Aquesta Financial Holdings, Inc (Parent Company of Aquesta Bank) Announces Operating Results For the Second Quarter of 2014 - WTVM.com-Columbus, GA News Weather & Sports

Aquesta Financial Holdings, Inc (Parent Company of Aquesta Bank) Announces Operating Results For the Second Quarter of 2014

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SOURCE Aquesta Financial Holdings, Inc

CORNELIUS, N.C., July 16, 2014 /PRNewswire/ -- Aquesta Financial Holdings, Inc and Subsidiaries ("Aquesta") (OTC Markets symbol AQFH) announced today operating income for the second quarter of 2014 (three month period ending June 30, 2014).  For the second quarter of 2014, Aquesta had unaudited net income of $446,000 (17 cents per share) compared to net income of $360,000 for the second quarter of 2013 (14 cents per share) or a 24 percent increase.

Aquesta's total assets increased to $245.9 million at June 30, 2014 compared to $233.9 million at December 31, 2013 or an annualized increase of 10 percent. Total loans increased to $146.5 million at June 30, 2014 from $130.3 million at December 31, 2013, or annualized growth of 25 percent.

For the six months ended June 30, 2014, net income was $874,000 versus net income in the same period of 2013 of $698,000, an increase of 25 percent.  Net income for the six months ending June 30, 2014 includes a loss on sale of securities of $12,000 while the same period of 2013 included gains on sale of securities of $362,000Jim Engel, CEO and President of Aquesta noted that "Our strong loan growth has allowed Aquesta to continue to show strong earnings growth both comparing quarter over quarter and year over year figures even though the prior year income numbers were materially benefited by securities gains that did not repeat in the current year."

Jim Engel stated, "Our improved earnings and strong loan growth in the first half of the year reflect a desire of residents for the personalized banking services Aquesta offers.  Every facet of our business has shown significant improvement, including asset quality, core deposit growth, insurance agency revenue and, of course, profits.  I am extremely grateful for the hard work of the Aquesta team and the loyalty of the Aquesta customers."

Engel noted that, "Aquesta Bank recently opened a new, smaller branch office concept in downtown Cornelius and is nearing the completion of its Huntersville marquee branch.  This expansion keeps Aquesta on track toward achieving its original strategic goal of being the community bank of choice for the Lake Norman community and its surrounding towns."

Aquesta's focus is to help its customers grow and prosper – a belief in the American Dream of unlimited possibilities.  Aquesta has a branch in Davidson, two branches in Cornelius and two branches 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:

 


6/30/14


12/31/13


unaudited


audited


(dollars in thousands)

Financial Highlights








Total Assets

245,852


233,948

Total Loans

146,527


130,344

Total Core Deposits

103,599


97,665





NPAs* as a % of Assets

1.00


1.56

ALLL** as a % of Loans

1.59


1.65

Book Value Per Share

8.76


8.22






6/30/14


6/30/13


YTD


YTD

Non Interest Income***

1,576


1,156

Net Interest Income

4,350


3,619

Provision for Loan Losses

172


175

Net Income

874


698

Earnings Per Share

0.34


0.27





*NPA's consist of loans 90 days or more past due and still accruing, nonaccrual loans, troubled debt restructurings and other real estate owned.
**ALLL is the Allowance for Loan and Lease Losses
***Excludes gains/losses on the sale of securities.

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.

©2012 PR Newswire. All Rights Reserved.

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