Friday, March 7, 2014

Uwharrie Capital returns to profit in 2013

Albemarle-based Uwharrie Capital Corp. said Friday that it swung back to profit in 2013, posting net income to shareholders of $151,000. The bank had a a loss of $241,000 the year before.

Asset quality improved over the course of the year, leading Uwharrie to write down $1.6 million for bad loans in 2013 versus $3 million the year before.

The bank's loan book shrunk by $21.8 million over the year. Uwharrie now has total assets of $517.3 million.

Uwharrie combined what were formerly known as Cabarrus Bank and Trust, Bank of Stanly and Anson Bank and Trust over the summer. The bank also paid back $10 million to the U.S. Treasury for bailout era investments made in the bank.

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Anonymous said...

Not very good. Seems like they need a new CEO.