LifeStore Financial Group Reports Quarter Results - Nov. 22
October 28, 2022 - LifeStore Financial Group, Inc. reported net income of $1,575,826 for the quarter ended September 30, 2022, as compared to $1,266,984 for the quarter ended September 30, 2021. Basic earnings per share were $1.53 as compared to $1.23 for the same period in 2021. Assets increased 4.3% to $420.9 million during the quarter ended September 30, 2022.
Bob Washburn, President and CEO noted, “We are pleased to report another quarter of strong performance. We had solid loan growth of $10.0 million and investment securities increased $5.5 million during the quarter. Asset quality remains excellent. Our net interest margin has trended upward due to improvements on yields for earning assets as a result of the multiple rate increases in prime and other indices; however, our cost of funds has also started to increase. Mortgage loan volume has dropped, as it has across the country, as borrowers are hesitant to purchase new homes or refinance existing mortgage loans as mortgage rates increase to close to 7%.
We recently purchased two insurance agencies, the Laurence Agency, and the Buck Agency. These agencies served clients throughout North Carolina with health and life insurance, emphasizing Medicare Advantage and Medicare Supplement policies. We look forward to assisting these clients as we expand our Medicare business.
From a strategic standpoint, we are continuing to expand our digital platform and using technology to enhance our customers’ experience while keeping the same level of service our customers expect and deserve. I am proud of our employees’ efforts to deliver for our customers and shareholders.”
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, 2022||As of September 30, 2021|
|Selected Financial Condition Data:||(Dollars in thousands)||(Dollars in thousands)|
|Loans receivable, net1||251,718||205,534|
|Cash and cash equivalents||28,708||85,190|
|Book value per share||$40.82||$42.93|
|Return on assets||1.53%||1.77%|
|Return on equity||14.73%||15.92%|
|Three Months Ended||Three Months Ended|
|September 30, 2022||September 30, 2021|
|(Dollars in thousands)||(Dollars in thousands)|
|Selected Operating Data:|
|Interest income and dividends||$3,901||$3,128|
|Net interest income||3,598||2,856|
|Provision for loan losses||18||17|
|Net interest income after provision for loan losses||3,580||2,839|
|Other non-interest income||776||1,050|
|Income before income tax expense||1,944||1,547|
|Income tax expense||368||280|
|Basic earnings per share of common stock||$1.53||$1.23|
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 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.