August 1, 2007 - Aquesta Bank released its quarterly results today for the quarter ending on June 30th. The bank finished June with approximately $76.7 million in assets, $55.5 million in deposits and $50.5 million in funded loans. Aquesta Bank continues to exceed growth goals.
For the quarter ended June 30th, Aquesta incurred an operating loss of approximately $298,000, which is in line with financial expectations. This quarterly loss includes a loan loss provision of $207,000 and non-cash stock compensation expense of $46,000. Aquesta Bank has yet to have any loans 30 days or more past due. The bank’s year-to-date operating loss was approximately $561,000, including loan loss provision of $354,000 and stock compensation expense of $92,000.
Aquesta Bank will be opening a Davidson branch in November at the new Davidson Commons Shopping Plaza. The bank is also excited to announce that it has recently received regulatory approval for a branch in Mooresville. The branch, which will be located on Williamson Road in the Watermark Shopping Center near the intersection of Williamson Road and Alcove Road, is expected to open later this year or early in 2008. Aquesta Bank’s corporate headquarters building in Cornelius is under construction and should be open early in 2008.
Jim Engel, CEO and President of Aquesta Bank, said, “We are very pleased with Aquesta’s operating results to date. Our growth has been outstanding in our first year of operation, and we are excited that the Lake Norman community has embraced us as their community bank. We look forward to continued growth and expansion to better serve our customers.”
Aquesta Bank is a community bank dedicated to providing quality, customized banking for the Lake Norman area. Aquesta focuses on personal financial solutions as well as those for small to medium-sized businesses.
For more information on Aquesta Bank, please contact Lauren K. Furcht, Director of Marketing at (704) 439-4335.