Uwharrie Capital Corp 8-K, filed Oct 18, 2023
Uwharrie Capital Corp (UWHR)
About this 8-K
Uwharrie Capital Corp filed this 8-K on October 18, 2023, reporting on events of October 17, 2023.
Items reported
- Item 2.02: Financial results
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On October 18, 2023, Uwharrie Capital Corp (the “Registrant”) announced financial results for the period ended September 30, 2023. The Registrant reported consolidated total assets of $1.07 billion at September 30, 2023, compared to $1.02 billion at December 31, 2022.
Net income for the nine-month period ended September 30, 2023, was $6.3 million versus $5.3 million for the same period in 2022. For the nine months ended September 30, 2023, net income available to common shareholders was $5.9 million, or $0.82 per share, compared to $4.9 million, or $0.67 per share, for the nine months ended September 30, 2022. Net income available to common shareholders takes into consideration the payment of dividends on preferred stock issued by the Registrant.
Net Income for the three-month period ended September 30, 2023, was $2.1 million versus $2.8 million for the same period in 2022. For the three months ended September 30, 2023, net income available to common shareholders was $2.0 million, or $0.28 per share, compared to $2.7 million, or $0.37 per share, for the three months ended September 30, 2022. Earnings for the 2022 period included $1.5 million in recoveries of loan loss provision compared to provision expense of $599,000 during the 2023 period. The Registrant recorded a provision for credit losses on loans as a result of $44.6 million in loan growth during the three months ended September 30, 2023.
Item 8.01 Other Events
On October 17, 2023, the Uwharrie Capital Corp (the “Registrant”) Board of Directors declared a 2% stock dividend to be paid to common stock shareholders on November 21, 2023. Current and prior year earnings per share reported above in Item 2.02 have been adjusted retroactively for the 2% stock dividend.
A copy of the press release (the “Press Release”) announcing the Registrant’s results is attached as Exhibit 99.1 and incorporated by reference herein.
This Current Report on Form 8-K (including information included or incorporated by reference herein) may contain, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements regarding certain of the Registrant’s goals and expectations with respect to earnings, income per share, revenue, expenses and the growth rate in such items, as well as other measures of economic performance, including statements relating to estimates of credit quality trends, and (ii) statements preceded by, followed by or that include the words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “projects,” “outlook” or similar expressions. These statements are based upon the current belief and expectations of the Registrant’s management and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond the Registrant’s control).
Item 9.01 Financial Statements and Exhibits
(c) Exhibits
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99.1 |
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104 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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UWHARRIE CAPITAL CORP |
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Date: October 18, 2023 |
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By: |
/s/ Heather H. Almond |
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Heather H. Almond |
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Principal Financial Officer |
Exhibit 99.1
Third Quarter 2023 - Earnings Release and Dividend Declaration
FOR IMMEDIATE RELEASE
From: Heather H. Almond
Uwharrie Capital Corp
704-983-6181
Date: October 18, 2023
Albemarle - Uwharrie Capital Corp and its subsidiary, Uwharrie Bank, reported consolidated total assets of $1.07 billion at September 30, 2023, versus $1.02 billion at December 31, 2022.
Net income for the nine-month period ended September 30, 2023, was $6.3 million versus $5.3 million for the same period in 2022. For the nine months ended September 30, 2023, net income available to common shareholders was $5.9 million, or $0.82 per share, compared to $4.9 million, or $0.67 per share, for the nine months ended September 30, 2022. Net income available to common shareholders takes into consideration the payment of dividends on preferred stock issued by the Company.
Net Income for the three-month period ended September 30, 2023, was $2.1 million versus $2.8 million for the same period in 2022. For the three months ended September 30, 2023, net income available to common shareholders was $2.0 million, or $0.28 per share, compared to $2.7 million, or $0.37 per share, for the three months ended September 30, 2022. Earnings for the 2022 period included $1.5 million in recoveries of loan loss provision compared to provision expense of $599,000 during the 2023 period. The Company recorded a provision for credit losses on loans as a result of $44.6 million in loan growth during the three months ended September 30, 2023.
Additionally, the Board of Directors has declared a 2% stock dividend to be paid to common stock shareholders on November 21, 2023. Current and prior year earnings per share reported above have been adjusted retroactively for the 2% stock dividend.
Shareholders of Uwharrie Capital Corp, as of the record date November 7, 2023, will receive the dividend, which will be paid electronically via book-entry. No stock certificates will be issued. Shareholders will receive a statement indicating the new shares gained. If the stock is held in a brokerage account, shares will be electronically delivered directly to the appropriate account. Only whole shares of stock will be issued. If applicable, a check for payment of a fractional share may also be issued or deposited electronically.
Contact Heather Almond, Chief Financial Officer at 704-983-6181 for further information.
About Uwharrie Capital Corp
Uwharrie Capital Corp offers a full range of financial solutions through its subsidiaries: Uwharrie Bank and Uwharrie Investment Advisors. Additional information on Uwharrie Capital Corp may be found at www.Uwharrie.com or by calling 704-982-4415.