LifeStore Financial Group, Inc. Reports Quarter End Results: November 2021
November 1, 2021 - LifeStore Financial Group, Inc. reported net income of $1,266,984 for the quarter ended September 30, 2021, as compared to $1,748,174 for the quarter ended September 30, 2020. Basic earnings per share were $1.23 as compared to $1.70 for the same period in 2020. Assets increased 2.6% to $400.2 million at September 30, 2021.
Bob Washburn, President and CEO noted, “We had another outstanding quarter with Return On Assets of 1.77% and Return On Equity of 15.92%. Although our income is down 27.5% over the prior year, we are pleased with our income and asset growth. We knew the income we recognized the prior year from extraordinary mortgage volume and PPP loans would be hard to maintain. Mortgage volume has decreased, but we continue to benefit from our diverse non-interest income sources. We ended the quarter with a healthy level of liquidity and capital.”
As the pandemic continues to present unique challenges, Bob Washburn also noted, "We couldn’t be prouder of our staff and the level of customer service they provide every day. This service was recently recognized by Boone Area Chamber of Commerce when they awarded LifeStore Bank with the Alfred Adams for Economic Development Award. This award recognized LifeStore Bank for helping small businesses and the community during the pandemic. In addition, Financial Consultant, Sandy Grubb, was recognized by the Ashe County Chamber of Commerce for providing “Outrageous Customer Service.”
“We continue this service to our community by announcing a new account for local consumers to have a safe place for their money and easy access for check cashing and paying bills. The account, Progress, is a certified Bank On account, is checkless and has no overdraft fees. This account will help those outside of the banking system to build a solid foundation. LifeStore is committed to remaining a locally-owned financial institution serving our communities.”
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.
LifeStore Financial Group, Inc.
| As of September 30, 2021 | As of September 30, 2020 | |
|---|---|---|
| Selected Financial Condition Data: | (Dollars in thousands) | (Dollars in thousands) |
| Total assets | $400,209 | $357,471 |
| Loans receivable, net1 | 205,534 | 198,756 |
| Investment Securities2 | 80,894 | 78,603 |
| Cash and cash equivalents | 85,190 | 48,396 |
| Deposits | 331,109 | 281,492 |
| Borrowings | 19,155 | 33,027 |
| Equity | 44,244 | 37,632 |
| Book value per share | $42.93 | $36.52 |
| Return on assets | 1.77% | 1.98% |
| Return on equity | 15.92% | 19.02% |
| Efficiency ratio3 | 70.44% | 61.71% |
| Three Months Ended | Three Months Ended | |
| September 30, 2021 | September 30, 2020 | |
| (Dollars in thousands) | (Dollars in thousands) | |
| Selected Operating Data: | ||
| Interest income and dividends | $3,128 | $2,838 |
| Interest expense | 272 | 580 |
| Net interest income | 2,856 | 2,258 |
| Provision for loan losses | 17 | 214 |
| Net interest income after provision for loan losses | 2,839 | 2,044 |
| Insurance commissions | 1,386 | 1,388 |
| Other non-interest income | 1,050 | 2,473 |
| Non-interest expense | 3,728 | 3,776 |
| Income before income tax expense | 1,547 | 2,129 |
| Income tax expense | 280 | 381 |
| Net Income | 1,267 | 1,748 |
| Basic earnings per share of common stock | $1.23 | $1.70 |
1 Loans receivable, net is comprised 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.