January 28, 2020 – LifeStore Financial Group, Inc. reported net income of $888,771 for the quarter ended December 31, 2019, as compared to $801,102 for the quarter ended December 31, 2018. Net income for the six months ended December 31, 2019, totaled $2.0 million compared to $1.8 million during the six months ended December 31, 2018, or an increase of 14.1%. Basic earnings per share were $1.99 for the six months ended December 31, 2019, as compared to $1.76 for the same period in 2018. Assets increased 8.6% to $317.3 million at December 31, 2019, from $292.2 million at December 31, 2018.
Bob Washburn, President and CEO noted, “We are pleased with the continued growth in our company. Loans increased 4.8% over last year and investment securities increased 18.4%. Continued growth in interest-earning assets, an improving business environment and increased revenue from our insurance division contributed to our earnings increase. We appreciate the continued support of LifeStore Bank and LifeStore Insurance customers.”
We are excited to announce that the renovations at our Jefferson branch have been completed, allowing us to better serve Ashe County. “We incorporated customer preferences in the design changes to provide the best possible customer experience including expanded drive-thru lanes and an ATM which takes deposits. We are proud of the new Jefferson office design and invite you to visit soon,” commented Joedy Eller, Chief Banking Officer.
LifeStore Financial Group, Inc., headquartered in West Jefferson, provides banking, investment, and insurance services. It is a state-chartered bank holding company that owns 100% of the common stock of LifeStore Bank (Member FDIC and Equal Housing Lender) and operates branches in Boone, Jefferson, and West Jefferson. LifeStore Insurance is an independent insurance agency that serves these markets along with Elkin, Lenoir, Newland, and Sparta.
Except for historical information, all the statements, expectations, and assumptions contained in this press release are forward-looking statements. Actual results might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include, without limitation: the effects of future economic conditions; governmental fiscal and monetary policies; legislative and regulatory changes; the risks of changes in interest rates; management of growth; fluctuations in our financial results; reliance on key personnel; our ability to compete effectively; privacy, security and other risks associated with our business.