CORNELIUS, NC – July 22, 2009 -- Aquesta Bank announced today positive operating earnings for the second quarter ending June 30, 2009. For the second quarter of 2009, Aquesta Bank achieved unaudited net income of $90,000 compared to net income of $32,000 for the second quarter of 2008. During the second quarter of 2009, Aquesta Bank accrued for a one-time industry wide FDIC insurance premium special assessment of $82,000. Year to date net income through June 2009 was $253,000 compared to a net loss $303,000 for the same period in 2008.
Total assets increased to $182 million at June 30, 2009 compared to $160 million at June 30, 2008 or a growth rate of 13.8 percent. Total loans increased to $137 million from $114 million at June of 2008 or 20.2 percent growth. Lastly, total deposits were $150 million at June 30, 2009 from $126 million at June 30, 2008 or growth of 19.1 percent.
Net interest income for the first six months of 2009 was $2.6 million compared to $2.0 million for the first six months of 2008, an increase of $600 thousand. Operating expenses of $2.2 million for the first six months of 2009 are comparable for the same quarter of 2008 when such expenses were $2.1 million. Net interest income continues to increase while our operating expenses have remained stable.
Jim Engel, CEO and President of Aquesta Bank, commented that “Our results are dramatically improved over the prior year. This is reflective of the hard work of our staff and the loyalty of our customers. Our results would have been even better had it not been for an industry wide special assessment by the FDIC to replenish the insurance fund. But, although that expense was unexpected, we remain committed to doing our part in helping our local customers see their way through these challenging economic times – and through the FDIC assessment to help in a small way to stabilize the world economic system.”
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 a branch in Cornelius and Davidson. Last week, Aquesta Bank broke ground on its third branch location in Mooresville, NC. The Mooresville branch is tentatively scheduled to open in December 2009.
For additional information, please contact Cathy O’Nan or Jim Engel 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.