Business

Aquesta reports record earnings

July 18. Aquesta Financial Holdings reported record earnings and loan growth for the second quarter of 2016

July 18. Aquesta Financial Holdings reported record earnings and loan growth for the second quarter of 2016. For the three months ended June 30, Aquesta had unaudited net income of $623,000 (20 cents per share) compared to second quarter of 2015 net income of $590,000 (19 cents per share).

Aquesta Financial is the holding company for Aquesta Bank and Aquesta Insurance
Services.

Jim Engel, CEO, said it was the best earnings and best growth quarter since the formation of the bank in 2006. “Our strategy of investing in our people and our commitment to providing the very best banking services are now allowing Aquesta to capture both increased market share and profitability,” he said.

At June 30, Aquesta’s total assets were $337.4 million compared to $293.1 million at the end of 2015, an annualized increase of 30 percent. Core deposits were $168.0 million at June 30, compared to $147.4 million at 2015 year-end, an annualized increase of 28 percent.

Nonperforming assets decreased to $2.3 million as of June 30, compared to $2.9 million March 31. Other real estate owned was $499,000 at June 30 down from $783,000 March 31.

Net interest income was $2.7 million as of June 30, compared to $2.4 million the year before. The 14 percent increase in net interest income is directly associated with the Company’s loan growth over the past year.

Click here for financial highlights.

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