New York Community Bancorp in Westbury, N.Y., posted a fourth-quarter loss after incurring a large charge from prepaying $10.4 billion in wholesale borrowings.

The $50.3 billion-asset company said Wednesday that it lost $404.8 million, compared with earnings of $131.2 million a year earlier.

The company recorded a one-time, after-tax charge of $546.8 million for repositioning debt, which should result in an annual after-tax benefit of roughly $100 million beginning this year.

To offset the impact of the debt-repositioning charge to capital, New York Community completed a $630.5 million common stock offering during the quarter. These moves were announced in late October when New York Community said it was buying Astoria Financial for $2 billion.

New York Community reported a net interest loss of $442.9 million because of the debt repositioning. Excluding that, net interest income would have been $324.6 million with a net interest margin of 2.95%.

Total loans originated for investment climbed 36% to $3.7 billion year over year as multifamily mortgages rose almost 48% to $2.8 billion and commercial real estate loans increased roughly 18% to $492.9 million.

Noninterest income totaled $59 million, down 16% from a year earlier. Mortgage banking income fell roughly 25% to $12.3 million and net gain on sales of securities declined about 64% to $3.1 million.

Noninterest expense more than doubled from a year earlier to $309.8 million, primarily from the debt-repositioning charge and $3.7 million in merger-related costs. Excluding those items, the company's noninterest expense was $164.9 million. Compensation and benefits rose more than 12%, to $88.2 million.

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