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Uwharrie earnings rise, but sets aside $632,000 for possible COVID-related loan losses

May 9. Uwharrie Capital Corp., parent of Uwharrie Bank, reported consolidated total assets rose to $674.7 million at March 31, vs. $656.8 million at year-end 2019. First-quarter earnings from operations before income tax and loan loss provisions reached $1 million, up $285,000 from the same year-ago period.

Because of the increased risk and uncertainty associated with COVID-19, Uwharrie has set aside $632,000 for potential future losses on the loan portfolio.

As a result, net income for the first quarter was $328,000 vs. $690,000 for the same period in 2019. Net income available to common shareholders after dividends was $187,000, down 66 percent from $550,000 for the same quarter 2019.

Uwharrie Capital Corp offers a full range of financial solutions through its subsidiaries: Uwharrie Bank and Uwharrie Investment Advisors. More info: www.Uwharrie.com or by calling 704-982-4415.

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