CORNELIUS, N.C., Oct. 20, 2015 (GLOBE NEWSWIRE) — Aquesta Financial Holdings, Inc and subsidiaries – including its primary subsidiary Aquesta Bank (“Aquesta”) (OTC Market symbol AQFH) announced today net income for the third quarter of 2015 (three month period ending September 30, 2015). For the third quarter, Aquesta had unaudited net income of $507,000 (20 cents per share) compared to year ago net income of $462,000 for the third quarter of 2014 (18 cents per share). For the nine months ending September 30, 2015, net income was $1.6 million (63 cents per share) versus net income in the same period of 2014 of $1.3 million (52 cents per share).
Aquesta’s total assets increased to $271.3 million at September 30, 2015 compared to $263.6 million at December 31, 2014 or an annualized increase of 4 percent. Total loans increased to $183.5 million at September 30, 2015 from $172.2 million at December 31, 2014, or annualized growth of 9 percent. Core deposits (i.e., checking, savings and money market accounts) also showed excellent annualized growth of 22 percent.
CEO and President of Aquesta, Jim Engel, stated, “We are pleased with this quarter’s results. Net income increased 10 percent year over year. The current quarter included about $84,000 of one-time expenses net of tax relating to our purchase of our first Charlotte branch and certain one-time insurance agency items. Adjusted for these, net income increased year over year by about 28 percent. The balance sheet was strengthened as we ended the quarter with no non-accrual loans. Loan production was strong during the quarter but this was offset by a number of large loans that paid off during the quarter. The loan pipeline is robust for the fourth quarter.”
Aquesta also earned the distinction of being one of the top 50 Employers as ranked by the Charlotte Observer. Engel noted, “It is very gratifying to receive this award as it reflects on the excellent team we have assembled and speaks well to our growth prospects. A great team is essential to success. Without good, energetic and engaged people, the best business strategies have little chance for success.”
Aquesta has branches in Davidson, Huntersville, two locations in Cornelius and two locations in Mooresville and its newest location in Charlotte. Aquesta Insurance Services, Inc. —an independent agency— has offices in Cornelius, Huntersville, Mooresville and Wilmington.
Aquesta also provided the following financial highlights for comparison:
|(dollars in thousands)|
|Total Core Deposits||138,729||119,409|
|Other Real Estate Owned||2,733||1,140|
|Total Shareholders Equity||23,554||22,748|
|NPAs* as a % of Assets||1.11||1.17|
|ALLL** as a % of Loans||1.35||1.44|
|Book Value Per Share||9.24||8.88|
|Tangible Book Value Per Share||8.56||8.16|
|Non Interest Income***||2,825||2,382|
|Net Interest Income||7,256||6,470|
|Provision for Loan Losses||186||237|
|Earnings Per Share – Basic||0.63||0.52|
|Earnings Per Share – Diluted||0.61||0.51|
*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 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.