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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.