On this page of StockholderLetter.com we present the latest annual shareholder letter from UWHARRIE CAPITAL CORP — ticker symbol UWHR. Reading current and past UWHR letters to shareholders can bring important insights into the investment thesis.
2 0 2 3 A N N UA L R E P O RT

Tailored Financial Solutions: Community banks excel in offering personalized banking
services and financial products tailored to meet the unique needs of individuals, families
and local businesses. From customized loan options to personalized account services, we
ensure that each customer receives the best fit for their financial situation and goals.
Homeownership Support: A key service community banks offer is support for
homeownership through accessible mortgage lending. We understand the local real
estate market and work closely with customers to provide competitive rates and guidance
throughout the home buying process, making the dream of owning a home a reality for
many in the community.
Responsive and Reliable Service: Community banks stand out for their responsive,
reliable customer service. Our clients are our neighbors and we prioritize direct, personal
interactions and quick responses to their banking needs. This level of care builds strong,
lasting relationships and trust within the community.
Investment in Community Growth: We actively invest in the growth and prosperity of
our communities through loans to local businesses, sponsorships of community events
and support for non-profit organizations. Our success is directly linked to the health and
vibrancy of the communities we serve and we   re committed to contributing positively to
their development.
Volunteerism and Community Engagement: Volunteerism is at the heart of community
banking, with our associates often seen leading and participating in community service
projects. We encourage and support our team in giving back, reinforcing our role as an
integral part of the community fabric.
Educational Resources and Financial Literacy: Community banks play a crucial role in
promoting financial literacy within the community. By offering educational programs,
workshops and resources, we empower individuals and businesses to make informed
financial decisions, thereby fostering a financially savvy community that thrives together.
United in Purpose, Thriving Through Vision
Message from Management
Our history reflects that small groups of people
looking forward with imagination often shape our
future. It was just such a group that came together
to start a new bank. The creation of Uwharrie Capital
Corp, as 2023 marked our 39th anniversary, was not
merely a financial venture but a bold response to
a changing societal landscape. As the early 1980s
ushered in the era of globalization and automation,
local communities faced economic and cultural
disruption. Banks, industries, newspapers and
neighborhoods were in decline.
In the face of this upheaval, a group of community
leaders, motivated by purpose and fueled by a
shared vision to retain the semblance of a safe
and self-reliant community, saw the civic need for
a local bank.
With the advent of globalization, Uwharrie Capital
Corp emerged amid widening economic disparity
and the erosion of local wealth. The prevailing
thinking of the time was that capitalism ranked
profit above all else. Our founders envisioned a
different kind of capitalism based on the belief that
businesses exist to meet the needs of the public, a
philosophy rooted in service to people
and communities first.
With this ethos as our guiding light, we embarked
on a journey to build a bank that prioritized meeting
people   s needs with genuine care and concern;
if we did that, profitability would be our reward.
This commitment to people before profit was
not mere rhetoric; it is woven into the very fabric
of our organization, shaping everything from our
shareholder structure to our board composition.
Our philosophy emphasized a delicate balance
between profit and purpose, capital and community.
We recognized that true prosperity transcends
financial wealth; it encompasses a sense of
belonging, resilience and dignity within our
(L     R) Jackson Lisk, Roger Dick, President and CEO, Michael Hickey and Hagen Lawhon. Our 2023 interns
learned about and worked in different areas of our company, as well as completed community service projects.
They worked with GHA Autism Supports, Stanly County Christian Ministries and Habitat for Humanity.
communities. Strong local economies where
people feel secure and confident in their future
contribute to safe and prosperous communities
with social stability.
Despite skepticism about the new bank and
our philosophy, we remained unwavering in
our beliefs, our values and our vision. We have
been validated as other leaders in the business
community championed the philosophy of people
before profits. Today, the pursuit of creating
shareholder value generally acknowledges the
interconnectedness of business, community
and society.
Our vision for Uwharrie Capital Corp extends
beyond just being a financial intermediary. We
recognize our civic responsibility to foster vibrant
communities, facilitate local wealth retention and
ignite economic growth through job creation and
stimulus. This commitment fosters a sense of
self-reliance, confidence and community pride.
The vision and mission of Uwharrie Capital Corp
are working. People working together with a
shared vision and good values have demonstrated
that by doing the right things for the right reasons,
profitability and purpose need not be at odds;
they can exist harmoniously.
Together, we are redefining and rebuilding our
neighborhoods. We are helping to find a place for
local and independent businesses in a modern
economy. We see renewed civic purpose and
pride as old neighborhoods and main streets
return to life.
People working together, pooling their local wealth
in a local bank, are building something special
together. We have created the capital engine that
gives us access to the money and power to take
action, doing the things that make our communities
better. American capitalism is at its best when
profitability and a worthy purpose are both fulfilled.
This form of capitalism embodies the pursuit of
profit, which is also a public virtue.
Einstein tells us that imagination is more important
than knowledge; knowledge is limited, whereas
imagination stimulates progress, giving birth to
evolution. In 1984, we began our evolution with a
short prayer. We acknowledged our gifts and that
God enriches our lives by giving us challenges and
opportunities to use our minds and imaginations.
However, we also acknowledged that we are asked
to be good stewards of those gifts and to use them
in the service of others.
The imagination of a few local leaders has grown
to become a billion-dollar community-building
economic engine. The rewards and benefits
delivered to all of our stakeholders have been good.
We do not know what the future might be, but
whatever it is, we will embrace it with the same
energy and spirit that got us here.
Thank you for being an integral part of the journey   
a journey propelled by purpose, guided by vision and
grounded in the belief that people working together
can thrive and make a difference.
   Our vision is a community where economic prosperity is accessible to all, quality of life flourishes and
meeting current needs does not compromise future stability. A future in which we shape our economic
destiny and build vibrant, desirable places to live. Together we can create this future that leaves a legacy
of hope, confidence and sufficient financial resources that places the control of our destiny back in the
hands of the people. As we continue to embrace our vision of making a difference, we remain even more
committed to this region, its people and this place we call home.   
Roger Dick, President and Chief Executive Officer
 • shareholder letter icon 5/9/2024 Letter Continued (Full PDF)
 • stockholder letter icon 4/17/2023 UWHR Stockholder Letter
 • stockholder letter icon More "Miscellaneous" Category Stockholder Letters
 • Benford's Law Stocks icon UWHR Benford's Law Stock Score = 98


UWHR Shareholder/Stockholder Letter Transcript:

2 0 2 3 A N N UA L R E P O RT


Tailored Financial Solutions: Community banks excel in offering personalized banking
services and financial products tailored to meet the unique needs of individuals, families
and local businesses. From customized loan options to personalized account services, we
ensure that each customer receives the best fit for their financial situation and goals.
Homeownership Support: A key service community banks offer is support for
homeownership through accessible mortgage lending. We understand the local real
estate market and work closely with customers to provide competitive rates and guidance
throughout the home buying process, making the dream of owning a home a reality for
many in the community.
Responsive and Reliable Service: Community banks stand out for their responsive,
reliable customer service. Our clients are our neighbors and we prioritize direct, personal
interactions and quick responses to their banking needs. This level of care builds strong,
lasting relationships and trust within the community.
Investment in Community Growth: We actively invest in the growth and prosperity of
our communities through loans to local businesses, sponsorships of community events
and support for non-profit organizations. Our success is directly linked to the health and
vibrancy of the communities we serve and we   re committed to contributing positively to
their development.
Volunteerism and Community Engagement: Volunteerism is at the heart of community
banking, with our associates often seen leading and participating in community service
projects. We encourage and support our team in giving back, reinforcing our role as an
integral part of the community fabric.
Educational Resources and Financial Literacy: Community banks play a crucial role in
promoting financial literacy within the community. By offering educational programs,
workshops and resources, we empower individuals and businesses to make informed
financial decisions, thereby fostering a financially savvy community that thrives together.

United in Purpose, Thriving Through Vision
Message from Management
Our history reflects that small groups of people
looking forward with imagination often shape our
future. It was just such a group that came together
to start a new bank. The creation of Uwharrie Capital
Corp, as 2023 marked our 39th anniversary, was not
merely a financial venture but a bold response to
a changing societal landscape. As the early 1980s
ushered in the era of globalization and automation,
local communities faced economic and cultural
disruption. Banks, industries, newspapers and
neighborhoods were in decline.
In the face of this upheaval, a group of community
leaders, motivated by purpose and fueled by a
shared vision to retain the semblance of a safe
and self-reliant community, saw the civic need for
a local bank.
With the advent of globalization, Uwharrie Capital
Corp emerged amid widening economic disparity
and the erosion of local wealth. The prevailing
thinking of the time was that capitalism ranked
profit above all else. Our founders envisioned a
different kind of capitalism based on the belief that
businesses exist to meet the needs of the public, a
philosophy rooted in service to people
and communities first.
With this ethos as our guiding light, we embarked
on a journey to build a bank that prioritized meeting
people   s needs with genuine care and concern;
if we did that, profitability would be our reward.
This commitment to people before profit was
not mere rhetoric; it is woven into the very fabric
of our organization, shaping everything from our
shareholder structure to our board composition.
Our philosophy emphasized a delicate balance
between profit and purpose, capital and community.
We recognized that true prosperity transcends
financial wealth; it encompasses a sense of
belonging, resilience and dignity within our
(L     R) Jackson Lisk, Roger Dick, President and CEO, Michael Hickey and Hagen Lawhon. Our 2023 interns
learned about and worked in different areas of our company, as well as completed community service projects.
They worked with GHA Autism Supports, Stanly County Christian Ministries and Habitat for Humanity.

communities. Strong local economies where
people feel secure and confident in their future
contribute to safe and prosperous communities
with social stability.
Despite skepticism about the new bank and
our philosophy, we remained unwavering in
our beliefs, our values and our vision. We have
been validated as other leaders in the business
community championed the philosophy of people
before profits. Today, the pursuit of creating
shareholder value generally acknowledges the
interconnectedness of business, community
and society.
Our vision for Uwharrie Capital Corp extends
beyond just being a financial intermediary. We
recognize our civic responsibility to foster vibrant
communities, facilitate local wealth retention and
ignite economic growth through job creation and
stimulus. This commitment fosters a sense of
self-reliance, confidence and community pride.
The vision and mission of Uwharrie Capital Corp
are working. People working together with a
shared vision and good values have demonstrated
that by doing the right things for the right reasons,
profitability and purpose need not be at odds;
they can exist harmoniously.
Together, we are redefining and rebuilding our
neighborhoods. We are helping to find a place for
local and independent businesses in a modern
economy. We see renewed civic purpose and
pride as old neighborhoods and main streets
return to life.
People working together, pooling their local wealth
in a local bank, are building something special
together. We have created the capital engine that
gives us access to the money and power to take
action, doing the things that make our communities
better. American capitalism is at its best when
profitability and a worthy purpose are both fulfilled.
This form of capitalism embodies the pursuit of
profit, which is also a public virtue.
Einstein tells us that imagination is more important
than knowledge; knowledge is limited, whereas
imagination stimulates progress, giving birth to
evolution. In 1984, we began our evolution with a
short prayer. We acknowledged our gifts and that
God enriches our lives by giving us challenges and
opportunities to use our minds and imaginations.
However, we also acknowledged that we are asked
to be good stewards of those gifts and to use them
in the service of others.
The imagination of a few local leaders has grown
to become a billion-dollar community-building
economic engine. The rewards and benefits
delivered to all of our stakeholders have been good.
We do not know what the future might be, but
whatever it is, we will embrace it with the same
energy and spirit that got us here.
Thank you for being an integral part of the journey   
a journey propelled by purpose, guided by vision and
grounded in the belief that people working together
can thrive and make a difference.
   Our vision is a community where economic prosperity is accessible to all, quality of life flourishes and
meeting current needs does not compromise future stability. A future in which we shape our economic
destiny and build vibrant, desirable places to live. Together we can create this future that leaves a legacy
of hope, confidence and sufficient financial resources that places the control of our destiny back in the
hands of the people. As we continue to embrace our vision of making a difference, we remain even more
committed to this region, its people and this place we call home.   
Roger Dick, President and Chief Executive Officer



shareholder letter icon 5/9/2024 Letter Continued (Full PDF)
 

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