Aquesta Bank and Subsidiaries announced today positive operating earnings for the first quarter of 2010 (period ending March 31, 2010). For the first quarter of 2010, Aquesta Bank and Subsidiaries achieved unaudited net operating income of $231,000 compared to net income of $163,000 for the first quarter of 2009. Net interest income for the first quarter of 2010 was $1.7 million compared to $1.2 million for 2009. This is an increase of 35.9 percent despite an increase of only 1.2 percent in total assets.
Aquesta Bank’s total assets increased to $192.1 million at March 31, 2010 compared to $181.4 million at March 31, 2009 or a growth rate of 5.9 percent. Total loans increased to $134.3 million from $132.7 million at March of 2009 or 1.2 percent growth. Lastly, total deposits were $151.9 million at March 31, 2010 from $151.0 million at March 2009 or growth of 0.6 percent.
Jim Engel, CEO and President of Aquesta Bank, commented that “Aquesta Bank has done relatively well in a very difficult economic environment. We have been able to increase net interest margins substantially over those achieved in the same period in the prior year. While our business growth slowed substantially during 2009 and remains weak during the first quarter of 2010, we have seen signs of a slow economic improvement, much as have been reported nationally. We remain cautious; however, as there are substantial uncertainties remaining in the market, including major national legislative actions, huge government deficits, expiring stimulus initiatives and significant weakness in construction related activities.”
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 so far during 2010. 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 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.