Uwharrie Capital Corp First Quarter 2024 - Earnings Release
Uwharrie Capital Corp and its subsidiary, Uwharrie Bank, reported consolidated total assets of $1.10 billion at March 31, 2024, showing growth in loans and core deposits. Net income for the first quarter of 2024 was $2.4 million, an improvement over the same period in 2023. Net income available to common shareholders was $2.2 million, or $0.31 per share, compared to $1.8 million, or $0.25 per share, in March 31, 2023. The growth in net income was attributed to an improvement in net interest margin and reduced credit loss reserves.
Consolidated total assets of $1.10 billion at March 31, 2024, showing growth in loans and core deposits.
Net income for the first quarter of 2024 was $2.4 million, an improvement over the same period in 2023.
Net income available to common shareholders was $2.2 million, or $0.31 per share, compared to $1.8 million, or $0.25 per share, in March 31, 2023.
Improvement in net income attributed to an improvement in net interest margin and reduced credit loss reserves.
- None.
Net income for the three-month period ended March 31, 2024 was
The year-over-year improvement in net income as of March 31, 2024 is due to improvement in net interest margin and reduced requirements of our credit loss reserve associated with our loan portfolio as asset quality remains strong.
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
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