Business

Uwharrie Q3 net up 65%

Oct. 22. Uwharrie Capital Corp third-quarter net income rose 65 percent to $1.6 million compared to the same quarter in 2019. Net income available to common shareholders during the third quarter was $1.4 million or $0.20 per share compared to $826,000 or $0.11 per share for the same quarter in 2019, an increase of 80 percent.

Dividend

Meanwhile, the board of directors also declared a 2 percent stock dividend to be paid to common stock shareholders on Nov. 23.

Assets

Total assets reached $792 million at the end of the third quarter, compared to $657 million at year-end 2019.

Nine months

Net income for the nine-months ended Sept. 30 was $3.5 million compared to $2.6 million for the same period in 2019. For the first nine months, net income available to common shareholders was $3.1 million or $0.43 per share compared to $2.2 million or $0.30 per share for the first nine months of 2019.

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

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