By: Nathan HamSports Writernham@civitasmedia.com
March 24, 2013
LifeStore Financial Group (LSFG), the holding company for LifeStore Bank and LifeStore Insurance Services, Inc., announced financial results for the quarter ending Dec. 31, 2012.
Net income was $188,889 or $0.19 per share for the quarter ending on Dec. 31, 2012, and for the six months ended Dec. 31, 2012 net income was $$416,511 compared to $230,667 for the six months ended Dec. 31, 2011. This follows the June 30, 2012 year end results where the Financial Group reported a net income of $569,968. Assets totaled $268.1 million at Dec. 31, 2012.
“I am encouraged by our continued success in generating net income,” said Robert Washburn, President and CEO. “This is the fifth consecutive quarter in which we have seen positive income, and LifeStore Bank’s capital ratios remain strong as well. Our Leverage ratio increased to 9.30 percent. This ratio was 8.75 percent at our fiscal year end in June, and 9.18 percent as of Sept. 30, 2012. Our Total Risk Based Capital ratio improved to 14.34 percent, an increase from 13.65 percent in June, and 14.02 percent at the end of September. Banks are considered well capitalized if these ratios are 5.0 percent and 10.0 percent, respectively.”
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.