Aquesta reports small second quarter net income
by Staff Writer
The bank’s net income was less than the $118,000 net income for the second quarter of 2010, but Aquesta reported higher net interest income for the second quarter of 2011 – $1.75 million – compared to $1.67 million for the same period of last year.
“We are very happy that Aquesta was able to expand its market penetration through the opening of its fourth branch located on Brawley School Road in Mooresville,” Aquesta CEO Jim Engel said in a news release. “While the economy remains weak, we have been able to attract and retain customers through outstanding customer service coupled with innovative technology.” The bank also reported:
• Total assets increased to $214.2 million on June 30, compared to $195.5 million on Dec 31, a growth rate of 9.6 percent.
• Total loans decreased to $125.2 million by June 30, from $126.2 million on Dec. 31, a .8 percent decrease.
• Total deposits grew to $160 million by June 30 compared to $150.7 million on Dec. 31.
• Providing $415,000 for loan losses in the second quarter of 2011, compared to $150,000 for the same quarter of 2010.
Find more information on the bank at its website, www.aquesta.com.