CORNELIUS, N.C., July 17, 2013 /PRNewswire/ -- Aquesta Bank (OTC-Pink: ATBK) and Subsidiaries ("Aquesta") announced today operating income for the second quarter of 2013 (three month period ending June 30, 2013). For the second quarter of 2013, Aquesta had unaudited net income of $360,000 (14 cents per share) compared to year ago net income of $304,000 for the second quarter of 2012 (12 cents per share)*.
Net interest income for the second quarter of 2013 increased to $1.87 million from $1.81 million for the same period of 2012. For the six months ended June 30th 2013, net income was $699,000 versus net income in the same period of 2012 of $450,000.
Aquesta Bank's total assets increased to $214.9 million at June 30, 2013 compared to $205.1 million at December 31, 2012 or an annualized increase of 10.0 percent. Total loans increased to $120.7 million at June 31, 2013 from $110.1 million at December 31, 2012, or annualized growth of 19.2 percent
CEO and President of Aquesta Bank, Jim Engel, stated, "Our improved earnings and strong loan growth in the first half of the year reflect our previously announced mindset change from playing defense to going on the offense. 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 announced its branch expansion into Huntersville. This expansion keeps Aquesta on track towards 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 branches in Cornelius, Davidson and two locations in Mooresville. Aquesta Insurance Services, Inc. ---an independent agency--- has offices in Cornelius, Kannapolis, Mooresville and Wilmington.
For additional information, please contact 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