Uwharrie Capital Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Uwharrie Capital Corp has submitted its annual 10-K filing for the fiscal year ending December 31, 2023.</b>

AI Summary

UWHARRIE CAPITAL CORP (UWHR) filed a Annual Report (10-K) with the SEC on March 6, 2024. Uwharrie Capital Corp filed its 2023 Form 10-K on March 6, 2024. The company is classified under SIC code 6022 for State Commercial Banks. Its principal business address is in Albemarle, North Carolina. The company was formerly known as Stanly Capital Corp. The filing covers the fiscal year ending December 31, 2023.

Why It Matters

For investors and stakeholders tracking UWHARRIE CAPITAL CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Uwharrie Capital Corp's financial performance, operations, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's health and future prospects. As a state commercial bank, the detailed financial information within the 10-K is essential for understanding its lending activities, asset quality, and regulatory compliance, impacting its stability and growth potential in the financial sector.

Risk Assessment

Risk Level: low — UWHARRIE CAPITAL CORP shows low risk based on this filing. The filing is a standard annual report (10-K) for a commercial bank, indicating routine disclosure rather than immediate significant events.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Uwharrie Capital Corp's performance and strategic positioning.

Key Numbers

• 20231231 — Fiscal Year End (Conformed Period of Report)
• 20240306 — Filing Date (Filed as of Date)
• 127 — Public Document Count (Document count in the filing)
• 000-22062 — SEC File Number (SEC File Number for the company)

Key Players & Entities

• UWHARRIE CAPITAL CORP (company) — Filer name
• 898171 (company) — Central Index Key
• 6022 (company) — Standard Industrial Classification
• NC (company) — State of Incorporation
• STANLY CAPITAL CORP (company) — Former Company Name
• 19930303 (date) — Date of Name Change
• 28001 (company) — Business Address ZIP
• 7049836181 (company) — Business Phone

FAQ

Industry Context

Uwharrie Capital Corp operates within the State Commercial Banks industry, as indicated by its SIC code 6022. This sector is characterized by deposit-taking, lending, and other financial services.

Regulatory Implications

As a state commercial bank, Uwharrie Capital Corp is subject to regulations from state and federal authorities governing financial institutions, ensuring stability and consumer protection.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and asset growth.
2. Examine the balance sheet for debt levels and liquidity.
3. Review any disclosed risk factors and management's discussion and analysis.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K
• 2024-03-06: Filing Date — Date the 10-K was officially filed with the SEC

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing; no prior filing data is available for comparison within this context.

Key Financial Figures

• $1.25 — ) of the Act: COMMON STOCK, PAR VALUE $1.25 PER SHARE Indicate by check mark if t

Filing Documents

• uwhr-20231231.htm (10-K) — 6545KB
• uwhr-ex21.htm (EX-21) — 14KB
• uwhr-ex23.htm (EX-23) — 3KB
• uwhr-ex31_1.htm (EX-31.1) — 14KB
• uwhr-ex31_2.htm (EX-31.2) — 14KB
• uwhr-ex32.htm (EX-32) — 9KB
• 0000950170-24-027016.txt (&nbsp;) — 30625KB
• uwhr-20231231.xsd (EX-101.SCH) — 2627KB
• uwhr-20231231_htm.xml (XML) — 8771KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 13 Item 1C. Cybersecurity 13 Item 2.

Properties

Properties 15 Item 3.

Legal Proceedings

Legal Proceedings 15 Item 4. Mine Safety Disclosures 15 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 16 Item 6. [Reserved] 16 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 30 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 30 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 76 Item 9A.

Controls and Procedures

Controls and Procedures 76 Item 9B. Other Information 77 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 77 Part III Item 10. Directors, Executive Officers and Corporate Governance 78 Item 11.

Executive Compensation

Executive Compensation 78 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 78 Item 13. Certain Relationships and Related Transactions, and Director Independence 78 Item 14. Principal Accountant Fees and Services 78 Part IV Item 15. Exhibit and Financial Statement Schedules 79 Item 16. Form 10-K Summary 81 PART I

B usiness

Item 1. B usiness. Uwharrie Capital Corp (the "Company") is a North Carolina business corporation and registered bank holding company. The Company was incorporated on February 24, 1993 to become the bank holding company for Uwharrie Bank (the "Bank"), a North Carolina commercial bank, originally chartered on September 28, 1983 as Bank of Stanly, and its three wholly owned subsidiaries, The Strategic Alliance Corporation ("Strategic Alliance"), BOS Agency, Inc. ("BOS Agency") and Gateway Mortgage, Inc., a mortgage brokerage company acquired in August 2000. The Company also owns two non-bank subsidiaries, Uwharrie Investment Advisors, Inc., formerly known as Strategic Investment Advisors, Inc., formed in 1999, and Uwharrie Mortgage, Inc., formed in 2004. On January 19, 2000, the Company completed its acquisition of Anson Bancorp, Inc. and its subsidiary, Anson Savings Bank. The savings bank retained its North Carolina savings bank charter and became a wholly owned subsidiary of the Company until September 1, 2013 when it was merged with and into the Bank. During 2002, the Company expanded its service area into the Cabarrus County market. On April 10, 2003 the Company capitalized a new wholly owned subsidiary bank, Cabarrus Bank & Trust Company. As of that date, Cabarrus Bank & Trust Company purchased two Cabarrus County branch offices of the Bank, formerly known as Bank of Stanly, in order to commence operations. Cabarrus Bank & Trust Company was merged with and into the Bank, effective September 1, 2013. The Company and its subsidiaries conduct their operations in Stanly County, Anson County, Cabarrus County, Randolph County and Mecklenburg County, North Carolina. The Company is community-oriented, emphasizing the well-being of the people in its region above financial gain in directing its corporate decisions. In order to best serve its communities, the Company believes it must remain a strong, viable, independent financial institution. This means that the Co