LifeStore Reports Solid Earnings, October 2019
LifeStore Financial Group, Inc. reported net income of $1,159,850 for the quarter ended September 30, 2019, as compared to $995,049 for the quarter ended September 30, 2018. Basic earnings per share were $1.13, as compared to $0.98 for the same period in 2018. Assets increased 8.2% to $309.6 million at September 30, 2019 from $286.1 million at September 30, 2018.
Bob Washburn, President and CEO noted, “We had a great start to our new year with net income up 37.2% 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.”
We are also excited to announce that the renovations of our Jefferson branch are nearing completion, allowing us to better serve Ashe County. “We incorporated customer preferences in the design changes with the objective of providing the best possible customer experience including expanded drive-thru lanes and an ATM which takes deposits. We are proud of the new Jefferson office design and invite you to visit soon,” commented Joedy Eller, Chief Banking Officer.
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||September 30, 2019||September 30, 2018|
|Selected Financial Condition Data:|
|Total assets||$ 309,609||$ 286,130|
|Loans receivable, net1||190,411||184,634|
|Cash and cash equivalents||24,598||22,548|
|Book value per share||$ 31.57||$ 25.82|
|Return on assets||1.52%||1.38%|
|Return on equity||14.54%||15.20%|
|Three Months Ended|
|September 30, 2019||September 30, 2018|
|Selected Operating Data:|
|Interest income and dividends||$ 3,113||$ 2,841|
|Net interest income||2,312||2,196|
|Provision for loan losses||45||20|
|Net interest income after provision for loan losses||2,267||2,176|
|Other non-interest income||950||813|
|Income before income tax expense||1,389||1,205|
|Income tax expense||229||210|
|Basic earnings per share of common stock||$ 1.13||$ 0.98|
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.