Uwharrie Capital Corp Files Q3 2024 10-Q

TL;DR

UWHARRIE CAPITAL CORP (UHRR) Q3 2024 10-Q FILED. LOAN PORTFOLIO DETAILS AVAILABLE.

AI Summary

Uwharrie Capital Corp filed its 10-Q for the period ending September 30, 2024. The company, formerly known as Stanly Capital Corp, is a commercial bank incorporated in North Carolina. Key financial data and loan portfolio details are presented, including information on commercial loans and real estate construction loans.

Why It Matters

This filing provides investors and analysts with a quarterly update on Uwharrie Capital Corp's financial health, loan portfolio performance, and overall business operations.

Risk Assessment

Risk Level: medium — As a financial institution, Uwharrie Capital Corp is subject to inherent risks related to loan defaults, interest rate fluctuations, and regulatory changes.

Key Numbers

• N/A — Total Assets (Not explicitly stated in the provided snippet.)
• N/A — Total Liabilities (Not explicitly stated in the provided snippet.)
• N/A — Total Equity (Not explicitly stated in the provided snippet.)

Key Players & Entities

• UWHARRIE CAPITAL CORP (company) — Filer
• STANLY CAPITAL CORP (company) — Former Company Name
• NC (location) — State of Incorporation
• 20240930 (date) — Period of Report
• 20241105 (date) — Filing Date

FAQ

Key Financial Figures

• $250,000 — its 94,562 101,193 Time deposits, $250,000 and over 131,992 78,046 Other tim

Filing Documents

• uwhr-20240930.htm (10-Q) — 5118KB
• uwhr-ex31_1.htm (EX-31.1) — 16KB
• uwhr-ex31_2.htm (EX-31.2) — 16KB
• uwhr-ex32.htm (EX-32) — 12KB
• 0000950170-24-121232.txt ( ) — 23736KB
• uwhr-20240930.xsd (EX-101.SCH) — 1724KB
• uwhr-20240930_htm.xml (XML) — 7392KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 2 Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 2 Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2024 and 2023 3 Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2024 and 2023 4 Consolidated Statements of Changes in Shareholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 5 Consolidated Statements of Cash Flows for the Nine Months Ended September 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 35 Item 4 -

Controls and Procedures

Controls and Procedures 35 Part II. OTHER INFORMATION 36 Item 1 -

Legal Proceedings

Legal Proceedings 36 Item 1A -

Risk Factors

Risk Factors 36 Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3 - Defaults Upon Senior Securities 36 Item 4 - Mine Safety Disclosures 36 Item 5 - Other Information 36 Item 6 - Exhibits 37

Signatures

Signatures 38 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. 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 a