ALBEMARLE, N.C., April 29, 2024 /PRNewswire/ -- Uwharrie Capital Corp (OTCQX: UWHR) and its subsidiary, Uwharrie Bank, have announced their first-quarter results for 2024. The company reported consolidated total assets of $1.10 billion at the end of March 31, 2024, showing growth from $1.07 billion at the end of December 31, 2023.
According to Uwharrie Capital Corp, "During the first quarter of 2024, the Bank experienced growth in both loans and core deposits due to continued relationship development in the markets we serve." This growth contributed to the positive financial performance of the company.
The financial results for the first quarter of 2024 also showed a significant improvement in net income. Uwharrie Capital Corp stated, "Net income for the three-month period ended March 31, 2024 was $2.4 million versus $2.0 million for the same period in 2023." Additionally, "For the three months ended March 31, 2024, net income available to common shareholders was $2.2 million, or $0.31 per share, compared to $1.8 million, or $0.25 per share, for March 31, 2023."
The company attributed the year-over-year improvement in net income as of March 31, 2024 to factors such as "improvement in net interest margin and reduced requirements of our credit loss reserve associated with our loan portfolio as asset quality remains strong." This positive trend reflects the company's effective management and financial strategies.
Uwharrie Capital Corp offers a full range of financial solutions through its subsidiaries, including Uwharrie Bank and Uwharrie Investment Advisors. For more information about Uwharrie Capital Corp, visit www.Uwharrie.com or contact them at 704-982-4415.
SOURCE Uwharrie Capital Corp