Business

Uwharrie 3Q net up 50%

Uwharrie Capital Corp. and its primary subsidiary, Uwharrie Bank, reported third-quarter net income rose 50 percent to $968,000 vs. $643,000  for the same three-month period in 2018.

For the three months ended Sept. 30, net income available to common shareholders was $826,000 or $0.12 per share compared to $499,000 or $0.07 per share for the same quarter last year.

Consolidated total assets rose 37.7 percent to $661 million at Sept. 30, vs. $637 million the previous year.

Net income for the nine-month period ended Sept. 30 was $2.6 million vs. $1.3 million for the same period in 2018. During the same period, net income available to common shareholders was $2.2 million or $0.31 per share compared to $916,000 or $0.13 per share. Net income available to common shareholders takes into consideration the payment of dividends on preferred stock issued by the Company.

 

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