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Uwharrie Capital Corp First Quarter 2024 - Earnings Release

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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.

Uwharrie Capital Corp e la sua sussidiaria, Uwharrie Bank, hanno registrato un totale di attivi consolidati di 1,10 miliardi di dollari al 31 marzo 2024, evidenziando una crescita nei prestiti e nei depositi principali. Il reddito netto per il primo trimestre del 2024 è stato di 2,4 milioni di dollari, un miglioramento rispetto allo stesso periodo del 2023. Il reddito netto disponibile per gli azionisti ordinari è stato di 2,2 milioni di dollari, ovvero 0,31 dollari per azione, rispetto a 1,8 milioni di dollari, o 0,25 dollari per azione, al 31 marzo 2023. La crescita del reddito netto è stata attribuita a un miglioramento del margine di interesse netto e alla riduzione delle riserve per perdite su crediti.
Uwharrie Capital Corp y su subsidiaria, Uwharrie Bank, reportaron activos totales consolidados de 1.10 mil millones de dólares al 31 de marzo de 2024, mostrando un crecimiento en préstamos y depósitos fundamentales. La ganancia neta para el primer trimestre de 2024 fue de 2.4 millones de dólares, una mejora respecto al mismo período de 2023. La ganancia neta disponible para accionistas comunes fue de 2.2 millones de dólares, o 0.31 dólares por acción, comparado con 1.8 millones de dólares, o 0.25 dólares por acción, al 31 de marzo de 2023. El aumento en la ganancia neta se atribuyó a una mejora en el margen de interés neto y una reducción en las reservas para pérdidas crediticias.
Uwharrie Capital Corp와 그 자회사인 Uwharrie Bank는 2024년 3월 31일 현재 총 자산이 11억 달러로 집계되며, 대출 및 핵심 예금의 성장을 보였습니다. 2024년 첫 분기의 순수익은 240만 달러로, 2023년 동기 대비 개선되었습니다. 보통주 주주에게 돌아간 순이익은 220만 달러 또는 주당 0.31달러로, 2023년 3월 31일에는 180만 달러 또는 주당 0.25달러였습니다. 순이익의 성장은 순이자 마진의 개선과 신용 손실 충당금 감소에 기인합니다.
Uwharrie Capital Corp et sa filiale, Uwharrie Bank, ont rapporté des actifs totaux consolidés de 1,10 milliard de dollars au 31 mars 2024, montrant une croissance des prêts et des dépôts de base. Le bénéfice net pour le premier trimestre de 2024 s'élevait à 2,4 millions de dollars, une amélioration par rapport à la même période en 2023. Le bénéfice net disponible pour les actionnaires ordinaires était de 2,2 millions de dollars, soit 0,31 dollar par action, comparé à 1,8 million de dollars, soit 0,25 dollar par action, au 31 mars 2023. La croissance du bénéfice net a été attribuée à une amélioration de la marge d'intérêt net et à la réduction des réserves pour pertes sur crédits.
Die Uwharrie Capital Corp und ihre Tochtergesellschaft, die Uwharrie Bank, meldeten zum 31. März 2024 konsolidierte Gesamtaktiva von 1,10 Milliarden Dollar, was ein Wachstum bei Krediten und Kernanlagen zeigt. Der Nettogewinn für das erste Quartal 2024 betrug 2,4 Millionen Dollar, eine Verbesserung gegenüber demselben Zeitraum 2023. Der für gewöhnliche Aktionäre verfügbare Nettogewinn belief sich auf 2,2 Millionen Dollar, oder 0,31 Dollar pro Aktie, verglichen mit 1,8 Millionen Dollar, oder 0,25 Dollar pro Aktie, am 31. März 2023. Das Wachstum des Nettogewinns wurde auf die Verbesserung der Nettomarge und die Reduzierung der Kreditverlustrückstellungen zurückgeführt.
Positive
  • 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.

Negative
  • None.

ALBEMARLE, N.C., April 29, 2024 /PRNewswire/ -- Uwharrie Capital Corp (OTCQX: UWHR) and its subsidiary, Uwharrie Bank, reported consolidated total assets of $1.10 billion at March 31, 2024, versus $1.07 billion at December 31, 2023. During the first quarter of 2024, the Bank experienced growth in both loans and core deposits due to continued relationship development in the markets we serve.

Net income for the three-month period ended March 31, 2024 was $2.4 million versus $2.0 million for the same period in 2023. For the three months ended March 31, 2024, 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, for March 31, 2023. Net income available to common shareholders takes into consideration the payment of dividends on preferred stock issued by the Company.

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.

Cision View original content:https://www.prnewswire.com/news-releases/uwharrie-capital-corp-first-quarter-2024---earnings-release-302130379.html

SOURCE Uwharrie Capital Corp

FAQ

What were Uwharrie Capital Corp's consolidated total assets at March 31, 2024?

Uwharrie Capital Corp reported consolidated total assets of $1.10 billion at March 31, 2024.

What was the net income for the first quarter of 2024?

The net income for the first quarter of 2024 was $2.4 million, an improvement over the same period in 2023.

What was the net income available to common shareholders in March 31, 2023, and 2024?

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.

Why did the net income improve in March 31, 2024?

The improvement in net income was attributed to an improvement in net interest margin and reduced credit loss reserves.

UWHARRIE CAPITAL CORP

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