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."


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.