Uwharrie Capital Corp Announces Year-End 2021 - Earnings Release

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Rhea-AI Summary

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.

Positive

Net income increased to $10.1 million from $8.1 million year-over-year.
Earnings per share rose to $1.33 from $1.03 in the previous year.
Total assets grew by $111.9 million to $939.7 million.

Negative

None.

News Market Reaction – UWHR

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+3.55% Session move

In the trading session that priced this news, UWHR gained 3.55%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

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03/11/2022 - 02:09 PM

ALBEMARLE, N.C., March 11, 2022 /PRNewswire/ -- Uwharrie Capital Corp (OTCQX: UWHR) and its subsidiary, Uwharrie Bank, reported consolidated total assets of $939.7 million at December 31, 2021, versus $827.8 million at December 31, 2020.

Net income for the twelve-month period ended December 31, 2021, was $10.1 million versus $8.1 million for the same period in 2020. For the twelve months ended December 31, 2021, net income available to common shareholders was $9.5 million or $1.33 per share compared to $7.5 million or $1.03 per share for December 31, 2020. Net income available to common shareholders takes into consideration the payment of dividends on preferred stock issued by the Company.

The earnings growth for 2021 was driven by recoveries in the Allowance for Loan Losses during 2021 due to a recovering economy from the global pandemic that began in 2020. Additionally, interest income improved for the year with the continued transition of cash into the investment portfolio and fees recognized as a result of loan forgiveness through the Small Business Administration's Paycheck Protection Program (SBA PPP).

About Uwharrie Capital Corp
Uwharrie Capital Corp offers a full range of financial solutions through its subsidiaries: Uwharrie Bank and Uwharrie Investment Advisors. Additional information on Uwharrie Capital Corp may be found at www.Uwharrie.com or by calling 704-982-4415.

View original content:https://www.prnewswire.com/news-releases/uwharrie-capital-corp-announces-year-end-2021---earnings-release-301501101.html

SOURCE Uwharrie Capital Corp

FAQ

What were Uwharrie Capital Corp's earnings for 2021?

Uwharrie Capital Corp reported net income of $10.1 million for the year ended December 31, 2021.

How much did Uwharrie Capital's total assets increase in 2021?

Total assets increased by $111.9 million, reaching $939.7 million as of December 31, 2021.

What was the EPS for Uwharrie Capital in 2021?

The earnings per share (EPS) for Uwharrie Capital in 2021 was $1.33.

What contributed to the earnings growth of Uwharrie Capital in 2021?

Earnings growth was driven by recoveries in the Allowance for Loan Losses and improved interest income from the investment portfolio.