April 20. Aquesta Financial Holdings reported net income for the first quarter of 2017 rose 25 percent to $460,000 compared to the first quarter of 2016. Loans grew at a 6.4 percent annualized rate, while core deposit grew at the rate of 14.1 percent a year.
“I’m very pleased with our 25- percent year over year growth in earnings along with strong loan production during the first quarter,” said Aquesta CEOP Jim Engel. Meanwhile, the Cornelius-based bank has announced plans to move into the Greenville, SC market.
At March 31 this year, Aquesta’s total assets were $353.6 million compared to $353.1 million at Dec. 31, 2016. Total loans were $254.8 million at March 31compared to $250.8 million at Dec. 31. Core deposits were $212.6 million at March 31, compared to $205.3 million at year-end.Strong Asset Quality
Nonperforming assets as of March 31 were at $1.7 million which was consistent with year-end 2016. Other real estate owned was $1.5 million at the end of the first quarter 2017, as well as at the end of the fourth quarter 2016.
Net interest income rose 16.2 percent to $2.8 million in the first quarter, compared to $2.5 million at the end of the first quarter in 2016. Personnel expense was at $1.9 million as of March 31, compared to $1.8 million the year before.