Please wait while we load the requested 10-Q report or click the link below:
May 30, 2018
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
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 this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Uwharrie Capital Corp.