UWHR - Uwharrie Capital Corp Announces First Quarter 2023 Earnings

PR Newswire

ALBEMARLE, N.C. , April 27, 2023 /PRNewswire/ -- Uwharrie Capital Corp (OTCQX: UWHR) and its subsidiary, Uwharrie Bank, reported consolidated total assets of $1.05 billion at March 31, 2023 , versus $1.02 billion at December 31, 2022 . During the first quarter of 2023, the Bank experienced strong growth in both loans and core deposits due to continued confidence from our customers.

Net income for the three-month period ended March 31, 2023 was $2.0 million versus $801 thousand for the same period in 2022. For the three months ended March 31, 2023 , net income available to common shareholders was $1.8 million , or $0.26 per share, compared to $662 thousand , or $0.09 per share, for March 31, 2022 . 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, 2023 is due to improvement in margins related to rising interest rates during 2022.

Contact Heather Almond , Chief Financial Officer at 704-983-6181 for further information.

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.

SOURCE Uwharrie Capital Corp