Friday, January 23, 2015

Aquesta Bank profit rises 3.6 percent

The parent company of Cornelius-based Aquesta Bank said Friday its fourth-quarter profit was 3.6 percent higher than the same quarter a year earlier, as the community bank grew its loans and deposits.

The bank recorded profit of $374,000, or 15 cents per share. That was up from $361,000, or 14 cents per share, a year ago, Aquesta Financial Holdings said.

Jim Engel
Also Friday, Aquesta reported its full-year results for 2014, which were better than its 2013 results.

In 2014, it made $1.71 million in profit, or 67 cents per share, up from $1.47 million, or 57 cents per share, in 2013.

Aquesta was established in August 2006. Its strategy is to be the dominant community bank in the Lake Norman area, where all of its six branches are currently located.

Last year, it opened two branches: one in Huntersville and its second in Cornelius.

In November, Aquesta President said Jim Engel said the bank has no plans for additional branches at least until 2017.

When the bank does start adding branches, it will likely eye three main sites, he said: the area west of Lake Norman, Huntersville and a yet-to-be-determined area in south Charlotte.

At the end of December, Aquesta had $263.2 million in assets, up from $233.9 million at the end of December 2013. The bank grew its total loans to $172.3 million from $130.3 million over the same period. It grew its total core deposits to $119.8 million from $97.7 million.

In addition to its banking business, Aquesta operates an independent insurance agency that represents multiple carriers of business and personal lines of property and casualty insurance.