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LifeStore Financial Group, Inc. Reports Quarter End Results - Jan. 2023

January 27, 2023 - LifeStore Financial Group, Inc. reported net income of $1,559,438 for the quarter ended December 31, 2022, as compared to $1,287,712 for the quarter ended December 31, 2021. Net income for the six months ended December 31, 2022 was $3,135,264  as compared to $2,554,696  for the six months ended December 31, 2021. Basic earnings per share were $3.04 as compared to $2.48 for the same six month period in 2021.  Assets increased 5.2% to $424.8 million during the six-months ended December 31, 2022.

Bob Washburn, President and CEO noted, “We had another strong quarter with ROA of 1.5% and ROE of 14.5%.  We had solid loan growth of $12.5 million and investment securities increased $6.4 million during the six month period.  Asset quality remains strong in an increasingly slowing economic environment.  Our net interest margin has continued to trend upward due to improvements on yields for earning assets as a result of the multiple rate increases in prime and other indices; however, our cost of funds has also increased.  Deposits grew $5.4 million since June 30, 2022.

From a strategic standpoint, we are continuing to expand our digital platform and use technology to enhance our customers’ experience while keeping the same level of service our customers expect and deserve.  I am proud of our employees’ efforts to deliver for our customers and shareholders.  This service was recently recognized by the Ashe Post and Times when we were named the Best Bank and Best Mortgage Company in Ashe County.



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)

  As of    
Year Ended December 31, 2022 December 31, 2021    
Selected Financial Condition Data:        
Total assets $ 424,836 $ 407,020    
Loans receivable, net1 254,203 210,990    
Investment securities2 112,077 80,381    
Cash and cash equivalents 28,317 86,742    
Deposits 347,620 337,115    
Borrowings 28,155 19,155    
Equity 44,638 45,263    
Book value per share $43.32 $ 43.92    
Return on assets 1.51% 1.28%    
Return on equity 14.45% 11.51%    
Efficiency ratio3 61.54% 69.78%    
  Three Months Ended Six Months Ended
  December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021
Selected Operating Data:        
Interest income and dividends $ 4,387 $ 3,087 $ 8,288 $ 6,215
Interest expense 695 254 997 527
Net interest income 3,692 2,833 7,291 5,688
Provision for loan losses 15 166 34 183
Net interest income after provision for loan losses 3,677 2,667 7,257 5,505
Insurance commissions 1,259 1,635 2,715 3,022
Other non-interest income 729 1,031 1,505 2,081
Non-interest expense 3,829 3,802 7,697 7,530
Income before income tax expense 1,836 1,531 3,780 3,078
Income tax expense 277 243 645 523
Net income $1,559 $ 1,288 $ 3,135 $ 2,555
Basic earnings per share of common stock $ 1.51 $1.25 $ 3.04 $ 2.48

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.

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Awards Logo ABOUT LIFESTORE BANK Founded in 1939, LifeStore Bank is committed to creating vibrant communities by providing excellent financial services. We offer personalized banking solutions that assist our customers in achieving their goals. At LifeStore, innovation and tradition converge to help you build your legacy.
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Member FDIC Equal Housing Lender

NMLS#: 449206 | Routing Number 253171676