UWHR - Uwharrie Capital Corp Second Quarter 2023 - Earnings Release

PR Newswire

ALBEMARLE, N.C. , Aug. 1, 2023 /PRNewswire/ -- Uwharrie Capital Corp (OTCQX: UWHR) and its subsidiary, Uwharrie Bank (the "Bank"), reported consolidated total assets of $1.03 billion at June 30, 2023 , versus $1.02 billion at December 31, 2022 . During the first six months of 2023, the Bank experienced strong growth in loans held for investment of $36 million or 7.3%, while maintaining a strong liquidity position.

Net income for the six-month period ended June 30, 2023 , was $4.2 million versus $2.5 million for the same period in 2022. For the six months ended June 30, 2023 , net income available to common shareholders was $3.9 million , or $0.55 per share, compared to $2.2 million , or $0.31 per share, for the six months ended June 30, 2022 . Net income available to common shareholders takes into consideration the payment of dividends on preferred stock issued by the Bank.

Net income for the three-month period ended June 30, 2023 was $2.2 million versus $1.7 million for the same period in 2022. For the three months ended June 30, 2023 , net income available to common shareholders was $2.1 million , or $0.29 per share, compared to $1.5 million , or $0.22 per share, for the three months ended June 30, 2022 .

The year-over-year improvement in net income as of June 30, 2023 is due to improvement in margins related to rising interest rates during 2022 and 2023 and a continued shift in the makeup of our earning assets.

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