UWHR Uwharrie Capital Corp (QX)

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 01, 2023

 

 

Uwharrie Capital Corp

(Exact name of Registrant as Specified in Its Charter)

 

 

North Carolina			000-22062	56-1814206
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
132 North First Street
Albemarle, North Carolina				28001
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 704 983-6181

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
None		N/A		N/A

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

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Item 2.02 Results of Operations and Financial Condition

On August 1, 2023, Uwharrie Capital Corp (the “Registrant”) announced financial results for the period ended June 30, 2023. The Registrant reported consolidated total assets of $1.03 billion at June 30, 2023, compared to $1.02 billion at December 31, 2022.

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 Registrant.

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 three months ended June 30, 2022.

A copy of the press release (the “Press Release”) announcing the Registrant’s results is attached as Exhibit 99.1 and incorporated by reference herein.

This Current Report on Form 8-K (including information included or incorporated by reference herein) may contain, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements regarding certain of the Registrant’s goals and expectations with respect to earnings, income per share, revenue, expenses and the growth rate in such items, as well as other measures of economic performance, including statements relating to estimates of credit quality trends, and (ii) statements preceded by, followed by or that include the words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “projects,” “outlook” or similar expressions. These statements are based upon the current belief and expectations of the Registrant’s management and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond the Registrant’s control).

Item 9.01 Financial Statements and Exhibits

(c) Exhibits

 

Exhibit Number		Description
99.1		Press Release dated August 1, 2023
104		Cover page interactive data file (embedded within the Inline XBRL document)

 

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

		UWHARRIE CAPITAL CORP
Date: August 1, 2023		By:	/s/ Heather H. Almond
			Heather H. Almond
			Principal Financial Officer

 

 

 

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Exhibit 99.1

 

 

 

Second Quarter 2023 - Earnings Release

FOR IMMEDIATE RELEASE

From: Heather H. Almond

Uwharrie Capital Corp

704-983-6181

Date: August 1, 2023

Albemarle - Uwharrie Capital Corp 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.

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.

 

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v3.23.2

Document And Entity Information	Aug. 01, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 01, 2023
Entity Registrant Name	Uwharrie Capital Corp
Entity Central Index Key	0000898171
Entity Emerging Growth Company	false
Securities Act File Number	000-22062
Entity Incorporation, State or Country Code	NC
Entity Tax Identification Number	56-1814206
Entity Address, Address Line One	132 North First Street
Entity Address, City or Town	Albemarle
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28001
City Area Code	704
Local Phone Number	983-6181
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	None
No Trading Symbol Flag	true
Security Exchange Name	NONE

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