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August 21, 2017
We are pleased to report to you another successful quarter of growth and development for your company. Uwharrie Capital Corp and its subsidiaries reported total assets of $586 million as of June 30, 2017. This is an increase of 11.5% over the $525 million reported as of June 30, 2016. Total deposits grew $60 million or 13%, for the same twelve-month period ending June 30, 2017, for a total of $522 million. The growth in our deposits allowed us to fund an improving demand for loans, which also showed good growth, ending June 30, 2017, with a balance of $356 million, reﬂecting a 7.1% growth over the $333 million in loans outstanding reported as of June 30, 2016.
This momentum in both deposit and loan growth, along with interest rate increases coming from the Federal Reserve, was the primary contributor to greater earnings on a recurring operating basis. Earnings for the second quarter ending June 30, 2017, of $632 thousand are slightly less than the $710 thousand reported second quarter 2016. Earnings year-to-date have improved. For the six-month period ending June 30, 2017, earnings were $1.25 million as compared to $1.22 million reported for the six months ending June 30, 2016. Here is the rest of the story: the earnings reported for the ﬁrst six months of 2016 included one-time security gains of $542 thousand. As stated previously, 2017 earnings-to-date reﬂect a stronger level of recurring earnings reported, as 2017 earnings are all from operations.
All of our key performance measurements are moving in the right direction. Asset quality continues to improve, and progress is being made on our ﬁrst full-service banking ofﬁce in Mecklenburg County. Uwharrie Bank Mortgage and Uwharrie Investment Advisors, as key contributors to our fee based strategy, continue to make progress toward adding diversiﬁcation to our earnings base while permitting us to take a holistic approach in meeting the needs of our customers. The value proposition that we bring to our community is being realized and better reﬂected in our stock price. Uwharrie Capital Corp common stock traded on the Over-The-Counter Market on June 30, 2017, at $5.40, up from the $5.28 price traded on March 31, 2017. The outlook for the economy near-term is still good, although not robust. We are conﬁdent we will be in an environment that will support continued progress toward our strategic long-term goals, as we go into the second half of 2017.
We hope you are pleased with the progress that has been made the ﬁrst half of 2017. Please remember to refer your friends and neighbors to your company as customers and shareholders. We are more than just a good investment; we are a good investment in our communities. Working together, we can build strong local economies and improve the quality of our lives … We can make a difference. Thank you for your continued support.
The following information was filed by Uwharrie Capital Corp (UWHR) on Tuesday, August 22, 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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