Uwharrie Capital Corp Releases Second Quarter 2024 Earnings

Rhea-AI Summary

Uwharrie Capital Corp (OTCQX: UWHR) reported strong financial results for Q2 2024. The company's consolidated total assets reached $1.12 billion on June 30, 2024, up from $1.07 billion at the end of 2023. Net income for the first half of 2024 increased to $4.6 million, compared to $4.2 million in the same period of 2023. Net income available to common shareholders rose to $4.3 million, or $0.61 per share, up from $3.9 million, or $0.54 per share, year-over-year. For Q2 2024, net income remained stable at $2.2 million, with $2.1 million available to common shareholders, translating to $0.29 per share.

Positive

• Consolidated total assets increased to $1.12 billion, up 4.7% from December 31, 2023
• Net income for H1 2024 grew to $4.6 million, a 9.5% increase year-over-year
• Net income available to common shareholders rose to $4.3 million, up 10.3% from H1 2023
• Earnings per share increased to $0.61 for H1 2024, up from $0.54 in H1 2023

Negative

• None.

ALBEMARLE, N.C., July 19, 2024 /PRNewswire/ -- Uwharrie Capital Corp (OTCQX: UWHR) and its subsidiary, Uwharrie Bank (the "Bank"), reported consolidated total assets of $1.12 billion on June 30, 2024, versus $1.07 billion on December 31, 2023.

Net income for the six-month period ended June 30, 2024, was $4.6 million versus $4.2 million for the same period in 2023. For the six months ended June 30, 2024, net income available to common shareholders was $4.3 million, or $0.61 per share, compared to $3.9 million, or $0.54 per share, for the six months ended June 30, 2023. Net income available to common shareholders takes into consideration the payment of dividends on preferred stock issued by the Bank.

Net income for both three-month periods ended June 30, 2024 and 2023, was $2.2 million. For the three months ended June 30, 2024 and 2023, net income available to common shareholders was $2.1 million, or $0.29 per share.

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.

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SOURCE Uwharrie Capital Corp

FAQ

What was Uwharrie Capital Corp's (UWHR) net income for Q2 2024?

Uwharrie Capital Corp (UWHR) reported a net income of $2.2 million for the second quarter of 2024, which remained stable compared to the same period in 2023.

How much did Uwharrie Capital Corp's (UWHR) total assets grow in H1 2024?

Uwharrie Capital Corp's (UWHR) consolidated total assets grew to $1.12 billion as of June 30, 2024, an increase from $1.07 billion on December 31, 2023, representing a growth of approximately 4.7%.

What was Uwharrie Capital Corp's (UWHR) earnings per share for H1 2024?

Uwharrie Capital Corp (UWHR) reported earnings per share of $0.61 for the six-month period ended June 30, 2024, an increase from $0.54 per share for the same period in 2023.

How did Uwharrie Capital Corp's (UWHR) net income change in H1 2024 compared to H1 2023?

Uwharrie Capital Corp's (UWHR) net income for the first half of 2024 increased to $4.6 million, up from $4.2 million in the same period of 2023, representing a 9.5% year-over-year growth.