Aquesta Bank and its subsidiaries (“Aquesta”) announced today positive earnings for the second quarter of 2010. This is Aquesta’s seventh consecutive profitable quarter. For the second quarter of 2010, Aquesta achieved unaudited net income of $124,000 compared to net income of $90,000 for the second quarter of 2009. For the six months ended June 30, 2010, net income was $349,000 compared to $253,000 for the comparable period in 2009 (this is a 37.9 percent increase).
Net interest income for the second quarter of 2010 was $1.70 million compared to $1.35 million for 2009. This is an increase of 25.9 percent despite an increase of only 4.9 percent in total assets. During the second quarter of 2010, Aquesta recorded “an other than temporary impairment” on various securities of $106,000, which is reflected in the results reported for the quarter. Provisions for loan losses for the second quarter 2010 were $150,000 which was comparable to the second quarter in 2009.
Aquesta’s total assets increased to $191.8 million at June 30, 2010 compared to $182.8 million at June 30, 2009 or a growth rate of 4.9 percent. Total loans decreased to $135.2 million from $137.2 million at June of 2009 or 1.5 percent decrease. Lastly, total deposits were $146.4 million at June 30, 2010 from $149.8 million at June 2009 or a decrease of 2.3 percent.
Jim Engel, CEO and President of Aquesta, commented that “Aquesta continues to improve profitability and is well positioned for eventual economic recovery. However, because of continuing uncertainty regarding both the direction of the economy and the economic impact of recent legislative changes, we continue to operate conservatively so as to avoid as many risks as possible. Despite these challenges, we are very pleased to be able to continue to post profitable quarters.”
Aquesta, Board of Directors and employees, would like to thank all of our customers for your business. 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.