Uwharrie Capital Corp First Quarter 2024 - Earnings Release

Uwharrie Capital Corp and its subsidiary, Uwharrie Bank, reported consolidated total assets of $1.10 billion at March 31, 2024, showing growth in loans and core deposits.

Rhea-AI Summary

Uwharrie Capital Corp and its subsidiary, Uwharrie Bank, reported consolidated total assets of $1.10 billion at March 31, 2024, showing growth in loans and core deposits. Net income for the first quarter of 2024 was $2.4 million, an improvement over the same period in 2023. Net income available to common shareholders was $2.2 million, or $0.31 per share, compared to $1.8 million, or $0.25 per share, in March 31, 2023. The growth in net income was attributed to an improvement in net interest margin and reduced credit loss reserves.

Positive

• Consolidated total assets of $1.10 billion at March 31, 2024, showing growth in loans and core deposits.

• Net income for the first quarter of 2024 was $2.4 million, an improvement over the same period in 2023.

• Net income available to common shareholders was $2.2 million, or $0.31 per share, compared to $1.8 million, or $0.25 per share, in March 31, 2023.

• Improvement in net income attributed to an improvement in net interest margin and reduced credit loss reserves.

Negative

• None.

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ALBEMARLE, N.C., April 29, 2024 /PRNewswire/ -- Uwharrie Capital Corp (OTCQX: UWHR) and its subsidiary, Uwharrie Bank, reported consolidated total assets of $1.10 billion at March 31, 2024, versus $1.07 billion at December 31, 2023. During the first quarter of 2024, the Bank experienced growth in both loans and core deposits due to continued relationship development in the markets we serve.

Net income for the three-month period ended March 31, 2024 was $2.4 million versus $2.0 million for the same period in 2023. For the three months ended March 31, 2024, net income available to common shareholders was $2.2 million, or $0.31 per share, compared to $1.8 million, or $0.25 per share, for March 31, 2023. Net income available to common shareholders takes into consideration the payment of dividends on preferred stock issued by the Company.

The year-over-year improvement in net income as of March 31, 2024 is due to improvement in net interest margin and reduced requirements of our credit loss reserve associated with our loan portfolio as asset quality remains strong.

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-first-quarter-2024---earnings-release-302130379.html

SOURCE Uwharrie Capital Corp

FAQ

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What were Uwharrie Capital Corp's consolidated total assets at March 31, 2024?

Uwharrie Capital Corp reported consolidated total assets of $1.10 billion at March 31, 2024.

What was the net income for the first quarter of 2024?

The net income for the first quarter of 2024 was $2.4 million, an improvement over the same period in 2023.

What was the net income available to common shareholders in March 31, 2023, and 2024?

Net income available to common shareholders was $2.2 million, or $0.31 per share, compared to $1.8 million, or $0.25 per share, in March 31, 2023.

Why did the net income improve in March 31, 2024?

The improvement in net income was attributed to an improvement in net interest margin and reduced credit loss reserves.