Shares of Integra Bank Corp. plunged to an all-time low Tuesday after the Evansville, Ind., company said it had a larger third-quarter loss than it had previously reported.
In a Securities and Exchange Commission filing Monday, the $3.5 billion-asset Integra said it lost $33.3 million, or $1.62 a share, in the quarter, compared with earnings of $9.2 million, or 45 cents a share, a year earlier.The loss was driven by a $48 million goodwill impairment charge.
Late last month Integra reported a preliminary loss of $2.9 million, or 14 cents a share, and said it had hired an accounting firm to determine if it needed to take a goodwill impairment charge.
The preliminary figures were driven by a loan-loss provision that climbed 24-fold from a year earlier, to $18 million, as credit quality, particularly in residential construction loans in Chicago, continued to weaken.
Integra's shares fell 13.7% Tuesday, to close at $3.92. It was the first time since the company went public 15 years ago its share price had fallen below $4.