August 3, 2011 -- Aquesta Bank and Subsidiaries (“Aquesta”) announced today operating profit for the second quarter of 2011 (three month period ending June 30, 2011). For the second quarter of 2011, Aquesta had an unaudited net income of $29,000 compared to net income of $118,000 for the second quarter of 2010. Net interest income for the second quarter of 2011 was $1.75 million compared to $1.67 million for the same period of 2010. This small increase was largely due to improved net interest margins partially offset with lower loan volume.
Aquesta Bank’s total assets increased to $214.2 million at June 30, 2011 compared to $195.5 million at December 31, 2010 or a growth rate of 9.6 percent. Total loans decreased to $125.2 million at June 30, 2011 from $126.2 million at December 31, 2010 or 0.8 percent decrease. Lastly, total deposits were $160.0 million at June 30, 2011 from $150.7 million at December 31, 2010 or growth of 6.2 percent. Loan loss provisions in the second quarter of 2011 were $415,000 compared to the same quarter of 2010 provisions of $150,000
Jim Engel, CEO and President of Aquesta Bank, commented that “We are very happy that Aquesta was able to expand its market penetration through the opening of its fourth branch located on Brawley School Road in Mooresville. While the economy remains weak, we have been able to attract and retain customers through outstanding customer service coupled with innovative technology. Working closely with our local business partners and customers, we believe both the Lake Norman Community and Aquesta Bank will benefit from any eventual rebound in the local economy.”
Aquesta Bank and its subsidiaries, Board of Directors and employees, would like to thank all of our deposit customers and loan customers that continue to do business with the organization during these difficult economic times. Your support has been a major factor in Aquesta’s profitability and growth over the last few years. Your continued support is greatly appreciated.
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 branches in Cornelius, Davidson and now two in Mooresville. Aquesta Bank’s wholly owned independent insurance agency (Aquesta Insurance Services, Inc.) has offices in Cornelius, Concord, Mooresville and Wilmington.
For additional information, please contact Kristin Parsons (Executive Vice President and Chief Financial Officer) or Jim Engel (Chief Executive Officer and President) 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.