CORNELIUS, NC - April 21, 2014 - Aquesta Financial Holdings, Inc (stock symbol AQFH) and its Subsidiaries - including its major subsidiary Aquesta Bank ("Aquesta") announced today operating income for the first quarter of 2014 (three month period ending March 31, 2014). For the first quarter, Aquesta had unaudited net income of $428,000 (17 cents per share) compared to net income of $347,000 for the first quarter of 2013 (14 cents per share)*.
Aquesta's total assets increased to $236.1 million at March 31, 2014 compared to $233.9 million at December 31, 2013. During that same period total loans grew to $137.2 million compared to $130.3 million, or annualized growth rate of approximately 21 percent.
Jim Engel, CEO and President of Aquesta, said "We are pleased Aquesta continued its accelerated earnings growth. This quarter's earnings grew approximately 23 percent over the same quarter in the prior year. This growth was fueled by excellent year over year loan growth plus outstanding first quarter earnings from Aquesta Insurance Services, Inc." Engel continued, "As I have consistently communicated over the past two years, 2012 marked the change of focus from defensive to offensive strategy for Aquesta. This change in focus, while maintaining good asset quality, is allowing Aquesta to capture market share to the benefit of our customers, community and shareholders."
Aquesta provided the following financial highlights for comparison:
|(dollars in thousands)|
|Total Core Deposits||99,240||97,675|
|NPAs as a % of Assets||0.12||0.16|
|ALLL(a) as a % of Loans||1.65||1.65|
|Book Value Per Share||8.64||8.22|
|Non Interest Income||808||479|
|Net Interest Income||2,124||1,743|
|Provision for Loan Losses||104||85|
|Earnings Per Share||0.17||0.14|
*Per share data for 2013 adjusted to reflect 2013 stock dividend to assist with comparison.
(a) ALLL is the Allowance for Loan and Lease Losses.
(b) NPAs (non performing assets) consists of nonaccrual loans, trouble debt restructurings and other real estate owned.
Aquesta Financial Holdings, Inc. is the bank holding company for Aquesta Bank a commercial bank serving the Lake Norman market. The Aquesta Bank operates branches in Cornelius, Davidson and two in Mooresville with additional branches under construction in Huntersville and Cornelius. Aquesta Bank's wholly owned independent insurance agency (Aquesta Insurance Services, Inc.) has offices in Cornelius, Kannapolis, Mooresville and Wilmington. For additional information, please contact Kristin Parsons (Chief Financial Officer) at 704-439-4343.
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.