Albemarle-based Uwharrie Capital Corp. said Thursday that it earned $537,000 in the first quarter, down about 30 percent from the same time period a year ago.
The profit narrowed as mortgage refinance volume declined precipitously across the industry. Uwharrie said mortgage refinances benefited the bank to the tune of $840,000 in last year's first quarter. The bank also sold a piece of property for a $229,000 gain last year.
“Our first quarter earnings reflect a more sustainable source of earnings from a stronger balance sheet," CEO Roger Dick said in a statement. "Asset quality, capital and operating expenses all improved since year end."
Thursday, May 8, 2014
Uwharrie Capital profit narrows
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1 comments:
You have to look at management. Has not done much in quite awhile. Something needs to change to provide a better return for shareholders.
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