Charles M. Snipes, the president and chief executive officer of Bank of Granite Corp., said a weak economy in its core market area put a damper on first-quarter earnings.
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However, he also said Monday in a press release that rising interest rates should help the $1.04 billion-asset Hickory, N.C., company increase its growth rate in the future.
Bank of Granite's net income rose 6.5% from a year earlier, to $3.2 million. Deposits increased 7.4%, to $796 million, while loans jumped 9.1%, to $793 million.
Mr. Snipes said Bank of Granite plans to increase its dividend this year for the 52nd consecutive year.
