Aquesta Bank Announces Record Results for the Second Quarter
CORNELIUS, NC – August 1, 2008—Aquesta Bank reported net income of $32,000 for the quarter ended June 30, 2008, compared to net loss of $298,000, for the second quarter of 2007. This represents the first profitable quarter of Aquesta Bank which opened for business on August 1, 2006 and is celebrating its two year anniversary today.
Net loss for the six months ended June 30, 2008 totaled $303,000 compared to net loss of $561,000 for the same period in 2007. The net loss for the six month period improved by 46% compared to the same period in 2007.
Net interest income for the first six months of 2008 was $2.0 million compared to $1.2 million for the same period in 2007.
Assets at June 30, 2008 grew to $159.7 million, an increase of $83.0 million or 108.2% over the $76.7 million reported at June 30, 2007. Loans totaled $114.4 million at June 30, 2008, an increase of $63.8 million or 126.1% over $50.6 million as of June 30, 2007. Deposits grew to $125.6 million as of June 30, 2008 an increase of $70.1 million or 126.3% over $55.5 million as of June 30, 2007.
“We are very excited that Aquesta Bank continues to grow and become more profitable even in the face of a challenging economic environment. Our asset quality remains good with no non-performing loans and no significant past due loans. Our loan reserve remains at a conservative 1.48% of loans outstanding. We have no sub-prime mortgage exposure.” said Jim Engel, President and CEO.
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 two branches in Davidson and Cornelius and has loan production offices in Concord, Gastonia and Denver, NC.
For additional information, please contact Cathy O’Nan or Jim Engel at 704-439-4343 or by e-mail at firstname.lastname@example.org
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.