UWHR - Uwharrie Capital Corp Third Quarter 2023 - Earnings Release and Dividend Declaration

PR Newswire

ALBEMARLE, N.C. , Oct. 18, 2023 /PRNewswire/ -- Uwharrie Capital Corp (OTCQX: UWHR) and its subsidiary, Uwharrie Bank, reported consolidated total assets of $1.07 billion at September 30, 2023 , versus $1.02 billion at December 31, 2022 .

Net income for the nine-month period ended September 30, 2023 , was $6.3 million versus $5.3 million for the same period in 2022. For the nine months ended September 30, 2023 , net income available to common shareholders was $5.9 million , or $0.82 per share, compared to $4.9 million , or $0 .67 per share, for the nine months ended September 30, 2022 . 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 September 30, 2023 , was $2.1 million versus $2.8 million for the same period in 2022. For the three months ended September 30, 2023 , net income available to common shareholders was $2.0 million , or $0.28 per share, compared to $2.7 million , or $0.37 per share, for the three months ended September 30, 2022 . Earnings for the 2022 period included $1.5 million in recoveries of loan loss provision compared to provision expense of $599,000 during the 2023 period. The Company recorded a provision for credit losses on loans as a result of $44.6 million in loan growth during the three months ended September 30, 2023 .

Additionally, the Board of Directors has declared a 2% stock dividend to be paid to common stock shareholders on November 21, 2023 . Current and prior year earnings per share reported above have been adjusted retroactively for the 2% stock dividend.

Shareholders of Uwharrie Capital Corp, as of the record date November 7, 2023 , will receive the dividend, which will be paid electronically via book-entry. No stock certificates will be issued. Shareholders will receive a statement indicating the new shares gained.  If the stock is held in a brokerage account, shares will be electronically delivered directly to the appropriate account.  Only whole shares of stock will be issued. If applicable, a check for payment of a fractional share may also be issued or deposited electronically.

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