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Summary Annual Report

2005

Empowering People

The mission of Uwharrie Capital Corp becomes broader than that of the subsidiary banks inits geographic focus. Each bank has its primary focus on enhancing the well-being of its countyby aggressively identifying and filling the needs for financial services and fairly rewarding itssupporters.

Uwharrie Capital Corp will seek to make possible the operation of a community bank thatoperates in accordance with our mission and core values. In carrying out its mission, UwharrieCapital Corp will:

“Maintain Control Of The Company, For And By The People Of Our Region, Through TheMaintenance Of A Broad Local Shareholder Base.”

“Be Guided By A Large And Well-Chosen Board of Directors Which Represents The VariousInterests And Needs For Financial Services In Our Region.”

“Maintain A Highly Professional And Sensitive Staff That Is Genuinely Dedicated To ServingThe Customer In The Spirit Of The Company's Founding Philosophy.”

“Utilize State-Of-The-Art Technology With An Understanding For The Need Of A BalanceBetween The Use Of Technology And The Need For Close Customer Contact.”

“Maintain Flexibility In Organizational Structures, Policies And Procedures In Order To CopeEffectively With The Changing Market Environment And Conditions.”

“Provide To Shareholders A Good Return On Their Investment.”

“Operate On The High Ideals Upon Which The Company Was Founded And Within The LetterAnd Spirit Of The Rules And Regulations Of The Agencies Which Have Duly ConstitutedAuthority Over The Financial Services Industry.”

The Board of Directors and management of Uwharrie Capital Corp hold full responsibilityto interpret and make operational all of the above objectives and purposes. Management willalways strive to achieve a balanced approach to these objectives, and through efficient operations,provide competitive rewards to its supporters.

Uwharrie Capital Corp and its people will strive to fulfill its unique mission as a holdingcompany committed to supporting the success of community-based financial intermediariesserving the counties and communities that make up the Uwharrie Lakes Region.

A message from management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

For and by the people of our region …We Built Our Banks On Relationships . . . . . . . . . . . . . . . . . . 4

Be guided by large and well-chosen …Boards of Directors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Maintain a highly professional and sensitive staff …Serving Our Customers and Communities. . . . . . . . . . . . . . . 14

Provide exceptional service … Our Associates and Directors . . . . . . . . . . . . . . . . . . . . . . . . . 16

Utilize state-of-the-art technology …Our Means To Deliver Service . . . . . . . . . . . . . . . . . . . . . . . . 18

Maintain flexibility in organizational structures …Strategic Investment Advisors. . . . . . . . . . . . . . . . . . . . . . . . . 20

Provide to Shareholders a good return on their investment …Financial Reports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

Operate on the high ideals upon which Uwharrie Capital Corp was founded …Taking Care Of Those In Need . . . . . . . . . . . . . . . . . . . . . . . 26

Shareholder information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

Table of Contents

2– 2005 SUMMARY ANNUAL REPORT

T his new institution would be formed on the premise that all people could participate in

an effort to take care of the financial needs of our community. In keeping with the spirit

of democracy upon which our country was founded, the ownership of our company was

broadly distributed among our shareholders. We therefore consciously limited individual

ownership to 1% of our stock. This would assure that there was a broad base of community

ownership and that our company would be governed by the people. We purposely chose to have

the shares of our stock owned by citizens and people with local ties who were committed to the

success of our community.

While a number of things have changed since the early days in our company's history, those that

matter have remained the same. Our original shareholder group has increased from approximately

1,200 to well over 3,000. This is due, in no small part, to the appeal of our guiding principle to

put the needs of the community and our marketplace first. While demonstrating that this can be

done successfully, we are creating wealth for

shareholders and doing good in the

communities we serve.

Original shareholders who purchased

stock in 1983 have enjoyed a 22-year

compound return of 9.98%. Subsequent

shareholders who purchased during the

1986 offering have experienced an 8.22%

“For the people, by the people, a great nation wasstarted; so would be a great bank,” was the founding creedin the organizational days of our company.

… people with local ties

committed to the success

of our community …

The Uwharrie Lakes Region

return and those who purchased during the 1988 offering have received a return of 4.56%. Our

commitment to serving our customers and our communities has proven to be a winning strategy

that enhances our relationships and provides long-term value to our shareholders. You can be

proud of your investment in Uwharrie Capital Corp, particularly during the last seven years since

our last stock offering when the general market, represented by the S&P Index returned 2.91%.

We continue to promote our stock to people who are motivated and committed to our region and

making this place a better place to live.

Our goal to balance the short-term pursuit of profits with our long-term objective of creating a

quality of life our descendants can be proud of is more challenging than ever. As our economy has been

in a state of transition, we work to promote a new

economy that capitalizes on our community values. We

have made excellent progress toward our goal of long-

term value creation for all of our constituencies.

Uwharrie Capital Corp’s overriding mission

remains to enhance the well-being of the communities

we serve. We accomplish this by providing capital for

the purchase of new homes, loans to growing

businesses, expertise for management of retirement money … all from local dollars deposited with our

company and put to work here at home. These activities create wealth for our shareholders, customers

and the community-at-large … new

wealth in the form of corporate profits,

appreciating assets, new jobs and higher

household incomes. Combine this with

our clean environment and natural

resources and you have a quality of life

second to none and improving as we

fulfill our mission. Such is the founding

philosophy of your company, and you can

be proud to be among those who have

made it possible.

EMPOWERING PEOPLE – 3

Today Your Company Is Owned And Operates UnderThe Same Conviction Of “For And By The People”

When the investor’s private

gain is a public virtue, free

enterprise is at its best.

8,000

9,000

10,000

11,000

12,000

13,000

14,000

15,000

2001 2002 2003 2004 2005

GROWTH IN TOTAL HOUSEHOLDS

4 – 2005 SUMMARY ANNUAL REPORT

There is strength in numbers. One of thereasons for our country’s greatness is thatAmericans have always been empowered

to make change happen, whether it’s on apersonal, local, or even national level. The

founding fathers of our great nation knew this andwe recognized and embraced this concept in thefounding of our company. It has always been ourgoal to have the shares of our stock held verybroadly in the communities we serve and in thehands of our customers. This assures us that ourcompany is truly governed by the people, and weput people first.

Our “people first philosophy” can make adifference for you. When you bank with us you getour commitment to a relationship based on

meeting your personal financial goals. We care about our customers. We listen to

them and think about them every day. By focusingon our customers and providing them with theproducts and services they need, we build strong,deep relationships.

In communities where our associates and cus-tomers live and work together, we provide solutionsand benefits to help make life better. We strive tomake a positive difference through communitydevelopment, financial education and a range ofproducts and services that help our customers takea healthy approach to money. But most important,all the decisions are made right here.

We strive to be the provider of choice, whichmeans listening to our customers and giving themthe products and services they want and need.

For and by the people of our region, through the maintenance of a broad local shareholder base we will maintain control of the company

The folks at Wood Brothers and JTG Racing understand thevalue of putting together a winning team both on the track andwith their banker, Bob Brannan (second from right) ofCabarrus Bank & Trust. Pictured with Bob (from left) are LenWood, Eddie Wood and Tad Geschickter.

Chris Sanford (right), owner and operator of the Wadesboro IGA,appreciates our people first philosophy. He experiences it first handat Anson Bank & Trust working with Anne Rivers Flynn.


We Built Our Banks on Relationships

Our customers deserve friendly reliableand consistent service. Our commit-ment to relationship banking means

you can count on us to provide the highestquality banking experience.

Danielle Smith (left) of Bank of Stanly was eager to helpwedding consultant Rosa Rush and floral designer EllisMcLendon when they started their business, SomethingUnique, in Norwood.

Meeting the floor covering needs of families and businessessince 1966, Lee’s Carpet, Inc. of Oakboro has been successfulbecause of their commitment to service. Gerald Lee and AprilFlowers appreciate that same attention they receive fromRichard Jones (left) of Bank of Stanly.

Barry and Julie Altman have been in the home furnishingsbusiness for almost 40 years. At Badcock & More, they offerquality products and services and receive the same from JimStrayhorn (left), Anson Bank & Trust.

Kristel and Ken Swayze appreciate the community-basedmission of Cabarrus Bank & Trust and the personal attentionthey receive from Ken Yelton (left).

A s a community banking organization,we realize that hometown businessesare a vital part of the economic

integrity and success of our region. Thesehometown businesses provide jobs for localresidents who, in turn, participate in churchactivities, coach youth sports, volunteer for firedepartments, and spend their hard-earneddollars at other local businesses; thus creatingwealth for the community. In this spirit, werecognize our communities’ excellence inbusiness at our Annual Meeting ofShareholders.

Consistent with our philosophy thateducation is the foundation of a brighter future,we realize that there are special people who aremaking a difference in the lives of our childrenevery day … teachers. Teachers have a specialmission of helping to mold and encourage ourchildren to be what they can be, to dream bigdreams and to make their dreams come true.They have an important influence and serve asrole models for our future leaders. Therefore,Uwharrie Capital Corp also recognizes theTeachers of the Year for the counties we serve.


www.AnsonBankandTrust.com

Representing our Anson County OutstandingBusiness Honoree, Anson Community Hospital, isDr. Fred Thompson (left), pictured with JimStrayhorn.

Anson County’s Teacher of the Year Sherry Lisk(left), first grade teacher at Wadesboro PrimarySchool.


W e are your community bank andwe offer a better blend of finan-cial expertise and hometown

experience. We bring this expertise togethercreating more individualized solutions to thefinancial needs of our customers. As a com-munity bank, you get one-to-one attentionfrom local bankers.

Anne Rivers Flynn (right) takes care of the bankingneeds of Donna Tucker, who manages severalconvenience stores for Lee Oil & Gas Company inAnson County.

Dr. Charles A. Casher, DDS (left) relies on and places hisconfidence in Dana Maness of Anson Bank & Trust forhis banking needs.

Healthcare services, such as those provided by Dr. FredBurney (left), are among the fastest growing employmentopportunities in our region. Jim Strayhorn and the associatesof Anson Bank & Trust value the many contributions ourhealthcare industry provides.

Providing capital to closely held and family-owned businesses has always been at theheart of our company. By working with the

Small Business Administration (SBA), we areproviding support and capital to even moreentrepreneurs who are creating jobs and incomefor our communities.

www.BankofStanly.com

Bill Lawhon (left) presents the Stanly CountyOutstanding Business Honoree 21st Century Housing,owned and operated by Darla and Terry Smith.

Matt and Sherri Smith, owners of Stanly Communications, Inc.,chose Bank of Stanly when they had the opportunity to purchasethe local radio stations 1010AM WSPC and 1580AM WZKY.Mike Harwood (center) is one of our SBA-trained lenders.

Stanly County’s Teacher of the Year Mark Rowles (right),West Stanly High School’s Earth and Environmental Scienceinstructor.


W e are the bank that fits yourlifestyle. Convenient locations,online banking, 24-hour tele-

phone banking and even Saturday hoursmeans banking has never been easier.

We strive to deliver the right financialservices to our communities; where you wantthem, when you want them and how youwant them.Dr. Tony Crumley is one of many professionals in Stanly

County who looks to Bank of Stanly for the financialservices they need. He trusts Tammie Aldridge to give himsound advice.

Recognizing the connection betweeneconomics and education, Bank of Stanlyworks closely with our schools. JohnMcIntyre (left) talks with Bill Josey,Director of Finance and AuxiliaryServices, Stanly County Schools, at the2005 ABC Celebration.

Melvin Wagoner enjoys the hometown bankingexperience he receives from Linda Troutman and all ourassociates at Bank of Stanly’s Village Office.

Southern Stanly County is home to beautiful Piney Point GolfClub that has been providing recreational opportunities andlocal jobs since 1964. Pictured with Danielle Smith (left) isTammy Reynolds, Steven Bunn and Dave Vandeventer.


B y placing the decisions about loans andother financial services in the hands oflocal leaders, we are meeting the needs of

families and businesses in a highly personalmanner. Locally owned and managed, ourdirectors and associates live in our communityand most grew up here.

www.CabarrusBankandTrust.com

Pat Horton (left) presents to Jennifer and Jack Ritchieof Ritchie Services Company the Cabarrus CountyOutstanding Business Award.

Alex Rankin (left) recognizes Cabarrus CountyTeacher of the Year Keith Maletta, an Englishteacher at Central Cabarrus High School.

M.A.I.L.E.D., Inc. of Concord is one of many small businessesthat demonstrates the entrepreneurial spirit of our region. CherylDeaton (left) and Pat Horton visit Dale Bullock, President andOwner, at his place of business.


In a time when everything else is beingcommoditized, it is more important now totell our story … and it’s not just about price.

We continue to find ways to bring value to everycustomer and be actively involved with programsthat improve the lives of others.

Chancellor of Cabarrus College of Health SciencesAnita Brown (right) has confidence in the financialsolutions that Pat Horton offers her.

Julie Connor helps create a warm and caring environment forall of our customers, big and small, in our Palaside Office ofCabarrus Bank & Trust.

Esten Goldsmith (left) and her associates at theGoldsmith Law Office have been providing reliableadvice in Cabarrus County since 1998. They appreciatethe same kind of attention regarding their bankingservices from Angel Teems.



www.UwharrieCapitalCorp.com

Be guided by a large and well-chosen Board of Directorswhich represents the various interests and needs of theUwharrie Lakes Region.

In Anson, Cabarrus and Stanly counties a uniquephenomenon takes place on a daily basis – we thinkof one another as family. Leaders in our

communities understand the benefits and the power ofworking together.

This cooperation emerged from a real need to pullresources together in order to control our future qualityof life and allow our communities to control theirfinancial resources. With the loss of our traditional jobsand industries, our communities are facing thechallenge of economic restructuring. The formation ofUwharrie Capital Corp grew out of the recognition thatthe well-being of a community economically isinterlinked with the economic well-being of neighboringcommunities.

Our community bank concept is the foundation forlocal decision-making. We make all of our decisionslocally without the hassle of dealing with someone faraway. It allows us the opportunity to work directly andflexibly in our communities because we live here too.

The fact that we meet the needs of our customersand shareholders is due, in no small part, to ourtalented and dedicated associates. They value teamwork,take pride in what they do and perform their jobs withintegrity. Our associates are clearly prepared to do whatis right to keep our company on course for the long-term. That is what we value in our people and what welook for when we bring talent into our organization.

We will enhance shareholder value and attractvaluable customer relationships by providing superiorservice, products and convenience, achieved throughlocal ownership and hands-on involvement withcustomers and our community. Above all, we strive todo what is right for all of our constituencies. That ishow we will continue to deliver long-term value to all ofour stakeholders.

Uwharrie Capital Corp Board of Directors: Seated, left to right: Timothy J. Propst; John P. Murray, M.D.; Emily M. Thomas; James E. Nance; Hugh E.Wallace. Standing, left to right: W. Chester Lowder; Robert P. Barbee; Donald P. Scarborough; B. Franklin Lee; Michael E. Snyder, Sr.; Joe S. Brooks; Emmett S.Patterson; Jospeh R. Kluttz, Jr.; Thomas M. Hearne, Jr.; Douglas L. Stafford; John W. Shealy; Charles F. “Tad” Geschickter, III. Not pictured: Susan J. Rourke.


Boards of DirectorsAnson Bank & Trust Board ofDirectors: Seated, left to right: EmilyM. Thomas; Altheria S. Patton, Ph.D;Preston A. Burns; Tara G. Eudy.Standing, left to right: Jimmy L.Strayhorn; Eugene M. Ward; H.Patrick Taylor, Jr.; Emmett S.Patterson; W. Kenneth Huntley; PaulJ. Kiker, III; Roger L. Dick; Lee RoyLookabill, Jr.; Henry H. Morton, Jr.Not pictured: Jarvis T. Woodburn.

Bank of Stanly Board of Directors: Seated,left to right: B. A. Smith, Jr.; Anita E. Blair; KellyS. Huff; Dusty W. West. Standing, left to right;Jerry J. Long; Jimmy C. Huneycutt; Michael P.Laton, Sr.; Roger L. Dick; Mark W. Mabry.

Cabarrus Bank & Trust Board ofDirectors: Seated, left to right: Timothy J.Propst; Cynthia L. Mynatt; Douglas L.Stafford; Susan J. Smith; John W. Shealy,Jr. Standing, left to right: Robert M.Freeman; Christopher L. Bramlett, Ph.D;Frank A. Rankin, III; Susan J. Rourke;Leonard B. Sossamon, Jr.; Vernon A.Russell; William C. Thomas; Estus B.White; Richard J. Fisher; Roger L. Dick.Not pictured: Edward B. Tyson.


Maintain a highly professional and sensitive staff that isgenuinely dedicated to serving the customers in the spirit ofthe founding philosophy.

Because our future and the future of our communities lie in the hands of our children,Uwharrie Capital Corp encourages our associates to volunteer in the classroom and

participate in mentoring programs for our youth.


Our community relations and outreach effortscontinue to make the communities we servebetter places in which to live and work.

Our associates are encouraged to contributefinancially and to volunteer their valuable time andtalents to our communities through service tocharitable organizations that support education, civicand community betterment, and health and humanservices.

Serving Our Customers and Communities

With a compassionate dedication toservice, our associates at Cabarrus Bank& Trust provided a brighter Christmas for

more than 20 children throughout theCabarrus County School System.

Recognizing that our youth need access toexcellent schools and lifelong educational

opportunities, Uwharrie Capital Corp supportsand provides funding for local scholarships. Thisincludes the establishment of the Stanly Heritage

Endowed Scholarship honoring the years ofdedicated service of Nadine Bowers (far right).


Provide exceptional serviceto both internal and external customers.

Our Associates

Tammie D. AldridgeNancy H. AllenKathy H. AlmondNatalie L. AlmondJason R. AndrewP. Craig AustinAmy Y. BarbeeHeather B. BarbeeRonald D. BarnesJill A. BarrierAnitra C. BarringerRoy David Beaver IIIDayle C. BeaverSarah G. BivinsJennifer M. BlakeShanna M. BlalockRebecca B. BostTiffany M. BowmanRobert B. Brannan IIIMisty C. BroadwayBarry C. BrummittDebbie S. BurkettAmber N. BurlesonBrenda Diane BurrisJudith A. CampLindsey E. CapellAnita F. CarpenterMichelle B. CarverRobin G. ChristianDarlene T. ClaytonGayle F. ComerJulie C. ConnerAnngenell Y. CookeLucille B. CranfordMelissa L. CurleePamela J. CurleeDonald M. DavisCheryl J. DeatonRoger L. DickAlexander Domenech

Brendan P. DuffeyVirginia R. DunnDonald R. EdwardsChasity L. EfirdDebra M. ErkBradley W. EudyLeslie T. EudyDuane S. FaggMonty L. FastAnne R. FlynnAllen K. FurrDavid C. GaskinSusan B. GibsonTina L. GibsonNannie L. GrayMatthew W. GreeneSherman L. GreerBennie S. HahnLinda D. HarkeyAlisa E. HartsellMichael G. HarwoodG. Ernest Hatley Jr.Jane S. HatleyPatricia C. HatleyTammy R. HelmsDeborah T. HinsonJan L. HobbsRoy L. HolbrookGerald B. HoneycuttCarolyn F. HopkinsPatricia K. HortonMartha E. HughesKristi W. HumphreyWilliesenia A. IngramJacqueline S. JerniganAmy B. JohnsonCarol H. JonesJames R. JonesMark O. JonesSuzette D. Kluttz

Mitchell C. KnightenMartin LaffertyAmy M. LambertBrooke E. LatonDebra L. LatonW. D. Lawhon Jr.Daria W. LedbetterJoy M. LeeMarley C. LeeMark A. LiskKimberly C. LongAshley M. LowderPatricia L. LowderSheila M. LowderTonya M. LowderTraci R. LowderSandra P. MabrySandra S. MaidenDana A. ManessJohn P. McIntyreKristal M. McKethanLathisa G. McNeillDawn L. MeltonLorelei V. MisenheimerBonnie P. MortonMelissa A. MyersDustin Cody MyrickJohnda S. NobleMisty M. NordanMartha W. O'BrienH. Clifford ParsonsMichelle L. PelcherDonna L. PleasantDustin L. PoplinTrena B. PurvisBrandi A. RayTeresa T. RitchieAlison P. RogersDavid M. RudisillCynthia C. Sasser

Cristi H. ShowalterTamara M. SingletaryDanielle C. SmithDelaine H. SmithHelen Ann SmithKatrina H. SmithKelly B. SmithLindsey A. SmithMatthew J. SmithSabrina D. SmithTamara L. SmithPatricia B. SpeightChristy D. StonerJimmy L. StrayhornMegan S. StroudJonathan C. SullivanMartha A. SullivanA. Donald SwaringenThomas H. SwaringenGayle B. TalbertJeffrey M. TalleyBrandis L. TaylorAngela S. TeemsMisti D. ThompsonMisty W. ThornburgRobin N. ToddLinda B. TroutmanMarci A. TuckerSusan T. TuckerKathy R. ValentineEddie F. WallRobbie H. WaltersAngela Tucker WebbCarrie I. WhitleyMelody S. WhitleyMichael S. WhitleyDebbie B. WilhelmBarbara S. WilliamsKenneth E. Yelton

Our Associates

We Believe We Have Something That Sets Us Apart… Our People


Our Boards

of Directors

ROBERT P. BARBEERetired - Chairman, President and Chief Executive OfficerPneumafil Corporation

JOE S. BROOKSOwner and ManagerBrothers Precision Tool Company

CHARLES F. “TAD” GESCHICKTER, IIIPresidentST Motorsports, Inc.; JTG Racing Inc; andWood Brothers/JTG Racing, Inc.

THOMAS M. HEARNE, JR.Geopavement EngineerNorth Carolina Department of Transportation

JOSEPH R. KLUTTZ, JR.PresidentAlbemarle Insurance Agency, Inc.

B. FRANKLIN LEEOwner and ManagerFranklin Lee Farm

W. CHESTER LOWDERDirector of Livestock Program, Public Policy DivisionNorth Carolina Farm Bureau Federation, Inc.

JOHN P. MURRAY, M.D.Retired - Physician and OwnerAbemarle Ear, Nose & Throat

JAMES E. NANCE - ChairPresident and Dealer OperatorConfederate Motors, Inc.

EMMETT S. PATTERSONRetired - General Manager and Executive Vice PresidentPee Dee Electric Membership Corporation

TIMOTHY J. PROPSTExecutive Vice President Propst Construction Company, Inc.

SUSAN J. ROURKEPresident & Owner U.S. Land Management Co.

DONALD P. SCARBOROUGHPresident, Treasurer and OwnerPlank Road Realty, Inc.

JOHN W. SHEALY, JR.PresidentCabarrus Concrete Company

MICHAEL E. SNYDER, SR.Vice PresidentE.J. Snyder & Co., Inc.

DOUGLAS L. STAFFORDMember ManagerGriffin Stafford Development, LLC

EMILY M. THOMASVice President - Administration & FinanceCMH Flooring Products, Inc.

HUGH E. WALLACEPresidentAnson Apparel Company

PRESTON A. BURNSRetired - PresidentWadesboro Auto Supply

ROGER L. DICKPresident & Chief Executive OfficerUwharrie Capital Corp

TARA G. EUDYPresident and TreasurerCarolina Tire Company, Inc.

W. KENNETH HUNTLEY - ChairPresident & OwnerHuntley Oil & Gas Company, Inc.

PAUL J. KIKER, IIIPresidentKiker Forestry & Realty, Inc.

LEE ROY LOOKABILL, JR.PresidentAnson Real Estate and Insurance Company, Inc.

HENRY H. MORTON, JR. - Vice ChairPresident & Chief Executive OfficerSelectronics, Inc.

EMMETT S. PATTERSONRetired - General Manager & Executive Vice PresidentPee Dee Electric Membership Corporation

ALTHERIA S. PATTON, Ph.D.Retired - Assistant SuperintendentAnson County Schools

JIMMY L. STRAYHORNPresident & Chief Executive OfficerAnson Bank & Trust Co.

H. PATRICK TAYLOR, JR.AttorneyH. Patrick Taylor, Jr., Proprietor

EMILY M. THOMASVice President - Administration & FinanceCMH Flooring Products, Inc.

EUGENE M. WARDRetired - President & Chief Executive OfficerAnson Bank & Trust

JARVIS T. WOODBURNGeneral ManagerCoffing Hoists

ANITA E. BLAIRAssociateBeane Swaringen & Co., LLC


JIMMY C. HUNEYCUTTOwnerJ. Huneycutt Co., LLC

MICHAEL P. LATON, SR.PresidentCustom Doors, Inc.

MARK W. MABRY - ChairPresident & OwnerMabry Insurance

B. A. SMITH, JR.Retired - Pilot and Base CommanderUnited States Air Force

KELLY S. HUFFPresident and OwnerRichfield Child Development Center

JERRY J. LONG - Vice ChairPresident Secretary and Co-OwnerLong’s Diamond Broker

DUSTY W. WESTPresident & OwnerDean's Ready Mixed, Inc.

CHRISTOPHER L. BRAMLETT, Ph. D.Retired - President & OwnerChristopher's Jewelers Co., Inc.


RICHARD J. FISHERPresident & OwnerR. J. Fisher Construction Co., Inc.

ROBERT M. FREEMANPresident & OwnerService One of Concord, Inc. &Freeman Development Company, LLC

CYNTHIA L. MYNATTPresidentBen Mynatt Pontiac-Buick-GMC Truck, Inc.

TIMOTHY J. PROPSTExecutive Vice President Propst Construction Company, Inc.

FRANK A. RANKIN, III - ChairPresidentConcord Engineering & Surveying, Inc.

SUSAN J. ROURKEPresident & Owner U. S. Land Management Co.

VERNON A. RUSSELLAttorneyPlummer, Russell, Clement and Plummer, PLLC

JOHN W. SHEALY, JR.PresidentCabarrus Concrete Company

SUSAN J. SMITHAdvisor Rowan-Cabarrus Community College

LEONARD B. SOSSAMON, JR.County AdministratorNewberry, South Carolina

DOUGLAS L. STAFFORD - Vice ChairMember ManagerGriffin Stafford Evelopment, LLC

WILLIAM C. THOMASPresident and Chief Executive OfficerConcord Builders, Inc.

EDWARD B. TYSONRetiredKannapolis School Superintendent

ESTUS B. WHITERetired - Clerk of Superior CourtCabarrus County

UWHARRIE CAPITAL CORP BOARD OF DIRECTORS

BANK OF STANLY BOARD OF DIRECTORS

ANSON BANK & TRUST BOARD OF DIRECTORS

CABARRUS BANK & TRUST BOARD OF DIRECTORS

ALBEMARLE

Post Office Box 338Albemarle, NC 28002-0338

MAIN OFFICEAND INVESTMENT SERVICES CENTER704-983-6181167 North Second Street (28001)

VILLAGE OFFICE*704-983-6181710 North First Street (28001)

EAST ALBEMARLE OFFICE*704-983-6181800 NC 24-27 Highway (28001)

ATM LocationStanly Memorial Hospital


Utilize state-of-the-art technology with an understandingfor the need of a balance between the use of technology andthe need for close customer contact.

NORWOOD*704-474-3103107 South Main StreetPost Office Box 657Norwood, NC 28128-0657

OAKBORO*704-485-3435624 North Main StreetPost Office Box 539Oakboro, NC 28129-0539

www.AnsonBankandTrust.com

www.BankofStanly.com

WADESBORO704-694-2122211 South Greene StreetPost Office Box 249Wadesboro, NC 28170-0249

ATM Location426 East Caswell Street

24-HOUR ACCESS WITH TELEPHONE BANKING704-986-4545

1-800-805-4488Bank of Stanly

1-888-207-0921Anson Bank & Trust

704-782-45451-800-552-5575

Cabarrus Bank & Trust

*Denotes offices equipped with an ATM


704-983-5959132 North First Street (28001)Post Office Box 1517Albemarle, NC 28002-1517www.StrategicInvestmentAdvisors.com

704-982-4415132 North First Street (28001)Post Office Box 338Albemarle, NC 28002-0338www.UwharrieCapitalCorp.com

www.CabarrusBankandTrust.com

CONCORDPost Office Box 1970Concord, NC 28026-1970

CHURCH STREET OFFICE704-262-3855700 Church Street North (28025)PALASIDE DRIVE OFFICE*704-262-385525 Palaside Drive, NE (28025)

MT. PLEASANT*704-436-23001490 South Main Street P.O. Box 1810Mt. Pleasant, NC 28124-1810

Visit us on the Internet at: www.UwharrieCapitalCorp.com

Recognized nationally in 2005 for implementingtechnologies that eliminate the traditional 2:00banking day, Uwharrie Capital Corp continues

to develop solutions that make it easy to do businesswith us. In addition to accessible locations, onlinebanking, 24-hour telephone banking and Saturdayhours at certain locations, we are bringing newconveniences to our banking relationships.

Through our relationship product, we have created anunlimited ATM network. This means that any Leadership

customer can access any ATM, anytime, anywhere, withno fee. Additionally, we are implementing significantenhancements to our online banking that, in addition toproviding account activity, online statements and checkimages, will give customers the ability to open and fundaccounts virtually from any where at any time.

Our commitment to our customers is that while wecontinue to develop and implement leading-edgetechnology, our approach to relationship bankingremains “state-of-the-heart.”

24-HOUR ACCESS WITH ONLINE BANKINGAccess and manage your accounts virtually anywhere at anytime.

A new look and feel that makes it easy to navigate and security features that protect customer information and identification. User friendly account opening and funding creates

full service banking online that gives you total control of managing your money.

Balancing State-of-the-Art TechnologyWith A Human Caring Touch


Maintain flexibility in organizational structures, policiesand procedures in order to cope effectively with the changingmarket environment and conditions.

W e offer quality personal service byexperienced professionals who canhelp you accomplish your financial

goals - by people who live and work right here inour community.

We take the time to listen to you and learnabout your dreams so that we can better serveyour needs. We will work closely with you tocreate an investment plan that is uniquely yours.

We build solid relationships with ourcustomers. We put people first and you cancount on us for friendly service with a personaltouch. We are committed to being focused onthe needs of our clients.

Our financial professionals are part of thecommunities we serve which means we can bringour personal style of service to each StrategicInvestment Advisors relationship. We want tohelp you make your dreams a reality.

At Strategic Investment Advisors, we believethat your financial success begins with a strongrelationship - a relationship with an advisor whowill be with you every step of the way. Building aconnection and establishing your financialobjectives is the most important step in the

investment process.We offer a highly collaborative, personal, step-

by-step investment approach to uncovering yourobjectives, developing your financial knowledgeand tailoring a portfolio specific to your priorities.With over 80 years of combined experience in theretail brokerage and financial service industry,Strategic Investment Advisors will provide youwith the tools and guidance you need for anefficient, long-term asset allocation plan.

Jackie Burpeau appreciates the professional advice and individualizedrecommendations she receives from Jeff Talley and Strategic InvestmentAdvisors.

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www.StrategicInvestmentAdvisors.com

W e offer a unique, life-long alliance withon-going communi-

cation that helps ensure yourfinancial plan will be suited toyour circumstances.

Going Beyond Traditional Banking Relationships

Lori Misenheimer, who recently received the CERTIFIED FINANCIALPLANNER™ designation, provides Faye and Bill Jordan guidance as theymake plans for their financial future.

At Richfield Child Development Center, David and Kelly Huff (center)are entrusted every day with a family’s most valuable asset: its children.They appreciate the trust they have in working with Mike Harwood (left)and David Gaskin at Strategic Investment Advisors.

Investment Advisor Representative Brooke Laton assists business ownerDavid Brookbank with his personal investment decisions and givessuggestions to help improve his company’s retirement plan.

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GROWTH IN LOANS

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GROWTH IN DEPOSITS

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Uwharrie Capital Corp and Subsidiaries(Dollars in thousands except per share information)

2005 2004 2003 2002 2001Summary of Operations

Interest income $ 19,161 $ 15,906 $ 14,597 $ 14,649 $ 17,002

Interest expense 6,630 4,734 4,606 5,289 8,012

Net interest income 12,531 11,172 9,991 9,360 8,990

Provision for loan losses 755 2,092 593 835 1,179

Noninterest income 4,351 4,271 5,159 4,406 3,470

Noninterest expense 14,087 13,297 12,466 10,586 8,905

Income taxes 523 (199) 531 587 671

Net income $ 1,517 $ 253 $ 1,560 $ 1,758 $ 1,705

Per Common Share

Net income – basic (1) $ .22 $ .04 $ .22 $ .28 $ .27

Net income – diluted (1) .21 .03 .21 .27 .26

Book value (1) 3.85 3.74 3.76 3.54 3.11

Selected Year-end Balances

Assets $ 350,190 $ 329,262 $ 300,529 $ 250,763 $ 238,768

Loans 276,196 263,738 240,816 196,034 185,610

Securities 35,016 28,524 27,707 28,149 32,249

Deposits 273,976 246,939 212,563 173,556 173,515

Borrowed funds 47,006 53,796 58,924 50,549 43,610

Shareholders’ equity 27,453 27,156 27,852 25,122 20,556

1) Net income per share, book value per share, weighted average shares outstanding and shares outstanding at year-end for

2001 through 2004 have been adjusted to reflect the 3% stock dividends issued in 2005, 2004, 2003, 2002, and 2001.

NOTE: During 2005, 330,108 shares of Uwharrie Capital Corp stock traded, which represents 4.7% of the basic weighted

average shares outstanding. The trade range was a low price of $6.00 and a high of $6.30. As of December 31, 2005, the stock

last traded at $6.15 per share.


Provide to shareholders a good return on theirinvestment.

The Company experienced another year of solid growth as total assets rose from $329.3 million at December 31, 2004 to $350.2 millionat December 31, 2005. This 6.4% level of growth resulted primarily from a $12.5 million increase in loans receivable. Additionally, a $6.5million increase in securities available for sale and a $1.8 million in cash and cash equivalents provided greater liquidity for the Company.

Customer deposits continued to be our principal funding source in 2005, thereby allowing for the growth in assets discussed above as wellas a $6.8 million reduction in borrowings. At December 31, 2005, deposits from our customers totaled $274.0 million, representing an 10.9%increase from $247.0 million at December 31, 2004.

Net income for 2005 amounted to $1.5 million or $0.22 per share, an improvement over 2004 net income of $253,000 or $0.04 per share.As with most financial institutions, the primary component of earnings for our banks is net interest income, which increased by $1.4 million,or 12.2%, to $12.5 million for 2005 from $11.2 million in 2004. The Company benefited from a rising interest rate environment, augmentedby loan and investment growth. The average yield on our interest-earning assets increased 79 basis points to 6.36%, while the average rate wepaid for our interest bearing liabilities increased 68 basis points. These increases resulted in a 11 basis point rise in our interest rate spread, from3.71% in 2004 to 3.82% in 2005. Our net interest margin for 2005 was 4.21%, compared to 3.96% in 2004.

A $1.3 million reduction in the provision for loan losses also contributed to the Company's stronger performance in 2005 as compared to2004. Largely in anticipation of potential losses on five commercial lending relationships, the allowance for loan losses was increased in 2004to $5.0 million, as compared to $3.2 million for the prior year-end. Certain of these losses were realized in 2005 as the ratio of net charge-offsto average loans increased from .13% in 2004 to .47% in 2005.

In response to increasing competition for traditional bank loan and deposit services, the Company gained momentum during 2005 in itsstrategy to increase sources of noninterest income. Other service fees and commissions increased in total by $301,000, or 21.1%, during 2005.In particular, income generated from brokerage commissions and asset management fees amounted to $921,000, or an increase of $121,000.In addition, service charges on deposit accounts grew $271,000 to $1.7 million. Off-setting these increases was a $290,000 decline in incomefrom mortgage loan sales as originations leveled off during 2005 with the rise in mortgage interest rates. Other income also decreased by$183,000.

Noninterest expense increased 5.9%, to $14.1 million in 2005, as compared to $13.3 million in 2004. Personnel costs, the largestcomponent of noninterest expense, increased $847,000, from $7.2 million in 2004 to $8.0 million in 2005. Additions at the executive andbank support staff levels, together with normal annual salary increases, primarily account for this increase.

The Company continues to maintain a strong capital position. At December 31, 2005, total shareholders' equity was $27.5 million, anincrease of $297,000 from $27.2 million at the end of 2004. Capital ratios are above those of a well capitalized bank as defined by our regulators.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of DirectorsUwharrie Capital CorpAlbemarle, North Carolina

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidatedbalance sheets of Uwharrie Capital Corp and Subsidiaries as of December 31, 2005 and 2004, and the related consolidated statements ofincome, comprehensive income, changes in shareholders’ equity and cash flows for each of the years in the three-year period endedDecember 31, 2005 (not presented herein); and in our report dated March 10, 2006, we expressed an unqualified opinion on thoseconsolidated financial statements. The accompanying condensed consolidated financial statements are the responsibility of the Company’smanagement. Our responsibility is to express an opinion on the information set forth in the condensed consolidated financial statementsin relation to the consolidated financial statements from which it has been derived.

In our opinion, the information set forth in the accompanying condensed consolidated financial statements is fairly stated, in all materialrespects, in relation to the consolidated financial statements from which it has been derived.

Raleigh, North CarolinaMarch 10, 2006

FINANCIAL REVIEWUWHARRIE CAPITAL CORP AND SUBSIDIARIES


BALANCE SHEETSUWHARRIE CAPITAL CORP AND SUBSIDIARIES

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GROWTH IN SHAREHOLDERS' EQUITY

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GROWTH IN ASSETS

Assets in Thousands

2005 2004ASSETSCash and due from banks $ 11,438,743 $ 11,449,899

Interest-earning deposits with banks 3,729,940 4,024,870

Federal funds sold 6,200,000 4,100,000

Securities available for sale, at fair value 35,015,878 28,523,869

Loans 276,195,875 263,738,272

Less allowance for loan losses (4,482,304) (4,982,891)

Net loans 271,713,571 258,755,381

Premises and equipment, net 8,432,296 8,317,497Interest receivable 1,525,366 1,273,777

Federal Home Loan Bank stock 2,072,200 2,385,300

Bank owned life insurance 4,948,772 4,794,098

Goodwill 987,436 987,436

Other assets 4,125,663 4,649,868

Total assets $ 350,189,865 $ 329,261,995

LIABILITIES

Deposits:Demand noninterest-bearing $ 47,279,515 $ 36,866,146

Interest checking and money market accounts 83,679,745 80,393,133

Savings deposits 36,689,516 39,852,601

Time deposits, $100,000 and over 38,881,451 36,966,834

Other time deposits 67,445,605 52,860,046

Total deposits 273,975,832 246,938,760

Short-term borrowed funds 7,903,628 11,062,392

Long-term debt 39,103,025 42,734,057

Interest payable 368,850 301,930

Other liabilities 1,385,754 1,069,057

Total liabilities 322,737,089 302,106,196

SHAREHOLDERS’ EQUITY

Common stock, $1.25 par value: 20,000,000 shares

authorized; shares issued and outstanding7,138,686 and 7,057,755 shares, respectively 8,923,357 8,822,194

Additional paid-in capital 12,409,663 12,043,348

Unearned ESOP compensation (914,088) (964,935)

Undivided profits 6,705,568 6,469,142

Accumulated other comprehensive income 328,276 786,050

Total shareholders’ equity 27,452,776 27,155,799

Total liabilities and shareholders’ equity $ 350,189,865 $ 329,261,995

See Report of Independent Registered Public Accounting Firm

Uwharrie Capital Corp

Condensed Consolidated Balance SheetsDecember 31, 2005 and 2004



STATEMENTS OF INCOMEUWHARRIE CAPITAL CORP AND SUBSIDIARIES

2005 2004 2003Interest Income

Loans, including fees $17,445,375 $14,468,077 $13,293,773

Investment securities:

US Treasury 97,997 101,947 50,104

US Government agencies and corporations 537,184 438,589 412,570

State and political subdivisions 652,828 717,382 729,703

Other 125,127 80,943 84,362

Interest-earning deposits with banks and

federal funds sold 302,088 98,985 26,380

Total interest income 19,160,599 15,905,923 14,596,892

Interest Expense

Time deposits, $100,000 and over 1,168,441 787,945 648,149Other interest-bearing deposits 3,304,493 1,888,256 1,849,393

Short-term borrowed funds 238,533 83,764 147,417

Long-term debt 1,918,200 1,974,131 1,960,997

Total interest expense 6,629,667 4,734,096 4,605,956

Net interest income 12,530,932 11,171,827 9,990,936

Provision for loan losses 755,000 2,091,500 593,000

Net interest income after provision for

net loan losses 11,775,932 9,080,327 9,397,936

Noninterest Income

Service charges on deposit accounts 1,706,784 1,435,827 1,347,538

Other service fees and commissions 1,727,955 1,426,481 1,052,354

Gain(loss) on sale of securities (16,272) 2,373 128,845Income from mortgage loan sales 554,414 844,882 2,072,433

Other income 378,220 560,961 558,412

Total noninterest income 4,351,101 4,270,524 5,159,582

Noninterest Expense

Salaries and employee benefits 8,001,849 7,154,708 6,853,200

Net occupancy expense 642,537 640,546 530,726

Equipment expense 639,332 665,458 638,391

Data processing costs 843,514 809,938 805,118

Other noninterest expense 3,959,640 4,026,370 3,638,784

Total noninterest expense 14,086,872 13,297,020 12,446,219

Income before taxes 2,040,161 53,831 2,091,299

Income taxes (benefit) 523,570 (199,500) 531,480

Net income $ 1,516,591 $ 253,331 $ 1,559,819

Net income per common share

Basic $ 0.22 $ 0.04 $ 0.22

Diluted $ 0.21 $ 0.03 $ 0.21

Weighted average shares outstanding

Basic 7,031,322 7,147,074 7,158,342

Diluted 7,202,692 7,314,407 7,292,338

See Report of Independent Registered Public Accounting Firm


Condensed Consolidated Statements of IncomeYears ended December 31, 2005, 2004 and 2003


Operate on the high ideals upon which the company was founded and within the letter andspirit of the rules and regulations of the agencies which have duly constituted authority over the financial services industry.

Y our company has a long tradition ofsupporting the communities where wework and live. Recognizing that stew-

ardship has an important place in economicdevelopment, we have historically returnedthree percent of our corporate profits to ourcommunities.

A series of natural disasters, from a relent-less hurricane season to tsunamis and mud-slides, has extended our charitable giving focusbeyond our region. However, the needs of thecommunities we serve continue to be at theforefront of our corporate and associate givingand consciousness.

Working with local agencies, our bank branchescollected monetary donations for the HurricaneRelief Effort. Total giving from our customers,

directors and associates, along with our corporatecontribution, exceeded $55,000.

Albemarle DowntownDevelopmentCorporation

Albemarle Optimist BallTeams

Albemarle Parks &Recreation

Albemarle Rotary ClubAlliance Health FundAmerican Cancer SocietyAmerican Legion Post

520American Red CrossAnson County Arts

Council AnsonianAnson County Chamber

of CommerceAnson County Ducks

UnlimitedAnson County Historic

SocietyAnsonville Parade FundArc of Stanly CountyBen Mynatt Children's

FoundationBest of Badin FestivalBig Lick Bluegrass FestivalBoys & Girls Club of

Cabarrus CountyCabarrus Arts CouncilCabarrus Meals on

Wheels

Central NC Council BoyScouts

Charlotte Regional SportsCivil Air PatrolCommunity Athletics,

Benefits, Concerts,Events, Youth

Cooperative ChristianMinistries

CVAN Auction &Celebration

Fire DepartmentsGideons InternationalHospice of Stanly CountyKids Day AmericaLaw Enforcement

AgenciesMen Making a DifferenceMunicipalitiesNational MS SocietyNC Council on

Economic EducationNC Social Services

AssociationNorth Carolina Bankers

Association FoundationNorth Carolina MotorsportsNorth Carolina

Zoological SocietyNortheast Medical

Foundation

Norwood CommunitySoccer

Norwood Lions ClubOutdoor Discovery ClubPee Dee River Ducks

UnlimitedQuail UnlimitedRealtors ScholarshipRelay for LifeSalvation Army Women's

AuxiliaryStanly County Concert

Association Schools - Project

Graduation,Academic Programs,Athletics

Singing Americans ofStanly County

Stanly CommunityChristian Ministries

Stanly CommunityCollege Foundation

Stanly County AnimalRescue League

Stanly County ArtsCouncil

Stanly County Chamberof Commerce

Stanly County Chapter ofNAACP

Stanly County Habitat forHumanity

Stanly County HistoricalPreservation

Stanly Memorial HospitalFoundation

Stokes Masonic CharitiesThe Community Free

ClinicThe NC Council on

Economic EdThe Uwharrie Running

ClubTrinity Care of the

CarolinasUnited Cerebral PalsyUnited Way CampaignsUwharrie Classic CruisersUwharrie PlayersWadesboro Rotary Club

ScholarshipYMCA of Stanly County


Investing in Uwharrie Capital Corp givesreturns in more ways than one. Here aremany of the area programs, organizations

and causes that we support.

Our Double-Bottom Line PhilosophyBenefits Everyone

Our success has been built on the belief that helping the communitieswhere we live and rewarding our shareholders work hand-in-hand.

The financial information appearing in this Summary AnnualReport has been condensed from the consolidated financialstatements which accompany the proxy statement distributed inconnection with Uwharrie Capital Corp’s 2006 Annual Meeting ofShareholders. A copy of the Company’s 2005 Annual Report onForm 10-KSB, as filed with the Securities and Exchange Commission(SEC), may be obtained by shareholders at no charge by searching the"EDGAR" archives at the SEC’s internet site at www.sec.gov or bynotifying Tamara Singletary, Corporate Secretary, Uwharrie CapitalCorp, 132 North First Street, Post Office Box 338, Albemarle, NC28002-0338.(Email: [email protected])

Management has simplified the financial presentation in thisSummary Annual Report because it believes such simplificationenhances the shareholder communication process. Management’sobjective is to provide shareholders with relevant financial informationin an easily understood and readable format.

The accompanying condensed consolidated financial statementsand their integrity and objectivity are the responsibility of theCompany’s management. The financial statements include amountsbased on management’s best estimates and judgments. Managementalso prepared other information in the Summary Annual Report andis responsible for its accuracy and consistency.

Annual Meeting of ShareholdersStanly County Agri-Civic Center

Albemarle, NCMay 2, 2006

4:00 p.m. Legal Business Meeting

5:00-6:30 p.m. Buffet Dinner & Fellowship

6:30 p.m. Community Meeting & Recognitions

Stanly County Agri-Civic Center, Albemarle

It is the philosophy of Uwharrie Capital Corp to pro-mote a broad base of local shareholders. Therefore, manage-ment makes every reasonable effort to match willing buyerswith willing sellers as they become known for the purpose ofprivate negotiations for the purchase and sale of the Compa-ny’s common stock. The Company on a quarterly basis has anindependent valuation of the Company stock performed toassist with fairness and market efficiencies regarding these pri-vate negotiations and makes the most current valuation avail-able to interested shareholders. Trades of the Company’s stockalso occur in the Over-the-Counter marketplace that involve a“spread” between the bid and ask prices to compensate thebrokerage firms involved in the Over-the-Counter market.

In addition, Uwharrie Capital Corp has adopted a pro-gram of on-going open market purchases of shares of the Com-pany’s stock. The combination of public and private trades as

well as the holding company purchases provides good liquidityfor the investors of Uwharrie Capital Corp stock.

The Board of Directors has historically adopted a divi-dend policy on an annual basis. For 2005, Uwharrie CapitalCorp declared a 3% stock dividend. The Board of Directorsdetermines, on an annual basis, the dividend policy that isconsistent with the capital needs of the Company.

Shareholders needing information about purchasing orselling shares of Uwharrie Capital Corp should contact Tama-ra M. Singletary or Lisa E. Hartsell, Investor Relations atUwharrie Capital Corp, 132 N. First Street, Post Office Box338, Albemarle, NC 28002.

Telephone (704) 982-4415Email address: [email protected]

[email protected]

Shareholder Information

Our Core ValuesDefine Our Mission

• We will never put profits before the welfareof people.

• The ownership and control ofour company will bebroad-based and rest withthe people who aremotivated by our mission.

• Every activity we engage inwill contribute to theliteracy and/or economicbenefit of ourcommunity.

• We will provideleadership to achievelocal ownership ofother utility-likebusinesses in ourcommunity.

• We measure success byhow well we balancemeeting the needs ofall our stakeholders:customers, associates,shareholders,community, region.

• We believe that socialresponsibility andcommunity altruismare also goodeconomics.

• We will be goodstewards of ourshareholders’ moneyand earn for themappropriate returns.

• We will incorporate socialcriteria in our investmentdecisions.

132 North First Street, Post Office Box 338, Albemarle, NC 28002-0338, 704-982-4415

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