Uwharrie Capital Corp Announces Second Quarter 2022 Earnings

Rhea-AI Summary

Uwharrie Capital Corp (UWHR) reported a significant increase in consolidated total assets, reaching $991.0 million as of June 30, 2022, up from $845.3 million in 2021. However, net income for the six months ended June 30, 2022, declined to $2.5 million compared to $6.2 million in 2021, with earnings per share falling from $0.82 to $0.32. The company attributed the drop to non-recurring earnings in 2021, including one-time gains and the impact of a historical refinancing boom.

Positive

• Total assets increased to $991.0 million from $845.3 million year-over-year.
• Quarterly net income available to common shareholders rose to $1.5 million, up from $1.5 million in the previous year.

Negative

• Net income decreased to $2.5 million from $6.2 million year-over-year.
• Earnings per share fell from $0.82 to $0.32 for the six months ended June 30, 2022.

ALBEMARLE, N.C., Aug. 30, 2022 /PRNewswire/ -- Uwharrie Capital Corp (OTCQX: UWHR) and its subsidiary, Uwharrie Bank, reported consolidated total assets of $991.0 million at June 30, 2022, versus $845.3 million at June 30, 2021.

Net income for the six-month period ended June 30, 2022, was $2.5 million versus $6.2 million for the same period in 2021. For the six months ended June 30, 2022, net income available to common shareholders was $2.2 million, or $0.32 per share, compared to $5.9 million, or $0.82 per share, for June 30, 2021. Net income available to common shareholders takes into consideration the payment of dividends on preferred stock issued by the Company.

Net income for the three-month period ended June 30, 2022, was $1.7 million versus $1.6 million for the same period in 2021. For the three months ended June 30, 2022, net income available to common shareholders was $1.5 million, or $0.22 per share, compared to $1.5 million, or $0.20 per share, for June 30, 2021.

The year-over-year decline in net income as of June 30, 2022 is due to non-recurring earnings during the first six months of 2021. Examples of non-recurring earnings include $1 million of one-time Small Business Administration Paycheck Protection Program income and $991 thousand of one-time bond gains. Further, our region has experienced a historical refinancing boom in the housing sector, which contributed $4.7 million in additional mortgage revenue for 2021.

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 were Uwharrie Capital Corp's total assets as of June 30, 2022?

Uwharrie Capital Corp reported total assets of $991.0 million as of June 30, 2022.

How much net income did Uwharrie Capital Corp report for the second quarter of 2022?

For the second quarter of 2022, Uwharrie Capital Corp reported a net income of $1.7 million.

What is the earnings per share for Uwharrie Capital Corp as of June 30, 2022?

The earnings per share for Uwharrie Capital Corp for the six months ended June 30, 2022, was $0.32.

Why did Uwharrie Capital Corp's net income decline in 2022?

The decline in net income was attributed to non-recurring earnings in 2021, including one-time gains from the Paycheck Protection Program and bond gains.

What financial results did Uwharrie Capital Corp report for Q2 2021?

In Q2 2021, Uwharrie Capital Corp reported net income of $1.6 million and earnings per share of $0.20.