LifeStore Financial Group Reports Year-End Results and Declares Dividend - Sept., 2026
September 23, 2026 - LifeStore Financial Group, Inc. reported net income of $7,687,229 for the year ended June 30, 2026, as compared to $5,560,225 for the year ended June 30, 2025. Basic earnings per share were $7.46 as compared to $5.40 for the same period in 2025. Assets increased 4.2% to $499.4 million at June 30, 2026.
Bob Washburn, President and CEO, noted, “Last year our earnings were up 38.3% over the prior year. Return on Equity (ROE) was 12.9%, Return on Average Assets (ROAA) was 1.5%, and we maintained very healthy capital ratios. Our insurance division continues to experience steady growth, with revenue increasing $1.1 million last year to $8.4 million, representing a 15.1% increase. Last fall, we completed the acquisition of Sheffield Insurance Agency in Gastonia. The family-owned agency was a strong cultural fit, expanded LifeStore's presence into a new and growing market, and specializes in providing health insurance options for seniors.”
The Board of Directors of LifeStore Financial Group, Inc. declared a dividend of seventy cents ($.70) per common share. The dividend is payable on October 21, 2026, to shareholders of record at the close of business on September 30, 2026. Mr. Washburn noted, “We are pleased to issue this year’s dividend, which represents an increase over prior years, and we sincerely thank our shareholders for their continued support.”
LifeStore continues to explore innovative ways to enhance its products and services while making people feel valued, building brighter futures, and strengthening the communities it serves. For more than 87 years, LifeStore has been a trusted financial partner committed to delivering innovative financial solutions.
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.
(Dollars in Thousands, Except Per Share Amounts)
| Year Ended |
June 30, 2026 |
June 30, 2025 |
| Selected Financial Condition Data: |
|
|
| Total assets |
$ 499,386 |
$ 479,079 |
| Loans receivable, net1 |
319,923 |
293,871 |
| Investment securities2 |
113,979 |
106,761 |
| Cash and cash equivalents |
28,605 |
46,683 |
| Deposits |
422,508 |
411,530 |
| Borrowings |
5,155 |
5,155 |
| Equity |
63,270 |
55,161 |
| Book value per share |
$ 61.40 |
$ 53.53 |
| |
| Selected Operating Data: |
|
|
| Interest income and dividends |
$25,741 |
$ 23,785 |
| Interest expense |
8,835 |
9,623 |
| Net interest income |
16,906 |
14,162 |
| Provision for credit losses |
345 |
390 |
| Net interest income after provision for credit losses |
16,561 |
13,772 |
| |
|
|
| Non-interest income |
11,168 |
9,994 |
| Non-interest expense |
18,379 |
17,063 |
| Income before income tax expense |
9,350 |
6,703 |
| Income tax expense |
1,663 |
1,143 |
| Net income |
$ 7,687 |
$ 5,560 |
| |
|
|
| Year Ended |
June 30, 2026 |
June 30, 2025 |
| Selected Ratios: |
|
|
| Basic earnings per share of common stock |
$ 7.46 |
$ 5.40 |
| Return on average assets |
1.54% |
1.19% |
| Return on average equity |
12.90% |
10.24% |
| Net interest margin3 |
3.65% |
3.28% |
| Efficiency ratio4 |
65.35% |
70.64% |
| Nonperforming loans to total loans |
1.11% |
1.15% |
| Allowance for loan losses to total loans |
1.39% |
1.48% |
1 Loans receivable, net is composed 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 net interest margin represents net interest income as a percentage of average interest-earning assets.
4 The efficiency ratio represents non-interest expense as a percentage of the sum of net interest income and non-interest income.