Uwharrie Capital Corp., owner of 14 bank branches across North Carolina, reported consolidated total assets of $552 million for the quarter ended Sept. 30, up from $527 million as of Sept. 30 2015, according to the Securities and Exchange Commission.
Uwharrie’s Nov. 8 filing can be found here.
A form 10-Q is a quarterly report, mandated by the SEC, to be filed by publicly traded corporations. Uwharrie is traded on the over-the-counter exchange.
North Carolina Business News Wire reported on Sept. 13 that Uwharrie’s net income rose nearly 10 percent in the quarter ended June 30 due to more loans and deposits.
The company reported net income of $562,000, or 8 cents per share, for the quarter ending June 30, up 9.6 percent from $513,000, or 7 cents per share, for the same period in 2015.
Uwharrie reported a 93 percent increase in mortgage production for the 2016 year of $52.7 million, up from $27.3 million during the same 2015 period.
Uwharrie Capital Corp. unified its four businesses under one name in 2013, which reduced the banks’ operating costs.
The Albemarle-based holding company merged the operations of Bank of Stanly, Cabarrus Bank & Trust and Anson Bank & Trust into a single bank.
“The back-room savings were what we were trying to accomplish,” chief operating officer Brendan Duffey said.
“Our customers couldn’t connect who we were, what our size was and what our capabilities were. We wanted to invest in one entity for branding purposes, and we’ve accomplished all of that now.”
Chief Executive Officer Roger Dick recently made a donation to state Sen. Fletcher Hartsell’s legal defense fund, The (Raleigh) News and Observer reported on Oct. 18.
Hartsell faces charges of federal and state campaign finance law violations.
Federal charges filed in late September allege Hartsell engaged in a scheme to solicit and obtain campaign money from 2007 through 2015 that he spent on personal items and services.
The state charges are low-level felonies, but each of the federal charges carries a maximum sentence of 20 years and a $500,000 fine.
Donors to Hartsell’s defense fund also include Wilmington pharmaceutical figure Fred Eshelman; Charlotte attorney Robert Burchette and Kannapolis city attorney Wally Safrit.
