Print
Banking & Finance

Aquesta Bank Earnings Sharply On The Rise

By Jenny Callison, posted May 18, 2018
Aquesta Bank CEO Jim Engel and Wilmington branch manager Malorie Slusher prepare to unveil Aquesta's new tech platform. (photo by Jenny Callison)
Aquesta Bank Holdings announced that its earnings for the first quarter showed a 53 percent jump from those of the same quarter in 2017. In an announcement April 24, the Cornelius, North Carolina-based company stated that net income for Q1 of 2018 was $702,000 - $.18 per share – compared with net earnings of $460,000 - $.11 per share – a year ago.
 
“Our asset quality is good. What we have is a lot of growth,” said Jim Engel, Aquesta’s CEO and president, noting that the bank has seen “tremendous” growth in the Wilmington market, where it has one branch and insurance services.
 
Engel noted loan growth of $19.3 million in the first quarter of this year, compared with the fourth quarter of 2017. He said that commercial loans on owner-occupied business facilities are “probably the safest loans you can make, so that’s where we focus our energy.
 
“Wilmington tends to be dominated by a couple of things: residential [development] and commercial owner- occupied,” he continued.
 
Engel also touted Aquesta’s core deposit growth, which showed a quarter-over-quarter increase of $5.5 million.
 
Aquesta is also investing in technology and has recently launched a new platform to support its systems, Engel said.
 
“This has all the most recent technology, and more protections,” he explained, adding that the platform will also help streamline the bank’s lending process and add cash management features for small business customers.
 
Unlike most banks, Aquesta is finding its branch usage increasing every year by about 15 percent, Engel said. He attributes the rise to the bank adding new accounts at the rate of about 20 percent each year.
 
Ico insights

INSIGHTS

SPONSORS' CONTENT
Mc2 56882

Building Insights: Mark Johnson

Scott Byers - Majestic Kitchen & Bath Creations
Dave hoff heashot 300x300

Assessments for Individual Contributors or New Managers

Dave Hoff - EASI Consult
Infinity 891835159

What is EMV and Am I Liable?

Kyle Thorpe - Infinity Payment Systems

Trending News

Pier 33 Apartments To Start Construction In February

Johanna Cano - Jan 16, 2019

State Eyes $31M For Cape Fear Crossing In New Draft Plan

Christina Haley O'Neal - Jan 16, 2019

Marsello’s To Offer Casual Italian Dining On The Riverfront

Jessica Maurer - Jan 16, 2019

Serpentarium Building Could Shed Its Past, Become Dental Spa

Cece Nunn - Jan 17, 2019

Phun Pop-up Dinners Kick Off Countdown To Food Hall Opening

Jessica Maurer - Jan 16, 2019

In The Current Issue

Jeweled Heritage

Some family-owned Wilmington jewelry stores are more than retail spaces for wedding rings or elegant necklaces – they showcase local familie...


New Year Brings Cape Fear Museum Changes

The Cape Fear Museum of History and Science is readying new reveals in the new year. Among them, a unique mobile program that’s expected to...


SportGait's Familiar Ties

For Cecil Reynolds, being a board member and investor for Wilmington-based SportGait Inc. is one way to support the community that fostered...

Book On Business

The 2018 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Health Care Heroes 2018
2018 WilmingtonBiz Expo - Keynote Lunch with Eric Dinenberg, Rouse Properties