8-K

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): March 12, 2021

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))

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 is an emerging growth company 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 2.02Results of Operations and Financial Condition

On March 12, 2021, Uwharrie Capital Corp issued a press release announcing financial results for twelve months ended December 31, 2020. A copy of the press release is furnished as exhibit 99.1 hereto and incorporated by reference herein.

Pursuant to General Instruction B.2 of Current Report on Form 8-K, the information contained in, or incorporated into, Item 2.02, including the press release attached as Exhibit 99.1, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any registration statement or other filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference to such filing.

Item 9.01Financial Statements and Exhibits

(d) Exhibits

Exhibit No.Description

99.1 Press Release dated March 12, 2021

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: March 12, 2021	By:	/s/ R. David Beaver, III
		R. David Beaver, III
		Principal Financial Officer

EX-99.1

Exhibit 99.1

Year-End 2020 - Earnings Release

FOR IMMEDIATE RELEASE

From: David Beaver

           Uwharrie Capital Corp

           704-991-1266

Date:  March 12, 2021

Albemarle - Uwharrie Capital Corp and its subsidiary, Uwharrie Bank, reported consolidated total assets of $828 million at December 31, 2020, versus $657 million at December 31, 2019.

Net income for the twelve-month period ended December 31, 2020, was $8.1 million versus $3.1 million for the same period in 2019.  For the twelve months ended December 31, 2020, net income available to common shareholders was $7.5 million or $1.06 per share compared to $2.5 million or $0.34 per share for December 31, 2019. Net income available to common shareholders takes into consideration the payment of dividends on preferred stock issued by the Company.

The strong earnings for 2020 were driven by mortgage production, which increased from $122M produced during 2019 to $338M produced during 2020.Uwharrie Bank also increased reserves in the Allowance for Loan Losses by $2.4M during 2020 due to the uncertainty in the market as a result of the global pandemic.  Our core bank earnings and our wealth advisory earnings both improved year over year as well.

Roger Dick, Chief Executive Officer of Uwharrie Capital Corp said, “Our strategy of diversifying income streams has proven beneficial during 2020, which became an unprecedented time in our history. Our mission still holds true as we offer financial services and products to support our customers in the communities we serve.”

During 2020, Uwharrie Bank also participated in the Small Business Administration’s Paycheck Protection Program (“SBA PPP”) to provide capital to small businesses in order to provide paychecks to their employees. David Beaver, President and Chief Financial Officer of Uwharrie Bank commented, “Our mission of Making a Difference® in our community has never been more evident than our team of associates’ reaction to the financial needs of customers and non-customers during the pandemic. Our efforts in the SBA PPP program led to over 12,000 paychecks remaining in families’ hands throughout our community.”  

Contact David Beaver, Chief Financial Officer at 704-991-1266 for further information.

About Uwharrie Capital Corp

Uwharrie Capital Corp offers a full range of financial solutions through its subsidiaries:  Uwharrie Bank and Uwharrie Investment Advisors.  Additional information on Uwharrie Capital Corp may be found at www.Uwharrie.com or by calling 704-982-4415.

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