Uwharrie Capital Corp Reports Growth in Assets and Earnings
Uwharrie Capital Corp Financial Highlights
Uwharrie Capital Corp (OTCQX: UWHR) has announced some exciting developments in its financial performance. The company and its subsidiary, Uwharrie Bank, have reported that consolidated total assets reached an impressive $1.13 billion. This marks a notable increase compared to the $1.07 billion reported a year earlier. The growth in assets signifies the company’s expanding operations and successful management strategies.
Year-End Income Report
For the twelve-month period ending, Uwharrie Capital Corp reported net income of $9.9 million. When compared to $8.6 million from the previous year, this growth highlights a positive trajectory for the company. Notably, the net income available to common shareholders also saw an improvement, rising to $9.3 million or $1.30 per diluted share. This is an increase from $8.0 million or $1.09 per diluted share in the previous year. Such performance reflects not only effective financial management but also a thriving investment environment.
Factors Driving Financial Growth
The significant year-over-year improvement in net income as reported is largely attributed to an increased net interest margin earned on a substantially larger loan portfolio. This factor contributes significantly to the overall financial health of Uwharrie Capital Corp. The company’s efforts to maximize interest income through strategic lending practices have paid off, positioning it well in the competitive financial sector.
Overview of Financial Solutions
Uwharrie Capital Corp offers a diverse range of financial services tailored to meet the needs of its clients. Through its subsidiaries, Uwharrie Bank and Uwharrie Investment Advisors, the company continues to enhance its offerings. This comprehensive approach allows for greater customer reach and the ability to serve various financial needs.
Looking Ahead
As Uwharrie Capital Corp moves forward, the focus remains on sustaining growth and improving returns. The company is committed to adapting to market changes and consumer demands, ensuring that it remains competitive in the financial industry. The management team is optimistic about future performance, leveraging gained insights to refine their financial strategies further.
Looking Towards the Future
In conclusion, Uwharrie Capital Corp's year-end performance demonstrates a solid foundation for ongoing success. With a remarkable increase in total assets and net income, the company is well-positioned for continued growth. Stakeholders can be encouraged by the reported results and the strategic direction in which Uwharrie Capital is headed. Future financial reports are anticipated with interest as the company builds on its achievements.
Frequently Asked Questions
What were the total assets reported by Uwharrie Capital Corp?
Uwharrie Capital Corp reported consolidated total assets of $1.13 billion at year-end.
How much was the net income for Uwharrie Capital Corp for the year?
The net income for the twelve-month period ended was $9.9 million.
What contributed to the increase in net income for the company?
The increase in net income was primarily due to a larger loan portfolio and improved net interest margin.
What is the stock ticker for Uwharrie Capital Corp?
The stock ticker for Uwharrie Capital Corp is OTCQX: UWHR.
What services does Uwharrie Capital Corp offer through its subsidiaries?
Uwharrie Capital Corp offers a range of financial solutions through Uwharrie Bank and Uwharrie Investment Advisors.
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