Uwharrie reports net income more than doubled 2020 over 2019

March 14. Uwharrie Capital Corp., parent company of Uwharrie Bank, reported consolidated total assets of $828 million at year-end 2020, vs. $657 million at the end of 2019.

Net income for the year was $8.1 million vs. $3.1 million in 2019.

The strong earnings for 2020 were driven by mortgage production, which increased from $122 million produced during 2019 to $338 million produced during 2020.

Uwharrie Bank also increased reserves in the Allowance for Loan Losses by $2.4M during 2020 due to the uncertainty in the market as a result of the global pandemic.

“Our strategy of diversifying income streams has proven beneficial during 2020, which became an unprecedented time in our history. Our mission still holds true as we offer financial services and products to support our customers in the communities we serve,” said Roger Dick, CEO.

Uwharrie Bank also participated in the Small Business Administration’s Paycheck Protection Program to provide capital to small businesses.


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