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Uwharrie Capital Corp reports banking-company results through its subsidiary, Uwharrie Bank, with recurring updates on consolidated assets, net income, earnings per share, loans, deposits, net interest margin and credit quality. Company news also covers preferred-stock dividend effects on income available to common shareholders and board actions such as common stock dividends.
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Uwharrie Capital Corp (OTCQX: UWHR) reported a consolidated total asset growth, reaching $1.02 billion as of December 31, 2022, compared to $939.7 million in 2021. However, the net income decreased to $8.2 million from $10.1 million in 2021. Earnings per diluted share fell to $1.08, down from $1.29 the previous year. The primary reason for the earnings decline was a significant reduction in income from mortgage banking, driven by rising interest rates, which caused a slowdown in mortgage originations and limited refinancing opportunities for homeowners.
Uwharrie Capital Corp (OTCQX: UWHR) reported its financial results for the third quarter of 2022. Consolidated total assets increased to $1.04 billion as of September 30, 2022, up from $939.7 million at the end of 2021. However, net income for the nine-month period decreased to $5.3 million compared to $8.9 million in 2021, with earnings per share dropping from $1.14 to $0.69. Net income for the third quarter rose slightly to $2.8 million, up from $2.7 million in 2021. A 2.5% stock dividend is set for payment on November 22, 2022.
Uwharrie Capital Corp (UWHR) reported a significant increase in consolidated total assets, reaching $991.0 million as of June 30, 2022, up from $845.3 million in 2021. However, net income for the six months ended June 30, 2022, declined to $2.5 million compared to $6.2 million in 2021, with earnings per share falling from $0.82 to $0.32. The company attributed the drop to non-recurring earnings in 2021, including one-time gains and the impact of a historical refinancing boom.
Uwharrie Capital Corp (OTCQX: UWHR) announced its year-end results for 2021, reporting consolidated total assets of $939.7 million, up from $827.8 million in 2020. The net income for the year was $10.1 million, an increase from $8.1 million in 2020, translating to earnings per share of $1.33, compared to $1.03 previously. Growth was attributed to the recovery of loan loss allowances and improved interest income, aided by the Small Business Administration's Paycheck Protection Program.