Wednesday, July 17, 2013

Aquesta Bank profit grows 16 percent

Cornelius-based Aquesta Bank reported Wednesday that it earned $360,000 in the second quarter, up about 16 percent from a year ago.

Both loans and assets grew at a double-digit annualized rate at an expanding bank. Aquesta is building its first Huntersville branch and added two new lenders in May. The bank issued its first stock dividend in April.

“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," CEO Jim Engel said in a statement. "Every facet of our business has shown significant improvement, including asset quality, core deposit growth, insurance agency revenue and, of course, profits."

Aquesta Bank primarily serves businesses in the Lake Norman area.