Thursday, May 8, 2014

Uwharrie Capital profit narrows

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."

1 comments:

Anonymous said...

You have to look at management. Has not done much in quite awhile. Something needs to change to provide a better return for shareholders.