CORNELIUS – Aquesta Financial Holdings Inc. and subsidiaries – including its primary subsidiary Aquesta Bank – announced record earnings and loan growth for the fourth quarter of 2018.
Aquesta had unaudited net income of $942,000 (23 cents per share) compared to $204,000 (5 cents per share) in the fourth quarter of 2017, according to a release from the Cornelius-based company. For the 12 months ending Dec. 31, 2018, net income was $4.2 million (1.06 cents per share) compared to $1.9 million (48 cents per share) for 2017.
The increase in Aquesta’s 2018 net income was primarily due to the sale of Aquesta Insurance Services Inc. during the second quarter 2018, the company said. Net income for the year includes a one-time after-tax gain of $1.3 million or 32 cents per share. Normalized earnings per share for the 12 months ending Dec. 31, 2018, exclusive of this item was $3 million or 74 cents per share, which also set a record for Aquesta. Net income for the 12 months ending Dec. 31, 2017, was $1.9 million or 48 cents per share.
“I am pleased to announce continued excellent earnings combined with excellent growth for the final quarter capping an outstanding year,” CEO and President Jim Engle said in the release. “Our loan growth and deposits for the year reflect positively on our people and our strategy. Core deposit growth is also enviable as compared to peer groups.”
Summit’s McDaniel takes 1st place
DAVIDSON – Matthew McDaniel of Summit Coffee won first place in the 2019 Nashville Cup Tasters Qualifying Competition Jan. 13.
McDaniel, the director of wholesale at the Davidson coffee shop, won the distinction, which assesses who can best identify nuances in coffee.
Evan Pollitt, Summit’s director of coffee, finished 10th in the Roasting Championship at the Nashville, Tenn., U.S. Coffee Championships event. The champions will represent the U.S. at the World Championships.