Monday, April 21, 2014

Aquesta Financial increases profit in first quarter

Cornelius-based Aquesta Financial Holdings said Monday that it made $428,000 in the first quarter, up 23 percent from the same time period a year ago.

The bank grew its loan book and overall assets. CEO Jim Engel said the results were also boosted by strong earnings in its insurance subsidiary.

Aquesta has spent the last two years expanding its branch network and beginning to offer dividends to investors. Engel has likened the strategy shift to moving from "defense" to "offense."

"This change in focus, while maintaining good asset quality, is allowing Aquesta to capture market share to the benefit of our customers," Engel said in a statement Monday.

The company had been known simply as Aquesta Bank before forming a holding company last month.