Wednesday, October 22, 2014

Uwharrie Capital profit rises in third quarter

Albermarle-based Uwharrie Capital posted  higher profit in the third quarter compared with the same period a year ago, an improvement it attributed primarily to the recent consolidation of its three bank subsidiaries.

Uwharrie said its had third-quarter earnings of $250,000, an increase of 481 percent from last year. Earnings per share totaled 3 cents.

Last year, the company consolidated Cabarrus Bank and Trust, Bank of Stanly and Anson Bank and Trust under one name, Uwharrie Bank. CEO Roger Dick told the Observer last year that the move should save upwards of $1 million a year in infrastructure and compliance costs.

Operating efficiencies from the consolidation were the main contributor to the higher earnings in the recent third quarter, the company said. A decline in problem assets and strong performance in its wealth management division were other contributors, it said.

According to the latest federal data, Uwharrie Bank has two branches in the Charlotte metropolitan area. Those branches have a combined total of $112.7 million in deposits.