Aquesta Bank Announces Results For the Third Quarter of 2013
CORNELIUS, N.C., Oct. 17, 2013 /PRNewswire/ -- Aquesta Bank and Subsidiaries ("Aquesta") (OTC Market symbol ATBK) announced today operating income for the third quarter of 2013 (three month period ending September 30, 2013). For the third quarter, Aquesta had unaudited net income of $409,000 (16 cents per share) compared to year ago net income of $315,000 for the third quarter of 2012 (12 cents per share)*.
Net interest income for the third quarter of 2013 increased to $2.0 million from $1.7 million for the same period of 2012. For the nine months ended September 30, 2013, net income was $1.1 million (43 cents per share) versus net income in the same period of 2012 of $765,000 (30 cents per share)*.
Aquesta's total assets increased to $225.5 million at September 30, 2013 compared to $205.1 million at December 31, 2012 or an annualized increase of 13 percent. Total loans increased to $122.1 million at September 30, 2013 from $109.1 million at December 31, 2012, or annualized growth of 16 percent. Core deposits (i.e., checking, savings and money market accounts) also showed excellent annualized growth of 11 percent.
CEO and President of Aquesta, Jim Engel, stated, "We are very pleased about the excellent growth in our loan portfolio, core deposits and earnings for the quarter and year to date. Obviously, a 60 percent annualized growth in year over year net income is very nice. We will continue to focus on providing innovative, customized financial solutions for our customers with absolutely the best service in the industry. This basic approach is allowing us to increase our market share against stiff competition. I am extremely grateful for the hard work of the Aquesta team and the loyalty of the Aquesta customers."
Engel noted that, "Our plans to expand around Lake Norman remain on track. We expect ground breaking in early November at our Huntersville location on Sam Fur Road (out parcel near Marshalls)."
Aquesta's focus is to help its customers grow and prosper – a belief in the American Dream of unlimited possibilities. Aquesta has branches in Cornelius, Davidson and two locations in Mooresville. Aquesta Insurance Services, Inc. ---an independent agency--- has offices in Cornelius, Kannapolis, Mooresville and Wilmington.
Aquesta also provided the following financial highlights for comparison:
| 9/30/13 |
12/31/12 |
|||
| unaudited |
audited |
|||
| (dollars in thousands) |
||||
| Financial Highlights |
||||
| Total Assets |
225,567 |
205,131 |
||
| Total Loans |
122,176 |
109,150 |
||
| Total Core Deposits |
81,744 |
75,412 |
||
| NPAs as a % of Assets |
1.64 |
2.36 |
||
| ALLL** as a % of Loans |
1.72 |
1.56 |
||
| Book Value Per Share* |
8.10 |
8.84 |
||
| 9/30/13 |
9/30/12 |
|||
| YTD |
YTD |
|||
| Non Interest Income |
1,746 |
1,627 |
||
| Net Interest Income |
5,650 |
5,286 |
||
| Provision for Loan Losses |
251 |
525 |
||
| Net Income |
1,108 |
765 |
||
| Earnings Per Share |
0.43 |
0.30 |
||
*For ease of comparison purposes, earning per share data reflect stock dividend of 20 percent paid during the first quarter of 2013. Per share information for prior quarters are adjusted for the first quarter 2013 stock dividend to assist with comparison.
**ALLL is the Allowance for Loan and Lease Losses
For additional information, please contact Kristin Parsons (Executive Vice President and Chief Financial Officer) or Jim Engel (Chief Executive Officer and President) 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.
SOURCE Aquesta Bank
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