LifeStore Financial Group Reports Quarter-End Results: Oct.31 2025
October 31, 2025 - LifeStore Financial Group, Inc. reported net income of $2,132,970 for the quarter ended September 30, 2025, as compared to $1,014,327 for the quarter ended September 30, 2024. Basic earnings per share were $2.07 as compared to $0.98 for the same period in 2024. Assets increased 2.7% to $492.1 million at September 30, 2025.
“We are pleased to report another quarter of strong financial results,” said Bob Washburn, President and Chief Executive Officer. “Earnings increased 110.3% over the September 30, 2024 quarter, driven by improving net interest margin and a reduction of credit loss allowances. Return on Earnings (ROE) was 15.10%, and Return on Average Assets (ROAA) was 1.76%. Our capital ratios remain well above regulatory requirements, reflecting the strength of our balance sheet.”
“Our insurance division continues to experience steady growth, with revenue up 8.0% as we continue to expand our market presence and build long-term customer loyalty,” Washburn added. “In September, we completed the transition of Healthcare Solutions by the Fesperman Agency in Asheville, NC. This agency specializes in serving Seniors with health insurance solutions. We are excited to expand into Asheville while continuing the tradition of excellent customer care that Fesperman Agency is known for. We remain committed to finding innovative ways to deliver products and services that help our customers manage, grow, and protect their financial assets.” For more than 86 years, LifeStore has been a trusted financial partner. Our commitment to 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.
| |
As of September 30, 2025 |
As of September 30, 2024 |
| Selected Financial Condition Data: |
(Dollars in thousands) |
(Dollars in thousands) |
| Total assets |
$ 492,145 |
$ 451,052 |
| Loans receivable, net1 |
295,792 |
277,938 |
| Investment Securities2 |
107,825 |
104,452 |
| Cash and cash equivalents |
56,534 |
38,342 |
| Deposits |
421,363 |
385,388 |
| Borrowings |
5,155 |
5,155 |
| Equity |
57,816 |
53,753 |
| Book value per share |
$ 56.10 |
$ 52.16 |
| Return on assets |
1.76% |
0.90% |
| Return on equity |
15.10% |
7.63% |
| Efficiency ratio3 |
65.60% |
74.12% |
| |
|
|
| |
Three Months Ended |
Three Months Ended |
| |
September 30, 2025 |
September 30, 2024 |
| |
(Dollars in thousands) |
(Dollars in thousands) |
| Selected Operating Data: |
|
|
| Interest income and dividends |
$ 6,452 |
$ 5,652 |
| Interest expense |
2,235 |
2,576 |
| Net interest income |
4,217 |
3,076 |
| Provision for credit losses |
(260) |
244 |
| Net interest income after provision for credit losses |
4,477 |
2,832 |
| |
|
|
| Insurance commissions |
1,846 |
1,700 |
| Other non-interest income |
692 |
713 |
| |
|
|
| Non-interest expense |
4,431 |
4,069 |
| Income before income tax expense |
2,584 |
1,176 |
| Income tax expense |
451 |
162 |
| Net Income |
2,133 |
1,014 |
| |
|
|
| Basic earnings per share of common stock |
$ 2.07 |
$ 0.98 |
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.