Wednesday, January 23, 2013

Aquesta Bank earns $305,000 in fourth quarter

Cornelius-based Aquesta Bank earned $305,000 in the fourth quarter, a jump of nearly 300 percent from the year before, the bank said Wednesday.

Its full-year income of $1.1 million also reversed a loss of $928,000 in 2011. The bank set aside less for bad loans, while deposits grew. Aquesta Bank earned $78,000 in the fourth quarter last year.

"Our net income, core deposit growth and asset quality all reflect tremendous improvement since the lows of the recession," CEO Jim Engel said in a statement. "While loan demand remains weak, we have seen some recent improvements in that area too.”

Aquesta Bank primarily serves businesses in the Lake Norman area.