Integra Bank Corp. in Evansville, Ind. said Wednesday that its third-quarter loss widened by 70% compared with the second quarter, to $17.3 million.
The $2.6 billion-asset company cited higher credit costs. It narrowed its loss by 17% compared with last year's third quarter.
Integra reported a loan-loss provision of $26.24 million, up 36% from both the second quarter and a year earlier. Nonperforming assets were down 7% from the second quarter, to $247.6 million; it was the first such decline at Integra since the third quarter of 2006. Nonperforming assets totaled $216 million at the end of last year's third quarter.
As previously disclosed, Integra Bank managed to boost its capital position from undercapitalized at June 30 to adequately capitalized at Sept. 30 through branch divestitures that closed in the third quarter. Still, with a total risk-based capital ratio of 9.34% and a leverage ratio of 4.31%, the bank did not fulfill an August capital directive from the Office of the Comptroller of the Currency that called for those ratios to be at 11.5% and 8% by Nov. 10.
Integra's chairman and chief executive, Mike Alley, said in a press release that the company is in talks with investors, including private-equity firms, about infusions."We hope to announce more definitive information later this year," he said.
