Aquesta Financial Holdings Inc. reported its fourth-quarter profit increased by more than four-fold due to an increase in interest income and a decline in occupancy expenses.

Aquesta’s fourth quarter earnings were $942,000, or 23 cents per share, up from net income of $204,000, or 5 cents per share in the fourth quarter of 2017.

Interest income rose to $5.3 million in the fourth quarter from $4.2 million in the fourth quarter of 2017.

“I am pleased to announce continued excellent earnings combined with excellent growth for the final quarter capping an outstanding year,” said president and CEO Jim Engel in a statement. “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.”

The company shared no projections on earnings expectations for the first quarter of 2019.

Aquesta Bank has eight branches in North Carolina and three loan production offices in North Carolina and South Carolina. Its shares were trading at $11.40, down 5 cents, or 0.44 percent in morning trading.

Aquesta’s total assets were $460.1 million on Dec. 31, 2018 compared to $408.6 million in total assets on Dec. 31, 2017.

The release can be found here.