Uwharrie Capital Corp Announces Impressive Third Quarter Earnings
Uwharrie Capital Corp has recently reported a significant increase in its consolidated total assets, reaching $1.18 billion. This reflects a notable growth compared to the previous $1.07 billion as of the end of the last fiscal year. Such a healthy balance sheet demonstrates the company's effective management strategies and resilience in the evolving financial landscape.
Strong Financial Performance Over Nine Months
The company recorded a net income of $7.6 million for the nine-month period ending on September 30. This figure shows a healthy increase from $6.3 million recorded during the same timeframe last year, indicating a progressive trend in their profitability.
Net Income for Shareholders
For the nine months concluded on September 30, net income available to common shareholders rose to $7.2 million, translating to $1.00 per share. In contrast, the previous year yielded $5.9 million, or $0.80 per share. This growth exemplifies the company's commitment to enhancing shareholder value.
Gains in Quarterly Earnings
In the latest quarter ending September 30, Uwharrie Capital posted a net income of $3.0 million, marking an increase from $2.1 million from the same quarter last year. Correspondingly, the income available to common shareholders for the quarter was reported at $2.9 million, which is $0.40 per share, compared to $2.0 million or $0.27 per share the previous year.
Dividend Declaration for Shareholders
Details of the Dividend Distribution
Eligibility for this dividend is targeted at shareholders recorded on October 28. The payment will be electronically processed via book-entry, eliminating the need for physical stock certificates. Shareholders will be notified of their newly issued shares through a statement, streamlining the process.
Company Overview and Future Outlook
Uwharrie Capital Corp, through its subsidiaries like Uwharrie Bank and Uwharrie Investment Advisors, provides a comprehensive suite of financial services. Their strategic approach to financial management and commitment to innovation positions them well for sustained growth in the sector.
Contact Information for Inquiries
For additional information, interested parties can contact Heather Almond, Chief Financial Officer, at 704-983-6181. She will be able to provide further insights regarding the company’s performance and future prospects.
Frequently Asked Questions
What is the net income for Uwharrie Capital Corp for Q3?
For the three-month period ending on September 30, Uwharrie Capital recorded net income of $3.0 million.
How much was the total asset reported by Uwharrie Capital Corp?
The company reported total assets amounting to $1.18 billion.
Is there any dividend announced by Uwharrie Capital Corp?
Yes, a 2% stock dividend was declared, to be paid on November 18.
How did Uwharrie Capital's earnings compare year over year?
Net income increased from $6.3 million to $7.6 million for the nine-month period compared to the previous year.
Who can provide more information regarding Uwharrie Capital Corp?
Heather Almond, the Chief Financial Officer, can be contacted at 704-983-6181 for further inquiries.
