Aquesta Bank and its subsidiaries (“Aquesta”) announced today positive operating earnings for the third quarter of 2010 (period ending September 30, 2010). For the third quarter of 2010, Aquesta achieved unaudited net income of $126,000. Net interest income for the third quarter of 2010 was $1.73 million compared to $1.45 million for the same period of 2009. This is an increase of 19.3 percent despite an increase of only 5.2 percent in total assets. Net income was $473,000 for the nine months ending September 30, 2010 as compared to net income of $434,000 for the same period last year. Aquesta benefited from improved net interest margins and lower loan loss provisions but was negatively impacted by higher costs for expansion (a new branch) and costs relating to its insurance agency acquisition.
Aquesta Bank’s total assets increased to $195.2 million at September 30, 2010 compared to $185.5 million at September 30, 2009 or a growth rate of 5.2 percent. Total loans were $129.9 million and total deposits were $150.6 million at September 30, 2010.
Jim Engel, CEO and President of Aquesta, commented that “Aquesta continues to invest in its market expansion and improving both human and technological resources. While the economy continues to be slow, we believe we are positioning the Company to capture market share while others are still forced to play defense. We remain cautious; however, as there are substantial uncertainties remaining in the market.”
Aquesta, Board of Directors and employees, would like to thank all of our deposit customers and loan customers and who are helping us grow through referrals. Your support has been a major factor in Aquesta’s profitability and growth so far during 2010. We excited to have recently announced our continued expansion with site selection of our fourth Aquesta Bank branch which will be located on Brawley School Road near The Farms and The Pointe subdivisions in Mooresville, NC. We anticipate the branch will be open in the second quarter of 2011.
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.