Uwharrie Capital Corp reported a net income of $2.8 million for the second quarter of 2025, an increase from $2.2 million in the same period last year. This translates to earnings of $0.38 per share, up from $0.29 per share in the prior year. For the first half of 2025, the company achieved a net income of $5.4 million, compared to $4.6 million for the same period in 2024. The increase in profitability was driven by a rise in net interest income, which reached $9.7 million for the quarter, up from $8.8 million a year earlier, and $18.8 million for the six months, compared to $17.4 million in 2024.

Total assets for Uwharrie Capital Corp increased by $40.9 million to $1.17 billion as of June 30, 2025, compared to $1.13 billion at the end of 2024. The growth in assets was primarily attributed to a $32.1 million increase in customer deposits, which rose to $1.06 billion. The company also saw an increase in loans held for investment, which grew by $11.2 million to $677.6 million. The allowance for credit losses on loans increased to $6.2 million, representing 0.92% of total loans, up from 0.87% at the end of 2024.

In terms of operational developments, Uwharrie Capital Corp reported a significant increase in noninterest income, which rose to $3.1 million for the second quarter, compared to $2.2 million in the same quarter of 2024. This increase was largely driven by higher income from mortgage banking activities, which benefited from an increased loan pipeline. The company also noted a rise in interchange and card transaction fees, contributing to the overall growth in noninterest income.

Looking ahead, Uwharrie Capital Corp remains focused on maintaining its growth trajectory while managing credit risk. The company has implemented changes to its allowance for credit losses model, incorporating more recent data to enhance accuracy. Management expressed confidence in the adequacy of the allowance for credit losses, although they acknowledged that future adjustments may be necessary based on evolving economic conditions. The company continues to monitor its loan portfolio closely, particularly in light of potential economic challenges that could impact borrowers' repayment capabilities.

About UWHARRIE CAPITAL CORP

Uwharrie Capital Corp is a North Carolina bank holding company that owns and operates Uwharrie Bank, a community-focused commercial bank serving local markets. It offers traditional banking services, including personal and business accounts, loans, and digital banking. The company also owns subsidiaries in insurance, securities, and mortgage brokerage, emphasizing local economic development, technological innovation, and regulatory compliance within a competitive financial landscape.

This description was generated via AI from an annual report. Updated 8 months ago.

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