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June 13, 2017
Your company continues positive trends in growth and profitability while maintaining our commitment to enhance the well-being of the communities we serve through local investment, job creation and capital deployment. Uwharrie Capital Corp and its subsidiaries reported total assets of $563 million at March 31, 2017, an 8.6% increase over the $518 million reported for March 31, 2016. The primary source of growth during this twelve-month period was in the loan portfolio, which grew $17.8 million or 5.4%.
A further positive development in our balance sheet is reflected in the continued growth of our core deposits. Deposits grew $45.2 million or 10% during the most recent twelve months, and $14 million or 2.9% just during the first quarter of 2017. This growth in core deposits reduced the cost of funds by $75 thousand in the first quarter of 2017 when compared to the same period in 2016. As a result of the growth in loans outstanding and core deposits, the Company’s net interest margin improved by $242 thousand for the first quarter compared to the same period in 2016.
As part of our 5-Year Strategic Plan, your company has also been focused on enhancing revenue through fee income sources, which produced additional fee income of $162 thousand.
Uwharrie Capital Corp’s stock price has returned to trading above book value. Price-to-Book is a market metric commonly viewed by shareholders and analysts to determine if the market has undervalued or overvalued an equity. At the end of 2014, Uwharrie Capital stock traded at 75% of book value; at the end of 2015, the stock traded at 91% of book value; as of March 31, 2017, Uwharrie Capital stock was traded at 111% of its book value. We are happy to report as of March 31, 2017, Uwharrie Capital Corp stock was trading at $5.28 per share compared to $4.43 per share as of March 31, 2016, $0.85 per share, or a 19.2% year-over-year improvement.
At our Annual Meeting of Shareholders in May, we announced our first full-service Charlotte office on Rea Road at Stonecrest (I-485 and Rea Road) where we will offer business and consumer banking, mortgage banking and wealth management services.
We see the need in a market inundated with much larger financial service providers to fulfill a void of community banks from continued bank consolidation. We have remained independent and continue to improve our operations to remain sustainable and viable to carry out our vision.
As we expand our services into new growth markets and add new programs and products to meet our customers’ needs, we will continue to focus on our core banking, asset quality, and improving the overall return for all our stakeholders. Thank you for your investment as a shareholder. We hope you are doing business with your company and are inviting your friends and business associates to do
The following information was filed by Uwharrie Capital Corp (UWHR) on Thursday, June 15, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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