Uwharrie Capital Corp 8-K, filed Oct 20, 2022
Uwharrie Capital Corp (UWHR)
About this 8-K
Uwharrie Capital Corp filed this 8-K on October 20, 2022, reporting on events of October 18, 2022.
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
Date of Report (Date of earliest event reported):
(Exact name of Registrant as Specified in Its Charter)
|
|
|
|
|
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
|
|
|
|
|
|
|
|
|
(Address of Principal Executive Offices) |
|
(Zip Code) |
Registrant’s Telephone Number, Including Area Code:
N/A
(Former Name or Former Address, if Changed Since Last Report)
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 (see General Instructions A.2. below):
|
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
|
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
|
None |
|
|
|
|
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 2.02Results of Operations and Financial Condition
On October 20, 2022, Uwharrie Capital Corp (the “Registrant”) announced financial results for the period ended September 30, 2022. The Registrant reported consolidated total assets of $1.04 billion at September 30, 2022, compared to $939.7 million at December 31, 2021.
Net income for the nine-month period ended September 30, 2022, was $5.3 million versus $8.9 million for the same period in 2021. For the nine months ended September 30, 2022, net income available to common shareholders was $4.9 million or $0.69 per share compared to $8.4 million or $1.14 per share for September 30, 2021. Net income available to common shareholders takes into consideration the payment of dividends on preferred stock issued by the Company. The decline in earnings is attributable to the decline in the mortgage origination market for the year, impacting mortgage banking income.
Net income for the three-month period ended September 30, 2022, was $2.8 million versus $2.7 million for the same period in 2021. For the three months ended September 30, 2022, net income available to common shareholders was $2.7 million or $0.38 per share compared to $2.5 million or $0.35 per share for the same quarter in 2021, an increase of 6%.
Item 8.01Other Events
On October 18, 2022, the Uwharrie Capital Corp (the “Registrant”) Board of Directors declared a 2.5% stock dividend to be paid to common stock shareholders on November 22, 2022. Current and prior year earnings per share reported above in Item 2.02 have been adjusted retroactively for the 2.5% 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 9.01Financial Statements and Exhibits
(c) Exhibits
|
Exhibit Number |
|
Description |
|
99.1 |
|
|
|
|
|
|
|
104 |
|
Cover page interactive data file (embedded within the Inline XBRL document) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
|
UWHARRIE CAPITAL CORP |
|
|
|
|
|
|
|
Date: October 20, 2022 |
|
By: |
/s/ Heather H. Almond |
|
|
|
|
Heather H. Almond |
|
|
|
|
Chief Financial Officer |
Exhibit 99.1
Third Quarter 2022 - Earnings Release and Dividend Declaration
FOR IMMEDIATE RELEASE
From: Roger Dick
Uwharrie Capital Corp
704-983-6181
Date: October 20, 2022
Albemarle - Uwharrie Capital Corp and its subsidiary, Uwharrie Bank, reported consolidated total assets of $1.04 billion at September 30, 2022, versus $939.7 million at December 31, 2021.
Net income for the nine-month period ended September 30, 2022, was $5.3 million versus $8.9 million for the same period in 2021. For the nine months ended September 30, 2022, net income available to common shareholders was $4.9 million or $0.69 per share compared to $8.4 million or $1.14 per share for September 30, 2021. Net income available to common shareholders takes into consideration the payment of dividends on preferred stock issued by the Company. The decline in earnings is attributable to the decline in the mortgage origination market for the year, impacting mortgage banking income.
Net income for the three-month period ended September 30, 2022, was $2.8 million versus $2.7 million for the same period in 2021. For the three months ended September 30, 2022, net income available to common shareholders was $2.7 million or $0.38 per share compared to $2.5 million or $0.35 per share for the same quarter in 2021, an increase of 6%.
Additionally, the Board of Directors has declared a 2.5% stock dividend to be paid to common stock shareholders on November 22, 2022. Current and prior year earnings per share reported above have been adjusted retroactively for the 2.5% stock dividend.
Shareholders of Uwharrie Capital Corp, as of the record date November 8, 2022, 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 Roger Dick, Chief Executive 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.