SYS-CON MEDIA Authors: Elizabeth White, Peter Silva, Liz McMillan, Yeshim Deniz, Pat Romanski

News Feed Item

Aquesta Financial Holdings, Inc (AQFH) - Announces Operating Results For the First Quarter of 2014

CORNELIUS, N.C., April 21, 2014 /PRNewswire/ -- Aquesta Financial Holdings, Inc (stock symbol AQFH) and its Subsidiaries  - including its major subsidiary Aquesta Bank ("Aquesta") announced today operating income for the first quarter of 2014 (three month period ending March 31, 2014).  For the first quarter, Aquesta had unaudited net income of $428,000 (17 cents per share) compared to net income of $347,000 for the first quarter of 2013 (14 cents per share)*. 

Aquesta's total assets increased to $236.1 million at March 31, 2014 compared to $233.9 million at December 31, 2013. During that same period total loans grew to $137.2 million compared to $130.3 million, or annualized growth rate of approximately 21 percent.

Jim Engel, CEO and President of Aquesta, said, "We are pleased Aquesta continued its accelerated earnings growth. This quarter's earnings grew approximately 23 percent over the same quarter in the prior year. This growth was fueled by excellent year over year loan growth plus outstanding first quarter earnings from Aquesta Insurance Services, Inc."  Engel continued, "As I have consistently communicated over the past two years, 2012 marked the change of focus from defensive to offensive strategy for Aquesta.  This change in focus, while maintaining good asset quality, is allowing Aquesta to capture market share to the benefit of our customers, community and shareholders."

Aquesta provided the following financial highlights for comparison:


3/31/14


12/31/13*



unaudited


audited



(dollars in thousands)


Financial Highlights










Total Assets

236,093


233,958


Total Loans

137,197


130,344


Total Core Deposits

99,240


97,675







NPAs as a % of Assets

0.12


0.16


ALLL(a) as a % of Loans

1.65


1.65


Book Value Per Share

8.64


8.22








3/31/14


03/31/13*



YTD


YTD


Non Interest Income

808


479


Net Interest Income

2,124


1,743


Provision for Loan Losses

104


85


Net Income

428


347


Earnings Per Share

0.17


0.14







*Per share data for 2013 adjusted to reflect 2013 stock dividend to assist with comparison. 
(a) ALLL is the Allowance for Loan and Lease Losses. 
(b) NPAs (non performing assets) consists of nonaccrual loans, trouble debt restructurings and other real estate owned.

Aquesta Financial Holdings, Inc. is the bank holding company for Aquesta Bank a commercial bank serving the Lake Norman market.  The Aquesta Bank operates branches in Cornelius, Davidson and two in Mooresville with additional branches under construction in Huntersville and Cornelius.  Aquesta Bank's wholly owned independent insurance agency (Aquesta Insurance Services, Inc.) has offices in Cornelius, Kannapolis, 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 Financial Holdings, Inc

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Artifactory binary repository management system. As one of the most widely used binary repositories and the only repository that offers a high availability clustered solution, the integration with Artifactory helps customers easily adopt CA Release Automation to optimize their entire software development lifecycle. “Artifactory is a standard maker at the continuous-integration domain and provides the user a powerful repository experience with the freedom to choose his own tools set and ecosyste...
This talk focuses on the application of DevOps fundamentals to include network infrastructure. It draws from real deployment case studies on the extension of today's paradigms to address the challenges of the network infrastructures' ability to seamlessly and cohesively integrate into agile workflows. In this session at DevOps Summit, Arista Networks will focus on configuration management using automation with a nod to future work necessary to include telemetry and ephemeral state information....
Avnet, Inc. has announced that it ranked No. 4 on the InformationWeek Elite 100 – a list of the top business technology innovators in the U.S. Avnet was recognized for the development of an innovative cloud-based training system that serves as the foundation for Avnet Academy – the company’s education and training organization focused on technical training around top IT vendor technologies. The development of this system allowed Avnet to quickly expand its IT-related training capabilities around...
SYS-CON Events announced today that dcVAST, a leader in IT infrastructure management, support service and cloud service, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. dcVAST provides cutting-edge IT services and IT infrastructure management services. dcVAST builds robust systems that are simple, secure and serviceable. dcVAST’s IT infrastructure support and IT services expertise can help companies r...
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developmen...
While Docker continues to be the darling of startups, enterprises and IT innovators around the world, networking continues to be a real mess. Indeed, managing the interaction between Docker containers and networks has always been fraught with complications. Without automation in networking, the vision of running Docker at scale and letting IT run the same apps unchanged on the laptop and in the data center or for any cloud cannot be realized.
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...
The OnPage SOAP API provides programmatic access to OnPage messaging services. Typical applications include sending messages to individual OnPage users or groups and receiving tracking information for messages such as delivery and read timestamps or reply information. The API is based on open standards known collectively as "Web Services," which includes the Simple Object Access Protocol (SOAP), Web Services Definition Language (WSDL), and the XML Schema Definition language (XSD).
SYS-CON Events announced today the DevOps Foundation Certification Course, being held June ?, 2015, in conjunction with DevOps Summit and 16th Cloud Expo at the Javits Center in New York City, NY. This sixteen (16) hour course provides an introduction to DevOps – the cultural and professional movement that stresses communication, collaboration, integration and automation in order to improve the flow of work between software developers and IT operations professionals. Improved workflows will res...
Docker is becoming very popular--we are seeing every major private and public cloud vendor racing to adopt it. It promises portability and interoperability, and is quickly becoming the currency of the Cloud. In his session at DevOps Summit, Bart Copeland, CEO of ActiveState, discussed why Docker is so important to the future of the cloud, but will also take a step back and show that Docker is actually only one piece of the puzzle. Copeland will outline the bigger picture of where Docker fits a...
A new definition of Big Data & the practical applications of the defined components & associated technical architecture models This presentation introduces a new definition of Big Data, along with the practical applications of the defined components and associated technical architecture models. In his session at Big Data Expo, Tony Shan will start with looking into the concept of Big Data and tracing back the first definition by Doug Laney, and then he will dive deep into the description of 3V...
Ayla Networks, whose agile Internet of Things (IoT) platform makes it easy for manufacturers to deliver secure, connected products, today announced it has been included in the list of "Cool Vendors" in the Internet of Things report by Gartner, Inc. “Gartner knows how important it is that manufacturers of all kinds of products have the right IoT solution to help turn their products into connected ‘things,’” said David Friedman, CEO and co-founder of Ayla Networks. “The market for Ayla’s IoT pla...
SYS-CON Events announced today that CenturyLink, Inc., a leader in the network services market, has been named “Platinum Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. CenturyLink is the third largest telecommunications company in the United States and is recognized as a leader in the network services market by technology industry analyst firms. The company is a global leader in cloud infrastructure and ...
ScriptRock has been included in the list of "Cool Vendors" in the "Cool Vendors in DevOps 2015" report by Gartner, Inc.* ScriptRock provides visibility into the configuration state of an organization's IT environments, enabling the continuous delivery of mission critical services. For enterprises where downtime is not an option, ScriptRock's system-wide overwatch offers the assurance that misconfigurations and anomalies are caught before they affect the business. By satisfying this fundamental ...
As cloud gives an opportunity to businesses to buy services externally – how is cloud impacting your customers? In his General Session at 15th Cloud Expo, Fabio Gori, Director of Worldwide Cloud Marketing at Cisco, provided answers to big questions: Do you see hybrid cloud as where the world is going? What benefits does it bring? And how does Cisco connect all of these clouds? He also discussed Intercloud and Cisco’s investment on it.