At the end of March, 13 U.S. banks and thrifts posted an adjusted Texas ratio above 100%, unchanged from the fourth quarter of 2019, but down from 16 in the first quarter of 2019.

Barboursville, W.Va.-based First State Bank posted the highest adjusted Texas ratio in the country once again at 1,640.9% as of March 31, but failed on April 3. Fairmont, W.Va.-based MVB Bank Inc., a unit of MVB Financial Corp., purchased certain assets and assumed all of the deposits of First State Bank.

Meanwhile, Fort Walton Beach, Fla.-based First City Bank of Florida posted the second-highest adjusted Texas ratio among all U.S. banks and thrifts at 646.6% as of March 31. The bank's tangible equity fell 5.5% in the first quarter, sending its adjusted Texas ratio surging 20.5 percentage points. In January, fellow Fort Walton Beach-based Beach Community Bank agreed to acquire First City from Florida First City Banks Inc. in a Section 363 bankruptcy sale. However, on March 24, Beach Community called off the deal, saying that it would not be able to satisfy the deal's conditions given the economic fallout from the coronavirus pandemic.

Carnegie, Okla.-based Farmers Bank dropped to the No. 6 position after its adjusted Texas ratio improved 167.3 percentage points from the previous quarter to 134.0%. The company's tangible equity increased by 162.5% during the first quarter, and its loans 90 or more days past due fell by 65.0%.

Nebraska was the only state in the nation to have multiple banks above the 100% adjusted Texas ratio mark at the end of March.