Bank of Granite Corp. of Granite Falls, N.C., said last week that its bank unit is undercapitalized.

The $1 billion-asset company reported in a Securities and Exchange Commission filing Thursday that it lost $9.3 million in the first quarter, widening its loss by 120% from a year earlier. The loss was driven by a $12.1 million provision for loan losses, up 220% from a year earlier. Nonperforming assets totaled $71 million, making up 6.85% of total assets, up 7% from the fourth quarter.

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