LifeStore Financial Group Inc. reported a net income of $1,289,269 for the quarter which ended March 31, compared to $1,076,509 for the quarter which ended March 31, 2018, an increase of 19.8 percent. Net income for the nine months which ended March 31 was $3.1 million compared to $2.5 million for the nine months before March 31, 2018, or an increase of 24.1 percent.
The company also reported an increase of $8.6 million, or 3 percent, in net assets from $288.6 million to $297.2 million. Deposit growth was solid, growing $11.2 million, or 5.3 percent compared to last year. Nonperforming loans to total loans decreased from .87 percent at March 31, 2018 to .81 percent at March 31.
“We are pleased to report these positive results for the quarter ended March 31, 2019,” Bob Washburn, president and CEO, said. “Our net income growth was supported by solid interest earning asset growth, disciplined expense management, stable credit quality and increases in noninterest income both in the bank and insurance. None of this would occur if our employees did not continually provide a superior level of service to our customers.”
LifeStore Insurance has recently expanded its footprint into the Avery County market with the purchase of Andrews and Andrews Insurance. The office will be relocating in May to 151 Cranberry Street in Newland. Additionally, it has begun a major renovation of the Jefferson location. It will include interior renovations, expanded drive thru lanes and the addition of a drive-up ATM.