LifeStore Financial Group announces significant growth in first quarter earnings
by Dylan Lightfoot
LifeStore Financial Group (LSFG), the holding company for LifeStore Bank and LifeStore Insurance Services, Inc., announced financial results for the first quarter ending Sept. 30, 2012.
Net income was $227,623 or $0.22 per share for the quarter ending on Sept. 30, 2012, compared to a loss of $84,985 or $0.08 per share for the first quarter of 2011. This follows the June 30, 2012, year end results where the Financial Group reported a net income of $569,968. Assets totaled $269.3 million at Sept. 30, 2012.
“I am delighted with the ongoing progress that LifeStore has made over the past year. We have four consecutive quarters of positive earnings results,” said Robert Washburn, President and CEO.
“Another key initiative for us has been to improve all of our capital ratios. Our leverage ratio increased to 9.18 percent. This ratio was 8.75 percent at our fiscal year end in June, and 8.28 percent for the same period in 2011. Our Total Risk Based Capital ratio improved to 14.02 percent, from 13.65 percent in June, and 12.70 percent at the end of the first quarter in 2011. Banks are considered well capitalized if these ratios are 5.0 percent and 10.0 percent, respectively,” said Washburn.
For the quarter the company has had strong non-interest income from both insurance and mortgage operations. Revenues were up $44,725 in insurance operations and up $276,561 in gains on mortgages sold. Another financial highlight came from the FDIC, Federal Deposit Insurance Corporation (FDIC), who publishes deposit data each year on insured financial institutions across the country. The most recent report for June 30, 2012, shows positive deposit share growth for LifeStore Bank in both Ashe and Watauga Counties.
In Ashe County, LifeStore was one of only two banks that had market share growth out of five institutions that operate in the market. LifeStore’s market share in Ashe County is now 30 percent, second in the market, and dollar balances were $146.8 million as of June 30, 2012. In Watauga County, LifeStore was one of six banks that had an increase in deposit balances, with $38.3 million at June 30, 2012, compared to $36.8 for the prior year. LifeStore was fifth in market share growth in Watauga County and seventh out of 14 banks in Watauga market share at June 30, 2012.
LifeStore Financial Group, headquartered in West Jefferson. They provide banking, investment and insurance services. It is a federally chartered thrift holding company that owns 100 percent 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 serving these markets along with 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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