Uwharrie Capital Corp Files Q2 2024 10-Q

TL;DR

UWHARRIE CAPITAL CORP (UHRR) filed its Q2 2024 10-Q. Bank financials look steady.

AI Summary

Uwharrie Capital Corp filed its 10-Q for the period ending June 30, 2024. The filing details financial information for the company, which operates as a commercial bank. Key financial data and operational details are presented for the second quarter of 2024.

Why It Matters

This filing provides investors and analysts with a detailed look into Uwharrie Capital Corp's financial performance and position as of the end of the second quarter of 2024.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report for a commercial bank and does not indicate any immediate or unusual risks.

Key Numbers

• Q2 2024 — Reporting Period (Financial results for the second quarter of 2024 are detailed.)
• 1231 — Fiscal Year End (Indicates the company's fiscal year concludes on December 31st.)

Key Players & Entities

• UWHARRIE CAPITAL CORP (company) — Filer
• 20240630 (date) — Period of Report
• 20240806 (date) — Filing Date
• 0000898171 (company) — Central Index Key
• NC (location) — State of Incorporation

FAQ

Key Financial Figures

• $250,000 — its 95,208 101,193 Time deposits, $250,000 and over 128,162 78,046 Other tim

Filing Documents

• uwhr-20240630.htm (10-Q) — 5017KB
• uwhr-ex31_1.htm (EX-31.1) — 16KB
• uwhr-ex31_2.htm (EX-31.2) — 16KB
• uwhr-ex32.htm (EX-32) — 12KB
• 0000950170-24-091526.txt ( ) — 23471KB
• uwhr-20240630.xsd (EX-101.SCH) — 1723KB
• uwhr-20240630_htm.xml (XML) — 7365KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 2 Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 2 Consolidated Statements of Income for the Three and Six Months Ended June 30, 2024 and 2023 3 Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2024 and 2023 4 Consolidated Statements of Changes in Shareholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 5 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 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 27 Item 3 -

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 4 -

Controls and Procedures

Controls and Procedures 34 Part II. OTHER INFORMATION 35 Item 1 -

Legal Proceedings

Legal Proceedings 35 Item 1A -

Risk Factors

Risk Factors 35 Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds 35 Item 3 - Defaults Upon Senior Securities 35 Item 4 - Mine Safety Disclosures 35 Item 5 - Other Information 35 Item 6 - Exhibits 36

Signatures

Signatures 37 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. June 30, 2024 (Unaudited) December 31, 2023* (dollars in thousands) ASSETS Cash and due from banks $ 11,195 $ 7,407 Interest-earning deposits with banks 46,276 56,027 Cash and cash equivalents 57,471 63,434 Securities available for sale, at fair value (amortized cost $ 384,893 and $ 369,301 respectively) 350,764 336,714 Securities held to maturity, at amortized cost (fair value $ 24,656 and $ 25,736 respectively) 27,252 28,600 Less allowance for credit losses on securities held to maturity ( 66 ) ( 56 ) Net securities held to maturity 27,186 28,544 Equity securities, at fair value 324 302 Loans held for sale 3,611 4,695 Loans held for investment 636,738 592,071 Less allowance for credit losses on loans ( 5,908 ) ( 5,561 ) Net loans held for investment 630,830 586,510 Premises and equipment, net 14,552 15,089 Interest receivable 4,688 4,393 Restricted stock 1,709 1,672 Bank owned life insurance 7,864 7,793 Deferred income tax benefit 9,056 8,910 Loan servicing assets 4,089 4,287 Mortgage banking derivatives 798 852 Other assets 10,318 9,396 Total assets $ 1,123,260 $ 1,072,591 LIABILITIES Deposits: Demand noninterest-bearing $ 286,517 $ 269,998 Interest checking and money market accounts 391,245 417,318 Savings deposits 95,208 101,193 Time deposits, $250,000 and over 128,162 78,046 Other time deposits 122,943 115,158 Total deposits 1,024,075 981,713 Short-term borrowed funds 6,400 1,379 Long-term debt 29,123 29,104 Mortgage banking derivatives 94 288 Other liabilities 11,436 10,666 Total liabilities 1,071,128 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 7,068,577 and 7,12