Flushing Financial in Uniondale, N.Y., made $12.3 million on a recent property sale, part of a series of moves as it restructures its balance sheet.
The proceeds will be used to offset losses tied to the early exit of high-cost Federal Home Loan bank borrowings, securities-repurchase agreements and the sale of low-yielding investment securities, the $6 billion-asset company said in a regulatory filing this week.
"The execution of this strategy will help position the bank’s balance sheet for more efficient earnings in 2017," the filing said.
A Flushing Financial spokeswoman declined to say which property was sold to produce the $12.3 million pretax gain. However, the company said in a Dec.1 news release that it had sold a building at 159-18 Northern Blvd. in Flushing, N.Y.; the release did not name the buyer or give the sale price. The branch at the address will remain open until a new updated facility nearby is ready for occupancy, the release said.
"This sale will afford us the flexibility to invest in our business to enhance the customer experience and further serve our growing markets," CEO John Buran said in the release.
Last year Flushing Financial sold threebranches in Flushing for $12.7 million, and the company in July raised $21 million in capital after selling another branch in Flushing.
The company has 19 branches in Queens, Brooklyn, Manhattan and Long Island, the release said.