Integra Bank Corp. gave a grim outlook on its future after reporting that the total risk-based capital of its bank fell 168 basis points from a quarter earlier.
Integra Bank Corp. said Monday that Integra Bank in Evansville, Ind., had a fourth-quarter loss of $35.4 million. The company, which expects to report its own results by March 31, also discussed its bank call report filed with regulators.
The Office of the Comptroller of the Currency had required the bank to have a total risk-based capital ratio of 11.5% by Nov. 10, but the bank's ratio was 7.66% at Dec. 31.
Its Tier 1 leverage ratio of 3.54% at yearend also fell short of an 8% mandate from the OCC. The company also said that the OCC had rejected its capital plan and that "additional actions by the OCC are expected."
The company also said that its auditors will express substantial doubt about its ability to continue as a going concern in its annual filing if the company is unable to obtain firm commitments for significant capital infusions by the time of its release.
The bank's loan-loss provision rose 3% from a year earlier, to $31.4 million.
Assets fell 17%, to $2.4 billion, as the bank sold off branches.
