BOONE — LifeStore Financial Group Inc. reported net income of $3,939,798 for the year ended June 30, 2019, as compared to $3,186,855 for the year ended June 30, 2018. Basic earnings per share were $3.86, as compared to $3.13 for the same period in 2018. Assets increased 3.8 percent to $300.9 million at June 30, 2019.
“We had another outstanding year with net income up 23.6 percent over the prior year. 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 our customers at LifeStore Bank and LifeStore Insurance,” said President and CEO Bob Washburn.
LifeStore Insurance, located in Boone, Jefferson and West Jefferson, has expanded its footprint, opening a new location in Newland and the Elkin office is making plans to relocate to a larger more accessible location by the end of the year. LifeStore Financial Group Inc., headquartered in West Jefferson, provides banking, investment and insurance services.