Executive Summary

Q4 2024 headline update: Uwharrie reported FY 2024 net income of $9.9M and $9.3M available to common ($1.30 diluted EPS), up from $8.6M and $8.0M ($1.09) in 2023, driven “in large part” by increased net interest margin on a “substantially larger loan portfolio” .
Sequential dynamic: Total assets contracted to $1.13B at 12/31/24 from $1.181B at 9/30/24 (–$51M q/q), a watch item into 2025 even as FY profitability improved .
Trend context: Q3 2024 quarterly net income available to common was $2.893M ($0.40 EPS) vs Q2’s $2.1M ($0.29 EPS); by derivation, Q4 2024 EPS approximates ~$0.30 (FY $1.30 minus 9M $1.00) and net income available to common approximates ~$2.09M (FY $9.30M minus 9M $7.207M) .
Guidance/call: No formal guidance or earnings call transcript located; disclosures center on press releases and shareholder letter. Board declared a 2% stock dividend payable Nov 18, 2024 (record date Oct 28, 2024) .

What Went Well and What Went Wrong

What Went Well
- Profitability up y/y: FY 2024 net income available to common rose to $9.3M ($1.30 diluted EPS) from $8.0M ($1.09) in 2023, with management citing improved net interest margin on a larger loan book as the key driver .
- Strong growth narrative into late 2024: As of 9/30/24, assets reached $1.181B (+10% y/y), loans grew +$68M and core deposits +$88M vs 9/30/23; CEO called 2024 “one of the best growth and performance periods in our history” and highlighted a 17% ROE for the nine months .
- Capital/OCI tailwind: Accumulated other comprehensive loss improved materially to $(19.4)M at 9/30/24 from $(35.9)M at 9/30/23, supporting equity improvement despite rate volatility .
What Went Wrong
- Sequential asset contraction into year-end: Total assets dipped to $1.13B at 12/31/24 from $1.181B at 9/30/24 (–$51M), suggesting late-year balance sheet pressure or seasonality to monitor .
- Funding cost pressure remains a backdrop: Q3 2024 interest expense was $5.07M vs $3.53M in Q3 2023 (+44% y/y), reflecting higher deposit/borrowing costs despite stronger asset yields .
- Limited disclosure/guidance cadence: No earnings call transcript found and FY press release provided minimal quarterly granularity, leaving fewer datapoints for near-term modeling and limiting visibility into 2025 targets .

Quarterly trend (oldest → newest):

Metric	Q2 2024	Q3 2024	Q4 2024
Net Income Available to Common ($USD Millions)	$2.10	$2.893	$2.09 (FY $9.30 − 9M $7.207)
Diluted EPS ($)	$0.29	$0.40	~$0.30 (FY $1.30 − 9M $1.00)
Total Assets (Period-End, $USD Billions)	$1.12	$1.181	$1.13

Q3 year-over-year detail (illustrative of the trend into Q4):

Metric ($USD Thousands)	Q3 2023	Q3 2024
Total Interest Income	11,710	14,124
Total Interest Expense	3,533	5,066
Net Interest Income	8,177	9,058
Provision for (Recovery of) Credit Losses	599	(230)
Noninterest Income	2,519	2,529
Noninterest Expense	7,390	7,820
Net Income	2,149	3,035
Net Income Attrib. to Common	2,007	2,893
Diluted EPS ($)	0.27	0.40

KPIs and balance sheet (as of Q3 2024, the most detailed disclosure):

Loans HFI: $647.1M vs $573.7M (Q3 2024 vs Q3 2023) .
Deposits: $1,077.8M vs $990.3M (Q3 2024 vs Q3 2023) .
Efficiency Ratio (calculated): 67.5% in Q3 2024 = 7,820 / (9,058 + 2,529); 69.1% in Q3 2023 = 7,390 / (8,177 + 2,519) .
ROE (management commentary): 17% for the nine months ended 9/30/24 .
AOCI: $(19.4)M at 9/30/24 vs $(35.9)M at 9/30/23 .

Metric	Period	Previous Guidance	Current Guidance	Change
Formal financial guidance (revenue, margins, OpEx, tax)	FY 2025 / Near-term	None	None provided	Maintained (no guidance)
Dividend	Q4 2024	—	2% stock dividend (record 10/28/24; paid 11/18/24)	New action

No earnings call transcript was found for Q4 2024. Themes below reflect disclosures in the Q2 and Q3 earnings releases and the shareholder letter.

Topic	Previous Mentions (Q-2: Q2 2024)	Previous Mentions (Q-1: Q3 2024)	Current Period (Q4 2024)	Trend
Net interest margin	Not discussed in Q2 release	Implied by stronger NII; letter cites best periods in history	Explicitly cited as a key FY driver (improved NIM)	Improving
Loan growth	Q2 release provides limited commentary	+$68M y/y as of 9/30/24	“Substantially larger loan portfolio” cited for FY improvement	Improving
Deposit growth/mix	Not discussed in Q2 release	+$88M core deposits y/y as of 9/30/24	Not specifically discussed in FY press release	Improving (as of Q3)
Capital/AOCI	Not discussed in Q2 release	AOCI improved $(35.9)M → $(19.4)M y/y at 9/30/24	Not addressed in FY press release	Improving (as of Q3)
Shareholder returns	Not discussed in Q2 release	2% stock dividend declared	No further update in FY release	Active in Q3

“The year-over-year improvement in net income as of December 31, 2024 is, in large part, the result of increased net interest margin earned on a substantially larger loan portfolio.” — Uwharrie FY 2024 earnings release .
“Our financial results this year reflect this organizational maturity, as we experience one of the best growth and performance periods in our history.” — CEO Roger L. Dick, shareholder letter (11/8/24) .
“As of September 30, 2024, our assets have grown to $1.2 billion, an increase of $111 million… Our loan portfolio expanded by $68 million, funded with core deposit growth of $88 million… This performance reflects a return on equity (ROE) of 17%.” — CEO Roger L. Dick .

No earnings call transcript was available; no Q&A or clarifications to report for Q4 2024 [Search returned none].

We attempted to retrieve S&P Global consensus EPS and revenue estimates for Q4 2024; the request could not be completed due to API rate limits. As a result, Wall Street consensus comparisons are unavailable at this time (S&P Global).
Implication: Without published consensus, near-term estimate revisions will likely focus on the sustainability of FY drivers (NIM, loan growth) and any balance sheet contraction into year-end; we will update when S&P Global data becomes available.

FY beat vs prior year driven by spread income: Management explicitly attributes 2024 outperformance to improved NIM on a larger loan base, underpinning EPS growth to $1.30 from $1.09 .
Sequential caution flag: Period-end assets fell to $1.13B at 12/31/24 from $1.181B at 9/30/24 (–$51M), warranting scrutiny of deposit trends and seasonal effects in early 2025 .
Loan/deposit momentum was strong into Q3: Loans +$68M and core deposits +$88M y/y at 9/30/24; if sustained, this supports resilient NII even as funding costs remain elevated .
Efficiency improving: Q3 efficiency ratio improved to ~67.5% from ~69.1% y/y (calculated), signaling operating leverage alongside higher NII .
Capital optics better: AOCI improved materially y/y by late 2024, supporting book value stability amidst rate volatility .
Shareholder returns: 2% stock dividend in Q4 signals confidence and ongoing capital return capacity .
Actionable focus: Monitor Q1 2025 balance sheet trajectory (deposits/wholesale funding usage), NIM progression under an evolving rate path, and credit provisioning cadence after a Q3 provision recovery, given higher funding costs y/y .

Notes on calculations and data availability:

Q4 2024 EPS (~~$0.30) and net income available to common (~~$2.09M) are derived from FY totals less 9M figures (all sourced to company disclosures) .
Consensus estimates could not be retrieved due to S&P Global rate limits; comparisons vs Street are unavailable at this time (S&P Global).

Sources: