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Aquesta Financial Holdings, Inc. (Parent Company of Aquesta Bank) Announces Record Results for the Second Quarter of 2015

20:00 EDT 20 Jul 2015 | Globe Newswire

CORNELIUS, N.C., July 21, 2015 (GLOBE NEWSWIRE) -- Aquesta Financial Holdings, Inc. and Subsidiaries (“Aquesta”) (stock trading symbol:AQFH) announced today record operating income for the second quarter of 2015 (three month period ending June 30, 2015). For the second quarter of 2015, Aquesta had unaudited net income of $590,000 (23 cents per share) compared to net income of $446,000 for the second quarter of 2014 (17 cents per share), or a 32 percent increase.

Aquesta’s total assets increased to $269.1 million at June 30, 2015 compared to $263.6 million at December 31, 2014, or an annualized increase of 8 percent. Total loans increased to $184.1 million at June 30, 2015 from $172.2 million at December 31, 2014, or annualized growth of 28 percent.

For the six months ended June 30, 2015, net income was $1,091,000 versus net income in the same period of 2014 of $874,000, an increase of 25 percent. Jim Engel, CEO and President of Aquesta noted that, “Our strong loan growth has allowed Aquesta to continue to show solid earnings growth both comparing quarter over quarter and year over year figures.”

Jim Engel stated, “This quarter represents a record for Aquesta with our best return on shareholder equity since our formation in 2006. With loan growth that dramatically outpaces peers, we believe Aquesta is really starting to hit its stride. I am extremely grateful for the hard work of the Aquesta team and the loyalty of the Aquesta customers.”

Engel noted that, “Aquesta Bank recently completed the acquisition of a branch in the Southpark area of Charlotte. We are excited about the opportunity to provide a truly customized banking experience to a market that may currently know little of Aquesta. This is just the first step to our Charlotte growth plans.” 

Aquesta has a branch in Davidson, two in Cornelius, a branch in Huntersville and two branches in Mooresville. Aquesta Insurance Services, Inc., an independent agency, has offices in Cornelius, Mooresville, Huntersville and Wilmington. Aquesta Insurance offers a full line of commercial and personal property & casualty insurance from all major carriers.

Aquesta also provided the following financial highlights for comparison:

 6/30/15 12/31/14 
 unaudited audited 
 (dollars in thousands) 
Financial Highlights    
     
Total Assets  269,115   263,566 
Total Loans  184,135   172,250 
Total Core Deposits  126,689   119,409 
Total Deposits  201,467   206,013 
Nonaccrual Loans  2,889   1,570 
Other Real Estate Owned  1,108   1,140 
Total Shareholders Equity  23,636   22,748 
     
NPAs* as a % of Assets  1.61   1.17 
ALLL** as a % of Loans  1.47   1.44 
Shares Outstanding  2,562   2,562 
Book Value Per Share  9.22   8.88 
Tangible Book Value Per Share  8.53   8.16 
     
 6/30/15 6/30/14 
 YTD YTD 
Non Interest Income***  1,833   1,602 
Noninterest Expense  4,756   4,322 
Net Interest Income  4,705   4,267 
Provision for Loan Losses  136   172 
Net Income  1,091   874 
Earnings Per Share - Basic  0.43   0.34 
Earnings Per Share - Diluted  0.42   0.33 
     

*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.

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