Aquesta Bank Announces Operating Results
For the First Quarter of 2013 & First Stock Dividend
CORNELIUS, NC – April 17, 2013 -- Aquesta Bank and Subsidiaries (“Aquesta”) announced today operating income for the first quarter of 2013 (three month period ending March 31, 2013). For the first quarter of 2013, Aquesta had unaudited net income of $345,000 compared to net income of $146,000 for the first quarter of 2012. Net interest income for the first quarter of 2013 was comparable at $1.7 million for the same period of 2012. Aquesta Bank’s total assets increased to $210.0 million at March 31, 2013 compared to $205.1 million at December 31, 2012 or an annualized growth rate of 10 percent.
Jim Engel, CEO and President of Aquesta Bank, said that “Aquesta Bank shifted to a more growth focused mode of operations during the quarter. While we will remain vigilant of asset quality, we are seeing opportunities to capture market share as some competitors continue to wrestle with asset quality issues.” Engel noted that “Core deposits grew by almost 20 percent over the prior year while the costs of funds continue to decrease. If we can generate good quality loan growth, the combination of lower interest costs and greater loan yields would be quite beneficial to earnings potential. ”
Aquesta Bank also announces that it will pay a 20 percent stock dividend to all common shareholders of record date of April 29, 2013 with such payable / distributed on May 15, 2013. No fractional shares will be issued. Jim Engel commented, “Our shareholders have supported us with their business and confidence through the difficult economic turmoil of the Great Recession. The Board of Directors and I want to express our appreciation by this stock dividend.”
Aquesta Bank is a commercial bank serving the Lake Norman market with a focus on small to medium sized businesses and professionals. Aquesta’s branches are in Cornelius, Davidson and two in Mooresville. Aquesta Bank’s independent insurance agency (Aquesta Insurance Services, Inc.) has offices in Cornelius, Concord, Mooresville and Wilmington.
For additional information, please contact Kristin Parsons (Chief Financial Officer) at 704-439-4343 or visit us online at www.aquesta.com.