Uwharrie Capital releases earnings report
Uwharrie Capital Corp and its subsidiary, Uwharrie Bank, reported consolidated total assets of $828 million at Dec. 31, 2020, versus $657 million at Dec. 31, 2019.
Net income for the 12-month period ended Dec. 31, 2020, was $8.1 million versus $3.1 million for the same period in 2019. For the 12 months ended Dec. 31, 2020, net income available to common shareholders was $7.5 million or $1.06 per share compared to $2.5 million or $0.34 per share for Dec. 31, 2019. Net income available to common shareholders takes into consideration the payment of dividends on preferred stock issued by the company.
The strong earnings for 2020 were driven by mortgage production, which increased from $122 million produced during 2019 to $338 million produced during 2020. Uwharrie Bank also increased reserves in the Allowance for Loan Losses by $2.4 million during 2020 due to the uncertainty in the market as a result of the global pandemic. Core bank earnings and wealth advisory earnings both improved year over year as well.
“Our strategy of diversifying income streams has proven beneficial during 2020, which became an unprecedented time in our history, Uwharrie Chief Executive Officer Roger Dick said. “Our mission still holds true as we offer financial services and products to support our customers in the communities we serve.”
During 2020, Uwharrie Bank also participated in the Small Business Administration’s Paycheck Protection Program (SBA PPP) to provide capital to small businesses in order to provide paychecks to their employees.
“Our mission of Making a Difference in our community has never been more evident than our team of associates’ reaction to the financial needs of customers and non-customers during the pandemic,” Uwharrie President and Chief Financial Officer David Beaver said. “Our efforts in the SBA PPP program led to over 12,000 paychecks remaining in families’ hands throughout our community.”
Contact Beaver at 704-991-1266 for further information.