UWHR - Uwharrie Capital Corp Announces Year-End 2022 Earnings

PR Newswire

ALBEMARLE, N.C. , Feb. 28, 2023 /PRNewswire/ -- Uwharrie Capital Corp (OTCQX: UWHR) and its subsidiary, Uwharrie Bank, reported consolidated total assets of $1.02 billion at December 31, 2022 , versus $939.7 million at December 31, 2021 .

Net income for the twelve-month period ended December 31, 2022 , was $8.2 million versus $10.1 million for the same period in 2021.  For the twelve months ended December 31, 2022 , net income available to common shareholders was $7.7 million , or $1.08 per diluted share, compared to $9.5 million , or $1.29 per diluted share, for December 31, 2021 . Net income available to common shareholders takes into consideration the payment of dividends on preferred stock issued by the Company.

The key driver of the reduction in earnings year-over-year is primarily attributable to the reduction in income from mortgage banking as a result of the drastically increasing interest rate environment, causing a significant slow-down in mortgage originations and virtually no re-finance incentive for homeowners.

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