Uwharrie Capital Corp reported a net income of $3.2 million for the first quarter of 2026, reflecting an increase from $2.6 million in the same period of the previous year. This translates to earnings of $0.43 per diluted share, up from $0.33 per diluted share in the first quarter of 2025. The company's total interest income rose to $14.6 million, compared to $13.8 million a year earlier, driven by an increase in interest-earning assets. Net interest income also improved, reaching $9.8 million, a $660,000 increase from the prior year, while the net interest margin slightly increased to 3.42% from 3.39%.
In terms of financial position, Uwharrie Capital's total assets grew by $52.9 million to $1.25 billion as of March 31, 2026. This growth was primarily fueled by a $50.6 million increase in customer deposits, which rose to $1.13 billion. The company reported a decrease in loans held for investment, which fell to $679.6 million from $683.1 million at the end of 2025. The allowance for credit losses on loans remained stable at $6.4 million, representing 0.93% of total loans held for investment.
Operationally, Uwharrie Capital has seen a positive trend in its mortgage banking segment, with income from mortgage banking increasing by $130,000 due to heightened loan production. The company also recorded a gain of $186,000 from the sale of securities, marking a significant improvement compared to the previous year. However, the unrealized losses on available-for-sale securities increased to $23.7 million from $21.5 million, indicating some volatility in the investment portfolio.
Looking ahead, Uwharrie Capital remains focused on maintaining its capital ratios in compliance with regulatory requirements, as it continues to exceed the minimum capital standards. The company is also evaluating opportunities for expansion and growth, particularly in its mortgage banking and wealth management segments. Management expressed confidence in the adequacy of the allowance for credit losses, although they acknowledged that future adjustments may be necessary depending on economic conditions and borrower performance.
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.
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