Uwharrie Capital Corp., an Albemarle-based bank, reported a 10 percent increase in net income for the year as the bank plans to expand in Charlotte.

According to an 8-K filed Feb. 3, Uwharrie posted a net income of $2.21 million, or 23 cents per share, at the end of 2016 compared to $2.01 million, or 20 cents per share, at the end of 2015.

In December, Uwharrie opened an office of 10 people on Providence Road in Charlotte. President and CEO Roger Dick said the company hopes to open a full-service branch in 2017.

Uwharrie reported $548.2 million in total assets at year’s end, down from $552.2 million as of the third quarter 2016.

Uwharrie operated as a holding company of Bank of Stanly since 2000. In March 2013, Bank of Stanly merged Uwharrie and its other subsidiaries into a single bank offering wealth management, personal loans and business loans.

The bank has about 180 employees and offices in Albemarle, Charlotte, Concord, Mt. Pleasant, Locust, Norwood, Oakboro and Wadesboro.

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