UWHR - Uwharrie Capital Corp Announces Second Quarter 2022 Earnings

PR Newswire

ALBEMARLE, N.C. , Aug. 30, 2022 /PRNewswire/ -- Uwharrie Capital Corp (OTCQX: UWHR) and its subsidiary, Uwharrie Bank, reported consolidated total assets of $991.0 million at June 30, 2022 , versus $845.3 million at June 30, 2021 .

Net income for the six-month period ended June 30, 2022 , was $2.5 million versus $6.2 million for the same period in 2021. For the six months ended June 30, 2022 , net income available to common shareholders was $2.2 million , or $0.32 per share, compared to $5.9 million , or $0.82 per share, for June 30, 2021 . Net income available to common shareholders takes into consideration the payment of dividends on preferred stock issued by the Company.

Net income for the three-month period ended June 30, 2022 , was $1.7 million versus $1.6 million for the same period in 2021. For the three months ended June 30, 2022 , net income available to common shareholders was $1.5 million , or $0.22 per share, compared to $1.5 million , or $0.20 per share, for June 30, 2021 .

The year-over-year decline in net income as of June 30, 2022 is due to non-recurring earnings during the first six months of 2021. Examples of non-recurring earnings include $1 million of one-time Small Business Administration Paycheck Protection Program income and $991 thousand of one-time bond gains. Further, our region has experienced a historical refinancing boom in the housing sector, which contributed $4.7 million in additional mortgage revenue for 2021.

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