Third Quarter 2024 - Earnings Release and Dividend Declaration

Rhea-AI Summary

Uwharrie Capital Corp and its subsidiary, Uwharrie Bank, reported consolidated total assets of $1.18 billion as of September 30, 2024, up from $1.07 billion at the end of 2023. The company's net income for the first nine months of 2024 was $7.6 million, compared to $6.3 million in the same period of 2023. Net income available to common shareholders for the nine-month period was $7.2 million, or $1.00 per share, an increase from $5.9 million, or $0.80 per share, in 2023.

For the third quarter of 2024, net income was $3.0 million, with $2.9 million available to common shareholders, or $0.40 per share. The Board of Directors has declared a 2% stock dividend to be paid on November 18, 2024, to shareholders of record as of October 28, 2024.

Positive

• Consolidated total assets increased to $1.18 billion from $1.07 billion at year-end 2023
• Net income for the first nine months of 2024 grew to $7.6 million from $6.3 million in 2023
• Net income available to common shareholders rose to $7.2 million ($1.00 per share) from $5.9 million ($0.80 per share) year-over-year
• Third quarter 2024 net income increased to $3.0 million from $2.1 million in Q3 2023
• 2% stock dividend declared, payable on November 18, 2024

Negative

• None.

ALBEMARLE, N.C., Oct. 17, 2024 /PRNewswire/ -- Uwharrie Capital Corp and its subsidiary, Uwharrie Bank (the "Bank"), reported consolidated total assets of $1.18 billion at September 30, 2024, versus $1.07 billion at December 31, 2023.

Net income for the nine-month period ended September 30, 2024, was $7.6 million versus $6.3 million for the same period in 2023. For the nine months ended September 30, 2024, net income available to common shareholders was $7.2 million, or $1.00 per share, compared to $5.9 million, or $0.80 per share, for the nine months ended September 30, 2023. Net income available to common shareholders takes into consideration the payment of dividends on preferred stock issued by the Bank.

Net income for the three-month period ended September 30, 2024, was $3.0 million versus $2.1 million for the same period in 2023. For the three months ended September 30, 2024, net income available to common shareholders was $2.9 million, or $0.40 per share, compared to $2.0 million, or $0.27 per share, for the three months ended September 30, 2023.

Additionally, the Board of Directors has declared a 2% stock dividend to be paid to common stock shareholders on November 18, 2024. Current and prior year earnings per share reported above have been adjusted retroactively for the 2% stock dividend.

Shareholders of Uwharrie Capital Corp, as of the record date October 28, 2024, will receive the dividend, which will be paid electronically via book-entry. No stock certificates will be issued. Shareholders will receive a 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 Heather Almond, Chief Financial Officer at 704-983-6181 for further information.

About Uwharrie Capital Corp
Uwharrie Capital Corp offers a full range of financial solutions through its subsidiaries: Uwharrie Bank and Uwharrie Investment Advisors. Additional information on Uwharrie Capital Corp may be found at www.Uwharrie.com or by calling 704-982-4415.

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SOURCE Uwharrie Capital Corp

FAQ

What was Uwharrie Capital Corp's (UWHR) net income for Q3 2024?

Uwharrie Capital Corp's net income for the third quarter of 2024 was $3.0 million.

How much did Uwharrie Capital Corp (UWHR) earn per share in Q3 2024?

Uwharrie Capital Corp earned $0.40 per share for common shareholders in the third quarter of 2024.

What dividend did Uwharrie Capital Corp (UWHR) declare for Q3 2024?

Uwharrie Capital Corp declared a 2% stock dividend to be paid on November 18, 2024, to shareholders of record as of October 28, 2024.

What were Uwharrie Capital Corp's (UWHR) total assets as of September 30, 2024?

Uwharrie Capital Corp reported consolidated total assets of $1.18 billion as of September 30, 2024.