Uwharrie Capital Corp reported significant financial growth in its latest 10-Q filing for the period ending September 30, 2024. Total assets increased by $108.5 million, reaching $1.18 billion, compared to $1.07 billion at the end of 2023. Cash and cash equivalents saw a substantial rise, climbing from $63.4 million to $123.9 million, primarily driven by a $96.1 million increase in customer deposits, which grew from $981.7 million to $1.08 billion.
The company’s net loans held for investment also experienced growth, rising from $592.1 million to $647.1 million. This increase of $55.1 million reflects a robust demand for loans across various segments, including commercial and residential real estate. The allowance for credit losses on loans was reported at $5.7 million, representing 0.89% of total loans, a slight decrease from 0.94% at the end of 2023.
In terms of profitability, Uwharrie Capital Corp reported net income of $3.0 million for the three months ended September 30, 2024, up from $2.1 million in the same period of 2023. For the nine-month period, net income reached $7.6 million, an increase of $1.3 million compared to $6.3 million in 2023. Net income attributable to common shareholders for the third quarter was $2.9 million, or $0.40 per share, compared to $2.0 million, or $0.27 per share, in the prior year.
Interest income for the third quarter rose to $14.1 million, up from $11.7 million in 2023, while net interest income increased to $9.1 million from $8.2 million. The average yield on interest-earning assets improved to 5.18%, reflecting a favorable interest rate environment. However, the interest rate spread narrowed to 2.63%, down from 2.76% a year earlier.
Total noninterest income remained relatively stable, with a slight increase to $2.5 million for the third quarter, while noninterest expenses rose to $7.8 million, attributed mainly to higher salaries and benefits. The company declared a 2% stock dividend on October 15, 2024, payable on November 18, 2024.
Uwharrie Capital Corp's total shareholders' equity increased to $61.1 million, up $11.7 million from December 31, 2023, bolstered by net income and improvements in unrealized losses on available-for-sale securities. The company continues to maintain a strong capital position, exceeding minimum capital standards under Basel III regulations.
About UWHARRIE CAPITAL CORP
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