LifeStore Financial Group, Inc. Reports Quarter End Results - November, 2023
November 16, 2023 - LifeStore Financial Group, Inc. reported net income of $1,398,667 for the quarter ended September 30, 2023, as compared to $1,575,826 for the quarter ended September 30, 2022. Basic earnings per share were $1.36 as compared to $1.53 for the same period in 2022. Assets decreased 0.6% to $411.3 million at September 30, 2023, compared to $415.3 million at June 30, 2023.
Bob Washburn, President and CEO, noted, “We had another strong quarter with Return of Assets of 1.35% and Return of Earnings of 12.01%. We had solid loan growth of $11.4 million, and deposits increased $6.0 million during the quarter. We repaid our last Federal Home Loan Bank advance during the period. Asset quality remains strong in an economic environment showing signs of slowing. Our net interest margin has remained stable as there has been increasing pressure on yields as rates (loans and deposits) have increased over the past 18 months. We expect to see continued pressure there as rates appear to be settling at an elevated level for the remainder of our fiscal year.”
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.
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LifeStore Financial Group, Inc.
| |
As of September 30, 2023 |
As of September 30, 2022 |
| Selected Financial Condition Data: |
(Dollars in thousands) |
(Dollars in thousands) |
| Total assets |
$411,283 |
$420,940 |
| Loans receivable, net1 |
268,677 |
251,718 |
| Investment Securities2 |
83,705 |
111,148 |
| Cash and cash equivalents |
26,341 |
28,708 |
| Deposits |
354,738 |
345,173 |
| Borrowings |
5,155 |
28,155 |
| Equity |
45,615 |
42,064 |
| Book value per share |
$44.26 |
$40.82 |
| Return on assets |
1.35% |
1.53% |
| Return on equity |
12.01% |
14.73% |
| Efficiency ratio3 |
69.33% |
66.35% |
| |
|
|
| |
Three Months Ended |
Three Months Ended |
| |
September 30, 2023 |
September 30, 2022 |
| |
(Dollars in thousands) |
(Dollars in thousands) |
| Selected Operating Data: |
|
|
| Interest income and dividends |
$5,051 |
$3,901 |
| Interest expense |
1,728 |
303 |
| Net interest income |
3,323 |
3,598 |
| Provision for loan losses |
17 |
18 |
| Net interest income after provision for loan losses |
3,306 |
3,580 |
| |
|
|
| Insurance commissions |
1,656 |
1,456 |
| Other non-interest income |
696 |
776 |
| |
|
|
| Non-interest expense |
3,935 |
3,868 |
| Income before income tax expense |
1,723 |
1,944 |
| Income tax expense |
324 |
368 |
| Net Income |
1,399 |
1,576 |
| |
|
|
| Basic earnings per share of common stock |
$1.36 |
$1.53 |
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.