April 17, 2025 - LifeStore Financial Group, Inc. reported net income of $1,226,317 for the quarter ended March 31, 2025, as compared to $1,205,674 for the quarter ended March 31, 2024. Net income for the nine months ended March 31, 2025, was $3,785,737, as compared to $3,872,926 for the nine months ended March 31, 2024. Basic earnings per share were $3.67 as compared to $3.76 for the same nine-month period in 2024.  Assets increased 9.7% to $484.6 million at March 31, 2025 compared to $441.9 million at March 31, 2024.

“We continue to have strong asset growth in our banking offices and our insurance division has seen 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 2.3% year to date; however, we were glad to see earnings in the last two quarters 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 adapting and optimizing our balance sheet for future growth.  We remain committed to maintaining strong capital levels and delivering value to all stakeholders.”

LifeStore Bank is excited to announce that our Mount Jefferson bank location will be undergoing renovations to improve our customers’ experiences and bring a fresh new look to our office!  A temporary drive-thru unit will be on-site at this location, and customers can continue to access their accounts through online and mobile banking, ATMs or by visiting one of our other branch locations in Jefferson, West Jefferson, or Boone.  This renovation is another example of our commitment to supporting our customers and the communities we serve.

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. 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.