Integra Bank Corp. in Evansville, Ind., said that another large loss in the first quarter has left its bank critically undercapitalized.
The $2.2 billion-asset company reported a first-quarter loss of $47.3 million, which was 10% wider than its fourth-quarter loss but 13% narrower than its year-earlier loss, according to its quarterly report filed last week with regulators. The loss moved Integra further into negative equity. At March 31, its total risk-based capital ratio was negative 4.84%, versus negative 1.26% at Dec. 31. The bank's leverage ratio was 1.76%, and its total risk-based capital ratio was 4.38%. Integra said in the filing that it must raise $144 million to comply with a directive from the Office of the Comptroller of the Currency. Integra also said in the filing that in April the OCC rejected its capital restoration plan.