CORNELIUS, N.C., Oct. 21, 2014 (GLOBE NEWSWIRE) -- Aquesta Financial Holdings, Inc and Subsidiaries – including its primary subsidiary Aquesta Bank ("Aquesta") (OTC Market symbol AQFH) announced today operating income for the third quarter of 2014 (three month period ending September 30, 2014). For the third quarter, Aquesta had unaudited net income of $462,000 (18 cents per share) compared to year ago net income of $409,000 for the third quarter of 2013 (16 cents per share). For the nine months ended September 30, 2014, net income was $1.3 million (52 cents per share) versus net income in the same period of 2013 of $1.1 million (43 cents per share). Net interest income for the third quarter of 2014 increased to $2.2 million from $2.0 million for the same period of 2013.
Aquesta's total assets increased to $250.7 million at September 30, 2014 compared to $233.9 million at December 31, 2013 or an annualized increase of 10 percent. Total loans increased to $154.9 million at September 30, 2014 from $130.3 million at December 31, 2013, or annualized growth of 25 percent. Core deposits (i.e., checking, savings and money market accounts) also showed excellent annualized growth of 5 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. 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 are very happy to report that our Huntersville location on Sam Fur Road (out parcel near Marshalls) opened at the end of the quarter with great fanfare and publicity. It is very heartwarming to see such overwhelming community acceptance of Aquesta in Huntersville."
Aquesta's focus is to help its customers grow and prosper – a belief in the American Dream of unlimited possibilities. Aquesta has branches in Davidson, Huntersville, two locations in Cornelius and two locations in Mooresville. Aquesta Insurance Services, Inc. -- an independent agency -- has offices in Cornelius, Huntersville, Kannapolis, Mooresville and Wilmington.
Aquesta also provided the following financial highlights for comparison:
| 9/30/14 | 12/31/13 | |
| unaudited | audited | |
| (dollars in thousands) | ||
| Financial Highlights | ||
| Total Assets | 250,672 | 233,948 |
| Total Loans | 154,881 | 130,344 |
| Total Core Deposits | 101,677 | 97,665 |
| NPAs* as a % of Assets | 0.95 | 1.71 |
| ALLL** as a % of Loans | 1.53 | 1.65 |
| Book Value Per Share | 9.08 | 8.22 |
| 9/30/14 | 9/30/13 | |
| YTD | YTD | |
| Non Interest Income*** | 2,344 | 1,739 |
| Net Interest Income | 6,512 | 5,658 |
| Provision for Loan Losses | 237 | 251 |
| Net Income | 1,335 | 1,108 |
| Earnings Per Share | 0.52 | 0.43 |
*NPAs 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 Couch (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.