Uwharrie Capital Corp Year-End 2024 - Earnings Release

Rhea-AI Summary

Uwharrie Capital Corp (OTCQX: UWHR) reported strong financial results for the year ended December 31, 2024. The company's consolidated total assets reached $1.13 billion, up from $1.07 billion in 2023. Net income increased to $9.9 million in 2024, compared to $8.6 million in 2023.

Net income available to common shareholders rose to $9.3 million, or $1.30 per diluted share, from $8.0 million, or $1.09 per diluted share in 2023. The improved performance was primarily attributed to increased net interest margin from a larger loan portfolio.

Positive

• Total assets grew 5.6% YoY to $1.13 billion
• Net income increased 15.1% YoY to $9.9 million
• Earnings per diluted share rose 19.3% to $1.30
• Net interest margin improved due to larger loan portfolio

Negative

• None.

ALBEMARLE, N.C., Feb. 24, 2025 /PRNewswire/ -- Uwharrie Capital Corp (OTCQX: UWHR) and its subsidiary, Uwharrie Bank, reported consolidated total assets of $1.13 billion at December 31, 2024, versus $1.07 billion at December 31, 2023. 

Net income for the twelve-month period ended December 31, 2024, was $9.9 million versus $8.6 million for the same period in 2023.  For the twelve months ended December 31, 2024, net income available to common shareholders was $9.3 million, or $1.30 per diluted share, compared to $8.0 million, or $1.09 per diluted share, for December 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 December 31, 2024 is, in large part, the result of increased net interest margin earned on a substantially larger loan portfolio.

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 full-year 2024?

Uwharrie Capital Corp reported a net income of $9.9 million for the full year 2024, compared to $8.6 million in 2023.

How much did UWHR's earnings per share increase in 2024?

UWHR's diluted earnings per share increased to $1.30 in 2024, up from $1.09 in 2023, representing a 19.3% increase.

What were Uwharrie Capital's (UWHR) total assets at the end of 2024?

Uwharrie Capital Corp's consolidated total assets were $1.13 billion as of December 31, 2024, compared to $1.07 billion at the end of 2023.

What drove UWHR's improved financial performance in 2024?

The improvement in net income was primarily driven by increased net interest margin earned on a substantially larger loan portfolio.