10-Q 1 uwhr-20230930.htm 10-Q 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

 

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2023

OR

 

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from to .

COMMISSION FILE NUMBER 000-22062

 

UWHARRIE CAPITAL CORP

(Exact name of registrant as specified in its charter)

 

North Carolina

 

56-1814206

(State or Other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. 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, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

None

 

 

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

 

☐

 

Accelerated filer

 

☐

Non-accelerated filer

 

☒

 

Smaller reporting company

 

☒

 

 

 

 

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. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date: 7,028,454 shares of common stock outstanding as of November 3, 2023.

 

 

 

Table of Contents

 

 

 

Page No.

 

 

 

 

 

Part I.

 

FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1 -

 

Financial Statements (Unaudited)

 

2

 

 

 

 

 

 

Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022

 

2

 

 

 

 

 

 

Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2023 and 2022

 

3

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2023 and 2022

 

4

 

 

 

 

 

 

Consolidated Statements of Changes in Shareholders’ Equity for the Three and Nine Months Ended September 30, 2023 and 2022

 

5

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022

 

6

 

 

 

 

 

 

Notes to Consolidated Financial Statements

 

7

 

 

 

 

 

Item 2 -

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

31

 

 

 

 

 

Item 3 -

 

Quantitative and Qualitative Disclosures About Market Risk

 

39

 

 

 

 

 

Item 4 -

 

Controls and Procedures

 

39

 

 

 

 

 

Part II.

 

OTHER INFORMATION

 

40

 

 

 

 

 

Item 1 -

 

Legal Proceedings

 

40

 

 

 

 

 

Item 1A -

 

Risk Factors

 

40

 

 

 

 

 

Item 2 -

 

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

 

40

 

 

 

 

 

Item 3 -

 

Defaults Upon Senior Securities

 

40

 

 

 

 

 

Item 4 -

 

Mine Safety Disclosures

 

40

 

 

 

 

 

Item 5 -

 

Other Information

 

40

 

 

 

 

 

Item 6 -

 

Exhibits

 

41

 

 

 

 

 

 

 

Signatures

 

42

 

1

 

Uwharrie Capital Corp and Subsidiaries

Consolidated Balance Sheets

Part I. Financial Information

Item 1. Financial Statements.

 

 

September 30, 2023 (Unaudited)

 

 

December 31, 2022*

 

 

 

(dollars in thousands)

 

ASSETS

 

 

 

 

 

 

Cash and due from banks

 

$

9,463

 

 

$

5,357

 

Interest-earning deposits with banks

 

 

68,407

 

 

 

109,224

 

Cash and cash equivalents

 

 

77,870

 

 

 

114,581

 

Securities available for sale, at fair value (amortized cost $374,686 and $365,936, respectively)

 

 

328,099

 

 

 

324,683

 

Securities held to maturity, at amortized cost (fair value $24,807 and $27,178, respectively)

 

 

29,146

 

 

 

30,306

 

Less allowance for credit losses on securities held to maturity

 

 

(65

)

 

 

—

 

Net securities held to maturity

 

 

29,081

 

 

 

30,306

 

Equity security, at fair value

 

 

299

 

 

 

292

 

Loans held for sale

 

 

4,584

 

 

 

2,774

 

Loans held for investment

 

 

578,835

 

 

 

497,889

 

Less allowance for credit losses on loans

 

 

(5,115

)

 

 

(2,290

)

Net loans held for investment

 

 

573,720

 

 

 

495,599

 

Premises and equipment, net

 

 

15,172

 

 

 

14,735

 

Interest receivable

 

 

4,313

 

 

 

3,633

 

Restricted stock

 

 

1,672

 

 

 

1,428

 

Bank-owned life insurance

 

 

7,756

 

 

 

7,652

 

Deferred income tax benefit

 

 

12,512

 

 

 

10,726

 

Loan servicing assets

 

 

4,431

 

 

 

4,931

 

Mortgage banking derivatives

 

 

711

 

 

 

—

 

Other assets

 

 

9,582

 

 

 

8,150

 

Total assets

 

$

1,069,802

 

 

$

1,019,490

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Demand noninterest-bearing

 

$

276,484

 

 

$

261,882

 

Interest checking and money market accounts

 

 

435,289

 

 

 

486,548

 

Savings deposits

 

 

103,953

 

 

 

104,301

 

Time deposits, $250,000 and over

 

 

70,026

 

 

 

35,979

 

Other time deposits

 

 

104,537

 

 

 

51,146

 

Total deposits

 

 

990,289

 

 

 

939,856

 

Short-term borrowed funds

 

 

931

 

 

 

1,044

 

Long-term debt

 

 

29,085

 

 

 

29,607

 

Mortgage banking derivatives

 

 

—

 

 

 

175

 

Other liabilities

 

 

12,427

 

 

 

11,411

 

Total liabilities

 

 

1,032,732

 

 

 

982,093

 

 

 

 

 

 

 

 

Off balance sheet items, commitments and contingencies (Note 10)

 

 

 

 

 

 

 

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

Common stock, $1.25 par value: 20,000,000 shares authorized; shares issued and
   outstanding 7,049,510 and 7,075,125 at September 30, 2023 and December 31, 2022, respectively

 

 

8,812

 

 

 

8,844

 

Common stock dividend distributable

 

 

176

 

 

 

—

 

Additional paid-in capital

 

 

13,331

 

 

 

12,633

 

Undivided profits

 

 

39,980

 

 

 

37,030

 

Accumulated other comprehensive loss

 

 

(35,884

)

 

 

(31,765

)

Total Uwharrie Capital Corp shareholders’ equity

 

 

26,415

 

 

 

26,742

 

Noncontrolling interest

 

 

10,655

 

 

 

10,655

 

Total shareholders’ equity

 

 

37,070

 

 

 

37,397

 

Total liabilities and shareholders’ equity

 

$

1,069,802

 

 

$

1,019,490

 

(*) Derived from audited consolidated financial statements

See accompanying notes

2

 

Uwharrie Capital Corp and Subsidiaries

Consolidated Statements of Income (Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

(in thousands, except share and per share data)

 

Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

7,645

 

 

$

5,367

 

 

$

21,001

 

 

$

15,771

 

Investment securities

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities, taxable

 

 

2,764

 

 

 

1,577

 

 

 

7,879

 

 

 

3,820

 

Investment securities, non-taxable

 

 

317

 

 

 

391

 

 

 

1,010

 

 

 

1,119

 

Equity Securities

 

 

5

 

 

 

5

 

 

 

15

 

 

 

15

 

Interest-earning deposits with banks and federal funds sold

 

 

979

 

 

 

725

 

 

 

3,230

 

 

 

1,012

 

Total interest income

 

 

11,710

 

 

 

8,065

 

 

 

33,135

 

 

 

21,737

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

Interest checking and money market accounts

 

 

1,564

 

 

 

434

 

 

 

4,471

 

 

 

693

 

Savings deposits

 

 

120

 

 

 

20

 

 

 

288

 

 

 

57

 

Time deposits, $250,000 and over

 

 

723

 

 

 

25

 

 

 

1,515

 

 

 

53

 

Other time deposits

 

 

781

 

 

 

34

 

 

 

1,742

 

 

 

100

 

Short-term borrowed funds

 

 

11

 

 

 

2

 

 

 

30

 

 

 

3

 

Long-term debt

 

 

334

 

 

 

338

 

 

 

1,000

 

 

 

1,011

 

Total interest expense

 

 

3,533

 

 

 

853

 

 

 

9,046

 

 

 

1,917

 

Net interest income

 

 

8,177

 

 

 

7,212

 

 

 

24,089

 

 

 

19,820

 

Provision for (recovery of) credit losses

 

 

599

 

 

 

(1,512

)

 

 

985

 

 

 

(1,407

)

Net interest income after provision for (recovery of) credit losses

 

 

7,578

 

 

 

8,724

 

 

 

23,104

 

 

 

21,227

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest Income

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

272

 

 

 

282

 

 

 

785

 

 

 

786

 

Other service fees and commissions

 

 

875

 

 

 

763

 

 

 

2,586

 

 

 

2,465

 

Interchange and card transaction fees, net

 

 

291

 

 

 

315

 

 

 

910

 

 

 

856

 

Loss on sale of securities

 

 

—

 

 

 

—

 

 

 

(42

)

 

 

(91

)

Realized/unrealized gain (loss) on equity securities

 

 

(4

)

 

 

(6

)

 

 

7

 

 

 

(71

)

Income from mortgage banking

 

 

957

 

 

 

819

 

 

 

2,542

 

 

 

3,258

 

Supplemental executive retirement plan loss

 

 

(20

)

 

 

(74

)

 

 

(38

)

 

 

(626

)

Other income

 

 

148

 

 

 

139

 

 

 

437

 

 

 

542

 

Total noninterest income

 

 

2,519

 

 

 

2,238

 

 

 

7,187

 

 

 

7,119

 

Noninterest Expense

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

4,822

 

 

 

4,868

 

 

 

14,498

 

 

 

14,796

 

Net occupancy expense

 

 

460

 

 

 

424

 

 

 

1,345

 

 

 

1,276

 

Equipment expense

 

 

195

 

 

 

199

 

 

 

578

 

 

 

580

 

Data processing costs

 

 

103

 

 

 

204

 

 

 

511

 

 

 

610

 

Loan costs

 

 

88

 

 

 

92

 

 

 

286

 

 

 

356

 

Professional fees and services

 

 

268

 

 

 

217

 

 

 

705

 

 

 

633

 

Marketing and donations

 

 

313

 

 

 

359

 

 

 

1,037

 

 

 

898

 

Electronic banking expense

 

 

140

 

 

 

123

 

 

 

410

 

 

 

351

 

Software amortization and maintenance

 

 

311

 

 

 

304

 

 

 

914

 

 

 

923

 

FDIC insurance

 

 

119

 

 

 

84

 

 

 

353

 

 

 

237

 

Supplemental executive retirement plan loss

 

 

(20

)

 

 

(74

)

 

 

(38

)

 

 

(626

)

Other noninterest expense

 

 

591

 

 

 

600

 

 

 

1,758

 

 

 

1,789

 

Total noninterest expense

 

 

7,390

 

 

 

7,400

 

 

 

22,357

 

 

 

21,823

 

Income before income taxes

 

 

2,707

 

 

 

3,562

 

 

 

7,934

 

 

 

6,523

 

Income taxes

 

 

558

 

 

 

737

 

 

 

1,608

 

 

 

1,215

 

Net income

 

$

2,149

 

 

$

2,825

 

 

$

6,326

 

 

$

5,308

 

Consolidated net income

 

$

2,149

 

 

$

2,825

 

 

$

6,326

 

 

$

5,308

 

Less: net income attributable to noncontrolling interest

 

 

(142

)

 

 

(142

)

 

 

(422

)

 

 

(422

)

Net income attributable to Uwharrie Capital Corp and common shareholders

 

 

2,007

 

 

 

2,683

 

 

 

5,904

 

 

 

4,886

 

Net income per common share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.28

 

 

$

0.37

 

 

$

0.82

 

 

$

0.67

 

Diluted

 

$

0.28

 

 

$

0.37

 

 

$

0.82

 

 

$

0.67

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

7,196,706

 

 

 

7,245,951

 

 

 

7,209,426

 

 

 

7,253,349

 

Diluted

 

 

7,196,706

 

 

 

7,245,951

 

 

 

7,209,426

 

 

 

7,253,349

 

See accompanying notes

3

 

Uwharrie Capital Corp and Subsidiaries

Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

2,149

 

 

$

2,825

 

 

$

6,326

 

 

$

5,308

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on available for sale securities

 

 

(8,351

)

 

 

(12,158

)

 

 

(5,376

)

 

 

(42,836

)

Related tax effect

 

 

1,918

 

 

 

2,796

 

 

 

1,223

 

 

 

9,849

 

Reclassification of loss recognized in net income