UWHARRIE CAPITAL CORP Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>UWHARRIE CAPITAL CORP filed its Q1 2024 10-Q report on May 9, 2024, detailing financial performance and asset classifications.</b>

AI Summary

UWHARRIE CAPITAL CORP (UWHR) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. UWHARRIE CAPITAL CORP filed a 10-Q report on May 9, 2024, for the period ending March 31, 2024. The filing covers financial data for the first quarter of 2024. The company's SIC code is 6022 (State Commercial Banks). The filing includes details on various financial assets, including commercial loans, consumer loans, and mortgage-backed securities. Specific data points relate to fair value measurements, loan delinquency, and equity securities.

Why It Matters

For investors and stakeholders tracking UWHARRIE CAPITAL CORP, this filing contains several important signals. This 10-Q filing provides a quarterly update on UWHARRIE CAPITAL CORP's financial health and operational status, crucial for investors and analysts tracking the company's performance in the commercial banking sector. The detailed breakdown of financial assets and liabilities, including loan portfolios and securities, offers insights into the company's risk exposure and asset quality management.

Risk Assessment

Risk Level: low — UWHARRIE CAPITAL CORP shows low risk based on this filing. The filing is a standard 10-Q report for a publicly traded company, indicating routine financial disclosure rather than an event-driven or crisis situation.

Analyst Insight

Monitor UWHARRIE CAPITAL CORP's loan portfolio performance and fair value measurements in subsequent filings for trends in asset quality and market valuation.

Key Numbers

• 20240331 — CONFORMED PERIOD OF REPORT (10-Q filing)
• 20240509 — FILED AS OF DATE (10-Q filing)
• 6022 — STANDARD INDUSTRIAL CLASSIFICATION (State Commercial Banks)
• 561814206 — IRS NUMBER (UWHARRIE CAPITAL CORP)
• 1231 — FISCAL YEAR END (UWHARRIE CAPITAL CORP)

Key Players & Entities

• UWHARRIE CAPITAL CORP (company) — FILER
• STANLY CAPITAL CORP (company) — FORMER COMPANY
• NC (location) — STATE OF INCORPORATION
• ALBEMARLE (location) — BUSINESS ADDRESS CITY

FAQ

Industry Context

UWHARRIE CAPITAL CORP operates within the commercial banking industry, a sector characterized by lending, deposit-taking, and financial services.

Regulatory Implications

As a commercial bank, UWHARRIE CAPITAL CORP is subject to regulations from bodies like the Federal Reserve, FDIC, and state banking authorities, governing its operations and financial stability.

What Investors Should Do

1. Review the detailed asset classifications within the 10-Q to understand the composition of UWHARRIE CAPITAL CORP's loan and investment portfolios.
2. Analyze any disclosed fair value measurements to assess the market valuation of the company's financial instruments.
3. Compare the reported financial data with previous periods to identify any significant trends or changes in performance.

Key Dates

• 2024-03-31: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive overview of a company's financial performance during a specific quarter.)

SIC Code

Standard Industrial Classification code used to classify businesses by industry. (Helps categorize UWHARRIE CAPITAL CORP within the financial services sector, specifically commercial banking.)

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first quarterly update of the year.

Key Financial Figures

• $250,000 — ts 100,093 101,193 Time deposits, $250,000 and over 86,047 78,046 Other time

Filing Documents

• uwhr-20240331.htm (10-Q) — 4315KB
• uwhr-ex31_1.htm (EX-31.1) — 15KB
• uwhr-ex31_2.htm (EX-31.2) — 15KB
• uwhr-ex32.htm (EX-32) — 12KB
• 0000950170-24-056762.txt (&nbsp;) — 21805KB
• uwhr-20240331.xsd (EX-101.SCH) — 1711KB
• uwhr-20240331_htm.xml (XML) — 6846KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 2 Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 2 Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023 3 Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 4 Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended March 31, 2024 and 2023 5 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7 Item 2 -

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3 -

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 32 Item 4 -

Controls and Procedures

Controls and Procedures 32 Part II. OTHER INFORMATION 33 Item 1 -

Legal Proceedings

Legal Proceedings 33 Item 1A -

Risk Factors

Risk Factors 33 Item 2 - Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 33 Item 3 - Defaults Upon Senior Securities 33 Item 4 - Mine Safety Disclosures 33 Item 5 - Other Information 33 Item 6 - Exhibits 34

Signatures

Signatures 35 1 Uwharrie Capital Corp and Subsidiaries Consolidated Balance Sheets

Financia l Information

Part I. Financia l Information

Financ ial Statements

Item 1. Financ ial Statements. March 31, 2024 (Unaudited) December 31, 2023* (dollars in thousands) ASSETS Cash and due from banks $ 11,446 $ 7,407 Interest-earning deposits with banks 51,203 56,027 Cash and cash equivalents 62,649 63,434 Securities available for sale, at fair value (amortized cost $ 372,479 and $ 369,301 respectively) 338,447 336,714 Securities held to maturity, at amortized cost (fair value $ 25,583 and $ 25,736 respectively) 28,430 28,600 Less allowance for credit losses on securities held to maturity ( 66 ) ( 56 ) Net securities held to maturity 28,364 28,544 Equity securities, at fair value 343 302 Loans held for sale 5,299 4,695 Loans held for investment 613,808 592,071 Less allowance for credit losses on loans ( 5,523 ) ( 5,561 ) Net loans held for investment 608,285 586,510 Premises and equipment, net 14,894 15,089 Interest receivable 4,765 4,393 Restricted stock 1,709 1,672 Bank owned life insurance 7,828 7,793 Deferred income tax benefit 9,034 8,910 Loan servicing assets 4,180 4,287 Mortgage banking derivatives 1,091 852 Other assets 9,778 9,396 Total assets $ 1,096,666 $ 1,072,591 LIABILITIES Deposits: Demand noninterest-bearing $ 284,856 $ 269,998 Interest checking and money market accounts 407,211 417,318 Savings deposits 100,093 101,193 Time deposits, $250,000 and over 86,047 78,046 Other time deposits 121,616 115,158 Total deposits 999,823 981,713 Short-term borrowed funds 6,290 1,379 Long-term debt 29,123 29,104 Mortgage banking derivatives 56 288 Other liabilities 10,971 10,666 Total liabilities 1,046,263 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 7,103,003 and 7,12