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Uwharrie Capital Corp. (UWHR0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that Uwharrie Capital Corp.'s total assets increased to $1.13 billion as of December 31, 2024, from $1.07 billion at the end of 2023. The increase was primarily driven by growth in loans held for investment, which rose by $74.3 million, or 12.6%, during the year.
Net income for the year was $9.9 million, up from $8.6 million in 2023. The increase in net income was attributed to higher net interest income, which rose by $3.2 million to $35.9 million in 2024.
The company reported a net interest margin of 3.40% for 2024, compared to 3.34% in 2023. The average yield on interest-earning assets increased to 5.15%, while the average rate paid on interest-bearing liabilities was 2.43%.
Noninterest income increased by 2.8% to $9.7 million in 2024, driven by gains in market value adjustments on supplemental executive retirement plans and higher service fees.
Noninterest expense rose by $2.5 million to $32.4 million in 2024, primarily due to increased salaries and employee benefits.
Uwharrie Capital Corp.'s allowance for credit losses on loans was $5.8 million at year-end 2024, representing 0.87% of total loans held for investment. The company reported net loan charge-offs of $270,000 for the year.
Customer deposits increased by $48.5 million to $1.03 billion at the end of 2024, with significant growth in time deposits.
The company remains well-capitalized with a total risk-based capital ratio of 14.3% and a Tier 1 capital ratio of 10.2% as of December 31, 2024.
Uwharrie Capital Corp. continues to focus on its strategy of maintaining a strong, independent community financial institution while expanding its technological capabilities to better serve its customers.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Uwharrie Capital Corp. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.