July 23. Aquesta Financial Holdings, parent of Aquesta Bank, said net income for the second quarter of 2019 ended June 30 was $1,188,000 compared to second quarter of 2018 net income of $2,031,000. The net income for the second quarter of 2018 included a one-time gain of $1.4 million on Aquesta’s sale of its insurance agency.

Normalized earnings per share was $622,000 or 15 cents per share for the second quarter 2018. Without the sale of the insurance business, earnings grew at the rate of 91.0 percent year over year.

Deposits grew at the rate of 33.8 percent, said Jim Engel, CEO.  “Since margins also expanded, the growth in core deposits allowed us to reduce higher rate non-core funding dependence and improve bottom line earnings,” he said.

Key Highlights
• Total loan growth of $9.0 million for the first six months of 2019 (annualized 4.9 percent).
• Total core deposit growth of $47.2 million for the first six months of 2019 (annualized 34.9 percent).
• Normalized earnings growth for the second quarter of 2019 compared to the second quarter of 2018 was 91.0 percent.
• Earnings per share growth year to date 2019 vs. prior year to date 2018 of 33.3 percent, exclusive of prior year one-time gain.
• Loans funding during the quarter of over $22.1 million.

Aquesta’s total assets were $475.6 million compared to $459.6 million at December 31, 2018. Total loans were $378.0 million at June 30, 2019 compared to $369.0 million at December 31, 2018.

There was no foreclosed real estate at the end of 2nd quarter 2019 or at the end of 4th quarter 2018.

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