The Bellingham Herald reports today that its hometown Horizon Bank “continues to have significant problems meeting the demands of its cease-and-desist order, according to its latest regulatory filing.”

At the end of September, Horizon reported that its Tier 1 leverage capital ratio — also known as equity ratio and a measure of the health of a bank — had fallen to 0.8 percent, down from 3.2 percent as of June 30 and 6.1 percent at the end of March, The Herald said, quoting the Federal Deposit Insurance Corporation.

In a cease-and-desist order issued in March, the FDIC told Horizon to increase its Tier 1 ratio up to 10 percent of total assets by the end of November. To even be considered adequately capitalized by FDIC guidelines, a bank needs to have a Tier 1 ratio of 5 percent.

Horizon stock today hit a 52-week low of 32 cents and closed at 41.9 cents in relatively heavy trading of 202,000 shares. The bank’s stock is down 91 percent year-to-date, according to Bloomberg News.