Bank of Granite Corporation Reports Second Quarter Results

GRANITE FALLS, NC--(Marketwire - 07/29/09) - Bank of Granite Corporation (NASDAQ:GRAN - News) reported a net loss of $4.52 million, or $0.29 per share, for the quarter ended June 30, 2009, compared to a net loss of $3.36 million, or $0.22 per share, reported for the second quarter of 2008. For the six months ended June 30, 2009, the Company reported a net loss of $8.75 million, or $0.57 per share, compared to a net loss of $1.65 million, or $0.11 per share, for the comparable period of 2008. The Company continued to operate in a very difficult economic environment in the six months ended June 30, 2009. Unemployment continued to rise throughout the Company's footprint, and the effect was evidenced in the declining ability of small businesses to service their debt. Real estate sales activity has slowed dramatically which has caused a continued decline in real estate values. Additionally, the Company has taken an aggressive position on resolving problem loan issues. Short-sale and other asset disposition activities have resulted in continued elevated credit loss costs and charge-off levels. Such activity has been significant in the reduction of loans by approximately $75.7 million in the period.The Company's earnings decreased in both the three and six-month periods ended June 30, 2009 when compared to the same periods in 2008, primarily due to decreases in interest and fee income from loans. The decline in loan income was principally due to the continuing impact of the Federal Reserve Bank's reduction of overnight rates through Jan...
Click here to read the whole Article (external link)

BANK OF GRANITE CORP Files SEC form 8-K, Change in Directors or Principal Officers

Show all filings for BANK OF GRANITE CORP | Request a Trial to NEW EDGAR Online Pro Form 8-K for BANK OF GRANITE CORP 10-Jul-2009Change in Directors or Principal Officers Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes o...
Click here to read the whole Article (external link)

BANK OF GRANITE CORP Financials

PERIOD ENDING30-Jun-0931-Mar-0931-Dec-0830-Sep-08Total Revenue16,372  16,491  17,372  19,510  Cost of Revenue5,232  5,962  6,434  6,115  Gross Profit11,140  10,529  10,938  13,395  Operating ExpensesResearch Development -   -   -   -  Selling General and Administrative10,995  9,462  9,368  8,775  Non Recurring -   -  10,763   -  Others4,316  4,783  18,080  4,230  Total Operating Expenses -   -   -   -  Operating Income or Loss(4,171)(3,716)(27,273)390  Income from Continuing OperationsTotal Other Income/Expenses Net -   -   -   -  Earnings Before Interest And Taxes(4,171)(3,716)(27,273)390  Interest Expense350  509  637  766  Income Before Tax(4,521)(4,225)(27,910)(376)Income Tax Expense -   -  6,423  (105)Minority Interest -   -   -   -  Net Income From Continuing Ops(4,521)(4,225)(34,333)(271)Non-recurring EventsDiscontinued Operations -   -   -   -  Extraordinary Items -   -   -   -  Effect Of Accounting Changes -   -   -   ...
Click here to read the whole Article (external link)

BANK OF GRANITE CORP Files SEC form 10-Q, Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Disclosures About Forward Looking Statements The discussions included in Part I of this document contain statements that may be deemed forward looking statements within the meaning of the Private Securities Litigation Act of 1995, including Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from these statements. For the purposes of these discussions, any statements that are not statements of historical fact may be deemed to be forward looking statements. Such statements are often characterized by the use of qualifying words such as "expects," "anticipates," "believes," "estimates," "plans," "projects," or other statements concerning opinions or judgments of our Company and our management about future events. The accuracy of such forward looking statements could be affected by certain factors, including but not limited to, the financial success or changing conditions or strategies of our customers or vendors, fluctuations in interest rates, actions of government regulators, the availability of capital and personnel, and general economic conditions. For additional factors that could affect the matters discussed in forward looking statements, see the "Risk Factors" section in the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. Introduction Management's Discussion and Analysis is provided to assist in understanding and evaluating our results of operations and financial condition. The following discussion is intended to provide a general overview of our performance for the three and six-month periods ended June 30, 2009. Readers seeking more in-depth information should read the more detailed discussi...
Click here to read the whole Article (external link)

BANK OF GRANITE CORP Files SEC form 8-K, Results of Operations and Financial Condition

Item 2.02 - Results of Operations and Financial Condition (a) On July 29, 2009, the Registrant issued a news release to announce its operating results for the quarter-to-date and year-to-date periods ended June 30, 2009, as evidenced by Exhibit 99(a) to this Form 8-K. As of June 30, 2009, the Company had approximately 15,454,000 shares outstanding. Item 9.01 - Financial Statements and Exhibits 99 Additional Exhibits (a) News Release dated July 29, 2009 Disclosures About Forward Looking Statements The discussions included in this document contain statements that may be deemed forward looking statements within the meaning of the Private Securities Litigation Act of 1995, including Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from these statements. For the purposes of these discussions, any statements that are not statements of historical fact may be deemed to be forward looking statements. Such statements are often characterized by the use of qualifying words such as "expects," "anticipates," "believes," "estimates," "plans," "projects," or other statements concerning opinions or judgments of our Company and our management about future events. The accuracy of such forward looking statements could be affected by certain factors, including but not limited to, the financial success or changing conditions or strategies of our customers or vendors, fluctuations in interest rates, actions of government regulators, the availability of capital and personnel, and general economic conditions. For additional factors that could affect the matters discussed in forward looking statements, see the "Risk Factors" section of the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. Signa...
Click here to read the whole Article (external link)

Bank of Granite Signs Order With FDIC and NC Commissioner of Banks

GRANITE FALLS, NC--(Marketwire - 09/04/09) - Bank of Granite Corporation (NASDAQ:GRAN - News) announced today its subsidiary Bank of Granite (Bank) has entered into a Stipulation and Consent agreeing to the entry of an Order to Cease and Desist (Order) with banking regulators. This Order requires changing certain operating practices that are intended to improve the Bank's earnings performance and capital levels. The Order requires the Bank to report to the FDIC and the NC Commissioner of Banks at least quarterly to address, among other things, the ongoing management and oversight of the Bank, an increase in the Bank's capital levels, a reduction in the Bank's classified assets, a reduction in concentrations of credit and improvement in the Bank's earnings. A copy of the Order is included in an 8-K filed today with the SEC. The 8-K can be accessed through the Company's website at www.bankofgranite.com or at the SEC website at www.sec.gov. This Order does not affect customer deposits or loans. Deposits in Bank of Granite will continue to be covered by FDIC Insurance up to $250,000, and noninterest bearing transaction accounts are fully...
Click here to read the whole Article (external link)

Bank of Granite consents to ‘cease and desist’ order with regulators

Bank of Granite Corp. has agreed to a cease and desist order with the Federal Deposit Insurance Corp. and North Carolina’s banking commissioner to halt “unsafe and unsound banking practices and violations.” Such an order is considered one of the most serious regulatory steps the FDIC can take in its oversight of a bank. In many cases, a cease and desist order is often the last step taken before a bank fails. The Bank of Granite agreement requires the bank to cease and desist from practices that include operating with inadequate capital, operating with a “large volume of poor quality loans,” operating with “a board that has failed to provide adequate supervision and direction to the management of the bank” and management whose “policies and practices are detrimental to the bank and jeopardize the safety of its deposits.” The order demands that the bank change certain operating practices in order to improve its earnings performance and capital levels. The bank also must report to the FDIC and the N.C. commissioner of banks at least quarterly to address the management and oversight of the bank, an increase in its capital levels and other issues such as reducing concentrations of loans and classified assets. The bank says the order does not affect its customer deposits or loans. “We are committed to working with the FDIC and the commissioner to implement the actions required by the order,” Chief Executive Scott Anderson says in a statement. “We will do so while continuing to meet the needs of our customers in the communities we serve.” Bank of Granite shares closed Friday at $1.49, down 21.6 percent from the Thursday closing price of $1.90 per share. Bank of Granite’s chief financial officer resigned in July. The Granite Falls...
Click here to read the whole Article (external link)

BANK OF GRANITE CORP Files SEC form 8-K, Entry into a Material Definitive Agreement

Item 1.01 - Entry into a Material Definitive Agreement Effective August 27, 2009, Bank of Granite (the "Bank"), a wholly owned subsidiary of Bank of Granite Corporation (the "Corporation"), entered into a Stipulation and Consent agreeing to the issuance of an Order to Cease and Desist (the "Order") with the Federal Deposit Insurance Corporation (the "FDIC") and the North Carolina Commissioner of Banks (the "Commissioner"). The Order was entered and became effective on August 27, 2009, and the Bank was notified of the Order's effectiveness September 2, 2009. Among other things, the Order requires the Bank to: † Present a written capital plan to the FDIC and the Commissioner within 30 days of the Order by which the Bank would achieve a Tier 1 Leverage Capital Ratio of not less than 8 percent and a Total Risk-Based Capital Ratio of not less than 12 percent during the life of the Order; † Formulate and implement a plan to reduce the Bank's risk exposure in assets classified "substandard or doubtful" in the FDIC's most recent report of examination by 20 percent in 180 days; 40 percent in 360 days; 65 percent in 540 days and by 75 percent in 720 days; † Have and retain qualified management of the Bank, and assess management and staffing needs, qualifications and performance; † Assure the on-going participation of the Bank's Board of Directors in the affairs of the Bank; † Analyze and reduce credit concentrations in the Bank's loan portfolio; † Within 60 days, ensure full implementation of effective lending and collection policies; † Cease to extend additional credit to any borrower who has a loan or extension of credit with the Bank that is classified as "Loss" or "Doubtful"; † Within 45 days, adopt and implement a plan regarding the Bank's liquidity, contingent funding and asset liability management and review and revise the plan on a quarterly...
Click here to read the whole Article (external link)

Evaluating The Price To Tangible Book Ratio For Community Banks Is Key To Implied Returns

67 WALL STREET, New York - October 10, 2009 - The Wall Street Transcript has just published its Northeast and Mid-Atlantic Regional Banks Report offering a timely review of the sector to serious investors and industry executives. This 121 page feature contains expert industry commentary through in-depth interviews with public company CEOs, Equity Analysts and Money Managers. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online. Topics covered: Residential Mortgage Situation -- Regional Banks Mergers and Acquisitions Timing Strategy -- Commercial Mortgage Portfolio Decay -- Timing Of Commercial Mortgage Portfolio Bad Debt Write Offs-- FDIC Hit List For Bank Closings -- Mutual Holding Company Structure -- Interest Rate Scenarios -- Banking Pricing Power -- Expensive Bank Valuations -- Tangible Book As Guide For Bank Stock Pricing -- Distressed Sales Of Community and Regional Banks -- TARP Program -- Attitude Of Institutional Investors Towards Resurgence in Community Banking -- Unique Business Models -- Regional Bank Boards Looking For Exit Companies include: BB and T (BBT); Colonial (CNB); First Niagara (FNFG); PNC (PNC); National City (NCC-PA); Harleysville National (HNBC); Citizens First Bancorp (CTZN); Regions Financial (RF); Bank of America (BAC); SunTrust Banks (STI); Pinnacle Financial (PNFP); Northwest Bancorp Inc. (NWSB); Beneficial (BNCL); Investor Savings Bancorp (ISBC); Territorial Bancorp (TBNK); FNB Bancorp (FNBG.OB); National Penn (NPBC); Trustco Bank (TRST); KeyBank (KEY); M and T Bank (MTB); New York Community Bancorp (NYB); Bank of New York Mellon (BK); W...
Click here to read the whole Article (external link)

BANK OF GRANITE CORP Files SEC form 8-K, Change in Directors or Principal Officers

Show all filings for BANK OF GRANITE CORP | Request a Trial to NEW EDGAR Online Pro Form 8-K for BANK OF GRANITE CORP 5-Nov-2009Change in Directors or Principal Officers Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes o...
Click here to read the whole Article (external link)