Business

Uwharrie Capital declares stock dividend; strong 3Q results

Uwharrie’s new high-tech branch in Ballantyne

Uwharrie Capital Corp, parent of Uwharrie Bank, has declared  2 percent stock dividend to be paid Dec. 14 to shareholders of record Nov. 28.

Consolidated total assets rose 10.6 percent from $576 million as of Sept. 30 last year to $637 million as of the end of the third quarter this year.

Net income for the third quarter was $643,000, up 9.4 percent from $588,000 during the same period in 2017. For the three months ended Sept. 30, net income available to common shareholders was $499,000 or $0.07 per share compared to $440,000 or $0.06 per share during the same period last year.

The progression reflects the improvements in earnings related to the investments associated with Uwharrie’s strategic plan, bank officials said.

Net income for the first nine months of this year was $1.3 million vs. $1.8 million for the same period in 2017, driven by costs associated with the expansion into a new market and new lending niches. For the first nine months of this year, net income available to common shareholders was $916,000 or $0.13 per share compared to $1.4 million or $0.20 for the first nine months of 2017.

Net income available to common shareholders takes into consideration the payment of dividends on preferred stock issued by the Company.

Uwharrie opened its first full-service retail branch in Charlotte this year. The technology-centered branch is at the intersection of Rea Road and Piper Station Drive in Ballantyne. Uwharrie has 10 branches in the western part of the state, including Concord.

Discussion

No comments yet.

Post a Comment

Recent News

Uwharrie Bank

MENU