UWHARRIE CAPITAL CORP (OTCMKTS:UWHR) Files An 8-K Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition
Albemarle – Uwharrie Capital Corp and its subsidiary, Uwharrie Bank, reported consolidated total assets of $792 million at September 30, 2020, versus $657 million at December 31, 2019.
Net income for the nine-month period ended September 30, 2020, was $3.5 million versus $2.6 million for the same period in 2019. For the nine months ended September 30, 2020, 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 September 30, 2019. Net income available to common shareholders takes into consideration the payment of dividends on preferred stock issued by the Company.
Net income for the three-month period ended September 30, 2020, was $1.6 million versus $968 thousand for the same period in 2019. For the three months ended September 30, 2020, net income available to common shareholders was $1.4 million or $0.20 per share compared to $826 thousand or $0.11 per share for the same quarter in 2019, an increase of 80%.
Item 8.01Other Events.
The Uwharrie Capital Corp (the “Registrant”) Board of Directors has declared a 2% stock dividend to be paid to common stock shareholders on November 23, 2020.
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
UWHARRIE CAPITAL CORP Exhibit
EX-99.1 2 uwhr-ex991_6.htm EX-99.1 uwhr-ex991_6.htm Exhibit 99.1 Third Quarter 2020 – Earnings Release and Dividend Declaration FOR IMMEDIATE RELEASE From: David Beaver Uwharrie Capital Corp 704-991-1266 Date: October 22,…
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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.