LifeStore Financial Group Reports Quarter-End Results - Oct, 2026
October 22, 2026 – West Jefferson, North Carolina – LifeStore Financial Group, Inc. reported net income of $1.9 million, or $1.88 per share, for the quarter ended September 30, 2026, compared with net income of $2.1 million, or $2.07 per share, for the same quarter in 2025.
Total assets were $495.3 million at September 30, 2026, compared with $499.4 million at June 30, 2026. The decrease was primarily due to changes in the market value of available-for-sale securities. Loans increased $14.1 million, or 4.3%, during the quarter, while deposits remained relatively stable at $422.2 million.
“We are pleased with the continued strength of our core operations,” said Washburn, President and Chief Executive Officer. “Loan growth remained solid, net interest income increased 6.8% compared with the prior-year quarter, and our insurance operations continued to perform well. While quarterly earnings were lower than the prior year, our overall financial position remains strong, and our capital ratios are well above regulatory requirements.”
Return on average equity was 12.70% and return on average assets was 1.56% for the quarter. LifeStore’s capital ratios remained well above regulatory requirements, reflecting the continued strength of its balance sheet.
LifeStore remains focused on providing banking, investment, and insurance solutions while making people feel valued, building brighter futures, and strengthening the communities it serves. For more than 87 years, LifeStore has served as a trusted financial partner for individuals, families, and businesses throughout its markets.
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, 2026 |
As of September 30, 2025 |
| Selected Financial Condition Data: |
(Dollars in thousands) |
(Dollars in thousands) |
| Total assets |
$ 495,323 |
$ 492,145 |
| Loans receivable, net1 |
333,781 |
295,792 |
| Investment Securities2 |
106,148 |
107,825 |
| Cash and cash equivalents |
17,031 |
56,534 |
| Deposits |
422,194 |
421,363 |
| Borrowings |
5,155 |
5,155 |
| Equity |
59,024 |
57,816 |
| Book value per share |
$ 57.28 |
$ 56.10 |
| Return on assets |
1.56% |
1.76% |
| Return on equity |
12.70% |
15.10% |
| Efficiency ratio3 |
64.56% |
65.60% |
| |
|
|
| |
Three Months Ended |
Three Months Ended |
| |
September 30, 2026 |
September 30, 2025 |
| |
(Dollars in thousands) |
(Dollars in thousands) |
| Selected Operating Data: |
|
|
| Interest income and dividends |
$ 6,630 |
$ 6,452 |
| Interest expense |
2,127 |
2,235 |
| Net interest income |
4,503 |
4,217 |
| Provision for credit losses |
188 |
(260) |
| Net interest income after provision for credit losses |
4,315 |
4,477 |
| |
|
|
| Insurance commissions |
2,022 |
1,846 |
| Other non-interest income |
712 |
710 |
| |
|
|
| Non-interest expense |
4,672 |
4,449 |
| Income before income tax expense |
2,377 |
2,584 |
| Income tax expense |
436 |
451 |
| Net Income |
1,941 |
2,133 |
| |
|
|
| Basic earnings per share of common stock |
$ 1.88 |
$ 2.07 |
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.