CORNELIUS, N.C., Jan. 27, 2014 /PRNewswire/ -- Aquesta Bank and Subsidiaries ("Aquesta"- stock symbol ATBK) announced today its results for the fourth quarter ended December 31, 2013. For the fourth quarter, Aquesta had unaudited net income of $358,000 (14 cents per share) versus net income of $305,000 (12 cents per share*) for the fourth quarter of 2012. Unaudited net income for the year ended December 31, 2013 was $1.47 million (57 cents per share) versus net income for the year ended December 31, 2012 of $1.08 million (42 cents per share)*.
CEO and President of Aquesta Bank, Jim Engel, stated, "We are pleased to report Aquesta's fourth quarter and 2013 earnings. Our net income, core deposits and loan portfolio grew at a rate significantly above most peers while asset quality remained strong. This year was particularly gratifying as we were able to provide a 20 percent stock dividend and 10 cents per share cash dividend to our loyal shareholders. The growth of our loan portfolio and core deposits reflects positively on Aquesta's commitment to providing outstanding customer service."
Aquesta provided the following financial highlights for comparison:
| 12/31/13 |
12/31/2012* |
||
| unaudited |
audited |
||
| (dollars in thousands) |
|||
| Financial Highlights |
|||
| Total Assets |
233,323 |
205,131 |
|
| Total Loans |
130,397 |
109,150 |
|
| Total Core Deposits |
97,665 |
75,412 |
|
| NPAs as a % of Assets |
0.39 |
0.78 |
|
| ALLL(a) as a % of Loans |
1.65 |
1.74 |
|
| Book Value Per Share |
8.14 |
8.84 |
|
| 12/31/13 |
12/31/2012* |
||
| YTD |
YTD |
||
| Non Interest Income |
2,747 |
3,058 |
|
| Net Interest Income |
7,673 |
7,078 |
|
| Provision for Loan Losses |
274 |
575 |
|
| Net Income |
1,465 |
1,076 |
|
| Earnings Per Share |
0.57 |
0.42 |
|
*Per share data for 2012 adjusted to reflect 2013 stock dividend to assist with comparison.
(a) ALLL is the Allowance for Loan and Lease Losses that provides a reserve for potential future losses.
Aquesta Bank is a commercial bank serving the Lake Norman market. The Bank operates branches in Cornelius, Davidson and two in Mooresville. 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.
SOURCE Aquesta Bank
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