TierOne Corp.'s stock jumped Thursday after the Lincoln, Neb., company said it sold $63.8 million of delinquent Florida residential construction loans.
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The $3.4 billion-asset company did not identify the buyer or disclose the price.
TierOne's credit quality has suffered as a result of the loans, which it had bought from the troubled mortgage broker TransLand Financial Services Inc.
As of March 31, TierOne has $127.1 million of nonperforming loans, or 4.4% of its total. The TransLand loans made up 9% of the nonperformers.
After hitting a 52-week low Wednesday, TierOne's stock climbed 8.6% Thursday, to $4.78. The shares have lost about 85% of their value in the past year.
