Aquesta Bank Announces Fourth Quarter Results

From the Wires

Jan. 23, 2013 05:08 PM

CORNELIUS, N.C., Jan. 23, 2013 /PRNewswire/ -- Aquesta Bank and Subsidiaries ("Aquesta"- stock symbol ATBK) announced today its results for the fourth quarter ended December 31, 2012. For the fourth quarter, Aquesta had unaudited net income of $305,000 (14 cents per share) versus net income of $78,000 for the fourth quarter of 2011. Unaudited net income for the year ended December 31, 2012 was $1.1 million (50 cents per share) versus a loss for the year ended December 31, 2011 of $928,000.

CEO and President of Aquesta Bank, Jim Engel, stated, "We are pleased to report Aquesta's fourth quarter and 2012 earnings. Our net income, core deposit growth and asset quality all reflect tremendous improvement since the lows of the recession. While loan demand remains weak, we have seen some recent improvements in that area too."

Aquesta provided the following financial highlights for comparison:

	12/31/12	12/31/11
	unaudited	audited
	(dollars in thousands)
Financial Highlights

Total Assets	205,127	199,157
Total Loans	109,150	115,931
Total Core Deposits	75,414	60,308

NPAs as a % of Assets	0.78	4.27
ALLL* as a % of Loans	1.74	1.56
Book Value Per Share	10.70	9.61

	12/31/12	12/31/11
	YTD	YTD
Non Interest Income	2,582	2,242
Net Interest Income	7,078	7,122
Provision for Loan Losses	575	3,205
Net Income	1,071	(928)
Earnings Per Share	0.50	(0.43)

*ALLL is the Allowance for Loan and Lease Losses

Aquesta Bank is a commercial bank serving the Lake Norman market. The Bank operates branches in Cornelius, Davidson and two in Mooresville. Aquesta Bank's wholly owned independent insurance agency (Aquesta Insurance Services, Inc.) has offices in Cornelius, Concord, Mooresville and Wilmington. For additional information, please contact Kristin Parsons (Chief Financial Officer) at 704-439-4343.

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.

SOURCE Aquesta Bank

Published Jan. 23, 2013— Reads 163
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