Uwharrie Capital Corp Reports Growth in Assets and Earnings for 2024

Uwharrie Capital Corp Year-End Review for 2024

Uwharrie Capital Corp, along with its subsidiary Uwharrie Bank, has announced its financial performance for the year ending December 31, 2024. The company reported impressive growth in consolidated total assets, reaching $1.13 billion, up from $1.07 billion recorded at the end of 2023. This represents a significant milestone for the organization, reflecting their overall financial resilience and strategy.

The net income for the twelve months concluding on December 31, 2024, stood at $9.9 million, which is a noticeable increase from $8.6 million for the same period in the previous year. This translates to earnings available to common shareholders of $9.3 million, or $1.30 per diluted share. In contrast, the earnings available to shareholders for the prior year were $8.0 million, equating to $1.09 per diluted share. This increase in profit is particularly noteworthy as it factors in the payment of dividends on preferred stock released by the company, reflecting effective management of shareholder value.

One of the key contributors to this year-over-year growth in net income has been the increase in net interest margin, which has been bolstered by a notably larger loan portfolio. The bank's approach in expanding lending activities while ensuring asset quality has played a pivotal role in this achievement.

Uwharrie Capital Corp continues to offer a comprehensive suite of financial solutions through its various subsidiaries, including Uwharrie Bank and Uwharrie Investment Advisors. This diversified approach allows the corporation to cater to a wide array of customer needs while maintaining a robust balance sheet, which is reactive to market conditions.

For those interested in learning more about Uwharrie Capital Corp, additional information can be accessed on their official website at www.Uwharrie.com or by reaching their office at 704-982-4415. This reflects their commitment to transparency and customer service, foundational principles that strengthen stakeholder relations.

In conclusion, Uwharrie Capital Corp’s positive performance indicators for 2024 affirm the effectiveness of its operational strategies and provide a promising outlook for future initiatives. Stakeholders and investors alike can look forward to continued growth as the company capitalizes on its strengths in the financial sector and responds adeptly to evolving economic challenges.