UWHR Uwharrie Capital Corp (QX)

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 15, 2024

 

 

Uwharrie Capital Corp

(Exact name of Registrant as Specified in Its Charter)

 

 

North Carolina			000-22062	56-1814206
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
132 North First Street
Albemarle, North Carolina				28001
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 704 983-6181

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
None		N/A		N/A

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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Item 2.02 Results of Operations and Financial Condition.

On October 16, 2024, Uwharrie Capital Corp (the “Registrant”) announced financial results for the period ended September 30, 2024. The Registrant reported consolidated total assets of $1.18 billion at September 30, 2024, compared to $1.07 billion at December 31, 2023.

Net income for the nine-month period ended September 30, 2024, was $7.6 million versus $6.3 million for the same period in 2023. For the nine months ended September 30, 2024, net income available to common shareholders was $7.2 million, or $1.00 per share, compared to $5.9 million, or $0.80 per share, for the nine months ended September 30, 2023. Net income available to common shareholders takes into consideration the payment of dividends on preferred stock issued by the Registrant.

Net income for the three-month period ended September 30, 2024, was $3.0 million versus $2.1 million for the same period in 2023. For the three months ended September 30, 2024, net income available to common shareholders was $2.9 million, or $0.40 per share, compared to $2.0 million, or $0.27 per share, for the three months ended September 30, 2023.

Item 8.01 Other Events.

On October 15, 2024, the Uwharrie Capital Corp (the "Registrant") Board of Directors declared a 2% stock dividend to be paid to common stock shareholders on November 18, 2024. Current and prior year earnings per share reported above in Item 2.02 have been adjusted retroactively for the 2% stock dividend.

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).

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number		Description
99.1		Press Release dated October 16, 2024
104		Cover page interactive data file (embedded within the Inline XBRL document)

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

		UWHARRIE CAPITAL CORP
Date: October 16, 2024		By:	/s/ Heather H. Almond
			Heather H. Almond
			Principal Financial Officer

 

 

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Exhibit 99.1

 

 

Third Quarter 2024 - Earnings Release and Dividend Declaration

FOR IMMEDIATE RELEASE

From: Heather H. Almond

Uwharrie Capital Corp

704-983-6181

Date: October 16, 2024

Albemarle - Uwharrie Capital Corp and its subsidiary, Uwharrie Bank (the “Bank”), reported consolidated total assets of $1.18 billion at September 30, 2024, versus $1.07 billion at December 31, 2023.

Net income for the nine-month period ended September 30, 2024, was $7.6 million versus $6.3 million for the same period in 2023. For the nine months ended September 30, 2024, net income available to common shareholders was $7.2 million, or $1.00 per share, compared to $5.9 million, or $0.80 per share, for the nine months ended September 30, 2023. Net income available to common shareholders takes into consideration the payment of dividends on preferred stock issued by the Bank.

 

Net income for the three-month period ended September 30, 2024, was $3.0 million versus $2.1 million for the same period in 2023. For the three months ended September 30, 2024, net income available to common shareholders was $2.9 million, or $0.40 per share, compared to $2.0 million, or $0.27 per share, for the three months ended September 30, 2023.

Additionally, the Board of Directors has declared a 2% stock dividend to be paid to common stock shareholders on November 18, 2024. Current and prior year earnings per share reported above have been adjusted retroactively for the 2% stock dividend.

 

Shareholders of Uwharrie Capital Corp, as of the record date October 28, 2024, will receive the dividend, which will be paid electronically via book-entry. No stock certificates will be issued. Shareholders will receive a statement indicating the new shares gained. If the stock is held in a brokerage account, shares will be electronically delivered directly to the appropriate account. Only whole shares of stock will be issued. If applicable, a check for payment of a fractional share may also be issued or deposited electronically.

 

Contact Heather Almond, Chief Financial Officer at 704-983-6181 for further information.

About Uwharrie Capital Corp

Uwharrie Capital Corp offers a full range of financial solutions through its subsidiaries: Uwharrie Bank and Uwharrie Investment Advisors. Additional information on Uwharrie Capital Corp may be found at www.Uwharrie.com or by calling 704-982-4415.

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v3.24.3

Document And Entity Information	Oct. 15, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Oct. 15, 2024
Entity Registrant Name	Uwharrie Capital Corp
Entity Central Index Key	0000898171
Entity Emerging Growth Company	false
Entity File Number	000-22062
Entity Incorporation, State or Country Code	NC
Entity Tax Identification Number	56-1814206
Entity Address, Address Line One	132 North First Street
Entity Address, City or Town	Albemarle
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28001
City Area Code	704
Local Phone Number	983-6181
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	None
No Trading Symbol Flag	true
Security Exchange Name	NONE

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