Uwharrie Capital Corp reported a net income of $2.6 million for the first quarter of 2025, reflecting an increase from $2.4 million in the same period of the previous year. This translates to earnings of $0.34 per share, up from $0.31 per share in the prior year. The company's total interest income rose to $13.8 million, compared to $12.7 million in the first quarter of 2024, driven by an increase in interest-earning assets and a slight rise in the average yield on these assets. Net interest income also saw a boost, reaching $9.1 million, up from $8.5 million year-over-year.
In terms of financial position, Uwharrie Capital's total assets increased by $34.6 million to $1.16 billion as of March 31, 2025. The growth in assets was primarily attributed to a $29.1 million increase in customer deposits, which rose to $1.06 billion. The company also reported a slight decrease in loans held for investment, which fell to $664.9 million from $666.4 million at the end of 2024. The allowance for credit losses on loans increased to $6.1 million, representing 0.91% of total loans, compared to 0.87% at the end of the previous year.
Operationally, Uwharrie Capital has focused on enhancing its mortgage banking segment, which contributed to a $217,000 increase in income from mortgage banking activities. The company also experienced a positive shift in its unrealized loss position on available-for-sale securities, improving from $32.1 million to $29 million. This improvement reflects a more favorable market environment for the company's investment portfolio.
The company repurchased 16,164 shares of common stock during the quarter at a total cost of $146,000, while also paying $139,000 in dividends attributable to noncontrolling interests. Looking ahead, Uwharrie Capital remains optimistic about its growth prospects, supported by strong deposit growth and a diversified revenue stream. The management continues to monitor economic conditions and credit quality closely, ensuring that the company is well-positioned to navigate potential challenges in the financial landscape.
About UWHARRIE CAPITAL CORP
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