LifeStore Financial Group, Inc. reported a net income of $888,771 for the quarter ended on Dec. 31, 2019, as compared to $801,102 for the quarter ended Dec. 31, 2018.
Net income for the six months ended Dec. 31, 2019, totaled $2 million compared to $1.8 million during the six months ended Dec. 31, 2018, or an increase of 14.1 percent. Basic earnings per share were $1.99 for the six months ended Dec. 31, 2019, as compared to $1.76 for the same period in 2018.
Assets increased by 8.6 percent to $317.3 million by Dec. 31, 2019, and from $292.2 million at December 31, 2018.
Bob Washburn, president and CEO said, “We are pleased with the continued growth in our company. Loans increased 4.8 percent over last year and investment securities increased 18.4 percent. Continued growth in interest-earning assets, an improving business environment and increased revenue from our insurance division contributed to our earnings increase. We appreciate the continued support of LifeStore Bank and LifeStore Insurance customers.”
LifeStore also announced that the renovations at our Jefferson branch have been completed, allowing it to better serve Ashe County.
“We incorporated customer preferences in the design changes to provide the best possible customer experience including expanded drive-thru lanes and an ATM which takes deposits. We are proud of the new Jefferson office design and invite you to visit soon,” said Joedy Eller, chief banking officer.