WEST JEFFERSON — LifeStore Financial Group, Inc. reported a net income of $801,102 for the quarter ending Dec. 31, 2018, compared to $685,165 for the quarter that ended Dec. 31, 2017, or an increase of 16.9 percent.
Net income for the six months that ended Dec. 31, 2018 was $1.8 million, compared to $1.4 million for the six months that ended December 31, 2017, or an increase of 27.4 percent.
“We are pleased to report this increase in operating results,” President and CEO Bob Washburn said. “The increase follows one of our most successful years, where we reported a 35.9 percent increase in earnings from June 30, 2017 to June 30, 2018.”
The bank also reported an increase of $8 million, or 2.8 percent, in net assets from $284.2 million at Dec. 31, 2017 to $292.2 million at Dec. 31, 2018. Deposit growth was solid, growing $10.1 million, or 4.8 percent compared to last year.
LifeStore Insurance also reported solid earnings for the six months ending Dec. 31, 2018, with commission income increasing $81,337, or 3.7 percent, during the period.
LifeStore Insurance has recently expanded its footprint into the Avery County market which includes Newland, Banner Elk and Linville. LifeStore purchased Andrews and Andrews Insurance and plans to continue serving their existing customers which focused heavily on personal and health insurance as well as expanding in the Avery County market.
“They have a great reputation of providing their customers with personal service, and we are fortunate to have their current employees join the LifeStore Insurance team,” LifeStore Insurance President Jody Brown said. “We will be relocating to 151 Cranberry Street in Newland in early spring and look forward to continuing with their tradition of personal, local service.”
LifeStore Financial Group, Inc., headquartered in West Jefferson, provides banking, investment and insurance services. It is a state chartered holding company that owns 100 percent of the common stock of LifeStore Bank — Member FDIC and Equal Housing — and LifeStore Insurance Services, Inc. LifeStore Bank operates branches in Boone, Jefferson and West Jefferson. LifeStore Insurance is an independent insurance agency that serves these markets along with Elkin, Lenoir, North Wilkesboro and Sparta.