LifeStore Reports Solid First Quarter
LifeStore Financial Group, Inc. reported net income of $995,049 for the quarter ended September 30, 2018 compared to $725,202 for the quarter ended September 30, 2017, an increase of 37.21%.
Bob Washburn, President and CEO noted, “We are pleased to report these operating results. The increase follows one of our most successful years where we reported a 35.9% increase in earnings over the prior year.
The bank reports an increase in both deposits and loans during the period. Loans grew $4.6 million or 2.5% from September 2017 to September 2018. Our deposit growth was solid growing $10.1 million or 5.0% compared to last year.
LifeStore Insurance also reported solid earnings for the quarter with commission income increasing $61,333, or 5.2% during the quarter.
In the coming year, LifeStore will begin renovating its location at 840 East Main Street in Jefferson. The renovations will include: expanded drive thru lanes, adding an ATM and updating the interior. Washburn adds, “We are excited about making these improvements to the Jefferson branch and plan to make them without interrupting service to our customers.”
LifeStore Financial Group, Inc. headquartered in West Jefferson, provides banking, investment and insurance services. It is a state chartered holding company that owns 100% of the common stock of LifeStore Bank (Member FDIC and Equal Housing Lender) and LifeStore Insurance Services, Inc. LifeStore Bank operates branches in Boone, Jefferson, Warrensville and West Jefferson. LifeStore Insurance is an independent insurance agency that serves these markets along with Elkin, Lenoir, North Wilkesboro and Sparta.
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Actual results might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include, without limitation: the effects of future economic conditions; governmental fiscal and monetary policies; legislative and regulatory changes; the risks of changes in interest rates; management of growth; fluctuations in our financial results; reliance on key personnel; our ability to compete effectively; privacy, security and other risks associated with our business.
LifeStore Financial Group, Inc. and Subsidiaries
(Dollars in thousands)
|Year Ended||September 30, 2018||September 30, 2017|
|Selected Financial Condition Data:|
|Total assets||$ 286,130||$ 281,296|
|Loans receivable, net1||184,634||180,080|
|Cash and cash equivalents||22,548||24,563|
|Book value per share||$ 25.82||$ 23.33|
|Return on assets||1.38%||1.04%|
|Return on equity||15.20%||12.40%|
|Three Months Ended|
|September 30, 2018||September 30, 2017|
|Selected Operating Data:|
|Interest income and dividends||$ 2,841||$ 2,606|
|Net interest income||2,196||2,042|
|Provision for loan losses||20||112|
|Net interest income after provision for loan losses||2,176||1,930|
|Other non-interest income||813||870|
|Income before income tax expense||1,205||933|
|Income tax expense||210||208|
|Basic earnings per share of common stock||$ 0.98||$ 0.71|
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.