8-K

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) August 14, 2014

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 No.)	(IRS Employer Identification number)

132 NORTH FIRST STREET, ALBEMARLE, NORTH CAROLINA 28001

(Address of principal executive offices)

Registrant’s telephone number, including area code (704) 982-4415

N/A

(Former address of principal executive offices)

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:

¨ 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))

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On August 13, 2014, Uwharrie Capital Corp (the “Registrant”) released a quarterly report to its shareholders that included a letter to the shareholders from President and CEO Roger L. Dick and Brendan P Duffey, COO and unaudited financial information for the period ended June 30, 2014.

A copy of this report is attached hereto 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 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 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 Registrant’s control).

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(c) Exhibits

Exhibit No.	Description of Exhibit
99.1	Quarterly report to shareholders for the period ended June 30, 2014.

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 hereunto duly authorized.

UWHARRIE CAPITAL CORP
By:	/s/ R. David Beaver, III
	R. David Beaver, III
	Principal Financial Officer

Dated: August 14, 2014

EXHIBIT INDEX

Exhibit Number	Description of Exhibit
99.1	Quarterly report to shareholders for the period ended June 30, 2014.

EX-99.1

Exhibit 99.1

Second Quarter Report

June 30, 2014

August 13, 2014

Dear Shareholder:

Uwharrie Capital Corp has weathered the economic storm of the last few years and as tangible evidence of our company’s continued growth and development, we are pleased to announce the Board of Directors declared a 2% stock dividend for all common stock shareholders, as of record on July 30, 2014. Because shareholders differ in their financial needs and tax status, we believe paying a stock dividend allows each individual the ability to control the timing of when they recognize income. Further, the company makes purchases from the market roughly equal to the 2% dividend which negates any dilutive effect to the stock. Generally, paying a stock dividend allows the company to retain a larger percentage of its earnings that can be invested to support greater growth in assets and earnings going forward.

Through the first six months of this year, our earnings, capital position and asset quality continued to improve, resulting in $1.1 million of Net Income. Net Interest Income, the difference in interest earned on loans and investments minus the interest paid on deposits and borrowings, was flat through June 30, 2014, compared to 2013. However, this income is derived on a smaller, less risky balance sheet leading to a higher Net Interest Margin, 3.68% versus 3.56% for 2014 and 2013, respectively. During 2014, slightly higher long-term interest rates and a slow recovering housing market continue to compress the income earned from mortgage production to one-third of that in 2013. Conversely, the improvement in asset quality and the ongoing efficiencies from the consolidation of the multi-bank charter lowered Non-Interest Expense by $1.4 million year-to-date, an 11.44% improvement. Finally, our repayment of TARP, through offering preferred stock within our communities, reduced the preferred dividend payout by $150 thousand. This led to Net Income Available to Common Shareholders of $840 thousand at June 30, 2014, compared to $476 thousand in the same period of 2013, a 76.47% annual improvement.

In recent years, we have been focused inwardly due to the economy, as well as substantial compliance and regulatory burdens. It is time, however, for us to focus forward and embark on new strategic initiatives targeting improved earnings, capital management, brand awareness and efficiencies. You can help by doing business with your bank and asking your family, friends and neighbors to do the same.

We want to thank you for your investment in your community banking organization. People working together with a shared vision and values are “Making a Difference.”

Sincerely,

UWHARRIE CAPITAL CORP

/s/ Roger L. Dick	/s/ Brendan P. Duffey
President and Chief Executive Officer	Chief Operating Officer