Uwharrie Capital Corp. profit falls

Net income for shareholders fell 7 percent in the first quarter at Albemarle-based Uwharrie Capital Corp. from the same period a year ago as the interest payments due on preferred stock rose, the bank reported Thursday,

Setting those aside, though, the parent company of Cabarrus Bank and Trust, Bank of Stanly and Anson Bank and Trust increased profit to $763,000 from $700,000 as mortgage banking revenue increased.

Those preferred stock payments will be cut nearly in half in the coming quarters. It repaid three-quarters of its Troubled Asset Relief Program federal bailout investment last month. Uwharrie plans to pay back the rest in the next 18 months.

The company is also in the middle of combining and rebranding its three banks under one name. The change will save an estimated $750,000 to $1.2 million per year in overhead and compliance costs.