Uwharrie Capital reports increase in assets
Published 6:08 pm Friday, November 16, 2018
Uwharrie Capital Corp and its subsidiary, Uwharrie Bank, reported consolidated total assets of $637 million at Sept. 30, versus $576 million at Dec. 31, 2017.
Net income for the three-month period ended Sept. 30 was $643,000 versus $588,000 for the same period in 2017.
For the three months, ended Sept. 30, net income available to common shareholders was $499,000 or $0.07 per share compared to $440,000 or $0.06 per share for Sept. 30, 2017.
This progression reflects the improvements in earnings related to the investments associated with the company’s strategic plan.
Net income for the nine-month period ended Sept. 30, 2018, was $1.3 million versus $1.8 million for the same period in 2017, driven by costs associated with the expansion into a new market and new lending niches.
For the nine months, ended Sept. 30, net income available to common shareholders was $916,000 or $0.13 per share compared to $1.4 million or $0.20 per share for Sept. 30, 2017. Net income available to common shareholders takes into consideration the payment of dividends on preferred stock issued by the company.
The Uwharrie Capital Corp Board of Directors has declared a 2 percent stock dividend to be paid to common stock shareholders on Dec. 14, 2018.
Shareholders of Uwharrie Capital Corp, as of the record date Nov. 28, will receive the dividend, which will be paid electronically via book-entry. No stock certificates will be issued. Shareholders will receive a Direct Registration System (DRS) 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.
Contact David Beaver, chief financial officer, at 704-991-1266 for further info.