Uwharrie Capital Corp. reported a 32.6 percent decline in its second-quarter earnings on Tuesday due to its expenses for a new technology system for the bank and its expansion strategy.

The Albemarle-based company reported net income of $326,000, or 5 cents per share, down from net income of $484,000, or 7 cents per share, in the second quarter a year ago.

The company said it has spent more than $250,00 in its new computer system, which will become operational in the third quarter. Uwharrie also opened a new office in Rea Road in Charlotte that has cost $370,000.

“All of these 2018 investments, which are short-term expenses, are part of a longer-term plan to position our company for exponential growth and revenue opportunities in 2019 and beyond,” said Chief Executive Officer Roger Dick in a letter to shareholders.

Uwharrie’s shares closed Tuesday at $5.85, unchanged.

The company also said its new team of Small Business Administration and U.S. Department of Agriculture Rural Development lending specialists should break even in 2018 and be profitable in 2019. Uwharrie has spent $175,000 on developing this operation during the first six months of 2018.

The bank has also hired additional wealth management staff in Charlotte and Asheboro, costing an additional $50,000 so far this year.

Without these and other one-time expenses, Uwharrie said its earnings would have risen by 9.6 percent.

Uwharrie Capital Corp. is the holding company for Uwharrie Bank, which has eight banking offices and two loan production offices in Stanly County, Cabarrus County, Anson County and Mecklenburg County.