Bank Of Granite 8-K Financial statements and exhibits

Exhibit 99 (a)

Bank of Granite
     Corporation News

For Release: April 14, 2003

BANK OF GRANITE CORPORATION REPORTS INCREASED EARNINGS
FOR FIRST QUARTER OF 2003

     Bank of Granite Corporation (NASDAQ:GRAN) reported slightly improved earnings for the first quarter of 2003 despite a weak economy in its market area.

     Quarterly per share earnings were 29¢ for the quarter ending March 31, 2003, compared to 28¢ per share for the comparable quarter in 2002. Per share earnings for 2002 were adjusted for the 5-for-4 stock split in May 2002. Net income for the quarter was $3,837,183 vs $3,782,339 for the first quarter of 2002.

     John A. Forlines, Jr., Bank of Granite’s Chairman and Chief Executive Officer, said it was a tough quarter and that once again an excellent performance by GLL & Associates, the bank’s mortgage loan subsidiary, contributed substantially to overall earnings. “We met our expectations, but just barely,” Forlines said, “and the economy in our market area was the principle culprit.” He thanked the entire Bank of Granite staff for their hard work and dedication during a difficult quarter.

     Consolidated average balance sheet data revealed total assets of $762,298,679, total loans of $577,521,347 and total deposits of $566,096,046, all reaching new highs for the bank. Key management ratios continued to be outstanding, according to Forlines, far exceeding the Company’s peers and the industry generally. For the quarter, the Company earned 2.13% on average assets and the return on equity was 12.19%. The capital to asset ratio of 16.78% indicates Bank of Granite remains one of the strongest, best-capitalized banks in the country. The efficiency ratio was an outstanding 42.26%. Forlines said he expects 2003 to mark the 50th consecutive year of increased dividends to its shareholders, believed to be a record for any banking organization in America.

     Bank of Granite Corporation, is the parent of Bank of Granite, which operates full service offices in Caldwell, Catawba, and Burke Counties, and GLL & Associates, a mortgage banking company headquartered in Winston-Salem. It also has a merger pending with First Commerce Corporation of Charlotte and expects the merger to be completed by July 1. Also, Bank of Granite recently announced the opening of loan production offices in Boone and Wilkesboro. The closing price of the Company’s stock on March 31, 2003 was $16.61 per share compared with a price of $18.40 at the end of the first quarter in 2002.

     Bank of Granite’s annual shareholder’s meeting will be held at 10:30 AM in the Piedmont Center, adjoining the Holiday Inn Select, in Hickory, N. C. on Monday, April 28, 2003.

* * * * *

Please see “Financial Data” tables, which are attached.
For further information, contact Kirby A. Tyndall, Senior Vice President and Chief Financial Officer at
Voice (828) 496-2026, Fax (828) 496-2010 or Internet: ktyndall@bankofgranite.com.

Bank of Granite Corporation, PO Box 128, Granite Falls, NC 28630 www.bankofgranite.com

5

Bank of Granite Corporation			Three Months Ended
Selected Financial Data			March 31,
(in thousands except per share data)			2003			2002			% change
Consolidated earnings summary:
	Interest income, taxable equivalent		$	11,762		$	11,909			-1.2	%
	Interest expense			2,386			2,898			-17.7	%
	Net interest income, taxable equivalent			9,376			9,011			4.1	%
	Taxable equivalent adjustment			400			463			-13.6	%
	Net interest income			8,976			8,548			5.0	%
	Loan loss provision			1,136			791			43.6	%
	Noninterest income			3,333			2,650			25.8	%
	Noninterest expense			5,371			4,820			11.4	%
	Income before income taxes			5,802			5,587			3.8	%
	Income taxes			1,965			1,805			8.9	%
	Net income		$	3,837		$	3,782			1.5	%
	Earnings per share — Basic*		$	0.29		$	0.28			3.6	%
	Earnings per share — Diluted*			0.29			0.28			3.6	%
	Average shares — Basic*			13,292			13,692			-2.9	%
	Average shares — Diluted*			13,294			13,693			-2.9	%
Consolidated balance sheet data at March 31:
	Total assets		$	762,299		$	706,673			7.9	%
	Total deposits			566,096			519,997			8.9	%
	Loans (gross)			577,521			514,436			12.3	%
	Shareholders’ equity			127,881			125,157			2.2	%
Consolidated average balance sheet data:
	Total assets		$	731,640		$	707,769			3.4	%
	Total deposits			545,920			512,443			6.5	%
	Loans (gross)			562,039			511,313			9.9	%
	Shareholders’ equity			127,625			125,175			2.0	%
Consolidated performance ratios:
	Return on average assets**			2.13	%		2.17	%
	Return on average equity**			12.19	%		12.25	%
	Efficiency ratio			42.26	%		41.33	%
Consolidated asset quality data and ratios:
	Nonaccruing loans		$	5,079		$	3,253			56.1	%
	Accruing loans 90 days past due			2,241			890			151.8	%
	Nonperforming loans			7,320			4,143			76.7	%
	Foreclosed properties			1,203			312			285.6	%
	Nonperforming assets			8,523			4,455			91.3	%
	Allowance for loan losses			9,318			7,144			30.4	%
	Loans charged off			801			301			166.1	%
	Recoveries of loans charged off			149			228			-34.6	%
	Net loan charge-offs (recoveries)			652			73			793.2	%
	Net charge-offs to average loans**			0.47	%		0.06	%
	Nonperforming loans to total assets			0.96	%		0.59	%
	Allowance coverage of nonperforming loans			127.30	%		172.44	%
	Allowance for loan losses to gross loans			1.61	%		1.39	%
	Allowance for loan losses to net loans			1.64	%		1.41	%
Subsidiary earnings summary:
	Bank of	Net interest income	$	7,974		$	7,722			3.3	%
	Granite	Loan loss provision		1,136			761			49.3	%
		Noninterest income		1,885			1,951			-3.4	%
		Noninterest expense		3,737			3,647			2.5	%
		Income taxes		1,638			1,636			0.1	%
		Net income		3,348			3,629			-7.7	%
	GLL &	Net interest income	$	966		$	790			22.3	%
	Associates	Loan loss provision		—			30			-100.0	%
	(mortgage	Noninterest income		1,461			796			83.5	%
	bank)	Noninterest expense		1,609			1,166			38.0	%
		Income taxes		327			168			94.6	%
		Net income		491			252			94.8	%

* Prior period amounts restated for the 5-for-4 stock split paid May 31, 2002. ** Annualized based on number of days in the period More

6

Bank of Granite Corporation			Quarters Ended
Supplemental Quarterly Financial Data
			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(in thousands except per share data)			2003			2002			2002			2002			2002
Consolidated earnings summary:
	Interest income, taxable equivalent		$	11,762		$	12,120		$	11,721		$	11,693		$	11,909
	Interest expense			2,386			2,534			2,668			2,703			2,898
	Net interest income, taxable equivalent			9,376			9,586			9,053			8,990			9,011
	Taxable equivalent adjustment			400			411			418			440			463
	Net interest income			8,976			9,175			8,635			8,550			8,548
	Loan loss provision			1,136			797			897			1,007			791
	Noninterest income			3,333			3,354			2,925			2,468			2,650
	Noninterest expense			5,371			5,388			5,017			5,090			4,820
	Income before income taxes			5,802			6,344			5,646			4,921			5,587
	Income taxes			1,965			2,158			1,963			1,469			1,805
	Net income		$	3,837		$	4,186		$	3,683		$	3,452		$	3,782
	Earnings per share — Basic*		$	0.29		$	0.31		$	0.27		$	0.25		$	0.28
	Earnings per share — Diluted*			0.29			0.31			0.27			0.25			0.28
	Average shares — Basic*			13,292			13,407			13,494			13,600			13,692
	Average shares — Diluted*			13,294			13,414			13,502			13,611			13,693
Consolidated ending balance sheet data:
	Total assets		$	762,299		$	742,015		$	732,092		$	701,295		$	706,673
	Total deposits			566,096			547,249			537,756			522,040			519,997
	Loans (gross)			577,521			565,374			542,346			517,851			514,436
	Shareholders’ equity			127,881			127,443			127,490			126,118			125,157
Consolidated average balance sheet data:
	Total assets		$	731,640		$	723,712		$	702,543		$	698,931		$	707,769
	Total deposits			545,920			537,056			524,366			521,259			512,443
	Loans (gross)			562,039			551,624			529,895			514,203			511,313
	Shareholders’ equity			127,625			127,310			126,264			125,441			125,175
Consolidated performance ratios:
	Return on average assets**			2.13	%		2.29	%		2.08	%		1.98	%		2.17	%
	Return on average equity**			12.19	%		13.04	%		11.57	%		11.04	%		12.25	%
	Efficiency ratio			42.26	%		41.64	%		41.89	%		44.42	%		41.33	%
Consolidated asset quality data and ratios:
	Nonaccruing loans		$	5,079		$	3,265		$	2,992		$	2,746		$	3,253
	Accruing loans 90 days past due			2,241			1,153			1,558			1,252			890
	Nonperforming loans			7,320			4,418			4,550			3,998			4,143
	Foreclosed properties			1,203			1,203			1,197			527			312
	Nonperforming assets			8,523			5,621			5,747			4,525			4,455
	Allowance for loan losses			9,318			8,835			8,223			7,681			7,144
	Loans charged off			801			308			420			526			301
	Recoveries of loans charged off			149			123			65			55			228
	Net loan charge-offs (recoveries)			652			185			355			471			73
	Net charge-offs to average loans**			0.47	%		0.13	%		0.27	%		0.37	%		0.06	%
	Nonperforming loans to total assets			0.96	%		0.60	%		0.62	%		0.57	%		0.59	%
	Allowance coverage of nonperforming loans			127.30	%		199.98	%		180.73	%		192.12	%		172.44	%
	Allowance for loan losses to gross loans			1.61	%		1.56	%		1.52	%		1.48	%		1.39	%
	Allowance for loan losses to net loans			1.64	%		1.59	%		1.54	%		1.51	%		1.41	%
Subsidiary earnings summary:
	Bank of	Net interest income	$	7,974		$	8,112		$	7,915		$	7,835		$	7,722
	Granite	Loan loss provision		1,136			797			887			977			761
		Noninterest income		1,885			1,930			1,962			1,700			1,951
		Noninterest expense		3,737			3,662			3,730			3,871			3,647
		Income taxes		1,638			1,826			1,787			1,341			1,636
		Net income		3,348			3,757			3,473			3,346			3,629
	GLL &	Net interest income	$	966		$	1,070		$	720		$	709		$	790
	Associates	Loan loss provision		—			—			10			30			30
	(mortgage	Noninterest income		1,461			1,425			964			765			796
	bank)	Noninterest expense		1,609			1,663			1,245			1,153			1,166
		Income taxes		327			333			176			128			168
		Net income		491			499			263			193			252

* Prior period amounts restated for the 5-for-4 stock split paid May 31, 2002. ** Annualized based on number of days in the period.

7