Aquesta posts 15% first quarter gain

Aquesta reports 15 percent gain in first quarter

April 21. Aquesta Financial Holdings reported operating income for the first quarter of 2015 rose 15 percent to $501,000 compared to $428,000 for the first quarter of 2014. Total assets decreased slightly to $263.1 million at March 31, compared to $263.6 million at year-end. During that same period total loans grew to $173.9 million compared to $172.2 million, for an annualized growth rate of approximately 4 percent.

“Growth was fueled by excellent year over year loan growth,” said Jim Engel, CEO and President of Aquesta. Aquesta Financial, which is the holding company for Aquesta Bank and Aquesta Insurance Services, announced earlier this month that it would purchase a branch from troubled CertusBank in SouthPark.  The acquisition is expected to close in the third quarter. “This acquisition should further enhance our market share and help generate continued organic growth of loans and earnings,” Engel said.

Aquesta provided more detailed information.


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