Earnings rise at Uwharrie Capital (UWHR) with stronger Q1 2026 profit

Rhea-AI Filing Summary

Uwharrie Capital Corp reported stronger results for the quarter ended March 31, 2026, reflecting growth in both balance sheet and earnings. Total assets reached $1.25B, up from $1.16B, while total deposits rose to $1.13B, supported by relationship growth across core markets.

Net income was $3.22M, compared with $2.55M in Q1 2025, and net income attributable to common shareholders was $3.08M. Basic and diluted earnings per share increased to $0.43 from $0.33. Net interest income improved to $9.76M, and management highlighted a 13% rise in Pre-Tax, Pre-Provision Income.

Credit quality remained favorable, with only 0.29% of total loans past due 30+ days or on non-accrual, compared with an FFIEC peer level of 1.25%. Shareholders’ equity grew to $76.66M, and book value per share rose to $9.23, reflecting retained earnings and improved accumulated other comprehensive loss.

Positive

• Stronger profitability: Net income increased to $3.22M from $2.55M, and EPS rose to $0.43 from $0.33, indicating improved earnings performance.
• Healthy credit quality: Only 0.29% of total loans were past-due 30+ days or non-accrual, well below the FFIEC peer level of 1.25%, supporting a favorable risk profile.

Negative

• None.

Insights

Banking sector equity analyst

Q1 2026 shows solid growth in earnings, capital and credit quality.

Uwharrie Capital Corp delivered higher profitability in Q1 2026. Net income rose to $3.22M from $2.55M, and earnings per share increased to $0.43 from $0.33, indicating improved core earnings power.

Balance sheet expansion was measured, with total assets at $1.25B and deposits at $1.13B. Net interest income increased to $9.76M, while Pre-Tax, Pre-Provision Income grew 13%, suggesting better underlying operating performance before credit costs and taxes.

Asset quality metrics appear favorable: only 0.29% of total loans were past due 30+ days or on non-accrual versus an FFIEC peer level of 1.25%. Shareholders’ equity climbed to $76.66M and book value per share to $9.23, which reflects capital accretion alongside growth in loans and securities.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Total assets: $1,249,214 thousand Total deposits: $1,131,403 thousand Net income: $3,215 thousand +5 more

8 metrics

Total assets $1,249,214 thousand As of March 31, 2026

Total deposits $1,131,403 thousand As of March 31, 2026

Net income $3,215 thousand Quarter ended March 31, 2026

Net income attributable to common shareholders $3,076 thousand Quarter ended March 31, 2026

Net interest income $9,764 thousand Quarter ended March 31, 2026

Pre-Tax, Pre-Provision Income $4,000 thousand Q1 2026, 13% increase vs Q1 2025

Earnings per share (basic and diluted) $0.43 Quarter ended March 31, 2026

Past-due and non-accrual loans 0.29% of total loans Compared with FFIEC peer 1.25% as of March 31, 2026

Key Terms

Pre-Tax, Pre-Provision Income, allowance for credit losses, noninterest income, noninterest expense, +2 more

6 terms

Pre-Tax, Pre-Provision Income financial

"Pre-Tax, Pre-Provision Income* for Q1 2026 was $4, compared to $3 in Q1 2025"

Pre-tax, pre-provision income is a measure of a financial firm's earnings before deducting taxes and the money it sets aside to cover potential loan losses. Think of it as the company’s operating profit before accounting for future bad debts and taxes; like a shop’s sales minus running costs but before any emergency savings for damaged goods. Investors use it to see core profitability and to compare operating performance across periods or firms without the noise of loan-loss reserves and tax effects.

allowance for credit losses financial

"Less: allowance for credit losses on loans | | | (6,399 )"

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

noninterest income financial

"Total noninterest income | | | 2,959 | | | | 2,381"

Noninterest income is the money a bank or financial firm earns from activities other than charging interest on loans, such as account fees, transaction charges, advisory and underwriting fees, trading gains, and service income — like a store making extra money from repairs, warranties or delivery charges rather than product sales. It matters to investors because it shows how diversified a company’s revenue is and whether it can withstand changes in interest rates; a strong noninterest income stream can stabilize profits but may also be more variable than steady loan interest.

noninterest expense financial

"Total noninterest expense | | | 8,695 | | | | 7,928"

Costs a company incurs that are not tied to borrowing or lending, such as employee pay, rent, technology, marketing, and office supplies. Think of a household: noninterest expense is everything you pay for living and running the home except mortgage or loan interest; for investors, it shows how efficiently a company runs its core operations and directly affects profit margins and the cash available for growth or dividends.

bank-owned life insurance financial

"Bank-owned life insurance | | | 8,114 | | | | 7,972"

Bank-owned life insurance (BOLI) is a life insurance policy that a bank purchases with itself as the beneficiary, typically on the lives of selected employees, so the bank receives the payout when a covered person dies. Investors care because these policies show up as assets on a bank’s balance sheet and generate tax-advantaged income and cash flow that can help offset employee benefit costs and smooth reported earnings—think of it as a low-profile savings vehicle that also provides a death benefit, which affects a bank’s reported profitability and risk profile.

accumulated other comprehensive loss financial

"Accumulated other comprehensive loss | | | (18,254 ) | | | | (22,328 )"

Accumulated other comprehensive loss is the running negative total of certain gains and losses that companies record outside their regular profit-and-loss statement, such as changes in the value of some investments, pension adjustments, or currency translation effects. It matters to investors because it reduces shareholders’ equity and reveals economic swings that haven’t affected reported net income yet — like a side ledger showing pending ups and downs that could influence future cash flow or balance-sheet strength.

Earnings Snapshot

Net income: $3,215 thousand

Quarter ended March 31, 2026

Net income $3,215 thousand

Net income attributable to common shareholders $3,076 thousand

Earnings per share (basic and diluted) $0.43

Net interest income $9,764 thousand

Pre-Tax, Pre-Provision Income $4,000 thousand +13% vs Q1 2025

Understanding 8-K Material Events →

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 22, 2026

Uwharrie Capital Corp

(Exact name of Registrant as Specified in Its Charter)

North Carolina			000-22062	56-1814206
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
132 North First Street
Albemarle, North Carolina				28001
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: 704 983-6181

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
None		N/A		N/A

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 22, 2026, Uwharrie Capital Corp (the “Registrant”) released a quarterly report to its shareholders that included a letter to the shareholders from President and CEO Roger L. Dick and unaudited financial information for the period ended March 31, 2026.

A copy of this report is attached hereto as Exhibit 99.1 and incorporated by reference herein.

This Current Report on Form 8-K (including information included or incorporated by reference herein) may contain, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements regarding certain of the Registrant’s goals and expectations with respect to earnings, income per share, revenue, expenses and the growth rate in such items, as well as other measures of economic performance, including statements relating to estimates of credit quality trends, and (ii) statements preceded by, followed by or that include the words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “projects,” “outlook” or similar expressions. These statements are based upon the current belief and expectations of the Registrant’s management and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond the Registrant’s control).

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number		Description
99.1		Quarterly report to shareholders for the period ended March 31, 2026
104		Cover page interactive data file (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		UWHARRIE CAPITAL CORP
Date: May 22, 2026		By:	/s/ Heather H. Almond
			Heather H. Almond
			Principal Financial Officer

Exhibit 99.1

May 22, 2026

Dear Shareholder:

We are pleased to report on the progress of your Company for the first quarter of 2026. Performance during the quarter reflects continued stability in the core financial services business, a disciplined approach to growth, and a focus on stewardship that supports long-term value creation for both shareholders and the communities we serve. The broader economic environment entering 2026 remained mixed but generally constructive. Interest rates stabilized during the quarter, and while inflation and geopolitical events continue to influence markets, overall economic activity has remained resilient. Businesses and consumers alike have shown a willingness to invest and plan, even amid ongoing uncertainty.

Your Company remains focused on the principles that have guided Uwharrie since its founding: prudent lending, thoughtful growth, local decision‑making, and strong customer relationships. Our balance sheet strategy emphasizes stability and flexibility, allowing us to serve our customers responsibly while remaining well positioned to adapt as economic conditions evolve. This disciplined approach reflects our commitment to stewardship—ensuring that growth strengthens ownership, participation, and long‑term community vitality.

During the first quarter, your Company achieved the following milestones:

•Total assets reached $1.25B, representing a 4% increase from December 31, 2025

•Deposit growth totaled $51M, or 5%, reflecting continued relationship development across our core markets

•Net income for the quarter was $3.2M, compared to $2.6M in Q1 2025

•Pre-Tax, Pre-Provision Income* for Q1 2026 was $4.0M, compared to $3.6M in Q1 2025, a 13% increase

•Credit quality remained sound, with 0.29% of total loans as past-due 30+ days or non-accrual compared to FFIEC peer** of 1.25%

Looking ahead, we expect economic conditions to remain dynamic, presenting both challenges and opportunities. While the timing and pace of future interest‑rate changes remain uncertain, we believe our conservative approach, sound governance, and strong foundation position us well across a range of scenarios. Our focus remains on disciplined performance, long‑term stewardship, and serving the communities that entrust us with their capital.

We appreciate the continued trust and confidence of our shareholders. Your support allows us to remain rooted in the communities we serve while pursuing sustainable growth that reflects our shared values.

With gratitude,

UWHARRIE CAPITAL CORP

/s/ Roger L. Dick

President and Chief Executive Officer

*Pre-Tax, Pre-Provision Income is a non-GAAP measure. This metric is used by management to measure income from recurring operations.

**Federal Financial Institutions Examination Council report of Uniform Bank Performance Report from Call Report data as of March 31, 2026.

This Report may contain, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements regarding certain of the Company's goals and expectations with respect to earnings, income per share, revenue, expenses and the growth rate in such items, as well as other measures of economic performance, including statements relating to estimates of credit quality trends, and (ii) statements preceded by, followed by or that include the words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “projects,” “outlook,” or similar expressions. These statements are based upon the current belief and expectations of the Company‘s management and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control).

Uwharrie Capital Corp and Subsidiaries
Consolidated Balance Sheets (Unaudited)
		March 31,				March 31,
(Amounts in thousands except share and per share data)		2026				2025
Assets
Cash and due from banks		$	10,543			$	10,124
Interest-earning deposits with banks			105,646				67,076
Securities available for sale			366,836				343,866
Securities held to maturity (fair value $19,997 and $24,226, respectively)			21,962				26,784
Less: allowance for credit losses on securities held to maturity			(45	)			(68	)
Net securities held to maturity			21,917				26,716
Equity securities, at fair value			324				311
Loans held for sale			11,322				4,546
Loans held for investment			685,959				664,902
Less: allowance for credit losses on loans			(6,399	)			(6,065	)
Net loans held for investment			679,560				658,837
Premises and equipment, net			15,617				14,208
Interest receivable			4,578				4,697
Restricted stock			1,825				1,748
Bank-owned life insurance			8,114				7,972
Deferred income tax			7,311				8,282
Loan servicing assets			3,593				3,834
Other assets			12,028				11,192
Total assets		$	1,249,214			$	1,163,409
Liabilities
Deposits:
Demand, noninterest-bearing		$	299,137			$	282,049
Interest checking and money market accounts			428,956				405,730
Savings accounts			114,101				95,810
Time deposits, $250,000 and over			133,564				134,444
Other time deposits			155,645				141,258
Total deposits			1,131,403				1,059,291
Short-term borrowed funds			166				1,467
Long-term debt			29,067				29,180
Other liabilities			11,918				11,125
Total liabilities			1,172,554				1,101,063
Shareholders' Equity
Common stock, $1.25 par value: 20,000,000 shares authorized;
issued and outstanding or in process of issuance
7,149,685 and 7,061,777 shares, respectively.
Book value per share $9.23 in 2026 and $7.11 in 2025 (1)			8,937				8,827
Additional paid-in capital			13,250				12,427
Undivided profits			62,072				52,765
Accumulated other comprehensive loss			(18,254	)			(22,328	)
Total Uwharrie Capital Corp shareholders' equity			66,005				51,691
Noncontrolling interest			10,655				10,655
Total shareholders' equity			76,660				62,346
Total liabilities and shareholders' equity		$	1,249,214			$	1,163,409
(1) Net income per share, book value per share and weighted average shares outstanding have been adjusted to reflect the 3.0% stock dividend in 2025.

Uwharrie Capital Corp and Subsidiaries
Consolidated Statements of Income (Unaudited)
		Three Months Ended
		March 31,
(Amounts in thousands except share and per share data)		2026				2025
Interest Income
Interest and fees on loans		$	10,614			$	10,225
Interest on investment securities			3,241				3,087
Interest-earning deposits with banks and federal funds sold			728				490
Total interest income			14,583				13,802
Interest Expense
Interest paid on deposits			4,494				4,355
Interest paid on borrowed funds			325				343
Total interest expense			4,819				4,698
Net Interest Income			9,764				9,104
Provision for (recovery of) credit losses			(62	)			281
Net interest income after provision for (recovery of) credit losses			9,826				8,823
Noninterest Income
Service charges on deposit accounts			289				259
Interchange and card transaction fees			242				249
Other service fees and commissions			1,054				981
Gain on sale of securities			186				-
Realized/unrealized gain (loss) on equity securities			21				(23	)
Income from mortgage banking			1,181				1,051
Other income (loss)			(14	)			(136	)
Total noninterest income			2,959				2,381
Noninterest Expense
Salaries and employee benefits			5,882				5,420
Occupancy expense			497				464
Equipment expense			199				204
Data processing			225				213
Loan costs			66				89
Professional fees and services			213				270
Marketing and donations			395				359
Software amortization and maintenance			410				364
Other operating expenses			808				545
Total noninterest expense			8,695				7,928
Income before income taxes			4,090				3,276
Provision for income taxes			875				723
Net Income		$	3,215			$	2,553
Consolidated net income		$	3,215			$	2,553
Less: net income attributable to noncontrolling interest			(139	)			(139	)
Net income attributable to Uwharrie Capital Corp and common shareholders		$	3,076			$	2,414
Net Income Per Common Share (1)
Basic		$	0.43			$	0.33
Assuming dilution		$	0.43			$	0.33
Weighted Average Common Shares Outstanding (1)
Basic			7,167,728				7,288,141
Assuming dilution			7,167,728				7,288,141

FAQ

How did Uwharrie Capital Corp (UWHR) perform in Q1 2026?

Uwharrie Capital Corp reported stronger Q1 2026 results with net income of $3.22 million, up from $2.55 million a year earlier. Earnings per share rose to $0.43, supported by higher net interest income and improved operating performance.

What were Uwharrie Capital Corp’s Q1 2026 earnings per share?

Basic and diluted earnings per share for Uwharrie Capital Corp were $0.43 in Q1 2026, up from $0.33 in Q1 2025. This reflects higher net income attributable to common shareholders on a similar weighted average share count.

How did Uwharrie Capital Corp’s assets and deposits change by March 31, 2026?

Total assets reached $1.25 billion at March 31, 2026, compared with $1.16 billion a year earlier. Total deposits increased to $1.13 billion, up from $1.06 billion, showing continued balance sheet and funding growth.

What was Uwharrie Capital Corp’s credit quality in Q1 2026?

Credit quality remained strong, with only 0.29% of total loans past-due 30+ days or on non-accrual. Management compared this favorably to an FFIEC peer level of 1.25%, indicating relatively low problem loan levels.

What is Uwharrie Capital Corp’s Pre-Tax, Pre-Provision Income for Q1 2026?

Pre-Tax, Pre-Provision Income was $4 million in Q1 2026, up from $3 million in Q1 2025. Management noted this represents a 13% increase, highlighting growth in income from recurring operations before credit costs and taxes.

How did Uwharrie Capital Corp’s net interest income trend in Q1 2026?

Net interest income rose to $9.76 million in Q1 2026 from $9.10 million in Q1 2025. The increase reflects higher interest income on loans and securities, partly offset by interest expense on deposits and borrowings.

Filing Exhibits & Attachments

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• EX-99.1 EX-99.1 375.5 KB

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