v2.3.0.11

Condensed Consolidated Balance Sheets (USD $) In Thousands	Jun. 30, 2011	Dec. 31, 2010
Assets:
Cash and due from banks	$ 57,245	$ 45,982
Interest-bearing deposits	2,526	1,242
Total cash and cash equivalents	59,771	47,224
Investment securities:
Available for sale, at fair value	249,498	255,104
Loans	476,788	562,124
Allowance for loan losses	(21,115)	(28,273)
Net loans	455,673	533,851
Premises and equipment, net	12,446	13,666
Accrued interest receivable	3,054	3,338
Other real estate owned	17,187	11,605
Other assets	9,431	11,052
Total assets	807,060	875,840
Liabilities and Stockholders' Equity:
Interest-bearing	671,746	729,962
Noninterest-bearing	87,920	92,345
Total deposits	759,666	822,307
Short-term borrowings	24,000	18,000
Long-term borrowings	0	6,000
Accrued interest payable	788	1,046
Other liabilities	3,303	4,097
Total liabilities	787,757	851,450
Stockholders' equity:
Common stock, $1.00 par value per share Authorized - 25,000 shares Issued - 18,981 shares in 2011 and 2010 Outstanding - 15,454 shares in 2011 and 2010	18,981	18,981
Additional paid-in capital	30,195	30,195
Retained earnings	23,433	28,644
Accumulated other comprehensive loss, net of deferred income taxes	(1,454)	(1,578)
Less: Cost of common stock in treasury; 3,527 shares in 2011 and 2010	(51,852)	(51,852)
Total stockholders' equity	19,303	24,390
Total liabilities and stockholders' equity	$ 807,060	$ 875,840

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

BANK OF GRANITE CORP 10-Q