Item 2.02Results of Operations and Financial Condition

On October 20, 2022, Uwharrie Capital Corp (the "Registrant") announced financial results for the period ended September 30, 2022. The Registrant reported consolidated total assets of $1.04 billion at September 30, 2022, compared to $939.7 million at December 31, 2021.

Net income for the nine-month period ended September 30, 2022, was $5.3 million versus $8.9 million for the same period in 2021. For the nine months ended September 30, 2022, net income available to common shareholders was $4.9 million or $0.69 per share compared to $8.4 million or $1.14 per share for September 30, 2021. Net income available to common shareholders takes into consideration the payment of dividends on preferred stock issued by the Company. The decline in earnings is attributable to the decline in the mortgage origination market for the year, impacting mortgage banking income.

Net income for the three-month period ended September 30, 2022, was $2.8 million versus $2.7 million for the same period in 2021. For the three months ended September 30, 2022, net income available to common shareholders was $2.7 million or $0.38 per share compared to $2.5 million or $0.35 per share for the same quarter in 2021, an increase of 6%.

Item 8.01Other Events

On October 18, 2022, the Uwharrie Capital Corp (the "Registrant") Board of Directors declared a 2.5% stock dividend to be paid to common stock shareholders on November 22, 2022. Current and prior year earnings per share reported above in Item 2.02 have been adjusted retroactively for the 2.5% stock dividend.

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).

Item 9.01Financial Statements and Exhibits

(c) Exhibits



Exhibit
Number                                    Description
99.1        Press Release dated October 20, 2022

104       Cover page interactive data file (embedded within the Inline XBRL document)

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