LifeStore Financial Group reports solid second quarter

Staff Report

WEST JEFFERSON — LifeStore Financial Group reported net income for the quarter ending Dec. 31, 2017, of $685,000, as compared to $422,000 for the same period in 2016. Basic earnings per share were $0.67, as compared to $0.41 for the same period in 2016. The reduction in corporate tax rates from the legislation passed in December caused the bank to adjust its tax deferred assets and liabilities. The net impact was a write down of $107,632 during the quarter ended Dec. 31, 2017.

Bob Washburn, president and CEO, noted, “The second quarter was solid for us, continued growth of our loan portfolio and an improving business environment contributed to our earnings increase. Through mid-year both loans and deposits are on budget and we have had positive market growth in our insurance division.

“We appreciate the continued support of our customers as LifeStore Bank and our mortgage department were recently recognized in the Ashe County market by the Post Times ‘Best of the Best’ awards,” he said.

LifeStore is planning on adding a number of new products and services to make banking more convenient for its customers during 2018. These products will include Mobile Wallet, which uses the technology found in most new smart phones and in some smart watches to make secure mobile payments. LifeStore is adding ways to assist debit card holders to monitor the usage of their card and will be making some improvements at the bank branches too.

“Technology is advancing the way we all do business,” said Judy Current, marketing and public relations director. “We have a lot of exciting things planned for our customers. Protection of customer’s information is the first consideration in everything we evaluate. I believe customers will be excited with our new offerings.”

LifeStore Financial Group, headquartered in West Jefferson, provides banking, investment and insurance services. It is a federally chartered thrift holding company that owns 100% of the common stock of LifeStore Bank (Member FDIC and Equal Housing Lender) and 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.

Staff Report