease in the change in fair value of equity securities and a $49,000 decrease in other noninterest income. However, an increase of $37,000 in net interest income was achieved compared with the third quarter of 2018.

Year-to-date net income through September 30, 2019 totaled $1,517,000 and represents a 28% increase compared with $1,185,000 reported for the first nine months of 2018. The significant increase was primarily due to a $201,000 increase in the change in fair value of equity securities and a $122,000 increase in net interest income as well as a $141,000 decrease in noninterest expense. Earnings per share totaled $2.93 for the nine months ended September 30, 2019 compared with $2.29 for the same period in 2018. Year-to-date 2019, the company has reported a 1.24% return on average assets and a 9.86% return on average equity.

Ongoing loan growth has increased the portfolio to over $116 million representing a healthy loan-to-deposit ratio of 95%. Credit quality remains strong with low delinquency, few watchlist credits and minimal charge-offs. The company maintains active risk management processes across a variety of areas and successfully meets regulatory compliance and expectations.

A dividend payment of $0.51 per share for the third quarter was paid October 1. Please do not hesitate to contact me if you would like additional information or have any questions.

Apollo Bancorp, Inc.Consolidated Balance Sheets (unaudited)

September 30, December 31, 2019 2018

ASSETSCash and due from banksInvestment securities available for sale, at fair valueEquity securities, at fair valueLoans Less allowance for loan losses Net loans

Premises and equipment, netBank owned life insuranceAccrued interest and other assets

TOTAL ASSETS

LIABILITIESDepositsWholesale depositsShort-term borrowingsAccrued interest and other liabilities

TOTAL LIABILITIES

STOCKHOLDERS’ EQUITYCommon stock, par value $2; 2,000,000 shares authorized; 600,000 shares issued; 517,946 and 517,946 shares outstandingCapital surplusRetained earningsAccumulated other comprehensive lossTreasury stock, at cost (82,054 and 82,054 shares)

TOTAL STOCKHOLDERS’ EQUITY

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$ 3,600,944

33,324,161 2,089,708 116,464,148 (1,200,783) 115,263,365

2,148,877 2,182,253 1,978,450

$ 160,587,758

$ 123,038,905 6,245,632 9,000,000 1,306,385

139,590,922

1,200,000 3,615,097 20,064,356 (430,553)

(3,452,064) 20,996,836

$ 160,587,758

Apollo Bancorp, Inc.Consolidated Statements of Income (unaudited)

Financial Highlights (unaudited)

AssetsLoansDeposits (excluding wholesale) Equity

Balance Sheet $ 160,587,758 116,464,148 123,038,905 20,996,836

$ 164,330,887 113,068,861 119,542,433 19,780,220

Net incomeReturn on average assetsReturn on average equity

Earnings (Ratios are annualized)

Nine Months Ended September 30, 2019 2018

$ 1,516,550 1.24%9.86%

$ 1,185,234 0.96% 7.96%

Sincerely,

Nelson L. PersonPresident & CEO

September 30, December 31, 2019 2018

Third Quarter Report • September 30, 2019

Nine Months Ended September 30, 2019 2018