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Uwharrie assets rise 8 percent so far this year; board declares dividend

Nov. 27. Uwharrie Capital Corp. and its chief subsidiary, Uwharrie Bank, reported consolidated total assets of $592 million at Sept. 30, up from $548 million at the beginning of the year.

Net income for the first nine months was $1.8 million, about level for the same period in 2016. For the nine months, net income available to common shareholders was $1.4 million or $0.20 per share compared to $1.3 million or $0.19 per share during the first nine months of 2016.

Net income available to common shareholders takes into consideration the payment of dividends on preferred stock. The difference in earnings for the nine-month period ended Sept. 30, 2017 vs. the same period in 2016 reflects the additional interest income associated with “strong growth in the loan portfolio.”

Net income for the three-month period ended September 30, 2017, was $588,000 vs. $540,000 for the same period in 2016. For the three months ended Sept. 30, net income available to common shareholders was $440,000 or $0.06 per share compared to $391,000 or $0.06 per share for the same period last year.

The Uwharrie Capital board of directors declared a 2 percent stock dividend to be paid to common stock shareholders of record Dec. 27, 2017.

The dividend will be paid electronically via book-entry.

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