CORNELIUS, NC - April 17, 2009 -- Aquesta Bank announced today positive operating earnings for the first quarter ending March 31, 2009. For the first quarter, Aquesta Bank achieved unaudited net income of $162,000 compared to a net loss of $335,000 for the first quarter of 2008.
Total assets increased to $183 million at March 31, 2009 compared to $177 million at December 31, 2008. During the first quarter total loans grew by 11.40% on an annualized basis from December 31, 2008 and deposits grew by 19.84% on an annualized basis from December 31, 2008 ending at $151 million.
Net interest income for the first quarter of 2009 was $1.2 million compared to $923 thousand for the first quarter of 2008, an increase of $277 thousand. Operating expenses of $1.0 million for the first quarter of 2009 are comparable for the same quarter of 2008 when such expenses were $1.0 million. Net interest income continues to increase while our operating expenses have remained stable.
Jim Engel, CEO and President of Aquesta Bank, commented that “We are excited that as a start up bank, we have managed to achieve sustainable pre-tax profits in only 8 quarters of operations under some of the most trying economic conditions imaginable. While the economy is under stress, Aquesta Bank’s core operating results continue to improve by providing good value to our customers while controlling costs. During this quarter, we began to see glimmers of hope for the local economy, especially antidotal stories of increased home sales and stabilized business results. The national economy is still providing strong headwinds to continued improvement in the local economy. Here at Aquesta Bank, we are working with our customers to come through these difficult economic conditions better and stronger then before. We are optimistic that better times are ahead.”
Aquesta Bank is a commercial bank which serves the Lake Norman market with a focus on small to medium sized businesses and professionals. The Bank operates a branch in Cornelius and Davidson and has a loan production office in Denver, NC.
For additional information, please contact Cathy O’Nan or Jim Engel at 704-439-4343 or visit us online at www.aquesta.com
Information in this press release may contain forward looking statements that might involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include without limitation, the effects of future economic conditions, governmental fiscal and monetary policies, legislative and regulatory changes, and changes in interest rates.