Business

Uwharrie reports assets rose 11.5 percent from last year

Uwharrie Capital Corp and its subsidiaries reported total assets reached $586 million as of June 30, up 11.5 percent from June 30 last year. Total deposits grew $60 million or 13 percent, to $522 million.

Loan balance at June 30 was $356 million, reflecting a 7.1 percent growth over the $333 million in loans outstanding reported as of June 30 last year.

Earnings for the second quarter ended June 30 amounted to $632,000 vs. $710,000 reported during the same quarter in 2016. For the six-month period ending June 30, earnings were $1.25 million vs. $1.22 million reported for the six months of 2016.

Earnings last year included one-time security gains of $542,000. As stated previously, 2017 earnings-to-date reflect a stronger level of recurring earnings reported, as 2017 earnings are all from operations.

In a letter to shareholders, the financial company said all key performance measurements are moving in the right direction. “Asset quality continues to improve, and progress is being made on our first full-service banking office in Mecklenburg County. Uwharrie Bank Mortgage and Uwharrie Investment Advisors, as key contributors to our fee based strategy, continue to make progress toward adding diversification to our earnings base while permitting us to take a holistic approach in meeting the needs of our customers,” the letter said.

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