LifeStore Financial Group, Inc. reported net income of $1,289,269 for the quarter ended March 31, 2019 compared to $1,076,509 for the quarter ended March 31, 2018, or an increase of 19.8 percent.
Net income for the nine months ended March 31, 2019 was $3.1 million compared to $2.5 million for the nine months ended 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 at March 31, 2018 to $297.2 million at March 31, 2019. 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, 2019.
Bob Washburn, President and CEO noted, “We are pleased to report these positive results for the quarter ended March 31, 2019. 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, LifeStore has begun a major renovation of its Jefferson location. It will include interior renovations; expanded drive thru lanes and the addition of a drive-up ATM allowing to better serve customers.