Business

Uwharrie assets increase 5 percent in 2017

Feb. 9 – Uwharrie Capital Corp. and its chief subsidiary, Uwharrie Bank, reported consolidated total assets of $576.4 million Dec. 31, up 5 percent from $548.2 million reported Dec. 31, 2016.

Net income for 2017 was $1.61 million, down 27 percent from $2.21 million during the same 12-month period in 2016.

As of Dec. 31, net income available to common shareholders was $1.02 million or 14 cents per share compared to $1.62 million or 22 cents per share, a 37 percent decline, for the same 12-month period in 2016.

Net income available to common shareholders takes into consideration the payment of dividends on preferred stock.

Included in the provision for income taxes during 2017 was an estimated $806,000 write-down as a result of an adjustment in net deferred tax assets. The adjustment was based on the new federal tax code enacted in late 2017 that reduced the statutory tax rate for corporations from 35% to 21%. After adjusting earnings for this charge, net income would have been $2.42 million, an increase of $210,000 or 9.5%, compared to 2016.

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