Aquesta Bank, a new community bank headquartered in Cornelius, NC, provided its initial earnings release today. Aquesta Bank commenced operations on August 1, 2006 and will report earnings based on a fiscal year ending on December 31. Consequently, its initial earnings release is based on the two months ending September 30th.
For the two months ending September 30, 2006, Aquesta Bank incurred an unaudited operating loss of $204,717. Of this amount, $48,045 relates to the Aquesta Bank’s establishment of its normal provision for loan losses. Interest expense and compensation are the significant contributors to the loss, as is typical with a start up bank. During this same period, assets grew from the initial amount of approximately $22,000,000 to $40,294,000 or 83.2 percent.
Jim Engel, CEO and President of Aquesta Bank, said, “We are very pleased with the operating results to date. The community acceptance of Aquesta Bank has truly exceeded our expectations. As we continue to build our loan portfolio and deposit base, we look forward to continuing the strong growth momentum we have now established.”
For questions regarding this press release or for more information about Aquesta Bank, please Cathy O’Nan (Investor Relations) at 704-439-4343.