Uwharrie Capital Corp reports increased assets

Published 11:18 am Tuesday, March 1, 2022

Getting your Trinity Audio player ready...

Uwharrie Capital Corp and its subsidiary, Uwharrie Bank, reported consolidated total assets of $939.7 million at Dec. 31, 2021, versus $827.8 million at Dec. 31, 2020.

Net income for the 12-month period ended Dec. 31, 2021, was $10.1 million versus $8.1 million for the same period in 2020. For the 12 months ended Dec. 31, 2021, net income available to common shareholders was $9.5 million, or $1.33 per share, compared to $7.5 million, or $1.03 per share, for Dec. 31, 2020. Net income available to common shareholders takes into consideration the payment of dividends on preferred stock issued by the Company.

The earnings growth for 2021 was driven by recoveries in the Allowance for Loan Losses during 2021 due to a recovering economy from the global pandemic that began in 2020. Additionally, interest income improved for the year with the continued transition of cash into the investment portfolio and fees recognized as a result of loan forgiveness through the Small Business Administration’s Paycheck Protection Program (SBA PPP).

Contact Roger Dick, chief executive officer, at 704-983-6181 for further information.