UWHARRIE CAPITAL CORP (OTCMKTS:UWHR) Files An 8-K Results of Operations and Financial Condition

UWHARRIE CAPITAL CORP (OTCMKTS:UWHR) Files An 8-K Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition

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Albemarle – Uwharrie Capital Corp and its subsidiary, Uwharrie Bank, reported consolidated total assets of $592 million at September 30, 2017, versus $548 million at December 31, 2016.

Net income for the nine-month period ended September 30, 2017, was $1.8 million versus $1.8 million for the same period in 2016.For the nine months, ended September 30, 2017, 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 for September 30, 2016. Net income available to common shareholders takes into consideration the payment of dividends on preferred stock issued by the Company. The difference in earnings for the nine-month period ending September 30, 2017 versus the same period ending 2016 reflects the additional interest income associated with the strong growth in the loan portfolio.

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

Item 8.01Other Events.

The Board of Directors of Uwharrie Capital Corp (the “Registrant”) has declared a 2% stock dividend to be paid December 27, 2017 to shareholders of record as of December 15, 2017.

A copy of the press release (the “Press Release”) announcing the Registrant’s results is attached as Exhibit 99.1 and incorporated by reference herein.

This Current Report on Form 8-K (including information included or incorporated by reference herein) may contain, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements regarding certain of the Registrant’s goals and expectations with respect to earnings, income per share, revenue, expenses and the growth rate in such items, as well as other measures of economic performance, including statements relating to estimates of credit quality trends, and (ii) statements preceded by, followed by or that include the words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “projects,” “outlook” or similar expressions. These statements are based upon the current belief and expectations of the Registrant’s management and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond the Registrant’s control).

A copy of the press release (the “Press Release”) announcing the Registrant’s results is

Item 9.01Financial Statements and Exhibits

(d) Exhibits

Exhibit No.Description

99.1Press Release dated November 22, 2017 regarding the “Registrants”

declaration of a 2% stock dividend.


UWHARRIE CAPITAL CORP Exhibit
EX-99.1 2 uwhr-ex991_6.htm EX-99.1 uwhr-ex991_6.htm   Exhibit 99.1     Third Quarter 2017 – Earnings Release and Dividend Declaration   FOR IMMEDIATE RELEASE   From: Nicole Williams            Uwharrie Capital Corp            704-991-1276   Date:  November 22,…
To view the full exhibit click here

About UWHARRIE CAPITAL CORP (OTCMKTS:UWHR)

Uwharrie Capital Corp is a bank holding company for Uwharrie Bank (the Bank), a North Carolina commercial bank. The Bank engages in retail and commercial banking, with over six banking offices in Stanly County, North Carolina. It provides a range of banking services, including deposit accounts, commercial, consumer, home equity and residential mortgage loans, safe deposit boxes and electronic banking services. It provides traditional commercial and consumer banking services, including personal and commercial checking and savings accounts, money market accounts, certificates of deposit, individual retirement accounts, and related business and individual banking services. Its lending activities include commercial loans and various consumer-type loans to individuals, including installment loans, mortgage loans, equity lines of credit and overdraft checking credit. The Bank also offers Internet banking, e-banking, mobile banking and telephone banking, and issues Visa Check Cards.

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