February 4, 2008- Aquesta Bank released its quarterly and year end results today for the period ending December 31, 2007. The bank closed December with approximately $109.5 million in assets, $83.1 million in deposits and $75.9 million in loans. This represents a growth rate of 96.17 percent for assets, 187.7 percent for deposits and 182.5 percent for loans since December of last year.
For the quarter ended December 31, Aquesta incurred an operating loss of approximately $209,000, which is in line with financial expectations. This quarterly loss includes a loan loss provision of $187,000. In addition, the bank incurred start up and overhead costs associated with the opening of its first branch location in Davidson. The bank does not have any loans 30 days or more past due and has no direct exposure to subprime loan issues, since the bank owns neither mortgage backed securities or first mortgage loans.
Operating losses for the year ending December 31, 2007 were approximately $985,000, including loan loss provisions of $732,000. Again, the bank’s loans are all performing with no loans 30 days or more past due and no charge-offs during the year. At the end of the year, the total loan loss reserve is approximately $1.1 million. The bank opened in August 2006 and continues to experience outstanding growth.
Aquesta Bank opened its Davidson branch in December at the new Davidson Commons Shopping Plaza. Aquesta also opened Loan Production Offices in Concord and Gastonia. Aquesta Bank will be moving into its new, environmentally friendly corporate headquarters building in Cornelius in mid February. This building has many energy and environmental features, include being the only bank building in North Carolina (and the only bank headquarters building in the USA) to generate electricity using solar cells.
Jim Engel, CEO and President of Aquesta Bank, said, “Our growth has been outstanding in our first full year of operation, and we are excited that the Lake Norman community has embraced us as their community bank. We look forward to continued growth and expansion to better serve our customers.”
Aquesta Bank is a community bank dedicated to providing quality, customized banking for the Lake Norman area. Aquesta focuses on personal financial solutions as well as those for small to medium-sized businesses. Aquesta uses cutting edge technology to better service its customers, including on-line banking, on-line cash management, remote deposit technology and nationwide any bank free ATM usage.
For more information on Aquesta Bank, please contact Lauren K. Furcht, Director of Marketing at (704) 439-4335.