Business

Aquesta reports 34% gain in 2Q net

July 23. Aquesta Financial Holdings, which will be acquired by United Community Banks for $131 million later this year, reported a 34 percent gain in earnings during the second quarter of 2021 vs. the same period last year.

For the first half, Aquesta reported unaudited income from continuing operations of $4.4 million, up 92.4 percent over last year. (For first-quarter results, click here.)

The Cornelius-based bank also declared its ninth consecutive annual cash dividend in the amount of 14 cents per share to shareholders of record as of Sept.15, payable Sept. 30.

Jim Engel, CEO, said UCBI offers expanded products and services and will maintain a “strong focus on customer and community service.”

JIM ENGEL

Assets

At June 30, Aquesta’s total assets were $736.1 million, up 8.23 percent from year-end 2020.

Total loans were $523.6 million at June 30, 2021 compared to $554.9 million at year-end. The decrease in loans primarily relates to forgiveness of PPP loans. PPP loan forgiveness totaled $96.6 million for the six months ended June 30.

Non-performing assets fall

Nonperforming assets were at $1.1 million as of June 30, compared to $6.1 million at year-end 2020. Aquesta had $939,000 in non-accrual loans at June 30, compared to $5.7 million as of Dec. 31 off last year.

The decrease in the non-accrual loan balance relates primarily to a paydown received on a single non-accrual loan in the second quarter of 2021.

Aquesta held foreclosed property of $120,000 as of June 30, vs. $381,000 at year-end.

Net interest income was $11.9 million for the six months ended June 30, up 37.5 percent from the same period last year.

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