UWHARRIE CAPITAL CORP
For the period ended Sep 30, 2024. Filed Nov 5, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 5, 2024
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Financial Statements (Unaudited)
Item 1. Financial Statements.
| September 30, 2024 (Unaudited) | December 31, 2023* | |
|---|---|---|
| (dollars in thousands) | ||
| ASSETS | ||
| Cash and due from banks | $8,115 | $7,407 |
| Interest-earning deposits with banks | 115,783 | 56,027 |
| Cash and cash equivalents | 123,898 | 63,434 |
| Securities available for sale, at fair value (amortized cost $357,787 and $369,301 respectively) | 332,645 | 336,714 |
| Securities held to maturity, at amortized cost (fair value $24,888 and $25,736 respectively) | 26,843 | 28,600 |
| Less allowance for credit losses on securities held to maturity | (66) | (56) |
| Net securities held to maturity | 26,777 | 28,544 |
| Equity securities, at fair value | 355 | 302 |
| Loans held for sale | 4,787 | 4,695 |
| Loans held for investment | 647,125 | 592,071 |
| Less allowance for credit losses on loans | (5,736) | (5,561) |
| Net loans held for investment | 641,389 | 586,510 |
| Premises and equipment, net | 14,722 | 15,089 |
| Interest receivable | 4,821 | 4,393 |
| Restricted stock | 1,729 | 1,672 |
| Bank-owned life insurance | 7,901 | 7,793 |
| Deferred income tax benefit | 6,991 | 8,910 |
| Loan servicing assets | 3,982 | 4,287 |
| Mortgage banking derivatives | 1,173 | 852 |
| Other assets | 9,889 | 9,396 |
| Total assets | $1,181,059 | $1,072,591 |
| LIABILITIES | ||
| Deposits: | ||
| Demand noninterest-bearing | $288,278 | $269,998 |
| Interest checking and money market accounts | 431,230 | 417,318 |
| Savings deposits | 94,562 | 101,193 |
| Time deposits, $250,000 and over | 131,992 | 78,046 |
| Other time deposits | 131,749 | 115,158 |
| Total deposits | 1,077,811 | 981,713 |
| Short-term borrowed funds | 1,419 | 1,379 |
| Long-term debt | 29,142 | 29,104 |
| Mortgage banking derivatives | 28 | 288 |
| Other liabilities | 11,538 | 10,666 |
| Total liabilities | 1,119,938 | 1,023,150 |
| Off balance sheet items, commitments and contingencies (Note 9) | ||
| SHAREHOLDERS’ EQUITY | ||
| Common stock, $1.25 par value: 20,000,000 shares authorized; shares issued and outstanding 6,964,323 and 7,124,438 at September 30, 2024 and December 31, 2023, respectively | 8,705 | 8,905 |
| Common stock dividend distributable | 174 | — |
| Additional paid-in capital | 12,735 | 12,876 |
| Undivided profits | 48,217 | 42,105 |
| Accumulated other comprehensive loss | (19,365) | (25,100) |
| Total Uwharrie Capital Corp shareholders’ equity | 50,466 | 38,786 |
| Noncontrolling interest | 10,655 | 10,655 |
| Total shareholders’ equity | 61,121 | 49,441 |
| Total liabilities and shareholders’ equity | $1,181,059 | $1,072,591 |
(*) Derived from audited consolidated financial statements
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