April 15, 2026 - LifeStore Financial Group, Inc. (“LifeStore”), the holding company for LifeStore Bank and LifeStore Insurance Services, Inc., reported continued strong financial performance for the third fiscal quarter ended March 31, 2026, reflecting solid balance sheet growth, improved profitability, and enhanced operating efficiency.

As of March 31, 2026, total assets increased to $511.0 million, up $26.5 million, or 5.5%, from the same period last year. Loan growth remained steady, with net loans of $305.2 million, compared to $290.8 million at March 31, 2025. Total deposits increased to $436.4 million, reflecting continued customer confidence.

Shareholders’ equity rose to $61.0 million, up from $54.4 million a year ago, driving an increase in book value per share to $59.21, compared with $52.78 at March 31, 2025.

For the three months ended March 31, 2026, LifeStore reported net income of $2.0 million, an increase of 62.4% compared to $1.2 million for the same period in 2025. Basic earnings per share increased to $1.93, up from $1.19 a year earlier.

For the nine months ended March 31, 2026, LifeStore reported net income of $5.7 million, an increase of 51.8%, compared to $3.8 million for the same period in 2025.

Profitability metrics continued to strengthen, with return on assets of 1.54% and return on equity of 13.11%, compared to 1.09% and 9.42%, respectively, a year ago. The Company’s efficiency ratio improved to 66.43%, demonstrating ongoing expense discipline and operating leverage.

“Our third quarter results reflect consistent balance sheet management, solid credit quality, and improving net interest margins,” said Bob Washburn, President and Chief Executive Officer. “Our capital ratios remain well above regulatory requirements, reflecting the strength of our balance sheet.” 

“We continue to expand the market presence and product offerings of LifeStore Insurance,” Washburn added. “During the nine months ended March 31, 2026, we completed the acquisition of Sheffield Insurance Services, Inc. in Gastonia, North Carolina. They share our commitment to personal service and desire to help seniors navigate their health insurance coverage with confidence and care.

Our employees’ commitment to personalized, one-on-one customer service remains an important part of our culture and continues to be recognized within the community. Most recently, our service was recognized in the Boone market, where readers of the Watauga Democrat named us the Best Bank in Watauga County.

“Our focus remains on delivering meaningful solutions across all our business lines that help customers navigate today’s financial landscape with confidence. For more than 87 years, LifeStore has earned the trust of our customers, and we remain dedicated to supporting the communities that have supported us.”

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)

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.