April 23, 2018 – LifeStore Financial Group reported net income of $1,076,509 for the quarter ending March 31, 2018, as compared to $798,898 for the quarter ended March 31, 2017. Basic earnings per share were $1.06, as compared to $0.78 for the same period in 2017. Net income for the nine months ended March 31, 2018 was $2,486,876 compared to $1,811,402 for the nine months ended March 31, 2017.
Bob Washburn, President and CEO noted, “We had an outstanding third quarter with net income up 34.8% over the prior year. Continued growth in interest earning assets, an improving business environment and increased commissions from our insurance division contributed to our earnings increase.”
LifeStore added a number of new products and services to make banking more convenient for its customers during the quarter. Mobile Wallet, which uses the technology found in most smart phones was introduced, giving customers another option for convenient and secure mobile payments. LifeStore added a new product called SecurLOCK Equip, which gives debit card holders the ability to monitor their card usage. “Protection of a customer’s information is the first consideration in everything we evaluate,” said Washburn. This quarter, the bank also added, an easy and cost efficient way for small business customers to send payroll deposits and process billing transactions.
Washburn also announced that LifeStore Financial Group and LifeStore Bank expect to complete their conversion to a North Carolina state chartered institution by the end of April. LifeStore Bank will become a NC state chartered commercial bank and Federal Reserve member. LifeStore Financial Group will become a NC state charted financial holding company. Washburn noted, “We are excited about this change, because it will allow us to provide additional resources to help small businesses and continue to assist our customers with home ownership, as we have done since our founding in 1939. LifeStore is committed to remain a locally-owned financial institution, serving our communities.”
LifeStore Financial Group, headquartered in West Jefferson, provides banking, investment and insurance services. It is a federally chartered thrift holding company that owns 100% of the common stock of LifeStore Bank (Member FDIC and Equal Housing Lender) and operates branches in Boone, Jefferson, Warrensville and West Jefferson. LifeStore Insurance is an independent insurance agency that serves these markets along with Elkin, Lenoir, North Wilkesboro and Sparta.
Except for historical information, all of 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.