March 12, 2014
LifeStore Financial Group (LSFG), the holding company for LifeStore Bank and LifeStore Insurance Services, Inc., recently reported net income of $380,102 for the six months ended Dec. 31, 2013.
LifeStore President and CEO Bob Washburn said, “I am pleased with the progress we have made in several areas. We have continued to reduce problem assets and increased reserves while seeing some improvement in our local economies. The only negative in earnings is a reduction in mortgage fee income as long term rates have begun to creep up which has slowed refinances. However, we have seen an increase in construction lending and new home purchases.”
LifeStore Bank continues to see improved capital ratios. The Total Risk Weighted ratio increased to 14.74 percent, while anything over 10 percent is considered well capitalized. LifeStore Insurance reports a positive increase in earnings. They continue to enroll people in health insurance and over the past few months have been able to help a significant number of individuals and families sign up for health coverage through the Affordable Care Act.
LifeStore Financial Group, headquartered in West Jefferson, provides banking, investment and insurance services. It is a federally chartered thrift holding company that owns 100% 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 that serves these markets along with Elkin, Lenoir, North Wilkesboro and Sparta.