Exhibit 99.1

 

 

 

May 30, 2018

 

Dear Shareholder:

 

There are some very important developments underway in your company. If you attended our Shareholders’ Meeting on May 8, you heard about them in considerable detail. If you were not able to attend, we want to briefly highlight those changes.

Your company reported total assets of $601 million at March 31, 2018, compared to $576 million on December 31, 2017. This represents a new milestone for our company and a 4.3% growth year-to-date (17.4% annualized). This is the best growth period we have experienced since the 2007-2008 crisis. In addition, this growth is being accomplished with excellent asset quality.

Your management is being thoughtful, careful and opportunistic in growing your company. To that end, we must make some strategically vital investments in technology, new markets and expansion of product lines in order for Uwharrie Capital Corp to remain relevant and preserve our competitiveness in the markets we serve. It is not our desire to get bigger just for the sake of getting bigger. We desire to be no larger than we need to be to cover the cost of doing business, while providing our stakeholders fair returns. Management began the growth initiative approximately 2 years ago, in what appeared to be a favorable economic environment that would continue for the next few years. This year is a pivotal point to accelerate growth not only in 2018 but for years to come.

A major and expensive initiative to support and create the needed growth involves converting our “core bank processing system” to a new platform that will allow us to considerably improve the customer and associate experience in our delivery of financial services.  We have been on the same core processing system for the past 15 years. The new core system will go live on August 13 of this year.

Additionally, in the first quarter, a new team of Small Business Administration/United States Department of Agriculture Rural Development (SBA/USDA) lending specialists was added to our staff of banking professionals as a new niche market that will allow us to better serve the small business community while providing an important new source of income.

Also in the first quarter this year, we made the investment to enter into new markets with our opening of a full-service banking office on Rea Road in Ballantyne and a new mortgage office in Rock Hill, SC as well as adding dedicated wealth management personnel in Charlotte and Ballantyne. We also expanded our market presence in late 2017 with a new wealth management office in Asheboro, NC.

As a result of our growth initiatives, earnings for the first quarter 2018 compare less favorably to last year. Earnings were $234 thousand versus $617 thousand for the same period in 2017. For the three months ended March 31, 2018, net income available to common shareholders, which includes dividends

1

 


The following information was filed by Uwharrie Capital Corp (UWHR) on Friday, June 1, 2018 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.

View differences made from one quarter to another to evaluate Uwharrie Capital Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Uwharrie Capital Corp.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account