Uwharrie Capital Corp Reports Strong Q3 Results and Dividend News
Uwharrie Capital Corp's Third Quarter Earnings Overview
Uwharrie Capital Corp and its subsidiary, Uwharrie Bank, reported consolidated total assets reaching $1.18 billion, marking a significant growth from a previously reported $1.07 billion. This growth illustrates the corporation's robust financial health as it navigates changing economic conditions.
Notable Increase in Net Income
For the nine-month period, the net income showcased improvement, amounting to $7.6 million in comparison to $6.3 million from the previous year. This translates to a net income available to common shareholders of $7.2 million, which is $1.00 per share, reflecting an upturn from $5.9 million or $0.80 per share from the same nine-month period in 2023. Such figures demonstrate strong performance and shareholder value enhancement.
Quarterly Performance Insights
In the recent quarter alone, Uwharrie Capital Corp achieved a net income of $3.0 million, up from $2.1 million reported in the same quarter of the prior year. This positive trajectory continues with an improved net income available to common shareholders, recorded at $2.9 million, equating to $0.40 per share, versus $2.0 million or $0.27 per share in the previous year.
Dividend Declaration Announcement
The Board of Directors has announced a favorable 2% stock dividend for common stock shareholders, demonstrating commitment to providing returns to investors. This dividend is scheduled for distribution on a future date, with current earnings per share having been retroactively adjusted to factor in this dividend, ensuring transparency and clarity for shareholders.
Dividend Distribution Process
Shareholders who are on record close to the dividend declaration date will receive their dividends electronically through book-entry without the issuance of stock certificates. Those maintaining their stocks within brokerage accounts will see the shares electronically added directly to their accounts, while checks may be issued for any fractional shares. This streamlined process speaks to the company’s proactive approach in shareholder relations.
Company Profile: Uwharrie Capital Corp
Uwharrie Capital Corp provides a comprehensive range of financial solutions through its subsidiaries, namely Uwharrie Bank and Uwharrie Investment Advisors. The organization remains focused on ensuring customers receive the best financial services possible. Their commitment to client service and community engagement clearly sets them apart in the market.
Contact Information
For further inquiries regarding Uwharrie Capital Corp's performance and services, stakeholders can reach out to Heather Almond, Chief Financial Officer, at the provided contact number. The company's dedicated team is ready to address any concerns and provide necessary information to shareholders.
Frequently Asked Questions
What financial milestone did Uwharrie Capital Corp achieve in Q3?
Uwharrie Capital Corp reported consolidated total assets of $1.18 billion for the third quarter, showing significant growth.
How much net income did the company report for the nine-month period?
The company reported a net income of $7.6 million for the nine-month period ending September 30, 2024.
What stock dividend has the board declared?
The Board of Directors announced a 2% stock dividend to be distributed to common stock shareholders.
How will shareholders receive their dividends?
Dividends will be paid electronically via book-entry, without stock certificates being issued.
Who can provide more information about Uwharrie Capital Corp?
For more detailed information, shareholders can contact Heather Almond, the Chief Financial Officer of Uwharrie Capital Corp.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/
Disclaimer: The content of this article is solely for general informational purposes only; it does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice; the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. The author's interpretation of publicly available data shapes the opinions presented here; as a result, they should not be taken as advice to purchase, sell, or hold any securities mentioned or any other investments. The author does not guarantee the accuracy, completeness, or timeliness of any material, providing it "as is." Information and market conditions may change; past performance is not indicative of future outcomes. If any of the material offered here is inaccurate, please contact us for corrections.
Related Articles
- Alliance Consolidated Group Expands Healthcare Investment Portfolio
- Hive MLS Unveils New Brand to Support Real Estate Professionals
- Adial Pharmaceuticals Expands Intellectual Property for Addiction Therapy
- Innovative Cancer Diagnostics: Novel Approaches with AI and Oxford Nanopore
- Verdantas Expands Reach with ASEC Engineers Acquisition
- Exploring Top REITs Offering Exceptional Dividend Yields
- DriveWealth Expands Institutional Connectivity for Brokers
- Hain Celestial Prepares for Upcoming Fiscal Results Announcement
- Truxton Corporation Reports Impressive Third Quarter Earnings
- AbbVie and Abbott Laboratories in Jim Cramer's Spotlight
Recent Articles
- Why Gold Is Now Being Viewed as a Safer Investment Option
- APIContext Partners with Akamai to Enhance API Monitoring
- Stifel Downgrades Jenoptik AG: New Hold Rating and Price Cut
- BRP Inc. Initiates Sale Strategy for Marine Business Units
- Citi Maintains Sell Rating on AMC Stock Amid Market Challenges
- Strong Year-End Financials Highlight CMC's Strategic Growth
- Citi Adjusts Price Target for UPM-Kymmene Amid Market Shifts
- Volvo Faces Market Challenges Despite Stable Rating
- Citi Modifies Price Target for CSX, But Holds Buy Rating
- Citi Maintains Neutral Rating on First Industrial Realty Trust
- Okta's Growth Potential Holds Steady Amid Expert Insights
- Parsons Corporation's Major Win: $225 Million USACE Contract
- Elevance Health Faces Stock Decline After Q3 Earnings Report
- Rentokil Shares Surge Amid North America Management Changes
- M&T Bank Reports Strong Earnings, Shares Up by 2.5%
- WNS Holdings Faces Stock Drop with Dismal Fiscal Outlook
- Truist Financial Delivers Impressive Q3 Results with Growth
- Indian Stock Market Sinks: Nifty 50 and Sensex Trends
- Saakuru Labs and Memecore Unite for Blockchain Gaming Growth
- Salesforce's Path to New Heights: Analyst Optimism and AI Impact
- Exploring Abbott Laboratories: Strong Growth and Future Potential
- Rising Insurance Challenges in Florida Homeowners' Market
- Parsons Corporation Secures $225M Contract for Environmental Work
- Innovative Solutions for a Sustainable Future by Arthur D. Little
- Meta Implements Workforce Reductions Amid Strategic Changes
- Market Insights from David Einhorn: Caution for Investors
- Yellen's Warning: Tariffs May Trigger Inflation for Americans
- Uruguay's Growth-Focused Candidate Stresses Innovation Over Taxes
- Global Markets Look to TSMC for Chip Demand Stability
- Aquatech and John Laing Partner for Innovative Water Solutions
- Capricor Initiates Public Offering to Fuel Growth Innovations
- Safeguarding White Rhinos: The Muller Family's Commitment
- Bernstein Adjusts L&T Technology Services Price Target Amid Challenges
- Citi Downgrades Givaudan Stock to Neutral with Price Target Cut
- Revolutionizing Wound Care: MolecuLight's Fluorescence Imaging
- Jefferies Issues Hold Rating on Equity LifeStyle Properties Stock
- MolecuLight's Innovative Imaging Technology Boosts Wound Healing
- Discover Financial Services Sees Steady Growth Amid Guidance Shift
- CSX Corporation Adjusts Financial Projections Amid Challenges
- Morgan Stanley Achieves Major Gains: A Closer Look
- CarMax Optimizes Strategy Despite Market Challenges Ahead
- Airbnb's Future Enhancements and Market Outlook: A Closer Look
- TSMC Profits Rise Strongly Amid Growing AI Demand and Market Trends
- Bernstein Initiates Coverage on Biopharma Stocks with Buy Ratings
- Chip Stocks Surge as Economic Data Steers Market Sentiment
- Elevance Health Third Quarter Earnings Review and Insights
- WNS Holdings Exceeds Earnings Forecast with Strong Revenue Growth
- Projected Growth of Fragrance Solubilizers Market to $4B by 2034
- Investors Eye Economic Data as Chip Stocks Surge
- Telehealth Kiosk Market Set for Strong Growth to $768.8 Million