February 11, 2025 - LifeStore Financial Group, Inc. reported net income of $1,545,093 for the quarter ended December 31, 2024, as compared to $1,268,585 for the quarter ended December 31, 2023. Net income for the six months ended December 31, 2024 was $2,559,420, as compared to $2,667,252 for the six months ended December 31, 2023. Basic earnings per share were $2.48 compared to $2.59 for the same six-month period in 2023.  Assets increased 10.4% to $471.4 million at December 31, 2024 compared to $426.9 million at December 31, 2023.

“We continue to have strong asset growth in our banking offices, and our insurance division has experienced good customer growth. Our reduction in earnings is due to pressure on net interest margins, a trend affecting financial institutions industry-wide,” said Bob Washburn, President and Chief Executive Officer. “Income is down 4.0% year to date; however, we are glad to see earnings in the second quarter up over the prior year. The Federal Reserve has started reducing rates, and we expect to see continued improvement in net interest margin during the fiscal year. Despite these challenges, we remain confident in our ability to adapt and optimize our balance sheet for future growth.  We remain committed to maintaining strong capital levels and delivering value to all stakeholders.”

On October 1, 2024, LifeStore Insurance acquired Bush & Associates in Lenoir, N.C., a family-owned insurance agency founded in the late 90’s. They primarily cater to the health insurance needs of the Lenoir area and are a natural fit for the Health sector of our insurance business. We served many of their customers this Fall during the Medicare open enrollment period and are excited about this addition to our customer base.

In addition to its financial performance, LifeStore Financial Group remains steadfast in supporting communities impacted by Hurricane Helene. Hurricanes leave behind immense destruction, affecting homes, businesses, schools, and infrastructure, and rebuilding often requires extensive resources and community effort.  “While market pressures on net interest margins have impacted our earnings, our focus remains on long-term growth, prudent risk management, and making a difference where it matters most,” said Bob Washburn.  “Our commitment to supporting our customers and the communities we serve remains stronger than ever.”

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 credit 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.