Guaranty Financial Group Inc. said Tuesday that its capital ratios have likely fallen below the levels required by its regulator.

The $15 billion-asset company, which raised $600 million from private investors last summer, said it is now looking to raise more capital.

Guaranty, of Austin, also said it is discussing the possibility of an "additional enforcement action" with the Office of Thrift Supervision.

Under a June agreement with the OTS, Guaranty had pledged to keep its core and risk-based capital levels above 8% and 11%, respectively.

In a Securities and Exchange Commission filing Tuesday, Guaranty said it is also discussing with the OTS "the capital treatment of our mortgage-backed securities," which affects the ratios.

The company said those ratios could also be affected by the Financial Accounting Standards Board’s proposed rule changes for other-than-temporary impairments. (Those changes, which the FASB has said it expects to finalize next month, are widely expected to provide at least some capital relief for banks.)

Guaranty said it would not file its fourth-quarter and full-year results on time. In March, the company said it expected to report a loss of $444 million for 2008, including a $187 million loss in the fourth quarter.

The company said Tuesday it is discussing a potential capital raise with its board, principal stockholders, and government authorities.

Such a capital raise, "if completed, would result in significant dilution for the current common stockholders," Guaranty said.

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