8-K 1 uwhr-8k_20181113.htm 8-K uwhr-8k_20181113.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 13, 2018

 

UWHARRIE CAPITAL CORP

(Exact name of Registrant as Specified in Its Charter)

 

 

North Carolina

000-22062

56-1814206

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

 

 

132 North First Street

Albemarle, North Carolina

 

28001

(Address of Principal Executive Offices)

 

(Zip Code)

Registrant’s Telephone Number, Including Area Code: 704-983-6181

N/A

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

 

 

 


 

 

 

Item 2.02 Results of Operations and Financial Condition

 

Albemarle - Uwharrie Capital Corp and its subsidiary, Uwharrie Bank, reported consolidated total assets of $637 million at September 30, 2018, versus $576 million at December 31, 2017. 

 

Net income for the three-month period ended September 30, 2018, was $643 thousand versus $588 thousand for the same period in 2017.  For the three months, ended September 30, 2018, net income available to common shareholders was $499 thousand or $0.07 per share compared to $440 thousand or $0.06 per share for September 30, 2017. This progression reflects the improvements in earnings related to the investments associated with our strategic plan.

 

Net income for the nine-month period ended September 30, 2018, was $1.3 million versus $1.8 million for the same period in 2017, driven by costs associated with the expansion into a new market and new lending niches.  For the nine months, ended September 30, 2018, net income available to common shareholders was $916 thousand or $0.13 per share compared to $1.4 million or $0.20 per share for September 30, 2017. Net income available to common shareholders takes into consideration the payment of dividends on preferred stock issued by the Company.

 

Item 8.01Other Events.

 

The Uwharrie Capital Corp (the “Registrant”) Board of Directors has declared a 2% stock dividend to be paid to common stock shareholders on December 14, 2018.

 

A copy of the press release (the “Press Release”) announcing the Registrant’s results is attached as Exhibit 99.1 and incorporated by reference herein.

 

This Current Report on Form 8-K (including information included or incorporated by reference herein) may contain, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements regarding certain of the Registrant’s goals and expectations with respect to earnings, income per share, revenue, expenses and the growth rate in such items, as well as other measures of economic performance, including statements relating to estimates of credit quality trends, and (ii) statements preceded by, followed by or that include the words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “projects,” “outlook” or similar expressions. These statements are based upon the current belief and expectations of the Registrant’s management and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond the Registrant’s control).

 

A copy of the press release (the “Press Release”) announcing the Registrant’s results is

 

Item 9.01Financial Statements and Exhibits

 

(d) Exhibits

 

Exhibit No.Description

 

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

Uwharrie Capital Corp

 

 

 

 

Date: November 13, 2018

 

By:

/s/ R. David Beaver, III

 

 

 

R. David Beaver, III

 

 

 

Principal Financial Officer