A $1.7 billion-asset Brookfield, Wis., thrift announced it will restate its fourth-quarter and yearend financial figures after learning that four of its private-issue, mortgage-backed securities had declined in value.

St. Francis Capital Corp., which ended its fiscal year Sept. 30, learned after releasing its earnings results last month that the single-family mortgages backing the securities had more incidents of default and delinquency than previously known, said Jon D. Sorenson, St. Francis' chief financial officer.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.