Exhibit 99.1

 

 

June 7, 2019

 

Dear Shareholder:

 

We are pleased to report to you a successful first quarter of operations for Uwharrie Capital Corp and its subsidiaries.

 

Your company reported total assets of $655 million as of March 31, 2019, compared to $602 million on March 31, 2018, nearly a 9% growth rate.  Capital has improved over the last year by $2.6 million as we have had an improvement in the valuation of the bond portfolio, as well as retained earnings of $1.5 million.  All of this growth has been achieved while maintaining quality standards.  

 

Net Income Available to Common Shareholders reflects the Net Income less all dividends paid.  Currently we are outperforming our budget for 2019 with the first quarter ending at $550 thousand; we have experienced an annualized growth rate of over 15% compared to 2018.  This is $0.08 per share compared to $0.01 per share during that same time.  

 

Your company continues to grow, and has remained true to its mission, vision, and values.  We continue to improve the quality of the core earnings and focus on our strategic initiatives that we feel are in line with our vision.  

 

We are grateful for a good start to 2019.  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, strategic fee income initiatives, and improving the overall return on equity for the company.  Thank you for your support as a customer and shareholder.   Please remember to invite your friends and business associates to come join us in “Making a Difference” as we go about building a great community bank that is helping to build stronger local economies, businesses, and communities in which to raise our families.

 

Sincerely,

 

UWHARRIE CAPITAL CORP

 

 

 

/s/ Roger L. Dick

 

/s/ Brendan P. Duffey

President and Chief Executive Officer

 

Chief Operating Officer

 

This Report may contain, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements regarding certain of the Company's goals and expectations with respect to earnings, income per share, revenue, expenses and the growth rate in such items, as well as other measures of economic performance, including statements relating to estimates of credit quality trends, and (ii) statements preceded by, followed by or that include the words “may," ”could," ”should,” “would,” “believe," ”anticipate," "estimate," "expect," “intend,” ”plan,” ”projects," ”outlook," or similar expressions. These statements are based upon the current belief and expectations of the Company‘s management and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control).


The following information was filed by Uwharrie Capital Corp (UWHR) on Friday, June 7, 2019 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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