Tompkins Financial in Ithaca, N.Y., sold a portfolio of securities at a $47.5 million loss.
The $7.6 billion-asset company disclosed in a regulatory filing that it sold about $430 million of available-for-sale securities with an average book yield of 0.93%.
Proceeds from the sale were reinvested in available-for-sale securities with an estimated average book yield of 5.12%.
Tompkins said the transaction should improve the interest income of its securities portfolio by roughly $15.4 million over the next 12 months.