January 29, 2024 - LifeStore Financial Group, Inc. reported net income of $1,268,585 for the quarter ended December 31, 2023, as compared to $1,559,438 for the quarter ended December 31, 2022. Net income for the six months ended December 31, 2023 was $2,667,252, as compared to $3,135,264 for the six months ended December 31, 2022. Basic earnings per share were $2.59 as compared to $3.04 for the same six-month period in 2022. Assets increased 2.8% to $426.9 million during the six months ended December 31, 2023.

Bob Washburn, President and CEO, noted “We had a solid quarter with ROA of 1.28% and ROE of 11.14%. We had good loan growth of $6.9 million, or 2.7%, and deposits increased $17.7 million, or 5.1%. We repaid our last Federal Home Loan Bank advance during the six-month period. Asset quality remains strong; however, we have seen our net interest margin decline since year end.”

This week LifeStore Bank was voted as the “Best Bank” and Best “Mortgage Company” in Ashe County by readers of the Ashe Post and Times. Washburn commented, “I want to express our appreciation to all the employees of LifeStore Bank for always going above and beyond to take care of our customers.”

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 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.

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LifeStore Financial Group, Inc. and Subsidiaries

(Dollars in thousands)

¹ Loans receivable, net is comprised of total loans less allowance for loan losses, loans sold, undisbursed loan funds and deferred loan fees.
² Includes equity securities and securities available for sale.
³ The efficiency ratio represents non-interest expense as a percentage of the sum of net interest income and non-interest income.