May 20th, 2025

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Roger Dick

President & Chief Executive Officer, UCC

Good morning. I hope everyone is off to a good start today. It’s a pleasure to speak with our shareholders, associates, and members of the community who are listening in. We appreciate the opportunity to talk about where we’ve come from and where we’re headed.

By now, you should have received a copy of our annual report. Each year, we select a theme. This year’s is “Rooted in Community and a Path to Prosperity”. You’ll hear more about this from members of our management team: David, Heather, and Jason. We’ll begin with ladies first – Heather Almond, our Chief Financial Officer.

Heather Almond

Chief Financial Officer, UB, UCC

Good morning and thank you Roger, and thank you all for being here with us at the 2024 Annual Meeting. I’m honored to share a few words with you today, not just as CFO, but also as a fellow shareholder.

Looking back on 2024, I’m proud to report that Uwharrie Capital Corp had a strong year – one that reflects financial growth and the trust and partnership we’ve built with you, our customers, neighbors and shareholders.

Let’s start with the numbers. At the end of 2024 total assets reached approximately $1.13 billion representing 5% year-over-year growth. This growth didn’t happen by accident – it’s the result of careful decision-making and a deep commitment to serving our communities well.

Net income for the year was $9.9 million, an increase from $8.6 million in 2023. Our net interest margin improved to 3.40%, up from 3.34% the previous year. This was largely driven by a $74 million increase in our loan portfolio – about 13% growth – reflecting strong lending activity across our communities.

Our liquidity ratios remain well above required levels and our capital is solidly above regulatory requirements. Return on equity was 19% – a strong indication that we’re not only doing the right things but also delivering value to you.

Behind every number is a story. In 2024, we helped families buy homes, supported small businesses, and invested in our towns and neighborhoods. When someone walks through our doors, they’re not just a customer – they’re a friend, a neighbor, and maybe even a shareholder.

Our mission has always been to put people before profits. That means doing what’s right, even when it’s not easy. It means staying local, personal, and committed to long-term value – not just for today, but for future generations.

Looking ahead, we remain focused on managing risk wisely, growing in alignment with our communities, and staying true to who we are.

With that, I’ll turn it over to Jason Andrew, our Chief Operations Officer.

Jason Andrew

Chief Operations Officer, UB

Thank you Heather and thank you all for joining us today. I’m pleased to provide an update on your company’s operations. From strengthening our core banking processes to exploring new technologies, we remain committed to delivering exceptional service.

We take pride in the fact that our operations are local. Our associates aren’t just employees – they’re members of the communities we serve. By keeping our operations in-house, we support local jobs, bolster the regional economy, and ensure that decisions are made by people invested in our communities’ success.

From managing deposits and servicing loans to providing digital banking solutions, everything we do is designed with our customers in mind. We believe that by keeping operations local we provide more personalized, responsive service while contributing to the economic wellbeing of our region.

Looking forward we’re excited about the role artificial intelligence can play in enhancing operations. AI is not here to replace our teams – it’s here to empower them. By automating routine tasks and providing data-driven insights, AI allows our associates to focus on what matters most: our customers.

AI will be a tool to increase efficiency, not a replacement. We’re optimistic about the possibilities ahead and remain focused on using technology thoughtfully to support our mission.

Your company’s operations are stronger than ever. With our talented, locally based teams and our focus on operational efficiency, we’re well-positioned for continued success. We’re excited about the future and confident that, by blending technology with human expertise, we’ll continue to deliver exceptional service and value to you – our shareholders.

At this time, I’d like to introduce David Beaver, President of Uwharrie Bank.

David Beaver

President, UB

Thank you Jason and thank you Heather. Good morning everyone.

It’s a privilege to be with you today – whether in person or virtually – and to reflect on the past year while sharing our vision for the future.

First, I want to express sincere gratitude to each of you – our shareholders, customers, and associates. Your trust and support drive us forward.

Despite market challenges and global uncertainty we stayed focused on what we can control: our strategic initiatives. As Heather mentioned, we’ve seen strong financial performance. Our loan portfolio grew nearly 13% – our third consecutive year of double-digit growth – funded by 5% core deposit growth.

In our mortgage division we navigated varying interest rates and still built meaningful relationships. Our wealth management division reached its highest levels in history. We continue to work on retirement accounts and manage portfolios across all markets.

These results show the resilience and adaptability of our associates – and the shared values we hold with you.

We continue to invest in areas that position us strategically while maintaining a focus on talent development and community engagement. Every initiative is driven by one question: How does this create long-term value for shareholders and help our customers and communities?

As we look to 2025 our top priority is clear: deepen relationships and support each community we serve. A relationship isn’t just a product – it’s a partnership, one that puts fiduciary responsibility and fairness first.

That’s how we build strong communities and pursue true prosperity. I’m proud of what we’ve accomplished and energized by what lies ahead.

Thank you for your confidence, partnership, and belief in our mission.

Roger Dick

President & Chief Executive Officer, UCC

Thank you Heather, Jason, and David for your comments.

I want to begin by calling your attention to the annual report you should have received in the mail. “Rooted in Community A Path to Prosperity,” this publication is more than a report – it’s a message we carry throughout the year. We leave it in doctors’ offices, businesses, and use it during our calls. Our associates use it to explain our mission, our philosophy, and why people should bank with Uwharrie.

And I’m proud to say: this report isn’t outsourced. It’s produced entirely in-house. Christy Stoner leads the effort but nearly every associate contributes in some way. It reflects our energy, our culture, and our commitment to walking the talk of true community banking.

When I looked at the cover this morning – the path, the silhouette of the bird symbolizing vision and the future – it made me reflect on what it really means to be rooted in community and how that leads to prosperity.

This past year I came across the concept of “intelligent interdependence”. It’s a system where all parts work together to support each other. A beautiful example of this is found on the forest floor. Beneath its quiet surface lies one of the most cooperative ecosystems in nature – an interconnected network of fungi, microbes, and roots that communicate, share resources, and nourish life. Trees send signals to each other, share water, and protect the young. The forest floor isn’t where life ends – it’s where life begins again.

In many ways, our bank plays a similar role. Like those hidden networks in nature, our community bank connects local money to local needs. One neighbor’s deposit becomes another neighbor’s loan. The profits stay close to home and like fallen leaves in the forest they nourish growth.

We’re not just in the business of deposits and loans – we’re in the business of building connections and renewal. The money entrusted to us moves, grows, and comes back as new opportunities: a repaired roof on Main Street, a farm expansion, a college education.

And just as the forest is shaped by invisible forces – nutrients, microbes, energy – our community is shaped by trust, shared purpose, and values. These values are our invisible infrastructure. Our faith in God, our care for each other – this is the soil where prosperity takes root.

Looking ahead, we promise to be more than a bank. We aim to be stewards – of people, place, and purpose. When we do that we help our communities succeed – not by taking, but by giving back.

At Uwharrie Capital Corp, we believe in being the strong base that connects people, shares resources, and helps life improve. Every deposit creates a new opportunity. Every loan is a seed for the future, and when we keep our capital close to home our communities grow – cycle after cycle.

We are more than a bank. We are part of the roots of this community. What holds us together isn’t just money – it’s trust, shared values, and a belief in building something that lasts. Our top priority is loving and caring for our neighbors.

We serve not just to grow profits but to grow people, places, and possibilities.

As shareholders, you are part of this living local economy. The future we build grows from our care for each other and we believe strong returns come from doing what’s right. That is our path. That is true prosperity – working together, rooted in people, rooted in community.

In closing, I want to express my deep gratitude to our associates whose daily work and integrity cultivate this system of care and connection and to you, our shareholders – thank you for believing in a model of finance that puts people and place at the center.

To the communities we serve: you are both our purpose and our inspiration.

Together we are proving that a more resilient, more hopeful economy – rooted in trust, guided by stewardship, and nourished by shared values – is not only possible, it’s already taking root.

Thank you and God bless you. We look forward to continuing the journey with you.