Bank of Granite Corporation Announces NASDAQ Compliance and Preliminary Fourth Quarter Information
03 Febrero 2010 - 2:30PM
Marketwired
Bank of Granite Corporation (NASDAQ: GRAN) has been notified by The
NASDAQ Stock Market on January 27, 2010 that the Company has
regained compliance with the NASDAQ listing rules.
The Company is also providing preliminary year-end information
for 2009. The results are preliminary because the Company continues
to evaluate borrower circumstances and underlying collateral values
for a number of borrowers whose inability to pay in accordance with
loan agreements became known late in the fourth quarter. As a
result of the significant increase in troubled loan relationships,
non-accruing loans are approximately $54 million and other real
estate assets are $18 million at December 31, 2009 from a combined
$60 million total at September 30, 2009. Currently the Company does
not believe its net loss will exceed $26 million for the year ended
December 31, 2009 and $13 million for the quarter ended December
31, 2009.
Excluding income tax benefits, provisions for loan losses and
foreclosed real estate losses, the Company's other results improved
to $3.9 million of income for the fourth quarter 2009 versus $3.4
million of income for the quarter end September 30, 2009.
Additionally, the Company realized a $5.8 million tax benefit in
the fourth quarter as a result of legislation expanding the carry
back period for net operating losses. Provisions for loan and
foreclosed real estate losses will more than offset these credits,
resulting in an operating loss for the fourth quarter. The
Company's liquidity (cash and unpledged securities) has continued
to improve throughout the fourth quarter and approximates 20% of
deposits at December 31, 2009. The Company has continued the
balance sheet restructuring process that started in the second
quarter. Loans in the Bank have decreased approximately $170
million year over year and the investment portfolios have been
restructured. As a result the Company's and the Bank's Capital is
adequate under regulatory capital statutory guidelines as disclosed
in the regulatory reports for December 31, 2009.
"The results and particularly the credit issues are reflective
of the economy in our footprint and the general decline in asset
values of all classes," said CEO, Scott Anderson. "The uncertainty
of values and the determination of all of our recourse are the
processes we must complete to give us our best estimate of the risk
in our loan portfolio. The process is time consuming; however, our
best estimate is the overriding goal."
The Company's annual report on Form 10-K is due on March 31,
2010.
Bank of Granite Corporation's common stock trades on The NASDAQ
Global Select Market under the symbol "GRAN." Bank of Granite
Corporation is the parent company of Bank of Granite and Granite
Mortgage. Bank of Granite operates twenty full-service banking
offices in eight North Carolina counties -- Burke, Caldwell,
Catawba, Forsyth, Iredell, Mecklenburg, Watauga, and Wilkes.
Contact for this release: Scott Anderson Chief Executive Officer
828.345.6866 Email Contact Jerry Felts Chief Operating Officer and
Chief Financial Officer 828.322.5343 Email Contact
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