LifeStore Financial Group Reports Year End Results and Declares Dividend

October 3, 2024 - LifeStore Financial Group, Inc. reported net income of $5,014,112 for the year ended June 30, 2024, as compared to $5,873,420 for the year ended June 30, 2023. Basic earnings per share were $4.87 as compared to $5.70 for the same period in 2023.  Assets increased 8.8% to $451.8 million at June 30, 2024.

Bob Washburn, President and CEO, noted, “Last year our earnings were down 14.6% over the prior year.  Return on Earnings, ROE was 10.1%, which was the ninth consecutive year of ROE over 10.0%. Return on Average Assets was 1.17%, and we maintained very healthy capital ratios.  Net interest margin compression impacted our income statement more than any other event. We saw a decrease in net interest margin from 3.66% to 3.27%.  We stayed short on the liability side of the balance sheet believing rates would fall and with the recent rate reduction from the Federal Reserve, we expect to see some improvement in this area.”

The Board of Directors of LifeStore Financial Group, Inc. declared a dividend of sixty cents ($.60) per common share.  The dividend is payable on October 16, 2024, to shareholders of record at the close of business on September 30, 2024.   Mr. Washburn noted, “We are excited to pay this annual dividend, which was an increase over the prior years, to our shareholders and want to thank them for their support.”

LifeStore is committed to helping our customers and communities recover from the devastating storm that has impacted our entire service area.  We understand the challenges many are facing, and our focus is on helping our customers and employees regain stability and supporting the recovery and revitalization of the community.  LifeStore has been a trusted financial partner in the mountains of North Carolina for over 85 years, providing innovative financial services.  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.
 

###

LifeStore Financial Group, Inc.

(Dollars in thousands)

¹ Loans receivable, net is composed 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 net interest margin represents net interest income as a percentage of average interest-earning assets.
⁴ The efficiency ratio represents non-interest expense as a percentage of the sum of net interest income and non-interest income.