Uwharrie Capital Corp. reported a 149% increase in its second quarter net income on Tuesday, in part due to the growth of its new Charlotte office.

“Uwharrie Investment Advisors has performed strongly in 2019, launching several new product and services offerings, cultivating new client relationships and expanding its presence in the ever growing Charlotte market, to name a few of its accomplishments,” CEO Roger Dick said in a letter to shareholders.

The company reported net income of $811,000, or 11 cents per share, up from net income of $326,000, or 4 cents per share in the same quarter a year ago.

They reported total assets of $627 million for the quarter ending June 30, 2019. The book value per share, adjusted for dividends, increased to $5.29 in 2019 from $4.59 last year. This 70 cent increase in book value reflects the recent decline in interest rates.

Uwharrie is an Albemarle-based bank with various locations throughout North Carolina.

The company’s shares were trading at $4.90 this morning.