LifeStore Financial Group Reports Year-End Results and Declares Dividend, September 2019
LifeStore Financial Group, Inc. reported net income of $3,939,798 for the year ended June 30, 2019, as compared to $3,186,855 for the year ended June 30, 2018. Basic earnings per share were $3.86, as compared to $3.13 for the same period in 2018. Assets increased 3.8% to $300.9 million at June 30, 2019.
Bob Washburn, President and CEO noted, “We had another outstanding year with net income up 23.6% over the prior year. Continued growth in interest earning assets, an improving business environment and increased revenue from our insurance division contributed to our earnings increase. We appreciate the continued support of our customers at LifeStore Bank and LifeStore Insurance.”
The Board of Directors of LifeStore Financial Group, Inc. declared a dividend of twenty-eight cents ($.28) per common share. The dividend is payable on October 18, 2019 to shareholders of record at the close of business on September 30, 2019. Mr. Washburn noted, “We are excited to pay this annual dividend to our shareholders and want to thank our shareholders for their support. LifeStore is committed to remain a locally owned financial institution serving our communities.”
LifeStore continues to add features which give the customer more control over their banking experience and recently added benefits including cell phone protection and a buyer’s warranty to its Assurance Checking account. LifeStore Insurance has expanded its footprint, opening a new location in Newland and the Elkin office is making plans to relocate to a larger more accessible location by the end of the year.
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)
|Year Ended||June 30, 2019||June 30, 2018|
|Selected Financial Condition Data:|
|Total assets||$ 300,913||$ 289,773|
|Loans receivable, net1||189,254||182,197|
|Cash and cash equivalents||18,492||29,999|
|Book value per share||$ 30.36||$ 25.56|
|Return on assets||1.36%||1.13%|
|Return on equity||14.06%||12.82%|
|Three Months Ended|
|June 30, 2019||June 30, 2018|
|Selected Operating Data:|
|Interest income and dividends||$ 11,800||$ 10,716|
|Net interest income||8,940||8,373|
|Provision for loan losses||180||186|
|Net interest income after provision for loan losses||8,760||8,187|
|Other non-interest income||3,092||3,052|
|Income before income tax expense||4,713||4,180|
|Income tax expense||773||993|
|Basic earnings per share of common stock||$ 3.86||$ 3.13|
1 Loans receivable, net is compromised of total loans less allowance for loan losses, loans sold, undisbursed loan funds and deferred loan fees.
2 Includes other investments, at cost and investment securities.
3 The efficiency ratio represents non-interest expense as a percentage of the sum of net interest income and non-interest income.