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LifeStore Financial Group Announces Earnings

Staff report

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LifeStore Financial Group (LSFG), the holding company for LifeStore Bank and LifeStore Insurance Services, Inc., announced financial results for the quarter ending December 31, 2012.


Net income was $188,889, or $0.19 per share for the quarter ending on December 31, 2012, and for the six months ending on December 31, 2012 net income was $416,511 compared to $230,667 for the six months ending December 31, 2011.


This follows the June 30, 2012 year-end results where the Financial Group reported a net income of $569,968. Assets totaled $268.1 million at December 31, 2012.


“I am encouraged by our continued success in generating net income,” commented Robert Washburn, President and CEO. “This is the fifth consecutive quarter in which we have seen positive income, and LifeStore Bank’s capital ratios remain strong as well. Our Leverage ratio increased to 9.30 percent.


“This ratio was 8.75 percent at our fiscal year end in June, and 9.18 percent as of September 30, 2012. Our Total Risk Based Capital ratio improved to 14.34 percent, an increase from 13.65 percent in June, and 14.02 percent at the end of September. Banks are considered well capitalized if these ratios are 5.0 percent and 10.0 percent respectively.”


LifeStore Financial Group is headquartered in West Jefferson. It provides banking, investment and insurance services and operates branches in Boone, Jefferson, Warrensville and West Jefferson.


LifeStore Insurance is an independent insurance agency serving markets in Elkin, Lenoir, North Wilkesboro and Sparta.


The financial condition, results of operations and other business of LifeStore Financial Group and Subsidiaries are subject to various factors. Factors that could influence the financial condition and results of operations include changes in the national, regional and local market conditions, a slowing economy, layoffs and legislative and regulatory conditions.

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