United Western Bancorp Inc. in Denver said its thrift was undercapitalized at Sept. 30 after further writedowns on its portfolio of mortgage-backed securities.
The $2.2 billion-asset United Western said in a filing Tuesday with the Securities and Exchange Commission that it had amended its thrift financial report with the Office of Thrift Supervision to reflect another $16.3 million of other-than-temporary impairment charges on nonagency mortgage-backed securities.
The action followed discussions with the OTS and the Federal Deposit Insurance Corp. over writedown methodology. The thrift had previously reported $2 million in impairment charges for the third quarter, and a net loss of $20.3 million.
The hit knocked the thrift's total risk-based capital ratio to 7.8%, making it undercapitalized. In the filing, the company said it was assessing the impact of such of a classification. The thrift has reported results to regulators but has not released consolidated results. It has warned that it expects to report a loss of $33 million to $40 million for the third quarter.