Bank of Granite in Granite Falls, N.C., cited higher credit-related expenses in reporting that it third-quarter loss widened to $4.3 million.
The $947.1 million-asset company's loan-loss provision of $7.3 million was nearly double the what it set aside a year earlier, when it had a loss of $3.7 million, according to a Monday filing with the Securities and Exchange Commission.
Bank of Granite has faced delisting from the Nasdaq stock market since September, when its common stock fell below $1 for more than 30 straight days.
