Flushing Financial in Uniondale, N.Y., which recently raised $70 million, had a noisy quarter as it restructured its balance sheet.
The $9 billion-asset company lost $49.2 million in the fourth quarter. The company sold $445 million of securities and moved $73.9 million of loans to held-for-sale status, resulting in a $76.4 million pretax loss.
Flushing then bought $384 million of higher-yielding securities. It also terminated $200 million of related investment securities swap for a $3 million pretax gain.
Flushing also prepaid $251 million of FHLB advances at a $2.6 million pretax loss.