FNB United Corp. in Asheboro, N.C., was out of equity at the end of 2010, prompting it to warn about its future.

The $1.9 billion-asset company said Monday in its annual report filed with the Securities and Exchange Commission that there is substantial doubt about its ability to continue as a going concern.

FNB also said that its shareholder equity was a negative $9.9 million at yearend, compared with a positive $18.6 million a quarter earlier. Its bank was significantly undercapitalized at Dec. 31, with a leverage ratio of 1.8% and a total risk-based capital ratio of 4.7%. In July, the Office of the Comptroller of the Currency ordered the bank to boost those ratios to 9% and 12%.

FNB's equity was eroded by a fourth-quarter loss of $30.4 million, which was 5% wider than a year earlier. Nonperforming assets totaled $393.7 million, or 20.5% of total assets, which was up 16% from the third quarter and 88% from a year earlier.

In its annual filing, FNB said it "is working diligently to raise additional capital in the next few months; however, there are no assurances that an offering will be completed or that the company will succeed in this endeavor."

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