LifeStore Financial Group Reports Year End Results and Declares Dividend - October, 2023

October 3, 2023 - LifeStore Financial Group, Inc. reported a net income of $5,873,420 for the year ended June 30, 2023, as compared to $4,883,472 for the year ended June 30, 2022. Basic earnings per share were $5.70 as compared to $4.74 for the same period in 2022.  Assets increased 2.9% to $415.4 million at June 30, 2023.

Bob Washburn, President and CEO, noted, “Last year, our earnings were up 20.3% over the prior year.  We saw an increase in net interest margin from 3.12% to 3.66%, ROE was 12.95%, which was the eighth consecutive year of Return on Earnings, ROE over 10.0%, Return on Return on Average Assets, ROAA was 1.41%, and we maintained very healthy capital ratios. 

Earlier this year, we saw multiple bank failures caused by high levels of uninsured deposits and undue risk-taking in bank investment portfolios. We had conversations with our customers about these items and shared that approximately 84% of our deposits are insured, which is well above the numbers for the industry and our peer banks.

LifeStore Bank is a community bank focusing on small businesses and diverse industries within the communities we serve.  We have always prioritized safety and soundness, profitability, and growth in that order.”

The Board of Directors of LifeStore Financial Group, Inc. declared a dividend of fifty-five cents ($.55) per common share.  The dividend is payable on October 31, 2023, to shareholders of record at the close of business on October 19, 2023.   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 our shareholders for their support.  LifeStore is committed to remain a locally owned financial institution serving our communities.”

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.

(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.